What do you think of my business idea
duckfizzle asked:
i live in a large area with lot of universities and students. My idea is to create a product similar to the “entertainment” or “dynamte” books where they have local discounts. but my idea is for a student discount card where I go around to local businesses which attract students and as if they would like to be an advertiser and offer a discount to students who use the card.
i live in a large area with lot of universities and students. My idea is to create a product similar to the “entertainment” or “dynamte” books where they have local discounts. but my idea is for a student discount card where I go around to local businesses which attract students and as if they would like to be an advertiser and offer a discount to students who use the card.
The cards would be sold to students who would be able to use them for the next year.
In order to sell the cards I would find a club or organization on campus who would want to sell them as a way to raise money for they’re club or for some charity.
Cost to student- $10
Organization who sold it would get- $2
I would make $8 (some would cover the cost of the card- gas production printing, the rest would be profit)
Should I charge the businesses to be on the card or should it be free for them.
The draw for the businesses would be free/cheap advertising as well as customers who by saving a few bucks will probably spend a few more.
any other ideas?
what do you think?
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May 6th, 2010 at 6:50 am
I actually think its a really good idea. It would probably work really well as well because students are always strapped for cash. Good luck
May 6th, 2010 at 5:14 pm
You are offering the businesses advertisement which you will have to pay for so I think you should charge the businesses and then seek volume advertising discounts. That way you can offer a better price for the ad than the business could get for their single ad.
Your idea is multifaceted. The fundraising option sounds like a good way to get the cards out there. I’m just not sure how you will be able to advertise for the businesses. The books offer coupons. Would your card have a list of businesses with the same flat discount rate?
May 9th, 2010 at 3:15 am
You will really need to charge the businesses for their advertising in your magazine/booklet. They will expect to pay you, and if you don’t have a package with pricing designed prior to talking to them, they will know you are just winging it. This business will expose them to hundreds…if not thousands of students, some of which will be new to the area. If they catch them in the first year of school, they have a potential customer for at least two years, and maybe up to 5 years. You need to do some research to see what other coupon or savings packages are like for students, what they offer, etc.
The cost to the student is fair. They never have enough cash…so $10 looks good. If they use it three or four times, they will have probably gotten their value back out.
It’s a great idea – putting it together will be quite the project but I really think you are onto something. This is the perfect time to get it going too – so hurry!!