Target Market for a Bidet Business

Risk Management and Legal Matters

Table of Contents

1. Introduction

2. Company Description

3. Business SWOT Analysis

4. Entrepreneurial Competencies

5. Conclusion

6. Business Strategy 2

a. Entrepreneurial Strategy and Goals

b. Business Strategy

c. Mission

d. Vision

e. Values

f. Idea vs. Opportunity

g. Experience and Opportunities

h. Potential and High-Potential Business

i. Future Opportunities and Changes

7. Risk Management

8. Insurance

9. Intellectual Property

10. Business Legal Form

11. Risk Management

12. Insurance

13. Intellectual Property

14. Business Legal Form

Market and Financing

Target Market

Bidet in a Day will target a middle- to upper-middle-class market. Geographically, our primary focus will be on urban and suburban areas. These regions are characterized by modern housing complexes and have a dense population, and they have been found to have an increasing awareness and adoption of bidets (Von Oldershausen, 2020). These areas are ripe for our unique selling proposition, and the region will make it that much easier to fulfill the promise of having a bidet installed within a day.

From a demographic perspective, our services are for adults aged between 25 and 60. This age group is typically in a decision-making position concerning home improvements and usually homeowners themselves. Our target demographic extends to the middle to upper-middle-class households, since these households have the disposable income necessary to invest in home improvements and are more likely to see the value in luxury bathroom fittings like bidets.

As for the psychographic aspect of our segmentation, we want to focus on attracting eco-conscious individuals. The modern consumer tends to be environmentally aware (Herbes et al., 2020). Our product directly appeals to this sentiment. Bidets reduce the need for toilet paper and thereby pose an eco-friendly solution that aligns with the values of people who want to reduce their carbon footprint. Additionally, we will be targeting health and hygiene enthusiasts. For many of these types, bidets are more than a luxury; they are a cleaner and more hygienic alternative to toilets.

Last of all, on the behavioral front our business will target those who have a penchant for home improvements and upgrades. Individuals who like to focus on in home upgrades and renovations are a key segment of our market. Moreover, early adopters who will be characterized by their willingness to try new products or services, such as the bidet offering of ours, will be part of this target.

Financing and Funding

Our business will require substantial initial investment. An initial estimate figure of $150,000 will be needed to cover the costs for the first year. This would include hiring skilled plumbers, obtaining essential tools and vehicles, purchasing products, establishing our online presence, and developing and implementing our marketing campaigns to gain traction.

To meet this financial requirement, our approach to funding will include using personal savings amounting to $50,000, which will form the bedrock of the initial investment. This will give the business a first foundation, but external funding will be needed to move the business forward and achieve the vision.

Angel investors present a promising option, with the idea being to sales pitch the vision to local angel investors or investment groups, who may have an interest in taking a small stake in small business start-ups like ours. We anticipate securing up to $50,000. Their investment will be, however, both monetary and in the field of expertise and networking, both of which can be invaluable for a start-up business.

Traditional bank loans offer another viable route. Based on the strength of our business plan and creditworthiness, we aim to secure a small business loan of up to $50,000. This debt, which should be acquired at competitive interest rates, will be repaid over a timed period, so as to give the business the chance to be financially healthy as it gets up and running.