My proposed venture is a social home decoration website and mobile application. There are currently many home decor blogs and Pinterest boards on the web, but no social platform for enthusiasts to help the more design-challenged. This venture seeks to have users submit photos or design plans for their current or future home and receive tips or even serve as inspiration to other users.
The value proposition of this venture is that there is no current interactive home decoration lookbook that people can flock to, and thus the appeal will stem from the simplicity of searching for related looks on the website as well as the free advice from other users. For example, a housewife that may otherwise spend hours looking through different home decor sites and blogs will now be able to articulate her ideal vision of her home and receive advice from other users. She will also be able to search tags and categories that link to other users' finished home decor lookbooks for inspiration.
The target customers for this venture will be anyone looking to spice up their room's look (perhaps more females) or new homeowners that need to start from scratch. A DIY section will be included to appeal to males that may have interest in woodworking or building furniture, as well as anyone searching for advice on repairs. The specific nature of the website still holds an appeal far and wide due to the fact that many people own a home and will eventually have to spruce it up.
This venture will receive revenue from advertising done on products that are related to home decor. Brands can choose to create their own user accounts and offer advice using their products to market them. Celebrities can also create their own accounts and share their decor and endorse brands. There will be opportunities for decor gurus from television shows to webcast series on the site and promotional contests to win a visit from a decor team.
Andy Waldman from MGMT230 (I'm trying to write on a lot of people's blogs and give feedback): I think this idea works because it's an online space that really could benefit from being social. Sometimes I'm hesitant because the hot idea in most online spaces the last few years is to make everything social whether it needs it or not, but home décor is an area in which a lot of people like looking at pictures, giving their opinion, and a lot of people also need help. In this way, it's not very forced like a lot of social website ideas I've looked into. Your website will allow home décor enthusiasts to do what they already love to do and interact in a fun community of people with similar interests. I'm not into home décor, but it would be pretty cool to show a few pictures of my room and get people's opinions on how I should change it around or give my opinion about what I want to do and get feedback. I would probably use it more as this is what I want to build, do you think it will look cool, any advice, any specific brands I should use, or is there a better way to do it, but it would be interesting to figure out how to intrigue a male audience or perhaps just ignore secondary markets and focus on catering mostly to just enthusiasts.
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