Idea Analysis Blog 2

To refine my venture idea to that of a narrower value proposition, I have decided to focus on the community help of home decor experts aspect from my first blog. In order to be profitable, the venture will function as a way to connect those who need help to those with expertise through a bidding system. The customer will put up their price and those interested in helping will contribute and receive a cut of the price. The company will also receive a percentage from the transaction. This is a name-your-own-price system as seen on sites such as Priceline (travel), WhatsYourPrice Dating, and Progressive (car insurance).
This venture fulfills a need in that there are presently no similar services that fall within the niche of home decor. Currently home decor experts or 'consultants' are employed through freelance or direct sales opportunities. Income for freelance consultants comes from working with furniture showrooms, charging between the wholesale and retail prices for items purchased, as well as hourly consultation fees. Direct sales consultants work with home decor companies and are paid either a commission or the difference between cost and retail. Both of these revenue streams depend on a customer base, and thus direct sales and home decor consultants must work hard to gain and retain customers. This is often achieved through constant networking, referrals from clients, and hosting of parties. My venture provides an attractive option to these consultants as their customers will be right at their fingertips, and they will not have to spend as much time sourcing customers as they would through direct sales or freelance methods. The consultants would simply have to submit a 'threshold' of what they would be willing to accept for their services, and receive customers if the bids submitted were above the threshold. Of course, consultants could continue employment with home furniture showrooms or vendors, but this venture would supplement their income and perhaps even lead to professional relationships that could incorporate their existing company connections.