Business Venture- Product Rating Service
One possible service I can provide without needing a starting investment would be a product rating service. This service would provide an unbiased report of the good and bad of a particular product that the customer is looking to purchase. This would be in the form of a decision matrix in which my purpose is not to influence the final decision but make it easier to make a final decision. I would charge a relatively low fee of $5 per report and then adjust from there, given the effort required. The fastest that I would be able to do each report is likely at one per hour, which would limit the number of reports I could create per year, but it would allow for expansion. I would use the method to hire others that I would trust to create similar reports and what I would do is take a percentage. Let us assume that I do five reports per day for five days a week for 50 weeks. That would result in $6,250.
The goal with this would be to then expand into physical product ratings. The main product I would concern myself with reviewing would be used cars. The goal with this would be to improve the used car market by providing customers with the most common problems according to customer complaints and providing them with any issues that may come up with the use of an OBII Scanner Tool. This will allow customers to understand better if they are getting a good deal without seeing the car in person. That will, in my opinion, revolutionize the used car market. It would also prevent individuals from being deceived by bad sellers. I would be the only one doing the reports at the start, and I would charge a reasonable price of $25 per car report. This could then be implemented into something like the Facebook Marketplace by allowing customers to request a report to be done on a specific vehicle.
By reporting on eight cars per day for an entire year, the maximum number of reports that could be completed is 2,920, which would yield a gross profit of $73,000. That would significantly be cut down due to gasoline cost, which would bring the net profits down closer to $55,480. Even though this is like taking a vehicle to a local mechanic, it would be a fraction of the cost. This would be tailored toward the person who does not have a mechanic or is looking at a few vehicles and is just looking at a method to filter their results.