MagneFit - The Venture Concept No. 1

Hello and welcome to my venture concept!

Let's refine my venture idea. Hold on tight for a looong post!

Opportunity.

The fitted sheet business is one that no one has really taken the time to improve. Basic issues arise: which side is the short side, how to fold a fitted sheet, how to keep the sheet from falling off the bed, et cetera.

So, who exactly has these problems?
Anyone who makes beds on a regular basis:

• parents
• hospitals
• hotels

Anyone who wants to be more independent but struggle with putting on sheets due to the amount of physical effort required:

• the elderly
• people with physical disabilities
• young children

What do they need, exactly? A sheet that clearly marks which side goes where, is easy to fold, and stays securely in position.

There are no specific forces or changes in the environment that are creating this opportunity, since beds and sheets have been around for quite a while. It is simply a result of improvement on an old product to simplify its process and allow more people to a) get more done sooner or b) be more independent.

Geographically speaking, MagneFit sheets are currently being designed for American beds and countries which use American bed sheet sizing. It is the hope to one day expand to other countries and create MagneFit in more sizes.

Demographically, MagneFit would be great for all ages, from children to the elderly. The target demographic would most likely be men and women in their mid twenties and older, as they are usually more established, usually are used to being independent and taking care of themselves, and are more likely to have families.

Currently, customers have no other product to satisfy this need, other than using flat sheets and "hospital corners." Unfortunately, many people will keep using the same sheets because it is more convenient (although unsanitary). Most people are only "loyal" to traditional fitted sheet companies because they have no other choice in the matter.

The opportunity is a large one, because many people despise the traditional fitted sheet design and would be eager to see another product out on the market. As far as can tell, this "window of opportunity" will be open indefinitely, unless someone else creates a new product such as MagneFit.

Innovation. 

Forgive me if I am short in this area, but I do not want to go into too much detail about how my fitted sheet alternative, MagneFit, is constructed and works. For various reasons, such as patent and copyright reasons, I will be as brief as possible to protect my idea from others, should someone try and steal my intellectual property.

So, with that in mind, what is MagneFit?

Magnefit is an alternative to traditional fitted sheets. It looks more similar to a traditional flat sheet than a fitted sheet. There are no ruffled, elastic corners like in traditional fitted sheets; it is flat, allowing MagneFit to easily fold and be put away. The edges are magnetized, which connect to magnets preplaced on the sides of the bed in question.

MagneFit attaches to the bed exactly, with magnets meeting magnets, allowing the sheet to be pulled taut. Its edges are clearly labeled, making it easy to see which side goes where.

I would be selling the magnetized sheets and the corresponding magnet strip for the bed, in both bundles and separately. The bundle would probably cost around $40, but each sheet would probably cost around $20-$30.

Venture Concept. 

So, how will MagneFit solve any of the needs listed in "opportunity"?

MagneFit will be easy to fold.
It will also be nice and taut the moment it is aligned on the bed.
MagneFit will also clearly label its edges, meaning less running around the bed to correct wrong corners-- a big plus for people with limited movement ranges, such as the elderly.
MagneFit will also be quicker to put on beds than traditional sheets, making it a plus for businesses like hotels and hospitals.

Since so many people have issues with fitted sheets, I do not think it will be hard to convince people to switch over to the MagneFit system. It may be a little difficult to explain that the price is high because it comes with the matching magnetic strip for the bed, but I do not think it will be too much of an issue. People would switch over regardless because it would mean being able to save time, be more efficient, or live more independently.

The competitors would, of course, be traditional fitted sheet companies. However, their weakness is that they have made little to no improvement to the traditional fitted sheet since its conception.

MagneFit sheets would run approximately $20-$30 a piece for a queen sized sheet. This is a reasonable price, and it would be made of a good thread count. Customer support would be a large benefit to MagneFit, and I would plan to run campaigns such as "love it or your money back" to draw people in. MagneFit would be dedicated to having fantastic customer service.

A business for MagneFit would probably be at first a little workshop with 9 people:

1 CEO (me, and I would also sew/do PR/ file office papers/ et cetera)
1 office secretary
3 Seamstresses or tailors
1 repairs person (specializing in sewing machine repairs)
1 Public Relations person (in charge of promotions, advertising)
1 goods and supplies manager
1 selling and returns manager (would ship products, deal with any returns, et cetera)

This, of course, would be the bare minimum.

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Probably the most important resource for MagneFit would be that of networking. It could be a great idea, but unless it has publicity no one will know about it! I think that, because of my networking skills, I will be able to send my product almost anywhere, and it would be difficult for people to copy my success because of my trustworthy and honest networking relationships.

The next step, as stated above in the post, would probably be to expand MagneFit to other countries, producing the sheet in different dimensions to fit various beds across the globe. This would bring in a global customer base.

So, what's it for me? Assuming I launch this venture, in five years I would hope to be working in my workshop with around 30 employees, producing and selling my product to happy customers. As an entrepreneur, I would be most happy to see people enjoying my product and my company, as I would strive for the utmost excellence, in both quality and customer service.

Thanks for reading, everyone!