The Chill Concept

concept Filter

In the previous post we shared how we are going about finding the right spot for PeanieSutra. When we have a location, we need a business concept. After all, the right location without a business ain’t gonna give us the lifestyle we are looking for.

In this post we will describe the approach we are using to hone in on the right concept. Our business concepts include:

  • A Lounge Bar
  • A Fitness and Water Sport Centre
  • A Boutique Hotel / Resort
  • Write Travel Reports (Articles and Photography)
  • A combination of any of the above

To select the final business concept, we are undertaking two sequential analysis phases. The first to prioritise the concept, and the second to use market data to select the final concept.

To prioritise the business concepts, we attempt to score each concept based on our and its “capability” by using four criteria. These are:

  • Our Own Competencies to succeed
  • The Investment required: initial and ongoing
  • The Life Cycle of the concept
  • Can it provide the Life Style we require?

To prioritise the concept based on these criteria we adopt a similar approach as with identifying the right location. We:

  1. Weight each of the 9 criteria. That is, not all criteria are equal, so a 100 points is distributed across the 9 criteria.
  2. Score each concept against each criteria on a scale of 1-10, where 10 = highest.
  3. Give a confidence level for the quality of the estimation given to each criteria. 100 = 100% confident that the data is correct.
  4. The number for the three points are multiplied (1 x 2 x 3 = index score) and tallied up.

The concept with the higher scores are taken through the the final phase to select the best one

This we do by determining the “attractiveness” of the top business concepts. To do so, we gather data and information on the following two criteria by selected location.

  • Size of the Market Demand
  • Competitive Activity
  • Our Competitive Advantage (value proposition)

Once the facts are ascertained, we follow much the same approach as with selecting a location and prioritising concept. That is, we weight the selection criteria, rate our confidence on the data gathered, and score each concept by location against the criteria.

Once we complete the analysis we will post the results.

Tell us  … So what do you think of our approach published in this and the previous posts on how we are going about to identify a location and final business concept?

Finding A Chill Haven Spot

Jump for joy

It has been a few interesting months since Eltje and I decided to set sail in search for the “Chill Haven”. Our journey has taken us deep into the heart of … your guessed it …. data … yes, good  old data.

You got to appreciate that we have both just emerged from a long life in the corporate business world and still have this lingering need to find data, to crush it, and let it point us in the “right” direction. At this stage still a bit more left brain 🙂

We have about 12 months to finalise what we want to do and where, and launch the business. Trust me “we have lots to do and too little time” …. ALREADY !!!! But we have already learnt form one of our Island Gurus that “there is plenty of time” …. so no stress :-)))

Allow us to offer you a high level overview of  our activities the next months.

  1. We have been in the process of accumulating data and information to help us better understand a part of the world we have only visited on holidays.
  2. We have developed an analysis approach to use this information to help prioritise a short list of locations.
  3. In parallel we have several business concepts that need prioritising and final one selected.
  4. The above 3 points are based on previous visits to these countries and the data obtained through desk research. Desk research can only tell one so much. The natural next step is then to go to the locations identified with the concepts selected to evaluate the practicalities and then finalise the Real-Win-Worth.
  5. Thereafter the entire preparation for launch commences.

In the next two posts we would like to share a bit more about how we are going about, using available data to (a) identify the right location for, (b) the winning business concept.

BTW – By the end of this year we will both be fully dedicated to our journey, meaning we will have lots more to share with you, more often … so keep posted.

If you think of something we have overlooked, please do not hesitate to tell us 😉

Ciao for now, go easy.