Date post: | 13-Nov-2014 |
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Get It Done NOW!
Opportunity Analysis Report
The Basics
Chapter 1: Our idea and our competitors
Get It Done NOW! is an online service that connects ordinary people with people willing to
help them complete everyday tasks. Our service then lets our customers rate the service provided and optionally insures the work
undertaken.
What is our idea all about?
During our opportunity analysis we discovered three competitors:
www.helparoundthehouse.com.auwww.gumtree.com.auwww.itasker.com.au
Who are our competitors?
www.helparoundthehouse.com.au
This is a small but international website that lists 12 helpers near the Perth. Advertising for
helpers is free but contacting helpers costs a subscription fee ranging from $14.99 (one
month) to $44.99 (six months). Alexa.com does not track this website (indicating they do not
receive much traffic).
A little about our competitors…
www.gumtree.com.au
This is perhaps the largest player in the industry. On May 19th, there were 227 ads seeking workers
and 536 ads seeking work related to “housekeeping” in the “Perth region”. There were 71 ads seeking workers and 269 ads
seeking work related to “gardening”. Advertising on this site is free with premium advertisement
options available at a small cost.
A little about our competitors…
www.itasker.com.au
This is perhaps the closest real implementation of our idea. On May 26th, it was listing around 30
jobs and 28 helpers. Unlike most sites, the helpers must register by attending an interview and obtaining police clearance. The site is based
in and focused solely on Perth at the moment.
A little about our competitors…
Unlike www.helparoundthehosue.com.au...We aim to invest heavily in marketing to a
particular sub-section of Perth – thus we aim to a attract critical mass of helpers and hirers.
Compared to our competitors…
Like www.gumtree.com.au...
We aim to offer a very competitive price structure that makes it easy for customers to
engage with us.
Unlike www.gumtree.com.au...Our service will be specifically focused on home-
help services.
Compared to our competitors…
Like www.itasker.com.au...
We aim to offer our customers peace of mind when engaging helpers from us.
Unlike www.itasker.com.au...Our service will not require a face-to-face
interview to become a helper.
Compared to our competitors…
On Revenue
Chapter 2: How we make our money
Our revenue streams…
Helper subscriptionfee
Police check fee
Insurance fee
Credit card transaction fee
Interest on surety
Site advertising
Our revenue streams…
Helper subscriptions
When someone offers help on our site they pay a monthly/half-annual subscription fee. We may have to
waive this initially to attract helpers.
Our revenue streams…
Police check fee
We will conduct a police clearance on any helper and, if granted, post
confirmation of the clearance online for a fee. This gives the helper’s
hirer peace-of-mind.
Our revenue streams…
Insurance fee
We will optionally indemnify the helper’s hirers against any damage caused by the helper during work
up to a pre-defined thresholds (e.g. $5,000). For this the helper must be
approved and the hirer must pay with credit card. The insurance will add a small amount to the overall
cost of hiring.
Our revenue streams…
Credit Card Transaction Fee
We will accept credit card payments online on behalf of the
helper and then pay the helper that amount. We charge a small
commission (say 2%) for this service.
Our revenue streams…
Interest on surety
When a helper becomes an insured helper we may take a small surety.
We can earn a small amount of interest on this surety.
Our revenue streams…
Site advertising
When someone is surfing our website we may post small ads
using Google Ads or another service.
Our revenue streams…
Helper subscription fee50%
Police check fee100%
Insurance fee100%
We based some of these revenue streams on feedback from our survey – the percentages indicate the percentage of helpers willing to pay such a fee…
Commission on transactions
25%
Used by us
Not used by us
Our Market
Chapter 3: How much money we can make(a.k.a. a market estimate)
There around 8,000 households per suburb in Western
Australia.
According to a survey, 60% use household help or around 4,800 per suburb.
Google AdWords’ keyword tool suggests around 10,000 queries per month for household help services. If we can
convert 15% of those to sales (similar to eBay – see reference). We are looking at around 1,500 transactions
per month per suburb.
Market estimate
[1] http://www.grokdotcom.com/2008/09/22/top-10-online-retailers-by-conversion-rate-august-2008/
Rather than try to estimate how many helpers and exact revenue amounts – if we can convert just $1 from every
transaction to revenue we are looking at $1,500 per month per suburb – even more if you consider police
checks and insurance.
For the 250 suburbs in Perth that equates to $370,000 per month or $4.4 million per year – this is a lofty target and
we’d need to be very efficient to reach it but it is a reasonable market estimate.
Market estimate
In addition to this work we have also completed a survey to test our idea. This is available at:
http://www.slideshare.net/cedarsx/survey-results-12993557
Further details