Assignment 8A – Solving The Problem
My product/service,
Hyperspeed HomeStudio, addresses the needs of the average music creator. HomeStudio is aimed at bringing
professional quality equipment and collaborators directly to clients inexpensively. With HomeStudio, get top quality studio equipment packages for a
fraction of studio prices.
As of right
now, this is a seriously underserved market.
There is a competitor called SongFinch that offers some of our services,
but is nowhere near as interactive with the client. Hyperspeed seeks to build a personal relationship
between the clients and their music, involving the client in every step of the
process. Just as music is unique and dynamic,
HomeStudio is committed to providing a special individualized experience to each
client.
Service
Offerings
HomeStudio’s
business model will have distinct components to it, including packages and equipment
selection. Upon visiting our website,
consumers will be given the option to select what they need. The per-item equipment rental fee would be
a flat $30 per day (this would not include time with professionals).
HomeStudio
would offer rentals for the following technical equipment: microphone, boom
arm, shock mount, audio interface, DAW program, and keyboard.
Collaboration
with In-House Professionals
Even those who
already have all the necessary equipment can use the collaboration feature of
the company, the option to book time with the professional in-house producers,
songwriters, and engineers.
This part of
the service would cost $60 per hour (with the music personnel being paid
$50 per hour). Clients could book however
much time as they like with one of the available in-house professionals. Interaction between the client and the professional
would be through electronic video chatting (Skype/FaceTime). 2.5 hours of collaboration time per day with
these industry professionals is included in the packages offered.
Packages
If the
consumer wants to rent all the available equipment, this package would cost
$200 per day.
This rate
would include a personalized 2.5-hour session with either a producer,
songwriter or audio engineer each day.
HomeStudio
would promote a 3-day package, costing $575. It would be recommended that Day 1 be spent
with the producer, Day 2 with the songwriter, and Day 3 with the audio engineer.
HomeStudio
would also offer a 6-day package, costing $1150, for those who would
like more time to realize their ideas and learn the process. It would be recommended that Day 1-2 be spent
with the producer, Day 3-4 with the songwriter, and Day 5-6 with the audio
engineer.
HomeStudio’s
target demographic of customers would include middle class Americans who are
interested in making their own music or would like to collaborate with music
professionals. Middle class Americans
who play an instrument or are learning how to play would also fall into this
classification. There is a market for this
type of service, and the idea is drumming up interest from potential clients
and company creators.
Hi Ulysses. Great job outlining the details of Hyperspeed HomeStudio. I play percussion in a local concert band where I live. I would love to record a few pieces on the snare drum. However I don’t know that I could swing those prices.
ReplyDeleteI noticed that your cut in the collaboration charge of $60/hour is only $10. Have you considered taking a higher portion of that?
Hello Ulysses,
ReplyDeleteWow, very thorough. Is this a service that you actually intend to market? If not, you are certainly taking full advantage of this exercise. I appreciate your process and have been inspired to step up my game as a result of viewing your efforts. Thanks for that.
I particularly like the levels of service that you offer, allowing potential clients to customize the levels of use to suit their needs. In light of the recent lectures from class, what would the MVP look like for your service? How fast, ugly, and simple would you be willing to let this be in order to let the public be part of your R & D?
Ulysses, this is a really well thought-out business idea and from the perspective of a professional musician with a budget, I think this would work out great. You put a lot of detail and effort into the idea of packages, which is a great way to simplify the process and get customers started. In the beginning, as Anthony said, you will not be making much money off of it but it is an amazing way to start and get your name out there without falling under, until you are able to charge higher prices and/or restructure the business.
ReplyDeleteUlysses, you seem to have put a lot of thought and effort into this and it shows. The details, including price, seem very reasonable and possible. This sounds like a great service that I could see high school and college students really enjoying. Having different price packages is definitely a great way to make the process easier for you and for customers.
ReplyDeleteHello Ulysses,
ReplyDeleteas others have mentioned this is a very thorough and thought out business idea. I think your solution to this problem is clearly thought out and it shows. I think it is cool that you have many levels of service that allows people with all kinds of budgets to have access to equipment and professionals in the industry. I also like your idea about offering packages to customers.