PROJECT SUMMARY:
The Next-Step Stool addresses the need for a safe, stylish, versatile, and compact step stool with an adjustable and innovative solution: it is the first step stool on the market that can be customized on-demand, allowing you to use 1 or 2 steps according to your family's changing needs.
Imagine these three scenarios, where the Next-Step Stool is all you need:
---A 3-year-old can use both steps to reach the bathroom sink to wash his/her hands;
---A 6-year-old can fold away the second step, and only use the lower step to be at the right height to help with baking cookies, with no barriers or distance to limit functionality;
---An adult can use either 1 or 2 steps to reach overhead storage as required.
CUSTOMER PROBLEM:
In a global step stool market forecasted to reach $1.2 Billion by 2028, currently there are no minimum safety standards for "general purpose" step stools. In this largely unregulated market, many step stools today are bulky, lack stability, & do not adapt to users' needs, thus increasing safety concerns. Furthermore, there are no step stools that cater to both children and adults. In today's market, product quality and performance continue to be lowered at the expense of the customer and user.
SIZE OF POTENTIAL MARKET:
According to the Step Stools Market Research Report, the demand for global step stools is expected to grow at a CAGR of about 4.5% and will reach $1.2 billion by 2028. This calculation expects the global market size to be roughly $950 million by 2023.
We believe the Next-Step Stool can be scaled for global markets, and have applied for international patents because of the space-saving and safety advantages it offers countries that normally have limited living spaces.
SOLUTION TO THE PROBLEM:
The first adaptable product in its class, the Next-Step Stool is a stylish, safe, foldable, & adaptable step stool for you and your family. Its proprietary anti-tipping design, coupled with never-seen-before options to use 1 or 2 steps, offer an enhanced security and customizability that is lacking in competitors. Lightweight yet sturdy, foldable yet versatile, adjustable yet secure, the Next-Step Stool is the one product that grows with you & your family to accommodate ever-changing needs.
SPECIFIC CURRENT OR POTENTIAL CUSTOMERS:
Target market, Phase 1 launch: Parents/caregivers aged 23-44 years with at least one child under the age of 5 years.
Target market, Phase 2 launch: Child care facilities.
Target market, Phase 3 launch: Senior population (adults aged over 65 years old).
GO-TO-MARKET AND SALES STRATEGY:
GTM:
Direct-to-consumer sales via E-Commerce, using own website and Amazon/Shopify, allowing for more customer touchpoints and more brand development opportunity.
SALES STRATEGY:
-Primary product: The Next-Step Stool (estimated gross margin available upon request)
-3 "Accessory" products to increase customer retention:
--“Accessory product #1”- personalization factor
--“Accessory product #2”- hooking versatility factor
--“Accessory product #3”- kids' safety factor
COMPETITORS:
-Little Partners- children's wooden step stools (disadvantages: non-folding, bulky, difficult to move and store, expensive)
-Naomi Home- children's wooden step stools (disadvantages: non-folding, bulky, difficult to move and store, expensive)
-Cosco- steel, foldable step stools (disadvantages: lack style and colors, not customizable, do not cater to children and adults)
COMPETITIVE ADVANTAGE:
There are no other step stools on the market with any similar mechanisms to offer an anti-tipping advantage without being bulky and difficult to move. Additionally, no current products allow users the ability to choose whether to use 1 or 2 steps at a time; all 2-step products must be used as a 2-step system. The Next-Step Stool is the only step stool that can grow with your family.
BARRIERS TO ENTRY:
Utility patent in USA- pending
Patent in China- pending
MANAGEMENT QUALIFICATIONS RELATED TO THIS VENTURE:
I am the "solo-preneur" in this company, working with utmost diligence and passion to utilize my skills to launch this novel product. I worked with a company that was the pioneer of innovation in my sector, learning the importance of innovation in driving business. I was a manager for over 10 years and have developed extensive skills in regulating daily business activities, overseeing employees, and managing inventory. My primary achievement was my ability to excel with my team in customer-driven satisfaction metrics. I believe all these skills can help guide me in achieving success in my own business.
TRACTION:
-Pre-revenue, currently accepting email signups on a waitlist (cost per email available upon request)
-Beta markets tests have shown that 88% of people prefer the Next-Step Stool over others
-Minimal daily advertising shows promising customer engagement and interest (very low Cost-per-click, available upon request)
NEXT STEPS:
-Launching pre-order online store for main product and 3 accessory products
-JOIN ME NOW to launch the next biggest product with an extraordinary introduction before it is too late!