Kelly Yoo

MGT 5985

Final Report – https://youtu.be/1PMNpEAo_Zw

11/29/21

Reading Time is essentially a service that allows all parents with children and as well as any user that may need help with their reading abilities. The primary target marks are parents with children but examples by any users that may need help could be that there are many single fathers out there who might need help with their reading abilities as well as single mothers. Reading Time allows the best service towards basically anyone. Reading Time provides service in person at an open space and online.

Due to COVID, people were affected with school hours especially kids from K-12 that were not able to go to school and get the right type of education which could’ve caused some of the students to be behind and need extra help with their work. In general, some kids have trouble with their reading skills. At Reading Time, we allow affordable extra reading curriculum activity for children so they can succeed with their reading skills and be able to be on track during school. This venture is designed to allow users to have the most reliable and affordable type of reading service. To optimize the experience for our users, we make sure communication the key. Communication and engaging with our users will be our priority so we can allow them to let them know anything that they need to know.

Business Model Canvas

1. Customer Segment

• At Reading Time, our main customer segment is going to be mothers with children. A mother whose child is struggling with reading. Mothers are the main customers we aim for because they are the ones with a kid who seem to have trouble with reading. Reading Time necessarily doesn’t only aim for kids though.
• Our secondary customer segment can aim older people who seem to struggle with English/reading such as single fathers. We can provide our service to even adults who seem to be struggling with English because they had just moved to the US from another foreign country.
• As well as users like an older student such as grades 12+ who seems to need help with a particular reading work.

• Customer Relationship

Customer relationship is important and at Reading Time we make sure we are friendly and make sure their kids are wanted at Reading Time. Being able to have a good image is important for us for us to be well known and have connections with others. As mentioned previously, to optimize the experience for our users, communication is key.

Social media is something that would become useful especially the ones that we can mostly encounter the demographic of the customers we have targeted. Social media allows us to engage with users so we can communicate and build a relationship with our customers.

• Facebook
• Instagram
• Twitter  

• Channel

As previously said before, similarly to our customer relationships our main channel will be our social media pages where users are able to check out what Reading Time exactly is.

We will also have a Reading Time website where we will also be able to communicate through our website and allow users to be able to get the extra reading curriculum their child needs. The website gives users all the information they need and the steps to the payment processing as well with a linked email address for users to communicate with us at any time.

• Revenue Streams

Reading Time will be operating on a transaction-based revenue stream where we will be able to allow users to purchase affordable reading help through our website or at Reading Time. We will generate revenue streams by giving users our service which is extra reading curriculum activities.

• Key Activities

The key activities include marketing and being able to perform our service at the best rate possible. Providing the best service is a key activity.

• In person session at an open space
• Online sessions via zoom are available as well.

• Key Resources

Our key resources will start off on where our space will be located. A space where it isn’t a hassle to get around. We will also need the right amount and type of employees that are able to do what our value proposition means.

• Your child always comes first, and we will make sure your child achieves and succeeds in the reading skills they need improvement on.

Even with the open space for Reading Time, we will need to get the right type of instructors/teachers/tutors for the online sessions if the parent/whoever wants to learn and get extra help online instead of meeting in person.

Reading Time gives an opportunity mainly for these children to focus on a specific topic during reading so they can develop and understand what would be coming up next in their work.

• Getting the right employees is a key resource.

• Key Partners

Key partners for Reading Time will be schools and even daycares. Being able to partner with several schools allows us getting promoted which allows more parents to be able to find the word out about Reading Time. Even though some schools might provide extra reading activities, you will try to engage ourselves in being the ones being able to provide that service instead of the school to find multiple people to provide to same service as us.

• We also want to be the ones to become the program and provide the extra reading for schools.

• Cost Structure

One of the biggest expenses would be opening space for Reading Time.

• Looking for space not too big and not too small.

Another expense would be being able to find and pay the right person to help with the teaching. We would be paying our employees at an hourly basis, multiple employees.

• Books and supplies would also be an expense that we have available.

• Value Proposition

Like said previously for key resources, our value proposition is that your child always comes first. We will make sure your child achieves and succeeds in their reading abilities with us. Comfortability and working on the user’s time are what we aim to accomplish so they can be satisfied with all the service we provide.  

Research Process & MVP 

Interviews

Prototype Stage

This was the very first interview I did where I interviewed a mother that I know of with a child and is struggling with reading. This wasn’t an MVP when I interviewed her because I didn’t deliver the value of the venture yet. I interviewed her for some potential feedback and thoughts about this idea so I would be able to innovate my idea furthermore. There was a survey that I sent her so she could fill it out for some extra feedback as well. I emailed her coming straight forward and asking if she could fill out the survey and sees how she feels about the idea I was approaching. She responded to me with some positive feedback and responded that her son does have trouble with reading and does not spend much time with his homework due because of gaming and not focusing on the things he needs to focus on. She replied that her son would get the help he needs to excel in his reading skills. Another feedback I was given was to improvise on the survey I have first created as in where she said that she should make the survey more diverse in a season because if a child has a learning disability how will they get help? And if English is not their first language, how will this also help? I have also posted the survey on a Reddit page trying to get even more feedback.

Appendix A (Prototype Interview)

Appendix B (Prototype Survey)

https://docs.google.com/forms/d/e/1FAIpQLSeH7FGn4RpHu0IjR333xQQWZwjaG2Kx7N3fxqEj01N6w5i_lQ/viewform

Expert Interview

I have tried to reach out to multiple experts in this field but only one expert has replied to my email. He is an after school reading teacher who helps kids with their reading struggles, they are currently going through.

Context:

The questions I asked in the expert interview were mainly about how this business idea would be viable and feasible.

Conclusion:

The first question I asked was would it be viable if having an open space for extra reading lessons.

• The expert responded back by saying that the competition for after school programs which are in high demands and tutors will always be a necessity.
• An insight given was that to be able to be a great business, you need to be different form your competition and offer other services that others do not provide.

Another question I asked is if specifically, partnerships are important in a business like this one. The answer I have receive was that it depends on the type of partnership that I am looking for.

The third question I asked was how I would be able to engage parents with children to an “affordable reading help” service.

• The expert replied saying that for the business to engage with parents is that we would need to reassure them on what we would be able to provide for their kids and how we would help them, being able to communicate at the best rate possible.

For the last question, theoretically speaking, if this expert were to open a business like this, how would an “affordable reading help” service look like?

• The expert didn’t reply with a very specific answer, but he recommended that the best way to be able to get answers is by getting other opinions from the community around.
• A survey can give the answers to the questions you might be looking for. Being able to see other competitors and see their rates, this will allow us to conclude with our rates.

 Appendix C (Expert Interview)

MVP Testing

For my MVP testing, it consisted of a google forms document. I have created a survey and sent it around to parents of family and friends as well as posting it on online. For the parents of family and friends, I introduced them to this venture and thus asked them questions specifically to get the answers about the viability of this idea.

Appendix D (MVP Testing Survey)

https://docs.google.com/forms/d/e/1FAIpQLSdcBUVYgAtbqPi-6uo1o7D_kvdowE8x403fUbaTapT2vAQ2Og/viewform

Competitive Analysis

Reading Schools/Programs

• Schools and programs that are already providing reading services are a competitor

Online Reading Programs

• There are a lot of online reading programs that could be a competitor