Business Concept to Successful Start-up
Ed Mumm, Owner, of Dig This came to the Monterey bay Consulting Group with a vision of a business where people could enjoy a day as the operator of large construction equipment: excavators, bulldozers, loaders, etc. The background for the idea was Ed’s experience building his home where he got to use all these various machines to clear his building lot, and access drive, dig the foundation and dress the finished project. Having enjoyed the feeling of power and excitement from using the equipment, he was confident that others would have just as much fun as he.
The challenges that Ed presented were several. Not only was this concept unique in the specifics of its character, but Ed knew he would need additional financial support to make it happen. Our task was to: research the efficacy of a business model appropriate to Ed’s concept, evaluate its market viability, and develop a business plan including revenue and expense forecasts sufficient to guide the business through its startup and early evolution. Finally, we needed to prepare a presentation to investors that would provide confidence in the potential success of the project. Some of the particular unknowns included, balancing a reasonable customer fee with the enormous cost of the heavy equipment whether owned or rented, and estimating the demand for such an experience with few comparable alternatives in the marketplace.
The business plan did come together. It proved adequate to attract the needed seed capital. Dig This launched operations in 2007-2008. Later Ed re-located the operation from Steamboat Springs, CO to Las Vegas. Ten years later, Dig This is a viable company providing great experiences to a wide audience. Now, Dig This is being licensed and expanded to additional locations in the US and abroad. We are proud to have been a small part of bringing this enterprise to fruition.