As part of the research triangle, Raleigh has a significant portion of its population that fits the target market. For the Farmery to succeed, it only needs to capture a small portion of the market share. This is especially true because the store has a small footprint, and has the flexibility to set up on vacant lots without the costs of either renting or developing fixed real estate. The Farmery therefore needs to focus on two or three key elements to ensure adequate market penetration.
The first of these is location. Let it not be understated that location, location, location is critical to the success of any retail business. Because food is not normally something that people are willing to travel more than a few miles for, it is important that the Farmery target a neighborhood where there is a high concentration of individuals that fit the target market. There are several neighborhoods that have good potential, both those near the university and those that are further in the suburbs. The location should have ample parking and a substantial amount of foot traffic as well. Such a location will have broad -- based appeal and be able to draw customers from a broad by virtue of location on a high traffic artery. Locations near the university, where there is opportunity to capture a significant amount of student traffic, are considered to be particularly viable.
The second key success factor for market penetration is to ensure that awareness is at a very high level. The advertising strategy will be discussed in Section 3.2. Beyond advertising, the company needs to have a significant public relations strategy. This is critical for two reasons. The first is that the company is not particularly well-capitalized so it needs to find ways to increase its exposure at a low cost. The second is that the Farmery wants to attract attention from beyond its immediate area. By attracting such attention, the company can set the stage for future growth in the Raleigh area. The public relations plan should leverage the innovative concept to garner as much free press as possible, but for its architecture, its concept and for the food as well. Local media and national media coverage should be courted in order to gain maximum…… [Read More]
Economic ( business proposal ) Option
Elms hotel and spa operated only as a hotel in the previous years but it's due to offer spa services after renovation. The number of customers that visited the premises asked for spa services hence the need to include the services. The market for hotel and spa services is wide ranging from those who visit the premises only for a day to those who stay for several days or weeks. The business of offering hotel and spa services should succeed because of the enormous figure of populace who require the services all year. The business is also set to expand by establishing other business premises in different parts of the country and even venture in the international market because of the wide spread market. The management team exhibit high managerial qualities with decision making strategies that see to the achievement of the organizations objectives and goals Peterson, Jaret, & Schenck, 2010.
The organization is managed by a board of directors that includes a number of investors who have the best interests of the organization at heart. Funding required by Elms hotel and spa is both equity and debt capital from investors and banks Abrams, 2003.
The equity capital is favored to protect against bankruptcy and motivation to work towards making more profits while the debt capital provides opportunity for easier expansion of the business while making profits even while repaying the debt.
Elms hotel and spa is an enterprise that offers quality lodging amenities with modern facilities and quality meals of varied types with the introduction of a spa that is intended to offer services rated as one of the best in the world. People are in constant need for relaxing at a hotel that offers the best quality of services and facilities that are up-to-date for a maximum get away from the home environment. Many people all over the world take vocations which they spend at…… [Read More]
Marketing Plan and Evaluation
The marketing plan should revolve around the marketing mix. The mix encompasses the four Ps of marketing, each of which will be addressed in turn in this business plan. The four Ps are product, price, place and promotion (NetMBA, 2010). With respect to product, the coffee shop will be a premium example of a coffee shop. Australia has an exceptional coffee culture, so good that it is the envy of the world, and exported to foreign nations like Singapore, Hong Kong and the United Kingdom. The quintessential Australian coffee shop experience and the products related to that experience is what we are selling. The experience itself will be familiar to anybody who has patronized a high quality coffee shop -- relaxed atmosphere, well-trained staff, good music, free Wifi and other service elements. The product will consist of high quality espresso primarily, and the drinks that go along with that. Drip coffee will also be very high quality, using beans from the best local Queensland roasters. The company is also going to supplement the menu with food items from local artisan producers, for example high end coffees, artisan ice creams and other gourmet snack products.
Some of these product elements have been described in further detail in the operations section of this business section. It is important to know, however, that the different elements all come together to deliver a premium experience. The experience is important to combatting competitors, of which there are many. There are chain coffee shops and independent shops. Among the chain shops, Starbucks features the so-called "Starbucks experience" as one of its main competitive advantages (Michelli, 2007). Our shop will also feature our experience as a major part of the service offering. The positioning will be as a differentiated producer, with an offering that is superior to the offering of our major chain competitors in particular. We will offer a product/service mix and value proposition that is on par with the offering of the best independent coffeehouses in Australia.
The price element of the marketing mix must be designed in accordance with the broader…… [Read More]
Assessing the Risk in Three Potential Investments
The way an investment is assessed will include consideration for the level of risk that is present in that investment. The higher a risk associated with a business the higher the required rewards referred to as the risk and reward equation. Where the risk premium increases this will also lead to the use of increased discount levels in discounted cash flow assessments, such as net present value (NPV) calculations. In order to consider the way this may be applied to investment decisions three different business plans may be assessed; Acme Consulting, Interstate Travel Center and Silvera and Sons.
Risk may be assessed using a number of different criteria. From the perspective and an investor, or lender, the key aspect of risk will be the determination of whether or not the money invested or loaned will be returned and whether is will make a profit sufficient to justify the risk (Berry, 2012). This also incorporates an assessment of the viability of the business and the potential financial returns (Reilly and Brown, 2011). The aspect of opportunity cost may also be considered, as an investment in one company may be seen as risk in terms of the potential returns which may have been gained elsewhere where investments are mutually exclusive (Nellis and Parker, 2006).
The first of the firms is Acme Consulting. This is a start up firm offering premium consulting services to large high tech manufacturers, such as IBM and HP, and a secondary market of medium sized media businesses, with a head office in the renowned Silicon Valley area; placing them in a key area. The firm is being established by individuals with relevant knowledge in the relevant areas of marketing a consultancy as well as the high tech industry. It is noted that the market for these services is currently fragmented which may provide opportunities, With related diversification of services, including retainer work, market research and project consulting the firm will be…… [Read More]
An Analysis of Three Business Plans in Regards to their Riskiness
This paper will examine three separate business plans and rate these plans based on the level of risk and the cost of capital that should be awarded to these plans. Of the three plans considered, a plan for an expansion of a coffee production facility in South America carries the least risk. An investment opportunity for a truck stop in Texas was estimated to carry slightly more risk but to be a relatively solid investment. Finally, an investment opportunity in a marketing company that targets high-tech firms and provides marketing services for firms who wish to enter foreign markets was recognized as the riskiest investment although it also has the highest potential rewards.
Acme Consulting involves a proposed business that specializes in a fairly focused niche (Palo Alto, N.d.). The organization will focus on the marketing of high-tech products in foreign markets. This niche is not well developed and many organizations do not have the internal resources available to actively market their products in international markets. The company intends to specialize in the European and Latin American markets and will be based in Silicon Valley. Their target market is intended to be small and medium size enterprises (SMEs) as well as larger corporations. The company believes that it can earn revenues of $159,000 its first year and grow them to $289,000 by year three of operations.
Despite the opportunities that may lie in this business plan, there is significant risk to this proposal primarily due to the fact that the company is untested, based on professional service, and is intending to operate with a relatively slim net profit margin. Therefore, any deviation from the original business plan could result in financial hardship for the company. However, at the same time there is also significant potential to generate huge returns on investment. This seems to…… [Read More]
Everest Technology Computer is a new company that intends to manufacture computer and its accessories. Since the company will operate in competitive market environment, Everest Technology needs to understand the costs structure to increase revenue and maximize profits.
The objective of this paper is to provide a business plan that will assist the Everest Technology to increase revenue and maximize profits. The next section discusses the strategy that Everest Technology will employ to increase revenue.
Strategies to Increase Revenue
Everest Technology will use several techniques to increase revenue: The strategies are as follows:
Cost cutting measure
Increase the unit price
Increase in sales
One of the best strategies that Everest Technology could employ to increase revenue is to decline costs since cost reduction is easier to implement than price rise. The equation below reveals the four factors that affect profitability:
Equation Profit = "Revenue - (Variable costs + Fixed (capacity) costs)."
Typically, costs predictable are easier to control. Thus, an appropriate method to increase revenue is to implement the cost cutting measure, which will assist the company to increase profits. .Thus, the company could reduce costs in the areas such as selling and distribution, purchasing, administration, production, research and development. Cost reduction in these areas will produce a corresponding increase in revenue.
Moreover, the company could save the fixed costs by cutting the costs of anything that does not generate revenue. For example, the company could reduce the costs on rent, travel, interests on payable and communication. Using cost reduction analysis, the company will generate 5% increase in profit margin because 5% reduction in the fixed costs will lead to the 5% increase in profit margin everything else being equal. This is revealed in Table 1.
Table 1: Increase in Revenue through Fixed Cost Reduction
70…… [Read More]
Business Plan for a Concrete Polishing Company
Business plan for establishing concrete polishing company in Sydney Australia
Concrete polishing company, Sydney, plans to become a leader in providing concrete polishing services in the city. The company plans to do this by having the best facilities and human resource with experience in the industry. Plans are set to counter competition from existing companies by a continuous improvement of processes. Measuring standards of performance and evaluation of results that will enable the growth of the company are the main targets. Concrete polishing company, Sydney plans to develop a sophisticated framework and organization from the current complex construction systems. The system developed will be adapted to almost any construction requirements of clients.
The business targets to have qualified and experienced staffs that are creative and innovative. Creativity will enable the designing of custom components that are necessary a formwork package. The use of concrete flooring was traditionally used in places where utility, durability and the ease of cleaning are important than beauty and design (Concretech One, 2013). This perception has changed, and various materials are now available for home and office designs. The company targets the gap in the market to develop marketing alliances with existing companies, and latter pursue new sales of its services to commercial and residential builders.
Concrete polishing company, Sydney, plans to use a direct sales force method and relationship selling to reach the market. The market channels above are fast and reduce the time requirements and uses less capital. The methods are appropriate as they reach established market channels fast. Financial sources to consider are loans from specific financial institutions in the city. From the small capital outlay and the size of the company, the company projects low returns within the first year of operation. Projections show high returns from the second and third year of operation.
Many companies providing polishing services in various capacities flood concrete polishing industry in Sydney. The industry comprises of both small and well-established companies that undertake the services from various locations of the city. Competition, especially from well-established companies is stiff. Cost of operation is also high due to government taxation and the current costs of construction. Apart from the availability of many operators in this industry, the market has a wide gap. There are high possibilities of future expansion and growth…… [Read More]
GBSGreen Building Solutions
Product & Service Description
Marketing Strategy & Plan
Environmental Analysis (SWOT/PEST)
Products and Services
Financial Analysis & Projections
Profit and Loss
Risks and Assumptions
GBSGreen Building Solutions
According to the Environmental Protection Agency (EPA) the impact of commercial buildings on the physical and social environment are such that there is "not questioning the vast impact…" (Environmental Protection Agency, 2006) Commercial Buildings are reported by the U.S. Department of Energy's Energy Information Administration to account for "18% of total energy consumption." (Environmental Protection Agency, 2006) It is reported that energy and climate change issues have "moved from the sidelines to center stage…." (Global Business Network, 2007) This is reported to be due to there having been "…a wholesale shift in business attitudes in the U.S. around climate change and energy. " (Global Business Network, 2007) According to the Global Business Network, ways that the U.S. energy environment might evolve through 2020 includes the following:
(1) Advances in global energy supply and use technologies;
(2) Shifts in U.S. politics and regulations related to climate change;
(3) Public and shareholders perceptions of climate change;
(4) Shifts in financial markets that impact energy markets;
(5) Changes in energy commodities supplies;
(6) International political and economic patterns around energy;
(7) Growth in energy efficiency; and (8) New business opportunities arising from energy and climate change. (Global Business Network, 2007)
The construction industry is reported in Time Business & Money online to be one of the top ten fastest growing industries in the United States. Specifically stated is "Rising energy and other commodity prices have made sustainable building more cost effective, helping green and sustainable construction survive the recent downturn." (2013) In fact, according to Rick Redrizzi, President, CEO and Founding Chair of the U.S. Green Building Council and Bob Hansen, former…… [Read More]
[2: www.med.govt.nz/business/business.../structure-and-dynamics-2011.... ]
The primary research of the Auckland market presents the following sectors for consideration for the new venture:
The demographics in the target market include: college going and married women with children who either are working mothers or stay-at-home mothers; this makes the age group anywhere between 25 to 55; the overall annual income of the household is more than AUS $100,000; the property owned by the target individual is worth at least AUS $425,000; the targeted individuals will preferably be one that have interior design requirements for their office or residential space as well and are part of the corporate industry on a professional level that could include clubs, association, university groups, etc.
The psychographics for the chosen audience form Auckland will include the following aspects: priority for impeccable taste for home and office design; have creative outlooks on the world and have an active social life; are regular readers of one or more of the following magazines - Martha Stewart Living; Country Living; Home; House Beautiful; Elle Decor. The following chart and tables include the potential market trends in the targeted market in Auckland:
Country Club Women
Boomers in Transition
Auckland reached to the 1.5 million populations in June. In 2011, there were 34 Aucklanders of every 100 people living in New Zealand (National, 2012)[footnoteRef:3]. Every office owner and adult person of these populations is IDC's goal. [3: http://www.stuff.co.nz/national/7783245/Auckland-population-headed-for-2-million]
Technology is managing risks for both enterprise and its customers from the first stage of settlement to the final stage of the arrangement (Grant, 2010). While it codifies each point of deal and shows the initial plan through the three-dimensional photos.
There are two kinds…… [Read More]
Business Plan of Searchyyy.com a Meta search engine
Market Opportunity & Solutions
Business Model and Strategy
Search engine according to countries and languages
Social Networking and Blogging Sites
Sales and marketing plan
Debt to equity ratio (D/E)
Organization and Ownership
Risks and mitigation
Searchyyy.com, Inc. is Meta search engine which intends to provide a multi-category search engine to its users at a faster pace. The growing technology has evolved our lives. Users search from irreducibly complex systems to finding a local food chain. The business revolves around providing an appropriate tool to the users in order to provide an access to the needed information. The web site also offers different blogs in more than ten languages to post local jobs and advertisement for different countries. Several countries are listed separately in order to make the search more focused and easier.
Searchyy.com Inc. is a publically traded link which provides multi-search services to its customers completely free of cost. It also provides advertising services at a relatively low cost to advertisers. The company aims to become the widest Meta search engine across the globe. The company is a provider of search technology through its website www.searchyyy.com. The purpose of meta-search engines is to send users request to other search engines and gathers the appropriate results in the form of single list and provide the most compatible results to the user.
Searchyy.com Inc. aims to provide the access to several other search engines simultaneously at a faster speed and to give maximum possible desired results. As web is a large tool to attain a desired result, thus, Searchyyy.com, Inc. helps in providing comprehensive search results combined from several search engines. This will save the user from using multiple search engines distinctly.
Market Opportunity & Solutions
The competition is quiet tough as possibility of new market entrants is quiet easy because of low start-up capital and simple business model. Several competitors in the business increase the bargaining power of the advertisers, increase pressure and competition. Although the competition is tough but still the company has the potential to grow and create a name in the market. The company can position itself as innovative market leader that supplies the user with high quality Meta search…… [Read More]
Food Emporium -- Business Proposal
This business proposal outlines an emerging model for food preparation. The business will be called the "Food Emporium" and will be located in the downtown Kuwait City area. The overall trend in food services is one that is learning towards health and this trend is expected to develop exponentially as more and more consumers become more health conscious and discover the advantages of living healthier lifestyles. The model consists of some combination or blend of a coffee shop, a cooking school, and retail shop mixed into one spread across two floors. Customers can partake in any of the activities within the store; however it is recommended that they enjoy all three simultaneously to receive the full experience that the location has to offer.
The layout is carefully designed to ensure that the most effective use of space is maintained. On the top floor is the coffee shop and in the middle are the fully equipped kitchen stations where the cooking classes take place. There will be another cooking station in the ground floor (shop part) of the area where you can see the bakers make the bread and baked goods. Everything is designed as an open plan where everything is viewable, so you see your food or other people's food being made fresh. Although there will be staff members who can prepare food for customers, the idea is for the customer to be actively participating in the food preparation. Customers can prepare meals in conjunction with the instructors so that they can learn the techniques. The idea is to build a community of people who enjoy healthy living and provide a relaxed and open environment where people can collaborate within this atmosphere.
Business Model Outline
The company will be operating within the food services industry which entails a great deal of competition. The operation will be headquartered in Kuwait and will be developed to grow on a franchise model. The model will produce income in a variety of ways. First there will be a retail operation that sells the freshest food and produce available in the area. This will serve as the core of the business. However, customers can also take classes or even rent kitchen…… [Read More]
Definition of the Market
Description of the Products
Organization and Management Descriptions
This paper presents business plan for a new leather garment manufacturing and retailing business. The business is being set up with an initial capital outlay of $53 million. The paper starts with a brief description of the business; its target market and product offerings, and then proceeds by proposing organizational and management strategies, marketing strategies, and financial management strategies.
According to the proposed business plan, the company will have a centralized organizational structure and will primarily focus on developing its brand image in the market. The marketing strategies on different mediums will be designed in order to attract potential customers. The company will also take the services of business development firms and distribution companies for its operations. The major expenditures which the company will have to incur in the initial phase include; purchase of heavy raw material stock, processing and manufacturing plant, marketing, distribution, salaries and administrative, e-commerce setup, and legal requirements.
1. Business Description: Leather Garments Manufacturing and Retailing
The proposed business will be set up in California, United States and will serve the high and upper middle income groups of the society. The business will be established with a leather garment manufacturing and processing unit and a number of retail outlets in the most potential areas in the city. The projected initial capital outlay for this business is $53 million. The new company will employ more than 200 people at its manufacturing and production units and 50-75 persons at its retail outlets. The company will offer sports, formal, casual, and occasional leather garments.
2. Definition of the Market
The proposed business will mainly target the male consumers with its top quality and trendy leather garments. The retail outlets will be opened in the most populous areas of the city and will direct compete with the major local and international garment brands operating in those areas. The age group of target consumers will range between 20-45 years. In addition to the main product lines, the company will also target kids and teens with a limited range of leather products.
Since the costs of manufacturing and processing are higher for leather garments as compared to other clothing products, the prices of these products will be significantly higher. The company will also expend a huge amount on the quality management…… [Read More]
Business Construction Scenario
Business entities vary from countries to countries since the formation of a business is controlled by the various legal systems instituted in those countries. There are many types of business entities, and this is where we find the likes of sole-proprietorship, partnership, cooperatives, corporations and limited liability Company among others (Waddell, 2008). A business may be categorized in any of these entities just by the composition of its members.
From the business scenario, where Jose and Lou wants to open a sports bar and restaurant, but they don't have enough capital to start up the business; therefore, they need to partner with Miriam who will be able to finance them but will be playing minimal role in its management. This situation will lead them to forming a partnership type of business entity with her.
Through partnership, all their mutual interest will be covered; Jose and Lou will have the capital they need to start the business through Miriam contribution. While engaging into partnership, both parties are expected to formulate an agreement among them while will stipulate clearly how they are to run the business, the amount of profit each should get according to how much they contribute and their role in the business, their responsibilities into the business, how the achievement of the business is to be evaluated, and lastly, the agreement is to state clearly what is to take place in case the partners decides to dissolve the business. The agreement is normally prepared to suit the specific business it is meant for (Ostrowski, 2010).
In partnership entity, the partners share all the losses and the gains got from the business. Both partners will have control over the business, but Jose and Lou will be the ones running the businesses and they will be paid for their contribution of running the business apart from the profits or the losses they would have made (Waddell, 2008).
Since in this type of business entity, one of the shareholders who run the business is paid some stated sum of money, in addition to the profit distribution, and then the business is entitled to…… [Read More]
This chapter addresses the reasons that one should study business and businesses to begin with. The authors make the point that they do not intend for this to be a narrow study that just focuses on particular examples of successive and failed businesses, although it will include case studies too.
But the major point of studying business, the authors write, is to provide a larger sense of what is needed to succeed in today's working world. Unlike previous generous of workers, who could succeed by mastering a few specific skills, today's workers have to be broadly educated, being able to exhibit: "honesty and integrity, willingness to work hard, dependability, time management skills, self-confidence, motivation, willingness to learn, communication skills, professionalism."
The chapter also provides basic definitions that will be used throughout the books, including "business" (the organized work of individuals coming together) and providing a brief overview of how capitalism works. The authors also explain communism, fiscal and monetary policy, the concept of productivity, and the business cycle. It also addresses very briefly the ways in which American legal system both supports and restrains business activity. The chapter ends with a brief description of green business.
These are all basic concepts that must be understood to understand today's competitive business climate and how it will change over the next decades.
This chapter addresses the complexities of business ethics, a part of the general category of ethics, which the authors define as "the study of right and wrong and of the morality of the choices individuals make." Business ethics is "the application of moral standards to business situations." The authors stress the fact that individuals (and businesses) can have different standards of ethical behavior that are all acceptable if they are all based on such concepts as fairness and honesty.
Among the key ethical concepts that businesses face are conflicts of interest and greenwashing, which is the practice of pretending to be more environmentally conscientiousness than one is. This practice…… [Read More]
Business Level Corporate Level Strategies
Business-Level Corporate-Level Strategies
Analyze the business-level strategies
Analyze the corporate-level strategies
Analyze the competitive environment
Difference in slow-cycle and fast-cycle markets
The corporate strategy of a business is based on the vision and mission of the entity. It also lays a foundation stone for business and functional strategies. The industry sector specific to the business is also influential factor in developing strategies for a specific corporation. Diversification in related and unrelated product lines as well as expansion through geographic presence enables the organization to capitalize on profits. The sections below highlight the Kellogg's corporate and business strategy. It also investigates the industry competitors of the business and their strategy. The fast and slow cycle markets are also discussed with respect to their relatedness in strategy.
Kellogg's is one of the famous brands in food processing industry. The business has not only created new line of product but also specialized in the range of products they produce. The company was inaugurated in 1906 based on the experimentation of Kellogg brothers since 1898. The business initially hired 44 employees to commence its operations. However within short span of time the business gained popularity and it has also started to expand beyond borders. The company products and quality is well recognized throughout the world. The business has also emphasized on the quality and nutritious values of their products. The corporation is considered one of the notable innovative businesses that have introduced several flavors and tastes within the corn flakes and breakfast food processing sector of the country and globe (Kellogg's).
The corporation has taken a notable initiative in 2009 -- 2010. The business has learned through research that the population within United States does intake proper fiber quantity. The business thus started an initiative through which they increased fiber content in their products. The initiative is also…… [Read More]
0 technologies ((Wirtz, Schilke, Ullrich, 2010)
Heavily reliant on a broad range of integration points throughout an enterprise, creating a real-time information network using collaboration technologies including Facebook-like applications (Salesforce.com Chatter)
Comparable in design objectives to the structure of the knowedlge-sharing ecosystem; yet this business model is based on real-time social media data and collaboration
Ideal for large, knowledge-based businesses that are growing rapidly; perfect fit for new business ventures based on consulting and subject matter expertise
The progression of business models has been from those initially focused on the internal needs of a company to the expectations, preferences, wants and needs of customers. Compounding this transition has been the need for providing customers with highly customized products and experiences (Pynnonen, Hallikas, Ritala, 2012). These factors have been taken into account in the analysis of the core business models that have dominated the global economic landscape from 1900 to today. The business model of today's key features are defined earlier in this analysis, in addition to showing how agility and responsiveness have won out over rigidity and cost reductions over time. The need for creating business models that stay in step with customers' expectations and needs have never been greater as businesses face greater uncertainty and risk in their core markets than ever before.… [Read More]
" The foremost risk involved with implementation of the innovation is its rejection and for that matter, its failure.
What if it does not work?
What if it is not accepted?
What if a better alternative is available?
What if it is not cost efficient?
What would be the correct and most suitable time to make the innovation public?
There are many such questions associated with the implementation of innovation process. The risks involved are, namely, excessive perceived economic risks uncertain demand for innovative goods or services dominated market by established businesses high direct innovation costs
lack of information experiencing extraordinary situations higher than expected competitive pressure trademark or copyright problems
It would not be wrong to say that Maersk is a company that has its strategies based on innovation or that innovation is an integral part of its strategy. Although innovation is essential in today's world market, it has its pros and cons. It is not enough just to encourage employees to take risks. The organization's culture must communicate clearly how the innovators who take intelligent risks will be supported and rewarded. Too many organizations say that they want employees to take risks but reward only final success or worse, punish those who fall short because they moved beyond the boundaries of the known, safe choices. Maersk focuses on modifying aspects of the culture so that the employees receive consistent and positive messages about initiating change and innovation (Hanekamp, 2007). Skills are developed to stimulate, support, encourage, and coach employees to take thoughtful, intelligent risks.
List of… [Read More]
Business Plan -- Rocky Mountain Sports Fishing, LLC
Definition of the Market
Recreational fishing is a multi-billion dollar industry in the United States, both for salt and freshwater. Conservative estimates show that there are upwards of 30 million individuals with more than a 1-2 time/annum interest in the sport. This has an overall impact on the economy of $125 billion (Williamson, 2012). Consumer demographics show that it is primarily a male oriented event. Mobility and technology have improved the sport in the last two decades, as well as maps, surveys, and handheld sonar and GPS devices. For this reason, as an organized sport, it is chiefly an upper middle and above income sport that also may require several thousand dollars in travel expense. There are even contests for ice and sport ice fishing in the U.S. And Canada.
Sport fishing is tied to the economy in our niche because of the income and equipment needed for a typical trip; Some clients, in fact, even rent small planes or helicopters to take them to high mountain lakes and/or fishing locations off the beaten track. Typically, ice fishing is a sport that has no direct competition; usually individuals who are fond of sport fishing often wish to have a winter activity of a sort as well, and spring/summer fishing remains popular due to ease of access and in combination with hiking and camping (Hummel, 1994).
Rocky Mountain Sports Fishing, LLC is a business that allows inexperienced fishermen the chance to experience the sport guided by professionals in the field. Because the company incorporates both ice fishing and lake/river fishing, the season is yearly. Additionally, because the Rocky Mountains include so many states, it will be possible to customize tours based on the strategic hiring of guides as opposed to an expensive brick and mortar location in any one fishing area. The combination of year-round and almost limitless availability of geographic area and the low costs result…… [Read More]
Business Plan for a Daycare Center
Comment by Sabina:
I work for one of the fortune 500 companies and most of the employees who work in my organization is very happy with their job. I work in a 10 story building where more than 50% of the offices belong to my organization. There are a few other companies that are located in the same building. I have heard many employees in my company and in the building complaining about having to drop their children off to daycare early before work and then pick them up late after work. They have to pay additional fees if their child is not picked up on time, because they are stuck in traffic. I have been working on a business plan for opening a daycare within the building where I work. In this paper I will discuss the need for this daycare; I will discuss some elements in the business plan, and complete a feasibility analysis for this Daycare center called Little Sunshine's.
The rental monthly for the space is $2,000.00, the average incidental cost for a daycare this size is about $500.00 - $700.00 monthly. The daycare will accommodate children from six weeks old to five years old from 8am to 6pm. For parents utilizing the daycare five days per week, ten hours per day the fee will be $1,000.00 for children under 2 years and $800.00 for children above 2 years. The state requires children under two to have 4 children to 1 teacher ratio; therefore we will start off by enrolling up to 8 students under the age of 2. Children above the age of 2 years old are a bigger ratio which is 6 children to 1 teacher. The daycare will enroll 12 children for each age range, a total of 44 children, with four rooms to separate the children by age. The children six weeks old to 2 years old will be in the same room. Little Sunshine will give first priority to the employees within the building; however it will be opened to the general public. There are two other buildings nearby that could potentially utilize the daycare as well.
As the owner of Little Sunshine I will need at least $25,000.00 in starter…… [Read More]
Finding a Solution to Our Camera Failure Problems at Images Studio
Images Studio is a full service photography studio offering multiple photography services. For more than 15 years, Images Studio has been capturing life's memorable moments. Our creativity, knowledge and caring, professional service provide our clients with images of the highest quality. Our clientele choose Images Studio because they can be assured we deliver on our promises of exceptional quality and service.
While we specialize in elegant wedding photography, we also photograph family portraits, children, senior portraits, special events, executive portraiture, sports, glamour shots, high-definition (HD) video services, commercial and aerial photography. Images Studio offers both in-studio and on-location services.
Since expanding our mix of photographic services in 2007, our revenues have grown steadily with the demand for our additional services. We have accommodated this additional demand by adding personnel and equipment. By hiring two additional full-time photographers and one full-time and one part-time videographer, we have been able to grow our business and expand into new markets. Our total bookings have grown by more than 50% since 2007 (see Figure 1). In spite of the recession we continue to grow. Our business plans calls for continued expansion, both geographically to serve more on-location customers, and horizontally to broaden our service mix.
Currently wedding and portrait photography account for just over 50% of Images Studio's bookings. Our business plan calls for Images to double commercial and special photography by 2012. Since the beginning of 2011 we have not aggressively pursued the commercial market because of uncertainty about the status of our equipment. Our commitment to excellent quality images and unequaled customer service is such that we have postponed further expansion until we can be certain that we have the equipment necessary for these projects. This wait-and-see approach was necessary to minimize customer service and quality control issues, but as one might expect, it is not the ideal strategy for a company that is looking to continue growing and increasing market share.
Figure 1. Studio Bookings by Photography Service Type
Introduction and Statement of the Problem
With increased business volume, Images Studio has seen increased wear and tear on our photographic equipment, particularly our older standard-definition (SD) cameras. Out-of warranty repair costs doubled in 2010, climbing to $9,800. For cameras that are…… [Read More]