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Barr New Bussiness
Transcript of Barr New Bussiness
Brooke Utting For our business plan, we chose a music store.
We sell all kinds of musical instruments and sheet music for students and professional musicians We would locate our business in a small building in Grandville. To attract customers, we would advertise our store on billboards and online and we would associate with school music programs. Our main competition would be Meyer Music. The cost of our products would vary with what the customer buys. For example, a cello would cost around $2000, while a music book would only cost around $15. The only advice we would need is what musical instruments, sheet music books and musical accessories to sell. Specialists on each instrument would be able to provide this information. For organizing workers, we would have at least one specialist for each instrument type, a few cashiers, an assistant manager, and a manager. For splitting the profit, the manager and assistant manager would get more than the cashiers and specialists, but they would also be responsible for any losses. To get our business started, we would need $500,000 for the building, then an additional $250,000 for products. We will have around 2000 customers a month but more in October and September because students in school music programs will need to buy/rent instruments. The cost to make our product depends on what the product is. For example to make a cello it would cost $750 and to make a music book it would cost $2. To start our business we would need to borrow $100,000. In the future our business would grow by making more profits we would have more advertising, more advertising more costumers. Also If we have more customers we would have bigger profits, bigger profits a bigger business. Our business would make $20,000 a month. Even more in September or October because students need the instruments for musical programs. We would have to invest for 12 months to keep our business until we would start making a profit. Our potential profits for year 1 would be $100,000. Year 2: $150,000. Year 3: $200,000. Barr's Music Store Our operating cost each month would be $10,000 because we would have to pay our heating and air conditioning bills. Also we have to pay our employees.