My project for class

[ryand83]

here is my business plan for my intro to business class, I still need to fix the financials because that is part of a template I'm working off of, I also need to fix some wording anyways input would be awesome :).https://docs.google.com/document/d/1UqyDHaGPmpzsJtJYUR-7i-1ndQUcZB_QF8vJoO_qzJY/edit

[ryand83]

let me know if the link works btw

[vangogh]

The link doesn't seem to be working. I get a message that I need to request permission to view it. Can you make it public?

[ryand83]

ok I got the message let me see if I can switch it

[ryand83]

swapped it to link share try now

[vangogh]

Yep, it works now. I have it open and even downloaded a copy to read more thoroughly when I have more time. I've read the executive summary so far. It's good. There are some typos. It looks like there's an extra space in the population of Hattiesburg. It looks like there are some formatting issues in the Introduction and I noticed you switched to 1st person writing. Since you're writing this more like a formal plan I think it best to stick with 3rd person throughout.

I'm skimming the other sections now.

Be careful when it comes to pricing. A lot of people thinking their biggest selling point will be lower prices. Lower prices usually needs greater volume to compete. Greater volume is the domain of big business, not small business. Small business do better offering more value for the price. It looks like you plan on college students making up a significant amount of customers and that probably also leads you to think lower prices, but keep in mind you already have other advantages to set you apart. Right across the street from campus is a great location. You're also looking to make things interactive. People will come in and play games. Your store will be part of the community. You'll teach people to play games. Etc. Those will help set you apart. You don't also need to set yourself apart on price. You can offer discounts to groups of people and coupons, but think through the general price. Don't be afraid to charge people what your products are worth and don't feel guilty for taking their money.

I'll read more when I have more time. I didn't skim through the whole document though and it looks good. You've put more details into your plan than I've ever put into mine. I realize this is for a class so you had to, but it looks like good work. Again proof it. Catch the typos and stick to a more formal 3rd person throughout.

[ryand83]

thanks van, yeah I'm trying to find a better picture too. I agree I talk in 3rd person too much and I'm sure I have typos, but the formatting is also off on that version. Also, I think by marking my products down a smidge would help with the credibility at launch I may do that at the opening week or something, or maybe once a month for a week. I'll be getting anything WotC related at 65% off so charging $3.50 vs $4.00 shouldn't break me. I will talk to game shop owners and see what they say about it.

[vangogh]

The 3rd person writing is fine. It's the 1st person stuff that doesn't really belong.

Lower prices doesn't raise creditability. It's just lowers prices. I know you think charging $3.50 as opposed to $4.00 won't break you, but it's because you're thinking of it as a difference of 50 cents. It's not. It's 12.5% of your revenue and probably more like 25% of your profit. If you're working a job would you voluntarily walk up to your boss and say you don't mind if your salary is cut by 25%? I'm assuming you wouldn't. That could be what you're doing to yourself though.

You might be right and $3.50 is the better price, but you don't want to think about it as it won't break me.

$700 in revenue requires you to make 200 sales at $3.50 and 175 sales at $4.00. That's 14.3% more sales. The first question is will the price difference lead to an increase in sales of 14.3% A second question is how your prices affect your brand. If your goal is to underprice your competition, your brand gets associated with low prices. That's not necessarily a good thing. You attract people who are only interested in price so if someone else starts selling at $3.25 your customers move to that business. Again, I'm not saying you're wrong. You may very well be right that $3.50 is the right price. I'm just trying to get you think about it a little differently and understand how price will affect other aspects of your business.

[ryand83]

I agree Van, never thought about it overall...might need to come up with some better ideas that don't hurt as much lol