Business Venture – Dance Club
I am choosing dance club because it is enjoyable for me, gives pleasure to the people to go out and just spend one night trying to not think about their problems. Also I did choose it because I do have some experience with it. A few years ago my family used to run a nightclub, which was based on the beach, and we did enjoy doing that kind of business. I choose that name because it is catchy and it easy to remember, after you hear it will stuck in you mind.
First I though to be Night Club “Tequila” but then I asked a few people what they think of it what it coming in their minds when they hear it, and most of them said that after they hear the name means that the club will be more with Latino music, which actually disappoint me. They I had to come with name that is appropriate for techno/house club that will give you some image in your head about the club, and I came up with Dance Club “Plazma”.
I though of having also a motto for the club – “The Underground Sound Of London” I am ambitious and risk taker because I do want my business to run well, also knowing that running a nightclub is a big risk, you might not make a profit even after the fifth month. Also I am good communicator, problem solver. I am energetic, because a person who wants to run business venture like that needs a lot of energy and defiantly doesn’t have to give up after meets the first problem, determined and knowledgeable because I have try this business with my family before.
Having non-repayable financial sources means that you will put your own money in the business and if you lost them you cant take them back, but if you make enough profit you might take them. You could take flexible and accessible bank loans. The bank would let you from thousand to hundreds of thousands of pounds, and you can repay within five years. It is good to get bank loan because that will help me to start my business venture, and obviously the first few months or might be a year I am not going to have any profit, but once I start making profit if I have enough money I could repay the bank before my final date.
Business angels are people or might be a group of people, who are looking for investment opportunities, usually in small sums up to i?? 100 000. Usually the business angels also have say in the running of the company. If I am having one or two business angels, that would help me to buy the most important thinks for the business venture. Having Venture capitals means to have group of investors who specialise in supporting new ventures that banks might find too risky.
What they do to choose which business venture to help they interview managers of the company (which will be me ) and they support the most promising business plans, plans which will really run doesn’t matter that they are too risky for the banks. That means that I will have to make sure that my business plan is perfect, to make sure that all the aims are clear and to know how to stick to the plan to make sure that it wont bankrupt right at the beginning. I rejected a few sources of finance such as mortgages, leasing, lottery winnings and legacies, retained profit and gifts from family and friends, overdrafts.
I rejected taking money from mortgages just because my family or I don’t have mortgage yet. We all want to win from the lottery but you don’t know am I going to be the next lottery winner, and even if I play really often lottery it is all about really good luck to win. If I really want that business venture to run I need to find another way taking money to start it, cant sit there and wait to win. Retained profit and gifts from family and friends – I don’t have profit yet to have the money and to start the dance club.
When I make profit I might decide to open another club to another place, like for example another city. Taking gifts from family and friends is not really good idea because, that it venture that it takes a lot of money just to open it and wants also lot of money and good management to keep it running, and family or friends might not want to take that risk, even if is only for having some experience. Leasing is not appropriate for my business venture. Leasing mean when you don’t have enough money, to have big company that will buy some of the equipment for you and you will pay them rent for the equipment every month.
Once you paid the last payment (usually is 12 moths ) the company might sell it to you back, that how they will make profit, you can walk away and not pay them but also and not taking the equipment, but you can also keep paying back to the company till you pay them the full price that you own them. I don’t think that its good to have leasing for the business venture because there is risk that even if a company buy equipment for my business, I cant know if that business venture will run good since the very beginning or it wont run at all.