Business Planning Assignment Example | Topics and Well Written Essays - 1500 words

Business Planning - Assignment Example However, the thoroughness in the preparation of the idea as presented in a final draft of a business plan is determinant of the research and the viability of the idea in the industry selected. While some of the business ideas appear excellent on paper, implementing them could be a problem. Thus, a viable business plan has the qualities of being excellent on paper and practical applicability. Such determine the similarities and differences in the components of a business plan. This paper analyses the strengths and weaknesses of two business plans, Singles Bar Business Plan for Colloquy Grog Shop and Nightclub Business Plan for The Spot club. A Brief Description of the Spot Business Plan The Spot bar, is a club targeting the students of state university, with a student population exceeding 22,000 students and has a projected growth of 15% per year. The location of the business is one block away from the main campus, in an area where three bars have thrived in the past ten years. After staring its operations, The Spot boosts of exceptional management team that automatically translates business into profitability. Since all members of the management team have had previous experience in the club industry, their expertise and skills are essential in transforming the club into a success. In its mission statement, The Spot promises fun to its customers, by creating an environment that satisfies the changing tastes and exceptions of the college-age women. The Spot takes the assumption that once women visit the club, men will have no choice but follow them there. If the plan succeeds, the club hopes to exceed $ 1 million in its third year of operation, and maintaining its average costs at 25%. Ownership of the company is a three partnership by Robert Shaw, Jill Morse, and Sheila Thompson. All the shareholders are experienced business people. The main products offered by the club targets women, attracting them to the bar, and hoping that men tag along. Among the products on sale will be an assortment of wines, different makes of liquor and wines. Three of the most significant elements giving the club a competitive edge over other businesses in the same locality are a larger ladies room area, floor design and music (â€Å"Nightclub Business Plan†, 2013). A Brief Description of the Colloquy Grog Shop Business Plan Colloquy Grog Shop aims at providing an environment conducive enough where singles can meet and have an opportunity to have a good communication. Offering coffee and tapas, the shop will also offer a unique service allowing for structured communication. Singles, especially those between 25-45 years of age have a problem of meeting each other. As such, the shop aims at providing these people with an opportunity to meet and have an effective communication. By the end of the second year in operation, the shop hopes to reach the profitability threshold, and hopes to achieve comfortable profits by the third year. The key success of the sho p is addressing the needs of the customers. The shop’s location, an upcoming industrial area of NW Portland has registered a rapid growth of night stops and due to its targeted demographics. In an effort to reduce the operation costs of the joint, an old warehouse will serve as the main building, thus reducing rental expenses. Products offered to the customers include, eight  microbrew beers on draft and