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Music Cafe Business Plan

Essay by   •  November 14, 2010  •  Business Plan  •  9,053 Words (37 Pages)  •  4,590 Views

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Executive Summary

1.0 Executive Summary

Music Cafй, unlike a typical record store and cafй, will provide the consumers an atmosphere they have never experienced before. Through its aggressive marketing tactics the company will attract high traffic of consumers in the community, mainly college students, to create an outstanding place to socialize, drink coffee, listen to and buy music. Music Cafй consist of two venues, one is a record store and the other is a cafй. The venues provide music CD's, accessories, drinks and pastries to the customers at a reasonable price. Students, office workers, residents of the community, and tourists can spend their breaks eating, listening to music and socializing at our store. On their way out they will purchase music CD's or accessories. The cafй will create some of the desired revenue for the business; however the main source of revenue will be from sales of records and accessories.

Since Music Cafй will be opened in January 2005, it will be designed to match the demands of customers who expect the best. It will be the most up to date record store in New York City. Part of this will be achieved by a trendy appearance and by the technology and services we provide. The cafй will be design to create a trendy cozy atmosphere, where customers may lounge. The store will provide the most updated and older music. The business will have computer stations, which allows customers to listen to samples of an artist CD. Music Cafй will provide an exceptional service by having an outgoing and enthusiastic sales force that has a good knowledge of music. Satisfactory customer service will create an atmosphere for customers to come back for more, thus making Music Cafй a successful and profitable business.

1.1 Objectives

Music Cafй's objectives for the first five years of operation include:

* The creation of a unique, innovative environment that will differentiate Music Cafй from competitors by bringing people with diverse interests together

* Maximize revenue while minimizing costs

* Create a long lasting customer relationship for the record store

1.2 Mission

Music Cafй wants to establish itself as a strong competitor among the music stores in New York City. Develop an innovative solution to the loss of CD sales by marketing new musical equipments and accessories.

1.3 Keys to Success

The keys to success for Music Cafй are:

* The creation of a unique, innovative, and upscale environment that will differentiate itself from other record stores and cafй shops.

* The establishment of Music Cafй will allow consumers to listen to music, while enjoying a great cup of coffee and baked goods

* Providing exceptional customer services.

1.4 Risks

The risks involves with starting Music Cafй are:

* Is there a demand for the services that Music Cafй offers?

* Will there be a consistent base of consumers?

* Do we have the right products that consumers can easily access and afford?

2.0 The Organizational Plan

2.1 Summary Description of the Business

Currently, the music store industry sales are falling due to the file sharing on the Internet and the sale of illegal copies of CD's. Hence, the music stores are competing through their pricing advantages, and offering a variety of products. To set our business apart from the rest of the music store providers, Music Cafй will provide the consumers a place to listen to and sample the artists' CD before the purchase, while providing a place to dine lightly. The atmosphere would be hip and trendy, while attracting young and old alike to an unusual genre of musical marketing.

Music Cafй provides various types of music ranging from Hip-Hop/R&B to Classical genres. Furthermore, Music Cafй gives customers a place to lounge and socialize while drinking coffee and eating pastries.

Music Cafй will be able to attract the consumers to the store through the significant location. The business is situated on 23rd Street, in the area of Gramercy Park/Flatiron, where there is high traffic of consumers in the community mainly including students and faculties attending the college. The location will provide easy access for the students, faculties and community residence. Music Cafй will operate long hours to cater to the students and other customers that attend day, evening, and weekend classes or are around during those times. In addition, since everyone is always on the go in this "fast paced society", Music Cafй provides a place to "relax". The Business Model of Music Cafй and the SWOT Analysis are explained in greater detail on pages 4 and 5.

2.1.1 Business Model:

As the popularity of veteran and upcoming artists continue to grow at a steady rate, easy and affordable access is quickly becoming a necessity of life. Music Cafй provides the consumer with the ability to access new and old school music, enjoy a cup of coffee, specialty drinks, pastries and share the experience of a comfortable environment. People of all ages and ethnicities will come to enjoy the unique, upscale and inviting environment that Music Cafй provides.

* Strategy:

 Provide an atmosphere where consumers can socialize, while dinning, listening to and discussing music

 Develop lifelong customer relationships

 Collect customer e-mail addresses, to inform them of the dates of new releases pertaining to their music of interest and of up-coming events and promotions

 Achieve high financial performance allowing us to fulfill our mission

2.1.2 SWOT Analysis:

 Strengths - Music Cafй needs to evaluate its strengths upon entering the record store and cafй industry. Our main strength is developing a place where prospective consumers can listen to samples of music upon purchasing and create a place of leisure



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