Business Venture Essay
Stereo is a new nightclub cultured with all flavours that will command the attention of those that live the social high life to the extreme and even more each week. The night club will be located in the plush, elegant and expensive area of Moorgate, known for housing several of the United Kingdom’s major investment and commercial banks as well as contemporary office buildings such as the Guildhall and the Moorhouse. We are looking to make history and become the first multi-cultural nightclub to locate in this area. The area only has one nightclub. The location of Stereo will be easily accessible, as it will be located on the main street of Moorgate. Stereo will take the title of ‘biggest club in the area’, as it will be 100 square feet.
When Stereo is launched, it will have the right management structure in place by its shareholders and be the envy of all competitors far and wide. Stereo will also have high-level experience ploughed into the running of the club, with its three owners, Michael Osodi, Stephanie Mensah, and Mikhail Francis, investing in managers with countless years of nightclub management behind between them.
The business venture that we have chosen is that
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Our products will include our exclusive drink, “the Amplifier”, which is designed to relax your mind and boost your energy levels to enjoy the night ahead. It will consist of rare tropical fruits such as lychee, passion fruit, kiwi, guava, mango, apricot, papaya, melon & watermelon mixed with caffeine and only 26% of Cristal champagne. With this drink, we are aiming to provide a sensational taste in the mouth rather than simple alcohol. We are also aiming to provide sub drinks with fruits such as raspberry, strawberry, cranberry, blueberry, cherry, pineapple, orange, banana and many more. Beverages will include beer, cognac, absinthe, brandy, gin, rum, tequila, vodka, whisky, wine & spirits as well as simple drinks such as water, sparkling water, apple, orange, cranberry, blackcurrant and pineapple juice.
Mission Statement Stereo’s mission is to give customers a vibrant nightclub environment and ensure they have a positive experience of the different flavours of entertainment we have to offer as well as exceed the expectation of the customers’ needs on all levels. The key elements to running Stereo are, first and foremost, focusing on attracting people at the legal age of alcohol consumption. The company will focus on finding themes that have mass appeal to the appropriate people mentioned.
Another element will be the design of the club. Stereo will offer two private skyboxes, which will be a private party setting and can be for used for other purposes besides its main use. These boxes are intended for special events and daily use. Another element is the bar. This would present an inviting and relaxing atmosphere, where exclusive drinks can only be mixed up and made within the club. Also, Stereo wants to create a simple menu, offering appetizers at the bar that will be on hand for people craving nachos, wings or mini kebabs while they drink and enjoy themselves.
Another element will be the live DJ. They will coordinate the events and provide entertainment with a collection of musical and dance memorabilia. Another element is location. This will represent a major advantage to Stereo over its competitors because its location will be just outside the West End, therefore, making it easier to commute to for most people. The last element will be exceptional service. In order to reach and maintain a unique image of high quality, Stereo will provide attentive and friendly service.
Company Ownership Three respected entrepreneurs in person of Michael Osodi, Stephanie Mensah and Mikhail Francis privately own Stereo. Each of us has treaded the same path to success and aim to carry on doing so together, bringing different expertise to the forefront of our plans. We are expected to form a formidable partnership together. Legal Status After lengthy deliberations with ourselves as well as personal advisers, we decided to make ourselves a limited company (LTD). By making ourselves a limited company, we will be giving ourselves a high sense of prestige as well as raising our profile for current and potential stakeholders. By choosing to run as a limited company, suppliers and customers will have a sense of confidence in us, therefore, enabling us to purchase from large businesses.
There are certain advantages and disadvantages of setting up Stereo as a limited company. The advantages to us are, firstly, we are not personally liable for anything to do with Stereo. Secondly, the first 10,000 of a limited company’s profits is tax-free, which is not the case for sole traders or partnerships. Thirdly, Stereo will continue even if one of us shareholders die or sell their shares. Finally, there are no obligations or high costs involved with setting up a limited company, therefore protecting the business name. The disadvantages to us are, firstly, that our accounts have to be audited every year, unless we have turnover of less than 236,000, as stated in the Companies Act 1999. Secondly, Stereo’s accounts have to be published and can be inspected by anyone. Finally, decision-making takes up a lot of time.