Nothing_at_This_Time

Business Plan for Reflections Music store Sandra D Edwards BIS/200 November 03, 2011 Teresita Rodriguez Business Plan for Reflections Music store Business Plan Reflections Nostalgic Music Store, Inc TABLE OF CONTENTS Table of Contents Executive Summary 4 Objectives General Company Description 5 Company Overview Information System Technology 7 Marketing Strategy 8 Company Ownership 8 Management Summary 8 References………………………………………………………………………………………………………………………………………………9 Executive Summary Reflections Music Store is a nostalgic record store that suited ideally for the people of all generations who love music from the sixties and seventies. Nostalgic is all the trendy now. The older we get the more we long for the past, Reflection will take you back to your youth and fond memories of the past. We will also offer poster and. Primarily, Reflection will market to the baby boomer on the business centers of the local town area by way of fliers, coupon distribution, direct mail campaigns and local newspaper advertisements. After successfully launching Reflections Music Store, the consumer market will be addressed through associating our stores with the major players e.g. Wal-Mart, Radio Shack and the CD Exchange. Reflection will be financed with $50,000 of the owners’ money plus $35,000 from a business loan. Starting costs are $45,000. Sales are estimated at $135,000 during the first year. A positive cash flow will be produced at the end of the first year. A15,000 yearly savings plan to open a secondary store in Houston, Texas 2013 is included. . The objectives for Reflections Music Store are the following: * Make a positive impact on the community * Achieve 30% of the local market share by the 5th year * Establish operating hours accessible * Achieve a profit by the second year * Establish effective supply management and e-commerce systems 1. Reflections Music Store is a nostalgic music store that offers music from the sixties and seventies. 2. This business will cater to individual who love old music especially old music. 3. The location of the business will be in the town center. 4. The business slogan is: “Easy into the Past with Reflections” General Company Description I. Company Overview: Reflections Music Store is a nostalgic record store that suited ideally for the people of all generations who love music from the sixties and seventies.  We has an extensive collection primary merchandise and the ability to order any category/genre. There will also be a Website where music can be downloaded for a nominal fee. We will also have in stock music memorabilia. II. Vision: To be the place where music lovers come to get in touch with or relive there past. III. Mission We will offer the best and most extensive collection of sixties and seventies music at a reasonable price. IV. Strengths: * Location * Ability to see and hear material * Interaction with sales personal V. Challenges: * Declining record sales * The availability to download music for free. * The variety that is offered online * No sales personnel System Information technology For a record store to operate smoothly there are certain required information systems needed: Expert systems (ES) is a system that attempts to duplicate the work of human experts by applying reasoning capabilities, knowledge, and expertise within a specific domain. These systems are primarily designed to support knowledge workers. Management information system (MIS) provides information needed to manage organizations efficiently and effectively, they involve three primary resources: people, technology, and information. Transaction processing systems is a type of information system that collects, stores, modify, and retrieve the transaction of an organization Decision support system (DSS) is a computer-based information system the supports business of organization decision-making activities. Electronic commerce system enables transactions among organization and between organization and customers. Marketing Strategy The marketing strategy for Reflections will differ throughout the year, depending upon local demand. Reflections will advertise in the local paper and circulars through the year. Reflection will also advertise on the local radio stations. Reflection will market more aggressively during the holidays especially valentine day. Reflections Basics mail direct coupons to its target market additionally it will analyze its return to determine future mailings. In addition to coupon promotions, Reflections Basics will host sales during holidays and the graduation season. Reflection will establish a website. The web presence will offer customers and potential customers the opportunity to sign up for e-mail updates and electronic coupons. The website will also feature Reflections merchandise and e-commerce capabilities. Company Ownership Reflections is owned by Sandra Edwards and Bryan Edwards. The business will maintain a Limited Liability Company status for at least the first two years. The owners project that the company will be so successful that a second store could soon be opened in Austin, TX. Start-up Summary The start-up cost of Reflection will focus store set up, inventory, marketing. The team will invest $50,000. In addition, team will obtain a $35,000 loan. Management Summary Reflections will run as a Limited Liability Company for approximately 3 to 4 years then will reorganize to become an S corporation in order to franchise. While a LLC, the Board of Directors will be comprised of 2 owners. When Reflections becomes a S corporation will be selected from the surrounding community. The first year of operations, day to day activities will be carried out by the two owners and four part-time employees. Each owner will function in a managerial role as well as work on the floor of the establishment. Reflections management team will network in the community, attending functions of the local Chamber of Commerce and any community “give-back” projects that are available and reasonable for Reflections to be of assistance. References Rainer Jr, k. R., & Cegielski, C. G. (2011). Introduction to Information Systems, Third Edition (3rd ed.). : John Wiley & Sons Inc.