Business Plan For YOLO Concepts Essay

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YOLO Concepts

Introduction

A majority of businesses prefer to maintain the same status quo and they prefer not to make any drastic changes that would result in changes in the way they conduct their operations. This holds true in the entertainment industry where revelers frequent the same spots every other day and they only get to experience the same thing as they had last time. This becomes monotonous and customers will begin searching for new experiences from other night clubs and entertainment spots.

Business Description

A. Purpose

YOLO Concepts is pop-up format Limited Liability Company that concerns itself with the running, management, and operation of entertainment events in New York City. YOLO Concepts is not a fixed brick-and-mortar establishment. Instead, it is a flexible ‘nightclub on the move’ that seeks to entertain party goers by setting up temporary party spots in unexpected locations like vacant warehouses, building rooftops, private residences, waterfront parks, etc.

B. Values

YOLO Concepts seeks to maximize the feel-good experience of its customers by

· Investing in customer service – hiring and training competent staff.

· Ensuring customers are truly entertained – by giving partygoers a new experience every time.

· Providing a consistent entertainment atmosphere – by investing in quality music equipment, competent DJs, good lighting, etc.

C. Products and Services

The operations of YOLO Concepts will ensure that clients will receive the same products and services as they would in a normal nightclub. The products and services that will be on offer include all types of alcoholic drinks (including martinis, wines, beers, etc.), non-alcoholic drinks and beverages, small chops, music and dance, guest artist appearances, and dancing competitions.

D. Suppliers

YOLO Concepts intends to establish long-term mutually beneficial partnerships with vendors. These are;

· Alcoholic beverage suppliers: Urban Wines and Spirits (212-477-1003) and McCadam Distributing (518-563-2270).

· Non-alcoholic beverage suppliers: Lake Beverage Corporation (585-427-0090) and New York Beverage Wholesalers (718-401-7700)

· Toiletries and miscellaneous: Alliance Merchandising Inc (212-560-9188), and A&W Global Trading Inc (212-868-3668).

The selected suppliers offered the most competitive pricing and this ensures that the company can keep its operating costs down in order to enhance the bottom line.

E. Future Products/Services Offerings

YOLO Concepts will incorporate theme nights aimed at particular fun ideas like Mexican Fiesta, Arabian Night, Vodka Party, Lemons and Tequila Party, and themed costumes. Themed parties are aimed at enhancing the experience of revelers.

F. Target Customer

The target customer is aged between 21 and 30 years. This is because this age group has high-energy and they are fun loving individuals who are seeking new experiences. This demographic is also ready to explore and try out new experiences.

G. Core Competencies

· The ability to deliver on its pledge of new experiences. This is our most critical selling point. Customers who will be attending any of our gigs and night parties will be doing so because we provide the nightclub experience in new and unique settings such that every visit feels like visiting a ‘freshly-mint’ nightclub.

· The ability to avail to customers a wide array of both alcoholic and non-alcoholic drinks. Alcoholic drink consumers tend to be loyal to their favorite drink. In that regard, therefore, there is need to ensure that customers do not miss their favorite drinks.

· The ability to recreate a nightclub experience. It should be noted that even while seeking to be different, YOLO Concepts seeks to offer a nightclub experience – but with a twist. In that regard, the venues selected ought to be decorated as a nightclub and have all the nightclub equipment such a quality sound system, foam machines, discotheque lighting, etc.

H. Proposed Legal Organization

YOLO Concepts will be a Limited Liability Company. There are several advantages of this form of business. The primary consideration that informed the selection of this particular form is the fact that the liability of the owners of YOLO Concepts will be limited to the share of the capital they have invested therein.

Vision

Vision Statement: To be the most sought-after pop-up nightclub in New York with a reputation for offering amazing experiences to our clientele.

Mission Statement: To establish a pop-up nightclub business that will create the standard for excellence in the industry. We want to offer recreational experiences that meet the needs of a diverse multi-national membership.

Market and Industry Analysis

Our target audience is within the 21-30 age group.

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This can skew a little bit older at times, but not younger for legal reasons. We expect YOLO to draw from a 20-mile radius. The extent of our drawing power will be related to the quality of the nightclub – the better it is the further it will draw from. The demographic will be mixed, reflecting the population of New York. Young people of all demographics enjoy the nightclub experience, and we aim to be a safe and open space for all to have fun. The nightclub will draw from the community of middle class and upper middle class in the area. YOLO will focus on drawing in a crowd that is wealthier and therefore more likely to have obtained a college education.

While the club will cater to both genders equally, the reality is that marketing efforts should target female patrons. A majority of male clients will go where the ladies are in nightclubs. Groups of people in mixed gender are definitely going to be encouraged in the marketing. The club will not discriminate on the basis of sexual orientation.

The nightclub industry is an attractive industry to enter right now for a couple of reasons. First, there is high turnover of businesses in the industry, and customer tastes are quite changeable. This, combined with low barriers to entry, means that there is a lot of opportunity for new entrants, especially ones with a fresh concept. The industry is favorable in terms of pricing because the consumers are price takers. While there are a lot of competitors and other entertainment options, for a nightclub with a successful concept, there is a tremendous amount of money on the table.

To be successful in this industry, we need to offer a unique experience, as that is what is needed to bring people into the club. Then, once you’ve attracted people in the first place, it is important that they have a great time. So, the experience – the core experience of dancing, drinking and having a great time – has to be spot on, or they will not return.

The market is actually declining. This is a simple matter of demographics. The demographic cohort chart shows that the 20-24 demographic is smaller than the 25-29, and by quite a bit. The economic environment, however, is quite favorable. Young people in the city are often able to land fairly good jobs, especially in industries like software, where the skills possessed by young people are in high demand. The social environment is also favorable. Young people with money love to have a great time, and nightclubs have honestly never gone out of style. There are always entertainment businesses competing for this market, but ultimately the nightclub business has been attractive to our target market for decades. The biggest trend that will impact the market is the declining number of people in our target market. This will mean that competition in the nightclub business will become even more intense, and fewer companies will be profitable.

Competition, a decline in the economy and changing social values are all external forces that could bring about challenges for YOLO. The reality is that YOLO is a great idea and other competitors can easily take our idea and become direct competitors. Furthermore, we need young people in the city to have enough disposable income to patronize, and an economic downturn, especially in finance or tech, would bring about a disastrous scenario where that is concerned.

Competitive Analysis

There are dozens of nightclubs that are direct competitors. In all honestly, these change frequently as older ones go out of business and new ones enter the business. Constant rotation is a fact of life in the nightclub business. No one individual competitor matters – just that there are dozens of them, and all working to find an edge to bring in the business.

TAO Group will be one of our competitors as they are well established in New York and they operate most of the successful nightlife entertainment venues. The company has been in operation since 2011 and this gives them an edge over us in that they are well known and they offer amazing experiences to patrons. TAO Group operates restaurants and nightclubs in the United States (TAO Group, n.d.). The company regularly offers pop-up venues like the Sundance Film Festival and the Super bowl making it a direct competitor.….....

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Bibliography

TAO Group. (n.d.). About TAO Group. Retrieved from http://taogroup.com/about/

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