Write a 350 word post detailing your initial business idea, (photography studio)Write a 350 word post detailing your initial business idea, (photography studio)
Who will be involved in the business? my friend
What will you produce OR what service will you offer?
Do you want to run this business forever or sell after it gets successful?
Perform a SWOT Like Analysis of your business. This is a way to discuss how you plan to differentiate yourself from the competition. What do they do well, and what areas do you see as potential gaps not currently being filled that provide you an opportunity to exploit?
For this class, Do NOT propose:
Cannabis Store or a grow.
Any type of direct sales organization (Herbalife, Monet, Mary Kay, etc.)
Provide a 100 word feedback to two classmates about their idea. The response could suggest ways to refine their idea based on your experiences with similar businesses you have observed.
Student 1
I have always dreamed of owning oil wells and having my own oil company. Growing up, my dad, uncle, grandpa, and many other family members have worked in every facet of the oil field. My idea is to own and maintain an oil company, which would involve owning, maintaining, and selling oil from my wells. I feel that this business not only aligns with my background in the industry but also presents an opportunity to create generational wealth while pursuing a job that truly makes me happy.
In my small-scale business, I believe it will involve myself, certain family members, and possibly a few other dedicated employees. I think a team of about 10 individuals would be sufficient to manage the daily operations, which include ensuring that our oil wells are well-maintained and producing optimally.
Within this business, I will be the owner of various oil and gas wells. The service I will provide is to ensure that every well and employee is working at peak efficiency. The next aspect of this service is that if everything is running properly, it will allow my wells to extract quality oil and gas that will then be sold to various companies within the industry.
Unlike many entrepreneurs who opt to sell their successful businesses, my aspiration is to run this oil company indefinitely. Having been surrounded by the industry throughout my entire life, I find great satisfaction and a true purpose working in this field. The plan for this business is to build a venture that benefits myself, my family, and employees, while also providing the world with the vital resources of oil and gas.
SWOT Analysis:
Strengths:
Industry Knowledge: Growing up in the industry provides this business with a deep understanding of the benefits and challenges.
Passion and Dedication: Our interest and commitment to the field drives us to always deliver results.
Quality Assurance: Knowing the industry can allow for us to understand the problems, which then ensures a steady supply of high-quality oil.
Weaknesses:
Limited Scale: As a small-scale business, we will face limitations therefore struggle to compete with larger companies.
Resource Limitation: It being a small operation, it might be a struggle to obtain certain resources such as advanced technology and equipment right away.
Opportunities:
Personalized Service: The ability to provide attention to each well personally can be a unique selling point.
Sustainability Focus: An emphasis on sustainable practices could attract many clients.
Threats:
Fluctuating Oil Prices: The ever fluctuation of the oil and gas market could impact our profitability.
Regulatory Changes: Evolving regula
tions in the oil and gas industry might require us to adapt quickly.
Student 2
Throughout my life I have always loved being in charge and being able to complete tasks, especially when they make others happy. I would love to bring a wedding venue to the southwest region of Oklahoma. Being a type of party or event planner is something I am passionate about and have always loved the idea of, and I think being able to create an unforgettable day for someone can be a great venture as an entrepreneur.
The wedding venue would involve me overseeing the property as a whole, as well as helping with the financial aspects. I would have to have some wedding planners available, as well as contractors, grounds people, and rental services that I approve. We would provide in house services such as DJs, photo booth, chairs and tables, and some decorations.
When it comes to strengths of the business, it would be providing unique amenities and personalized options while still being affordable. These strengths and opportunities that are set apart allow a more personal touch to each service provided which will help us compete in this market.
STRENGTHS:
This venue would provide customers the opportunity to almost create their own venue, by providing multiple setup options, such as location on the property, decor, coverings, and any thing else they would want. As I have been wedding planning personally, I keep saying that I wish I just want to plan everything myself, which is one option that would be provided that would be different from competitors.
I would provide customers with the option of either a tented wedding, string lights overhead, or just opened entirely because I have personally not witnessed an Oklahoma venue in my location who advertises a fully outdoor wedding for those that want it.
WEAKNESSES:
At first one of the major weaknesses that will be faced is getting a “new” structure for weddings that want to be fully indoors, especially due to weather. I plan on somewhat enclosing a barn that is in great shape, and just adding some heaters for the time being until we create more revenue to invest.
Decor and advertising abilities will both be a weakness at first until the business gets off and running.
OPPUTUNITIES:
This business has so many opportunities because of the demand for wedding venues in general and especially ones in my geographic location.
I am fortunate enough to live on land that already has a few perfect spots for people to have ceremonies and receptions, and I am actually planning my wedding here currently, which can all help lower my costs that I will charge when I start.
Since this market is demanding, I would reach out to local businesses and partner with them to help their businesses as well as for customers to get discounted rates if they use them.
THREATS:
Many competitors are already established and provide customers with fully enclosed buildings, as well as more amenities and decor availability.
Until we get positive reviews and more advertising, it will be hard to book customers in order to continue to evolve the venue.
Clientele and bookies may be limited during months that are colder or due to some not seeking this type of service.
This venture would be an exciting and challenging business to create, as well as one that I think I would like to run forever. Along the way I may hire more people so I could focus on other ventures as well, but I think it would be so rewarding to constantly see a couple so thrilled on their wedding day and help them create memories that they will always cherish.