New Business Venture: Music Academy
Introduction/Background
After over five years experience working in corporations, four friends have a desire to start their own business because they enjoy creating music and saw the need for music training in downtown Toronto. The music academy would cater specifically to children ages 3-16 specializing in rock music genres preparing them in lessons for “voice, guitar, keyboard, and percussion so they can perform in their own bands”(Schwalbe 469). By offering specialized musical theory lessons to the children (public), the music academy can create a niche market segment and obtain a portion of the current musical retail/lesson market share currently share amongst Long and Mcquade, Cosmo Music, and Steve’s Music.
Business Objective
The music academy’s strategic goals include growth, expansion, dominating market share, and profitability. They must fully utilize each other’s strengths and weaknesses to begin the business. In order to meet these objectives, the team must cooperate, incorporate effective customer service, and use their passion for music towards teaching, while creating a diversified musical learning environment.
Current Situation and Problem/Opportunity Statement
Environmental scanning and market research yielded results that indicated that the music academy is currently positioned in a busy location with high traffic and opportunities include a need for specialized guitar lessons in the rock music genre. In order to capitalized the opportunity for growth and compete with current music retail/lesson businesses (i.e. Long and Mcquade), it would be advisable for the music academy to offer a selection of musical instruments and accessories available for sale to the general public that include both purchasing and financing options. The current team has the necessary skills for musical instruction involving bass, keyboard, vocals, guitar, and drums. A potential problem that poses a threat would be access to capital and making sure that the
After over five years experience working in corporations, four friends have a desire to start their own business because they enjoy creating music and saw the need for music training in downtown Toronto. The music academy would cater specifically to children ages 3-16 specializing in rock music genres preparing them in lessons for “voice, guitar, keyboard, and percussion so they can perform in their own bands”(Schwalbe 469). By offering specialized musical theory lessons to the children (public), the music academy can create a niche market segment and obtain a portion of the current musical retail/lesson market share currently share amongst Long and Mcquade, Cosmo Music, and Steve’s Music.
Business Objective
The music academy’s strategic goals include growth, expansion, dominating market share, and profitability. They must fully utilize each other’s strengths and weaknesses to begin the business. In order to meet these objectives, the team must cooperate, incorporate effective customer service, and use their passion for music towards teaching, while creating a diversified musical learning environment.
Current Situation and Problem/Opportunity Statement
Environmental scanning and market research yielded results that indicated that the music academy is currently positioned in a busy location with high traffic and opportunities include a need for specialized guitar lessons in the rock music genre. In order to capitalized the opportunity for growth and compete with current music retail/lesson businesses (i.e. Long and Mcquade), it would be advisable for the music academy to offer a selection of musical instruments and accessories available for sale to the general public that include both purchasing and financing options. The current team has the necessary skills for musical instruction involving bass, keyboard, vocals, guitar, and drums. A potential problem that poses a threat would be access to capital and making sure that the