Small Business Idea Paper Napoleon Melton, Jr. ACC/561 September 5, 2011 James Sullivan
SMALL BUSINESS IDEA PAPER
Small Business Idea Paper Establishing a small business requires the cultivation of a business idea to a business plan that successfully outlines its unique product or service, the rationale for choosing the business organization in particular for the unique product or service, and the financial statements & implications associated with the formation of the business organization. In my small business idea paper, I will discuss my small business’s unique product or service and the rationale for my small business’s business organization formation. Small Business Unique Product or Service Spartanburg, South Carolina needs a diverse establishment in the downtown area that can cater to families, high school students, college students, young professionals, and adults as well as drive growth in the downtown area. Why? The Spartanburg area is more conducive for families and older adults than high school students, college students, and young professionals. High school students should have a place that they can hang out and have fun in. There are numerous bars for the college and the young professional crowd but are basically the same in terms of what entertainment they offer (predominately rock and acoustic acts). The downtown area has undergone renovations in the past couple of years, adding establishments such as Barnet Park, the Chapman Cultural Center, the George Dean Johnson School of Business (USCUpstate), the Spartanburg Marriott Hotel, and Wild Wings Restaurant. What type of establishment will work for the Spartanburg area? A restaurant and entertainment venue called Wowzerz! will best work for the area and cater to the aforementioned populations. Wowzerz! consists of four main areas: an entertainment game room area, an entertainment lounge, an event area, and a restaurant & bar area. The entertainment game room area would house our interactive gaming area, which would include inside games such as Dance
SMALL BUSINESS IDEA PAPER
Dance Revolution, Darts, Pac Man, and Skee Ball and outside games such as Shuffleboard and Cornhole. The entertainment lounge would include a bar & lounge area for those who want to chill and a dance floor & section for diverse entertainment acts (break dancers, hip hop, karaoke, pop, r&b, etc.) for those who feel the need to entertain the party. The event area would house our multi-purpose event rooms that can be tailored for rehearsal dinners, birthday parties, corporate outings, reunions, and fantasy sports drafts. The restaurant & bar area would house an extensive and healthy list of appealing appetizers, delectable drinks (alcoholic & non-alcoholic), edible entrees, soothing soups, and sizzling salads. What makes Wowzerz! unique is that we would house everything under one umbrella. There will not be a need for people to have to go somewhere else for their dining and entertainment needs. There are similar establishments in the area that have dining and entertainment options. However, Wowzerz! will be a classier establishment than the rest (think of Wowzerz! as an establishment similar to Dave & Busters) and provide a diverse and spacious area for entertainment, events, gaming, and lounging. How will Wowzerz! look as a business organization? The business organization formation rationale section of the paper will outline its formation as a business entity. Business Organization Formation Rationale The business organization formation will focus on the advantages and disadvantages of the four different forms of business organization, the different types of financial statements associated with each form of business organization, and the implications associated with each form of business organization. The information on the different business organization forms, financial statements, and implications will serve as the...