Mark 16; Case # 2|
“Wing and a Prayer”
This analysis is being conducted for the purpose of providing two young passionate men, with a realistic point of view of different scenarios that they shall encounter, while trying to open up, “A Wing and A Prayer”. This business is dedicated to providing the public with a mobile bungee jumping experience. They have chosen to implement their idea in Grand Bend, Ontario which we believe is a very intelligent move, as the population of Grand Bend increases ten-fold every summer for special events and festivals. Past business experience with bungee jumping is that it is an up and coming thing to do. It has become more and more popular over the past couple of years. It is likely a very interesting event for this type of tourist town. We have taken into consideration all of the details that were given to us in the Case Scenario and this is our analysis. SWOT ANALYSIS
* Stefan has experience| * No Competition from other bungee cord entrepreneurs| * They have family support| * Time of the year-Summer attraction| * Both have done their homework and brainstormed| * Their location idea in Grand Bend during all the festivals and fairs in a tourist community| * Both have been previously trained and know their safety | * Advertising opportunities for local businesses|
Internal External * Partnership with Zach Thompson| * Interest or demand for their type of business, Industry Attractiveness| * Not enough funds to start without borrowing and boot strapping| * Potential competition| * Far-fetched ideas| * Weather Conditions|
* No business experience| * Times of the day they can operate without incurring more costs|
Currently there is no one else opening or thinking about running this type of business in the same area. The market for sports that give you a rush is very strong; bungee jumping, para-sailing, water skiing, hot air balloon rides etc., is very attractive to consumers who travel to towns like Grand Bend just to have the time of their lives during their summer vacations. * They should take advantage of the possible funding that is available through government grants.
* Both boys are young and have experience with bungee jumping. Both have recognized how much fun they have had and what an amazing experience they both have had, to provide the public with speeches about their experience would also be a great opportunity to draw some added attention. We recommend these boys boot strap across the town to get as many of the local businesses to sponsor their costs when it comes to the banner on the crane and maybe some advertising flyers and flags to place on the “snow fence”.
* Investing in lighting would be smart, as they would be targeting adults and teens that are finished work and might not have had an opportunity to try it because they are working at other events.
* Another idea they could try is to have their parents and family members help them to cover some of the staffing issues, this way you don’t have to pay anyone. Most people know that if you do not have the money or the means you should go to your parents and family members.
* Realistically business probably won’t be as steady on Tuesdays and Wednesdays as it is in the middle of the week. What the boys could do is open reservations for parties of people that want to come together and who don’t want to wait in a line up.
* They could also do their best to get local up and coming disc jockeys to donate their time and be their entertainment, or request different people for different nights.
* Weather is going to be one of the biggest issues with running this type of business that is...