Title | Balloonatics - In-depth assignment of making a business, expenses, management, etc. |
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Course | Entrepreneurship |
Institution | Humber College |
Pages | 16 |
File Size | 263 KB |
File Type | |
Total Downloads | 4 |
Total Views | 150 |
In-depth assignment of making a business, expenses, management, etc. ...
Balloonatics 376 Bathurst Street Toronto, ON M5T 2S6 647-269-5768 balloonatics.ca
By: N00787414 For: Rosemary McDougall RECL 250 – 0NB
Table of Contents Section
Page
Executive Summary…………………………………………………………………3 Company Summary…………………………………………………………………4 Products and Services……………………………………………………………...5 Marketing and Sales Summary…………………………………………………….7 Operations Summary………………………………………………………………..9 Action Plan…………………………………………………………………………..11 Management Summary…………………………………………………………….12 Financial Plan……………………………………………………………………….13 Future Growth……………………………………………………………………….14
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Executive Summary Birthday parties, bridal showers, engagement parties, banquets, what do all of these have in common? BALLOONS! Balloons are used for decorations at various events, but if we are being honest here the best part is when you get to pop them at the end. What if there was a place that was filled with balloons for you to pop, jump in and play in? That is what Balloonatics is all about. It is place for you to come and enjoy everything balloons have to offer. Pop them with pins, darts or knives! Live your wildest dreams and jump into a big pile of them! Or you can play in them all day long. Balloonatics is here for any of your needs! Throw a party, or bring some friends for a fun night out. Balloonatics is conveniently located in the heart of Toronto, close to the subway line. It is easy to get to and you can avoid that crazy Toronto traffic while still enjoying the city! At Balloonatics we pride ourselves on having the best activities, most fun experience for our customers, at the lowest price! Balloonatics rolls all the fun of axe throwing, painting, darts and ball pits into one convenient location.
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Company Summary
Legal Status: Sole Ownership
List of Owners: o Enter name
Business Location: Toronto
Business Site: 376 Bathurst St.
Company Vision Balloonatics aims to offer a fun, out of the box recreational activity for adults. We aim to create an environment that takes adults back to childhood but with adult activities. Balloonatics came about when Shannon and I were cleaning up after an event. We put all the balloons in one room and had to pop them all, but before that we decided to have some fun. That is why I have chosen to do Balloonatics. Shannon and I got to experience how fun it was to play in the balloons and felt like we were back in our childhood, before having to return to reality. Popping those balloons let out stress and anxiety we did not even know we were carrying. Balloonatics is going to be a success because it is something new and innovative. It has the fun archery, painting, and a ball pit rolled into one company.
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Products and Services
Balloonatics is a selling multiple different services. Services
Balloon Pit: A room full of balloons for clients to use a ball pit. Hide, play, and cover yourself in balloons.
Knife Throwing Room: Balloons will be stuck to a wall and clients will use knives to pop the balloons.
Paint room: Clients will fill up a maximum of 10 balloons with different colour paints and place them on the canvas. They will then take darts and throw them to pop the balloons, and take the masterpiece home.
Popping station: A room full of balloons, where clients will take push pins and pop the balloons as fast as possible.
Hours of Operation
Sunday: 10am – 9pm
Monday: 3pm – 11pm
Tuesday: 3pm – 11pm
Wednesday: 3pm – 11pm
Thursday: 3pm – 11pm
Friday: 3pm – 1am
Saturday: 9am – 1am
Prices Prices vary based on how large the party is and what activity is being played.
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Prices below are based on a party of 5.
Balloon Pit: $55.00 per person
Knife Throwing Room: $60.00 per person
Paint Room: $7 5.00 per person
Popping Station: $65.00 per person
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Marketing and Sales Summary Target Market
Adults (18+)
Market Share
0.46%
Competitor Analysis
My competitors would be places such as badaxe throwing, and knife throwing.
What sets Ballonatics apart from the competitors is that we have the services of the competitors rolled into one place. We also have one multiple activities for our participants to choose from instead of just one.
Reaching Clients and Social Media
To reach clients Balloonatics will be utilizing social media
Facebook: Used as the first initial social media platform to reach clients. Will be used for originally marketing Balloonatics, spreading the word before it actually opens. When Balloonatics is up and running it will be a place to post promotions, and answer inquiries. All information will be posted on Facebook, and updated weekly.
Twitter: Used more for re-tweeting clients experiences. The twitter account will host fun contests for clients to win a free booking for 2, etc.
Instagram: Used to post pictures of staff enjoying the services of Balloonatics as well as any special events Balloonatics hosts.
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SnapChat: Used daily for the clients to document their experiences on the Balloonatics snapchat.
Pinterest: Used a virtual tour. Balloonatics will have different boards for each room.
Pricing Strategy
My pricing strategy will be low to high. Balloonatics will price lower than their competitors and as Balloonatics gets more popular the prices will start to rise. To stay competitive Balloonatics will try and keep their prices lower than their competitors.
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Operations Summary Hours of Operation
Sunday: 10am – 5pm
Monday: 4pm – 11pm
Tuesday: 4pm – 11pm
Wednesday: 4pm – 11pm
Thursday: 4pm – 11pm
Friday: 4pm – 1am
Saturday: 2pm – 1am
Operating Systems
Online registration and payment systems o We will require all of our appointments be booked online two weeks in advance
Cash register and computer in store o We will require in store computer and cash register for any last minute walk-ins o We will also use the computers to do check ins for when parties come in for their appointment
Day-to-Day Operations
9am full time staff come in and check the bookings/parties for the day (each booking lasts for 2 hours)
11am staff starts prepping each room for their bookings/parties and getting equipment ready for the day
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2pm event hosts (usually part time staff) comes in and gets prepped for their bookings/parties (who the guests are, why they are coming in, what activities they will be participating in, etc.)
3pm get online check-in ready for when the party comes in
3:30pm doors open up
3:45om guests start arriving
4pm-11pm bookings/parties go on
11pm Balloonatics closes up and cleaning starts up
11:30pm cleaning staff comes in
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Action Plan Task Find Site Find Balloon Provider Find places to get equipment (i.e. axes, darts, paints) Walk through of site – find any fixes that need to be made Start social media campaign – Facebook page to get the word of Balloonatics out there Second walk through of site – all necessary changes have been made, site is safe Site is made to look like Balloonatics Soft opening – have friends and family come in and test everything out Social media campaign continues – have the snapchat, and instagram accounts go live (videos of soft opening) Website goes live Utilize pinterest board – virtual map BALLOONATICS GOES LIVE
Date January 10, 2017 January 20, 2017 February 1, 2017 February 20, 2017 March 15, 2017
June 1, 2017
June 20, 2017 August 31, 2017 October 1, 2017
October 15, 2017 November 1, 2017 December 1, 2017
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Management Summary For Balloonatics we will require owners of Balloonatics, a manager for our locations, full time employees, part time employees, and cleaning staff. Owners:
Ashika Dhoolab
- Look after all locations of Balloonatics, make sure operations are going according to plan, find ways to make Balloonatics a success and continue to rise. Manager:
Shannon Lucas
- Look after the day-to-day logistics of their location. Schedule staff, train staff. Full Time Employees - Look after reservations and payments, get rooms ready for parties and events. Part Time Employees - Be event hosts, make sure all participants are behaving accordingly, clean up after parties. Cleaning Staff - Clean up at the end of every night Recruitment Strategy We will put job postings online. Because this a new business experience will not be required, training will be provided by management.
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Financial Strategy
Start-Up Costs For our Start-Up costs please see the breakdown below:
Site: $3000 lease
Balloons: $170/ 1000 balloons (branded)
Paint: $10.99/ per gallon
Knives: $12.99/ 12 knives
Darts: $2.99/ 3 darts
Revenue Model
For revenue model please see Appendix A
Income Statements
For income statements for the first three years please see Appendix B
Monthly Cash Flow
For the monthly cash flow of the first year please see Appendix C
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Future Growth Within the next five years Balloonatics plans on opening up a second location around the Brampton area. We believe Balloonatics will take at least a year to start up and start generating great income. Over the next five years Balloonatics hope to open up several more locations, at least three to four more locations around Ontario. With the growth of Balloonatics, the prices will start to go a little higher but still stay lower than the competition so that we are still the preferred establishment. Balloonatics also plans to start selling products towards the later end of five years, to generate more revenue. Products that will be sold will be t-shirts/hoodies, Balloonatics branded balloons, and pictures. Balloonatics financial goals over the next five years are to double the amount of revenue generated between year one and year three of opening, and slowly growing in revenue every year after that.
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Appendix A KEY PARTNERS - Balloon Supplier
KEY ACTIVITIES - Marketing - Bookings - Ordering supplies
COST STRUCTURE - Website - Site - Balloons - Paint - Knives - Darts
VALUE CHANNELS PROPOSITION - Website - A fun new - Social recreational Media: activity Facebook, - All the fun of Twitter, knife throwing, Instagram, darts, painting, Snapchat, and ball pits Pinterest rolled into one l - Cheaper than competitors REVENUE STREAMS - Bookings
CUSTOMER SEGMENT - Adults (18+) - Aimed towards young adults who are looking to try new and fun things
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References "9" Balloons - Standard Colours." Toys & Novelties. N.p., n.d. Web. 10 Apr. 2016. Colorations® Simply Washable Tempera Paint - Gallon. (n.d.). Retrieved April 10, 2016, from http://www6.discountschoolsupply.com/Product/ProductDetail.aspx?product=369 6 Throwing Knives. (n.d.). Retrieved April 9, 2016, from http://www.budk.com/Throwing-Knives-2953 GLD Viper Commercial Bar Darts - Steel Tip. (n.d.). Retrieved April 10, 2016, from http://shop.dartbrokers.com/GLD-Viper-Commercial-Bar-Darts-Steel-Tip-371330.htm
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