Business Plan

Break Even Analysis 5
Results 5
Recommendations 6
Introduction
The job is to develop a business plan for a small or medium size business. The objective of this exercise is to gain some practice in developing such plans and to use some of the tools available to assist in decision-making. The job that I chose was to look into if it is feasible to start a record store where the power of modern computers is utilized to keep the costs down.
All prices in the report are based on my experience and common sense along with internet research. Numbers relating to the market are primarily based upon my feeling of how strong the Icelandic music industry is and how well an idea like this could work in that environment. They are presented in Icelandic Krona but the ratio between Litas and Kronas is approx. 1/25 Lt/Kr.
Speciality
The new thing that this store has is minimal inventory. Most probably many have said this before but they all still work under the old idea that all the records have to physically be in the store when the customers want to buy them.
By taking the model of Apple's iTunes Store and moving it out of the home and onto the streets we can achieve a much lower inventory than is possible with a traditional musicstore. All the music would be stored on computer drives in full quality and when the customer wants to buy an album he simply requests it from the salesman who burns the album on a cd which the customer then takes with him. With this comes a much higher computer cost but that is more than balanced out by less inventory and less requirements for the store's size plus we get the added bonus of a potentially strong online presence. The stock-reducing feature of this...

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