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Gaming Lounge Challenges in Implementing Business Plan VideoZEN GAMING LOUNGE
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The financial plan has projected that the business will be able to have visitor numbers amounting to 13, within the first year of operation. These visitor numbers are mostly composed of young people who as discussed earlier are more than likely to be in school during the weekdays.
While the visitor number projected for January in the financial forecast might seem to be viable, the number might vary during the first day operations of the business depending on what marketing technique the business has used.
Social networking sites such as Facebook and Twitter might prove to be an important tool in increasing the numbers of visitors to the gaming lounge Westwood These costs reflect the market prices of gaming consoles in the technological world as well as other technological requirements needed by the business.
While these prices might offset the start-up costs, they are not enough to provide the business with a profit within the first three years of its operations.
Competitive pricing is only important in cases where many businesses in a particular area offer the same service which is not the case in this business venture.
While the low prices might attract school children and teenagers, they are not enough to provide the business with a profit during its first few years of operation Squire and Jenkins The operational risks that will arise during the start up of the business will involve machine breakdowns where the Wii and PS3 game consoles might breakdown through improper use.
The strategic risks that will arise during the course of running the business will be potential competition from arcades and toy stores that have now started offering virtual and realistic games.
The financial risks that will arise in the business will include increasing rent, water and electrical bills as well as increasing game console prices David et al The purpose of this essay has been to critically evaluate the business plan that has been developed for a gaming lounge known as LMNE which will be located in the Norwich area of the United Kingdom.
A business plan is an important aspect in the planning process as it is designed to persuade investors and other stakeholders to the idea to support the business venture Timmons et al Business plans provide a framework that will be used by the owners of the venture to outline the specific business goals and objectives that need to be achieved for the business to be successful.
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