Module 05 Course Project - Final Contract Due

Course Project - Opening the Doors to Your Business

Name: Marquita Brown

Institutional Affiliation: Rasmussen College

Course Project - Opening the Doors to Your Business

A business that lacks employees is somehow tiresome since one person will have to undertake all the roles associated with the operations. In the case of the meal toy business, it would be prudent to initiate a business model that acquires its strengths solely on selling the toys. The 10,000 toys will have to be grouped into categories. This may exist in the manner of quotas. One hundred toys may be sold either weekly or monthly. The outcome of the business is also significant. If toys are on demand, then it means that the business may have to increase the number of toys each week. Another crucial aspect to focus on includes marketing and advertisement of the toys. The business has to have a location. If the neighbor is the region for selling the toys, then the marketing may be raw approaches which involve word of mouth.

The business may organize a small trade workshop for children to view the toys and review them before purchases are made. Social media platforms such as Facebook and Twitter may also be used to communicate about the toys to the broader market (Aghazadeh, 2015). Once sales have started to generate significant revenues, it means that they may deplete in their numbers. Ensuring the sustainability of the business is crucial. The above factor influences an approach whereby the revenues collected have to buy more toys to keep the business running since it is not seasonal. Eventually, the business will have to grow and inculcate more employees to meet its growing demands in the market (Banham, 2010). The employees will cover different interests and needs to initiate the desired operations. Such a business may have to record sales and generated revenues to meet its needs.

References

Aghazadeh, H. (2015). Strategic marketing management: Achieving superior business performance through intelligent marketing strategy. Procedia-Social and Behavioral Sciences, 207, 125-134.

Banham, H. (2010). External Environmental Analysis for Small and Medium Enterprises (SMEs). Journal of Business & Economics Research, 8(10), 19-26.