I will do my preliminary research in the form of a question air that I will give out 15 copies of a question air that will have simple tick boxes. Depending on the results may distribute a second questionnaire with more precise and in depth questions.
The first question air must contain questions that help collect information about: -
- The price that you would expect to pay for a disco
- The type of music that you prefer
- The age group that they are in
- What you would like to see in a disco
- If they enjoy discos and if they do not why they do not enjoy them
Once I have got all the questionnaires back I will put them in to an excel spread sheet to show the results and then look for any other ways that I can display the data to make it more clear.
The data will originally be put in to the excel sheet shown below.
The answers will be put in to the blank spaces to the right of the questions.
By looking at the results that I will collect in I am hoping to find an age group that has a large amount of demand of discos and will also be willing to pay a reasonable rate for the disco, I fear that the younger people that I ask will not be willing to pay any more than £150.
I distributed the question air to people of different age groups so that I will get information on all age groups.
I did this by asking family and friends to fill in a questionnaire and then send back to me they have all also agreed to fill in another questionnaire if I need to do some further research.
To stat up the portable disco I need a lot of expensive equipment that I can either buy brand new from a shop or I could buy second hand equipment of off other portable discos Below in the table is a list of what I need and how much it will cost first hand and how much it will cost second hand.
I will also need to supply money for me to get some training from another portable disco company or from a dj school.
I will also need to raise a large amount of money this will be mainly done trough a loan that I will need to obtain from a bank it will not all be paid for by the bank loan as I have a large amount of money saved away to help me to start up the portable disco company.
To get enough business to make a profit I will need to advertise form research I have seen that the main portable disco companies advertise in either local papers or/and in yellow pages.
As I am a new business I do not already have a reputation or any customers that will be returning to the use of my services. This means that I will need to advertise in both local papers and in the yellow pages I will also give out flyers at the end of discos with a contact number and our web sight address.
The web sight will hold pictures of previous discos when I am in business I will also tell people about what service we will offer.
The name of the business is important as it must be original and it must also be easy to remember and to must be catchy, some discos have names that would cause you to stereotype them in to a certain group of disco
For example “golden oldies” gives the impression that the company is only for old people who listen to 70’s music. Or another disc is called "c.r.road show" this name give me the impression that the business is only for younger people who are in to urban music. With the name of the company that I am going to start I do not want it to hold a stereo type as the two above have I had a couple of ideas and they are listed below
JJ’s Disco
Party Timers
Lightning Disco
Dance floor Discos
Total Disco Heaven
From the five names I had to choose the most suitable name I did this by asking 20 people what name that they thought that was the best and the name that most of the people that I asked preferred the name “Lightning Discos”
The results of the questionnaire are shown bellow
Do you enjoy discos 92% said yes?
What music do you prefer 58% said Urban Music?
The age group that attend discos the most often is the14-18 year olds
The amount that people are most inclined to pay is less than £150
From the point above I have notice a very promising area to work within although there is one problem that will have to be attended to be that the amount of money that people are willing to pay is not going to be enough to cover expenses and make a profit that is a fair size.
After looking at the cost of new and second hand equipment I have decided that it would be in the best interest of the business to purchase new equipment as in the long run it would save money as old equipment is more likely to break and disco equipment is very expensive to get repaired.
The total cost to start up the enterprise will be the cost of all the equipment added to the cost of training then the total of that added to the other expenses such as advertising and licences. All of the expenses are shown bellows in a spread sheet that I prepared in excel to see how much money I need to spend and what I need to spend it on.
The table show that I have intended to apply for a loan to cover expenses the loan that I am going to apply for is to the total of £6,000 I am going to apply for this loan from Barclays bank
