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Individual Business Proposal

Essay by   •  March 4, 2013  •  Research Paper  •  1,282 Words (6 Pages)  •  1,491 Views

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Introduction

Established businesses in today's economy need to constantly keep up with their competitors as well as market conditions in order to keep their business successful. Developing new goods or services is one of the ways a business can increase revenue and even stay ahead of other similar businesses in the market. In the following summary, a business proposal for a local winery is presented with ideas for further development of their new business.

Background

This business proposal is for a new family owned winery that recently opened up in Hendersonville, NC. The winery has over 15 acres of grapes of both red and white varieties. They currently offer tastings Thursday - Sundays of seven wines for a tasting fee of $7.00 per person. The winery has good size tasting room consisting of a bar with eight chairs as well as three additional four-top tables. In addition, there is a good size outdoor area with about six tables and four chairs to a table. According to the owners, the current plan for the winery is to just get the word out to people that the winery is open and to encourage people to come in for tastings which will hopefully lead to wine purchases. While the winery is in a good location in its proximity to the downtown, depending on people to stop when they see the well-marked sign isn't a guaranteed way to ensure a successful business.

Business Proposal/Pricing & Non-Pricing Strategies

My business proposal would be to market the winery to area venues as a way to spread the word about the winery. There a few ways that this can be done. First, there are several wine stores in town that feature many of the NC wines. If one of the owners of Saint Paul winery came to the wine store even once a month for a free two hour tasting, they could surely market and promote their wines. This would also be a great way to market the winery's peaceful and scenic venue as a place to hold small functions. Another marketing concept would be for the winery to host wine tastings at the different area gated HOA's as part of ladies luncheons or other themed events. A third and probably one of the biggest marketing tools would be to host themed events at their winery such "Weekend Wind-down" featuring appetizers and music on Friday nights, etc.

Revenue

By marketing to different area venues and getting the word out about Saint Paul winery, revenues should increase within a couple of months. The trend in people visiting wineries is on the wise. Wine tourism is expanding not only in major wine growing countries but also in small regions in the U.S. While it is true that California gets millions of visitors each year and that their numbers are increasing, smaller local regions such as Idaho, Arizona and Virginia have also scene noticeable increases in their local wineries. (Thach, 2007) When hosting events at the gated HOA's, Saint Paul's winery could charge a flat rate to come out and host the tastings as well as bringing wines to sell. At the events held at the winery, again, charging guests a minimal charge to come enjoy the music and appetizers can cover costs as well as generate profits. Offering wines by the glass at these events can also generate revenue. Finally, this winery could increase its operating hours especially since they are a new business and want to be able to attract and draw in as many people as possible.

Costs Minimization

To keep costs at a minimum, Saint Paul's winery may want to pair with other local small businesses who are trying to advertise their small business. An example would be to work with a local catering company who could provide appetizers for a weekend wind-down event and have brochures or business cards on hand to promote their business. Since it could draw in new business for the caterer, they could offer the appetizers to the winery for little or no costs in exchange for the free marketing opportunity. This also holds true for music venues. The winery could offer the musicians

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