More Business Talk
KW gave a list of things that would make a better theatre, and I agree with them, including the hot female employees. I know J is out there reading this and I don't want to offend anyone, but hot female employees are gold for businesses, it's a simple fact.
Onwards to what I would change as far as revenue streams. I think the cult-following programming for midnight shows is good stuff. The cost is low and the rewards can be great. The money you get after the rental of the film is all yours, not the studios. This idea would of course be implemented. The beer idea is also something Franklin Cinema did to get extra patrons/money. But I would put a halt to the overpriced concessions. I would sell candy that rivals a gas station's prices, and they would not be the size of a movie theatre box of candy. The other factor in turning people away from your stand is the price. Now, a mega-chain theatre sells a box of Butterfingers for $3, and I would have to sell around 4 times the product to better that, but I believe I could do it, and the cost would be comparable when bought in bulk. If that's not a viable idea, then the price would at least be competitive.
The other ideas I have...unfortunately, I think I might have to not publish them here. Because I'd hate for another entrepreneur to steal those ideas. The other ideas have been done and should be done more often, at least the cult-following film idea (the beer would be a difficult thing to pass in a mega-chain, where you rely on sixteen-year-olds to sell your product). But the things I'm thinking about would give you extra money and make a better experience.
My question is this...just entertaining the thought. I haven't ever looked into how to create a business from scratch, I imagine it would require loans and possibly other outside funding. I wonder, though, if anyone here would at least discuss it with me. I guess in a fantasy world, I'd like to have Jeremy and Mike join forces with me and we'd create our own theatre (I know, Mike, you've never worked at a theatre other than helping me one night to untangle the mess that was From Dusk Till Dawn (which on a sidenote took that long to untangle), but I think your background in math and business would be an asset that theatres generally don't have). If it's a possibility or anything anyone would like to do, just tell me. I know, I know...is Chris really asking us to build a company, right here and right now? Well, not in so many words, mostly just as the beginning of an idea that could mushroom if there's enough interest.
1 Comments:
Step 1: Write your business plan.
Easy to say, hard to do right. You need to *know* how your business will make enough money to survive. You need to *know* your expected cash flows -- the source of each dollar you bring in, and the destination for each dollar you spend.
A strong business plan, based on research and solid numbers, is a blueprint for how to start and run your business successfully. Your should be able to follow your plan, and if you've done a good job on planning, you'll only need to tweak the plan as you go along. If you've made some major mistake(s), you'll have to modify your plan accordingly, and hopefully you'll still be able to be successful.
Bottom line: If you fail to plan, you plan to fail.
Best of luck!
Patrick Murphy
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