Business Model: Karaoke Business Opportunity In Hobart Tasmania (Research Paper Sample)

Name: Instructor: Course: Date: Karaoke Business in Hobart Tasmania Introduction A packaged business investment that gives an entrepreneur a chance to start a business is known as the business opportunity (Hart, p.2). However, after one identifies the business opportunity, he/she plans on how they will generate revenue and profit. This is achieved through a process known as a business model. A business model is a plan for a successful business operation which identifies the source of capital, targeted customer, goods and services of the business and the details of business financing. A business model provides into details the intended goods and services that the entrepreneur plans to produce and the strategies of producing them including all the expected expenses. Business opportunity, however, has got different meaning depending on the views of different people. However, a business opportunity requires a lease/sale of any product service or product that will enable the entrepreneur to start a business (Baron, p.106). More so, the entrepreneur needs a genuine supplier of his goods or services as well as a suitable location for his venture. In addition, the business opportunity has to guarantee an income higher than the buying price of the goods and services as well as having a ready market (Hart, p.1). However, since business is all about risk-taking, every business opportunity must have insurance such that if the customers do not like goods and services, the supplier is willing to change and improve on the quality and quantity and at sometimes even compensate the entrepreneur for the loss. On the other hand, before one decides on the kind of business opportunity to venture in, he/she must consider several factors (Ucbasaran, el at., p.34). These include the cost of setting up and running the business, the passionate of the business, availability of the customers and business location, and market competition of the business. This will help an entrepreneur to come up with the best business opportunity among the available business opportunities (Baron, p.105). In this paper in-depth analysis of karaoke business opportunity in Hobart Tasmania is discussed. In addition, the business model for the business is discussed. Karaoke business in Hobart Tasmania Karaoke is a form of entertainment that originated from Japan. In this form of entertainment recordings of the music which does not include the words of the favorite songs are played such that the words can be sung by the audience (Badger, p.3). In Hobart Tasmania, karaoke business is very down since very few people that have ventured into the market although they are other forms of entertainment in the town. There are only two commonly known pubs in the city that undertakes the karaoke business, that is, the Montgomery's Hobart Hotel and Carlyle Hotel. Karaoke is a fun form of entertainment that many people love both locally and internationally (Ruismäki el at., p.23). Therefore, seeing that very few clubs have this form of entertainment, it creates a big opportunity for one to start such a business. The competition for this kind of activity in Hobart is meager, and therefore one expects to get customers much more comfortable. Furthermore, it is forms of business that is relatively inexpensive and which one can start on his own and start earning immediately. More so it is easier to start the business since it is not a must for one to rent a house for the business. This is because one can organize and be hosting his shows on clubs, pubs, hotels, and restaurant for specific days of the week. In addition, one can network with the event planners such as a wedding, birthday baby shower among other events who can recommend for him/her for Karaoke nights. However, some people establish karaoke as fulltime business while others like bars and clubs host occasional karaoke nights through hireling a third party to take responsibility of the night and its occasion (Badger, p.13). Due to this fact, a lot of opportunities are created for investors to establish a business that will cater to karaoke events in such bars, clubs, restaurant and any other kind of party. This kind of activity is expected to prosper through word of mouth publicity. In addition, in order to create attention and to attract a lot of customers, a karaoke entrepreneur can host theme nights. This will in addition help in being competitive in the industry of entertainment. Resources will be needed to capitalize on karaoke business Karaoke is a widespread occurrence that allows people to sing their favorite music in front of audiences. The first thing an entrepreneur needs to do is to decide on which type of music they want to be performing in their karaoke business. This will give him/her the content of his business. Besides the entrepreneur has to consider the cost of buying the music/his content as continues expense since the music keeps changing and he has to go by the trend. The music can be purchased or downloaded from the online platform. It can either be a CDG disc or digital system. Since we are the world where technology has prevailed, the digital system is the best to go for in order to cater to all kinds of clients. However, the primary requirement for a karaoke business is the equipment used to give the experience. This equipment includes a music player, sound mixer, video monitor and stand, microphone, speaker, content, and equipment cases (Badger, p.12). The music player is the crucial instrument for any karaoke business since it helps to display song lyrics as well as play the music for the performer. The music player uses DVDs as the source of the audio. However, the digital layer system where the song files are stored on a laptop/computer. This saves an individual from the stress of carrying so many discs into each gig he/she is to perform. In addition, it makes it easy to search for the songs by use of a simple graphic interface. In addition, the karaoke business needs a sound mixer. This is to allow the operator to control the volume of the music separate from the volume of the singer. By use of the sounder mixer, an experienced operator can make the resulting sound perfect. Some of the hardware players are made with in-built mixers while others don't and thus require an external device for mixing. The usual mixer contains inputs for the music layer and microphones along with outputs that send the mixed audio signal to the speakers. Some of which got special effects that can be used to boost the sound of the singer, for example, reverb or echo effects. However, the microphones are used to enhance the volume of the voice of the singer, and they are usually plugged into the mixer board or music player. Besides, when choosing the microphone to use in the karaoke business, one has to consider the one designed for singing and not for spoken words. To enhance the conformability of the performer, one may also opt to buy the wireless microphone to make it easy for the performer to move across the stage. On the other hand, for the purposes of those that do not like to step up and down the scene or hold the microphone with their hands, they should also be a microphone stand for them. However, in all karaoke systems, there should be a video monitor where the performer will be reading the lyrics of the song he/she is performing. The monitor is usually attached to a wheeled monitor stand. The stand is adjustable in order to help in adjusting the height of the screen to the most appropriate position for the performer. However, in order to create the mood for music entertainment, the karaoke business needs speakers. For the entrepreneurs that decide to be hosting their business in bars and restaurants are advantaged since most of them have permanent sound systems that can be used for karaoke. While as for the person that may decide to have his speakers for business there are two main options. One, a person can choose to buy the powered speakers. This type of speakers does not require an external amplifier and can be powered by being plugged into any wall outlet through an extension cord. Therefore they are easy to install and use. The second option is buying passive speakers. This type of speakers does not require power, but they need a signal that is processed by an external amplifier. This makes it more complicated to use since one has to do a complicated installation at each show. Finally, after purchasing all the equipment required for a karaoke business one has to consider what to use when transporting his/her material from one place to another. In order to make sure your equipment is in order and secure one should use a proper case. However, having the equipment and a place to carry out the karaoke business cannot make it successful without considering the workforce or the person to carry out the business. The performer/singer requires being a person that is extrovert, can entertain others and knows how to sing. In addition, the performer must be confident. This is Because he/she will be interacting with so many people and of a different kind every day from different parts of the world than usual. It would be more suitable if the owner/performer of the business has experience in the industry from the past. This would give him/her courage as he/she is aware of what expected of him by the audience. More so one has to have the knowledge of what is being charged for the entertainment, being a new singer one may be required to cost lesser in order to remain competitive in the industry and win more customers. The business model for karaoke business in Hobart Tasmania Founding in the karaoke bar industry primarily provides entertainment inform of Karaoke together with drinks and food. As one of the ways of increasing the revenue for the company, the business offers limited drinks and food services. The karaoke bar is expected to focus carefully on their target market. Establishin...