The first steps I took with designing my Mini-venture was establishing the target audience. Using my surroundings and knowledge of Halifax, I decided that Dalhousie University students would be the best target for my service. I knew working with students would be challenging. I had to design a low cost service that would appeal to the audience to even receive participation. To attract business, I decided the price of $10 per session was an adequate price for both the photography session and the editing of the photographs. I knew that in order for my business to appeal to the younger audience, I would have to pitch the business in a fun, exciting way. Mentioned in chapter one of our textbook, creating culture is an important step in creating a successful business. As I was the only person working in my venture, I felt that the culture would have to be created with myself and the clients.
The second problem I tackled was establishing the best way to advertise my service. For students, I thought of two effective ways of advertising. The first being paper advertisements. I created a vibrant poster that showcase...
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...my venture alone, it was incredibly difficult to manage all the tasks for my business while multitasking with school and extra-curricula’s. Although each session of picturing taking took 25 minutes, I had not factored in the time it would take to travel to the destination, the time it would take to get set up and the time it would take to edit the photographs. It ended up being upwards of an hour and half spent on each person. Having a small business is definitely time consuming as I was the only employee involved in the process. It is because of the extra time I had spent on each session, that I fully realized I had undervalued my product. I had only charged each person $10 and spent nearly 8 hours on all 8 people. Doing the math, I made only $8 per hour, which is far too little to make a living off of. Located below is my revenue, expense and total profit chart.
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