Bus 519 Discussion Questions.docx

The type of business i would open would be a

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The type of business I would open would be a day/night/weekend care facility for children. Currently where I reside, there are only daycare facilities available that are open no later than 7:00pm. Parents do not have the option to bring their child to any establish facilities that offers after hour care. This forces parents to hire personal babysitters where they are responsible for vetting the individual themselves. I would like to provide an option where parents could use the same facility they use during the day for their evening or weekend care needs. The 5 most significant risks would be availability of technical experts, proper licensing and certification requirements, competition, stakeholder consensus, and market demand. Technical experts - finding the most experience staff to obtain advisement on the IT programs for the facility. The business would need similar programs that the current daycares have that keeps parents
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updated on the activities of their children. The center would also need an IT specialist for the day to day operation of the center, payroll, and other operations. Proper Licensing and Certification - making sure that all the proper licenses and certifications are obtained before opening the business. Competition- conducting the proper market research required to make an informed decision on the conditions of the aftercare/daycare market. Determining whether the market is oversaturated with this type of service and what are the success rates for this type of business venture Stakeholder Consensus - having to present the business plan to the stakeholders to obtain the sufficient buy in need to fund the business venture and the requirements needed for it to run efficiently. Market Demand- verifying through research that potential clientele needing this service. Determining whether parents or caregivers prefer these services provided by an accredited establishment or to use individual in home services such as nannies or babysitters. All these aspects need to be evaluated to determine the viability of the aftercare facility. “Risk mitigation attempts to reduce the probability of a risk event and its impacts to an acceptable level” (Heldman, 2005, p. 156) Reference Heldman, K. (2005). Project manager's spotlight on risk management . San Francisco: Harbor Light Press. Week 4 Response Hi Julia, This is definitely a risky venture. When reviewing possible businesses from this class and others, I always find myself asking what is going to be my market niche? How is the business going to be different from all the others that are currently in the market? Am I providing a unique need, product, or experience that customers cannot receive from other businesses. Also, sometimes price may not be a factor depending on who your customer base is. If your service is so unique consumers may be willing to pay your asking price. I think the risks you stated are the major ones to consider. Great post.
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