The business venture I intend to start is in being a freelance graphic designer. The reason for this venture is that it requires minimal capital to get started and one can work from home to begin. The name for the business is Commodore Graphics. The resources needed for this venture are categorized as physical, financial, technological and human (Anastasia, 2015). The physical resources include two computers fitted with design software, the working area which for this case is my room at home, and a working desk which I intend to use my study desk. One computer is already available while the second one will be purchased immediately after alteration of the room setting. The other physical resource is a camera which my father promised to buy. The financial supply will come from my saved pocket money and additional funding from my parents. The technological resources will include graphic design and editing software to be purchased and installed in the computers. I will provide human support for the business since I am an excellent graphic designer and to cut the costs of hiring as the company is still on its initial stage (Shawn, 2018). On special occasions when demand is high, employing a workforce with required skills will be necessary. The workforce will comprise of my younger brother and a few friends conversant with the services to be offered. Hiring friends will be cheaper than subcontracting provided you offer guidance on how you anticipate the task(s) are to be conducted.
Type of Product/Service
The services Commodore Graphics intends to offer include designing marketing materials and photography. The marketing materials to be designed are business cards, digital and print banners, posters, logo designing and animation video adverts (Viet, 2019). On the photography services, Commodore Graphics will offer individual and group photoshoots, corporate and social event coverages, and video editing. Marketing of Commodore Graphics services will be done through online social sites and word of mouth during social gatherings in church, within the neighborhood. I intend to produce some business cards to offer out during networking opportunities for contact purposes with potential clients. Upon achieving a stable growth, Commodore Graphics has its sight in brand strategy.
The target customers for Commodore Graphics fall among several tiers of the business world and social setting (Ray, 2018). On the corporate world, the point of focus will be on the small-scale businesses and medium enterprises. Competition in graphic design is high thus the need to establish networks starting with the small companies and slowly to gain traction upwards. The photography aspect of the business targets majorly those within my social circle; that is fellow students, teachers, and church members. For the students, the focus is on coverage of birthday parties, personal photos, and graduations. Concerning the church, the point of emphasis will be on coverage of social events such as weddings and baptism.
Commodore Graphics main area of operation will be within the local town. On special occasions focus will be extended to neighboring cities within the State of activity. The reason behind this is to reduce the operational cost to be incurred through transportation. Online, Commodore Graphics is open only for designing services and coverage is beyond the State of operation. If a client comes from out of town and it requires my services, then apart from the service charges the quotation will include accommodation charges and other utilities necessary for delivery of the services.
Anastasia. (2015). Key Resources Building Block in Business Model Canvas. Retrieved from https://www.cleverism.com/key-resources-building-block-in-business-model-canvas/
Ray, H. (2018). How To Start A Successful Freelance Graphic Design Career In 2019. Retrieved from https://www.designhill.com/design-blog/how-to-start-a-successful-freelance-graphic-design-career/
Shawn. (2018). How to Start Your Own Graphic Design Business: Step-by-Step | JUST™ Creative. Retrieved from https://justcreative.com/2018/12/17/how-to-start-your-own-graphic-design-business/
Viet. (2019). 15 Steps to Start Your Freelance Graphic Design Business – DesignBold. Retrieved from https://www.designbold.com/academy/en/15-steps-to-starting-your-own-freelance-graphic-design-business/