Gravity is a retail store specializing in high-end designer shoes. Within my business, I will incorporate a small winery, which will allow my customers the ability to enjoy some of the best wines the world has to offer. Since I am the only owner, my company will be viewed as a disregarded entity for liability purposes. My company will operate under the industries of retail/customer service and beverage management. I will offer both goods and services with outstanding products and services. My targeted market will be both men and women, middle class and higher, between the ages of 24-44, who are able to afford products such as: Balenciaga, Manolo Blahnik, Christian Louboutin, Yves Saint Laurent, and many other high-end designers.
Risks and Ethics
There are many risks owners take when opening a business, Gravity included. Due to Gravity being a high-end shoe store and winery, there is always the possibility that I will not meet my target audience, or bring in any customers. I could be spending more money on products, maintenance, and upkeep than I am bringing in. When dealing with customers, vendors, and employees there is the possibility that they could be stealing, or being unethical about the products I receive. Choosing the perfect location to start my business is also a risk, especially when dealing with high-end products. I do not want external theft to be an issue. Lastly, there is a chance that the market will not be suitable for my business. I have to make sure that I am buying from credible vendors, ensuring that the products I am buying are real and of good quality. The same goes for the wine vendors as well. I have to ensure that my employees have proper customer service skills. Furthermore, ethical considerations have to be taken into account with the type of business I am running. I expect everyone working with my company to be honest and do the right thing. In order for my business to succeed, it is my duty to ensure that my customers, vendors and employees are happy by establishing a good rapport. Product pricing is an important aspect of my business; I have to make sure that I am selling my products for a fair price. Moreover, I will make an effort to treat my employees the way I would like to be treated, that means making sure I pay them fairly, as well as, giving them medical and dental insurance within reason. My goal is to do right by my employees and customers; they are the glue that holds my company together. Also I have to take into account making sure that all decisions include my business partner.
Gravity will be located in Atlanta, Georgia, in the Little Five Points area. I chose this location because Little Five is an upscale and trendy area meeting the demographic of people I want to target. It is a central location between the inner city and the outskirts making it an accessible, and pleasant location for clientele driving from many different areas in Georgia. Little Five has a strong...