My business idea is a night club called Studio 305 which is to be located in Brickell – the financial center of Miami, Florida. Studio 305 is to be based on the legendary Studio 54 disco format circa 1977 – 1980. Brickell is often referred to as Manhattan of the South, so it seems like a good idea to let its residents have an experience similar to the one New Yorkers had in the 1970s. DJs will play sets complied of songs from the disco era and live acts invited will reflect the spirit of those times in their performances. However, thematic nights of other music genres will also sometimes take place for a change – for instance, R&B nights and Salsa nights. The dressing code, though not very strict, will have to be complied with in order to get inside: visitors are to dress in accordance with the era and music style celebrated on a particular night. Studio 305 is to present itself as an inclusive place that welcomes everyone who wants to have a good time; no bigotry and discrimination are to be tolerated.
I want to start this business because I want to create a unique space where people can have fun and feel safe. Granted, establishing a night club on the basis of the legendary New York place can hardly be considered a ‘unique’ idea – but there are currently no analogues for what Studio 54 used to be. I want to recreate the spirit of those times leaning on the template of the place that became a symbol of its era. Moreover, the uniqueness lies in the attempt to embody not only the visual and musical aspects but also the atmosphere that made Studio 54 such an attractive location. That is, the atmosphere of inclusivity, unity, and safety, yet of endless fun and pure joy. People come to night clubs to have fun but they do not always feel safe; according to Solink (2020), any nightlife venue, regardless of a neighborhood or crowd, carries certain risks for visitors. This is the problem that I strive to solve with my establishment: I want patrons to worry about their safety as little as possible and feel included whoever they are.
My target customer is a person of legal age who searches for a secure experience of dancing and having fun. They enjoy the rhythm of the big city and use the opportunities it provides such as visiting various interesting venues. They do not come to night clubs with the sole goal of drinking themselves into oblivion – they like quality entertainment and do not tolerate places not providing it. They like to dress up and have a good taste in music – it matters to them what exactly a DJ plays. Their hair-on-fire problem is, however, to not let this diversity of colors and emotions of the life in a megapolis exhaust them.
Otherwise, burnout and emotional devastation might occur – and while these are always hard to navigate, it is extremely hard to do so when attempting to keep up with life in the city’s pace. Another thing that can contribute to the deterioration of one’s mental health is an unfortunate experience at some dubious place. Therefore, my target customers carefully choose where and how to spend their spare time.
Evidently, there are problems bigger than a place being too noisy or hectic – for example, a place being unsafe. This is particularly important in relation to night clubs – all sort of things happen there, from pickpocketing to sexual assault to drug selling. Therefore, not only is it essential for a person to be on guard when visiting a night club – it is essential for a night club to be able to ensure the safety of its patrons. Solink (2020) advises to monitor the outside of an establishment, learn how to deal with spiked drinks, and train staff and bouncers to properly handle difficult situations. Making all of that a priority, along with achieving the atmosphere of inclusivity and doing everything to recreate the unique feel of the disco 1970s, is not an easy task to accomplish. To be able to do that, I decided that I need a team of entrepreneurs with whom we will guide this business together. Therefore, this start-up is to be a partnership where my partners & I are will all have an equal say in regards to our business decisions.
The end user of my service is, as has been noted above, a person of legal age – of either sex and of any gender. Since an emphasis in Studio 305 is made on inclusivity, the end user is of any race and sexual orientation – however, the establishment is especially attractive to those belonging to the LGBTQ+ community. Their age range varies from 21 to 50s and even 60s – older people like to have fun too, although primarily the place is visited by people up to their 40s. The jobs they do are mostly creative, though fields differ from Web development to make up art. The end user is a resident of either Brickell, Miami or surrounding areas – Riverside, The Roads, Coconut Grove or downtown Miami. Their median wage, according to Brickell Demographics (n.d.), is approximately $85,000 – $90,000. They rent places more often than own them and drive to work by car.
They are motivated to work hard by good salaries and career advancements, as well as by an opportunity to live in a beautiful city and be able to support themselves financially. They are scared of the things most people are scared of: losing their loved ones, disappointing themselves and people around them, wasting their time doing the wrong thing. Their heroes are politicians, journalists, and human rights campaigners; those who are not afraid to speak the truth and fight for a better world.
They watch shows on Netflix and HBO and read Instagram pages and blogs on topics of interest to them. They tend to have dinner at nice spots closest to their work and choose East Coast or Europe as their vacation destinations. Night clubs are places where they can listen to good music, dance, and free their head of thoughts. The reason they resort to this service is that it is their way to have rest and spend time with their friends. The Client Empathy Map – which is attached as Appendix A – provides a closer perspective on the end user’s experiences when visiting a nightlife venue.
This start-up and its principles align with some of my core values. First of all, it is fun: I believe that when people have fun at quality places the impact it makes cannot be overestimated. The amount of great emotions and valuable memories a simple night out at an excellent establishment can bring helps coping with the struggles of everyday life. Secondly, it is security: I myself value the feeling of security very highly and want to ensure that my establishment’s guests feel safe and comfortable. Moreover, it is creativity: I could have gone for an idea of a simple fancy night club – but it seems too boring for me. The concept of a place where people have to dress up a certain way for a certain night and, thus, express themselves within given rules seems much more interesting. Finally, it is fulfillment: evidently, many would not consider going to a night club a fulfilling experience. However, I believe that when people have fun in a meaningful way – like in Studio 305 – it can make them fulfilled. Therefore,my personal acronym is: Fun, Security, Creativity, Fulfillment.
This set of values along with my determination to create a place unique on all fronts – from the standpoints of format, inclusivity, and security – sets me apart from other entrepreneurs. My goal is to not make as much money as possible – it is to gain maximum benefit providing the services of the highest quality. I am driven to realize all of my ideas and will not be stopped by obstacles and difficulties that arise on the way. I believe in my vision but not blindly: if someone is to suggest ways alternative ways of approaching the concept, I am able to listen and take note. However, it needs to be someone whose judgment I trust – that is, a member of my team or my business partner. Those around me are my companions and we make a great team that can solve problems quickly and efficiently. However, I can be a leader when needed to and know how to motivate people and make them follow me.
The mission statement of my business is: everyone is welcome to have fun here – safely. It emphasizes all the main values that Studio 305 is to embody: joy and rest (‘fun’), inclusivity (‘everyone’), security (‘safely’). When it comes to Our Story, I would put it like that: Studio 54, a legendary Manhattan establishment, having existed for as short of an amount of time as it did, defined the whole era. People came there to dance to the delightful sets of Disco music dressed to the nines – and everyone was welcome. There was no hatred, discrimination, or segregation – no VIP areas, no separate dancing floors, no exclusive bars. We believe that the unique blend of personalities, experiences, and cultures is what made Studio 54 what it was – and we decided to bring it back. This time on the West Coast, Studio 305 is the night club based on the principles on which Studio 54 was founded.
A team of fearless entrepreneurs, we worked for many months to achieve the desired outcome. First of all, we implemented all the measures necessary to ensure our patrons’ safety on all levels. Moreover, we inquired into the archives to explore how to organize the space and what music to put to deliver the magic of the era long gone. Additionally, we made sure to create the guidelines and make it known that the place is open for everyone – no matter the color of one’s skin, what they identify as or who they love. As a result, an establishment where its visitors can have fun freely and safely finally opened its doors. Now we invite you to have an unforgettable experience that will stay a beautiful memory forever.
In order to develop a business strategy, an entrepreneur is to resort to a Business Model Canvas and a SWOT analysis. Canvas Map – presented as Appendix B – delineates key aspects of a Studio 305 start-up in a visual chart. SWOT, in its turn, according to Parsons (2021), stands for Strengths, Weaknesses, Opportunities, and Threats and is a simple, yet powerful way to determine what needs to be done for the business to grow. I am to analyze which weaknesses counterbalance the strengths and which existing threats to the start-up counterbalance the opportunities that can help it grow.
In terms of strengths, as I have previously mentioned, I am good at being a leader and organizing a team around me. Among the unique resources we are able to leverage are the old Studio 54 archives, in accordance with which our night club’s space can be organized in a specific way. As compared to the competitors, we are not simply guided by a desire to acquire financial benefits – we are driven by a particular vision and will not stop until we achieve what we intended. Unfortunately, it happens to be our weakness as well – due to the high standards, we cannot agree to moderate quality products and services, and the search for the best slows us down. Moreover, the process of educating the staff about our policies needs to be optimized.
The biggest market opportunity currently available to the Studio 305 start-up is marketing of superior safety measures. Nowadays, pickpockets and drink spikers are as swift as ever and drug dealing occurs almost openly at some places. Therefore, it is essential to emphasize that our night club stands guard over the patrons’ safety. Moreover, inclusivity and diversity are the current trends with which Studio 305’s policy aligns. This makes it possible for the younger generation, who are more accepting of these values, to become interested in the establishment, even if they do not like disco music or know anything about Studio 54. However, clubs competing with Studio 305 know it too and put emphasis on the openness of their borders in that regard as well. Additionally, among the threats that can hurt our business are rising employee benefit costs and possible inability to retain talent due to a large number of rules and guidelines one needs to follow.
Finally, there is specific Feasibility Analysis – a process of determining whether a business concept is viable or not. There are various approaches when it comes to the number of elements to analyze; I am to analyze tree main ones – product feasibility, financial feasibility, and entrepreneurial feasibility. According to Taylor (2021), product feasibility is the evaluation of how appealing the product or service is overall. The clubbing market very much exists and there is a need for night clubs providing quality entertainment while ensuring safety measures. It is real to compete in that market: one can win based on the performance, service, and reliability.
The risks are acceptable and the returns are adequate; moreover, the unique idea – Studio 54 format – is to likely favorably distinguish the establishment from its competitors. As per Renzi (n.d.), financial feasibility is contained in economic value, which consists of economic analysis, cash flow analysis, risk analysis, and plan of investments. Evidently, profitability is the necessary result in relation to the start-up’s survival and development. Preliminary calculation indicate profitability; therefore, both product and financial feasibility analyses support moving forward with the project.
In order to be competent business leaders, entrepreneurs must possess a variety of skills and qualities. Renzi (n.d.) states that they are to have operational capabilities and technical knowledge, as well as a number of external relationships to help the business develop. They are to be excellent managers and leaders and have initial awareness of the propensity to risk. Moreover, they are to know how to solve problems and be able to balance skills in different areas. I consider myself someone who meets all of these criteria and plan on assembling a team of people resembling me in this regard. Thus, entrepreneurial feasibility facilitates further developing the business as well.
I believe in the power of having fun.
Studio 305 – a night club based on the format of the legendary Studio 54 – is my idea of an entertainment establishment that gives ‘having fun’ a new meaning. Now, fun can be not only freeing – it can also bring fulfillment and peace. That is to be achieved with the help of enhanced safety measures, strong inclusivity and diversity policy, and quality music and entertainment programs. Music sets from the magical 1970s are to bring the lovers of the disco era together to seductively move to the timeless tunes. Inclusivity guidelines are to ensure that everyone feels at home – even if a person belongs to a variety of minorities, it should not stop them from coming here. Finally, a variety of safety measures implemented on all levels are to contribute to patrons relaxing and feeling as comfortable as possible.
My intended audience – people of legal age from the area of Brickell, Miami, where Studio 305 is to be located. Living in the very heart of the hectic city, they need quality spare time to recharge and be able to navigate their busy lives without emotionally draining. Moreover, earning well enough to afford going to respectable establishments, they will not tolerate lack of taste and vulgarity. Studio 305 complies with all their standards – choosing to spend time there, patrons choose to dance to fiery music among a diverse crowd with their safety guaranteed.
I am the right person to start this business because I am passionate about this project and want to ensure the best quality of its implementation. My desire to redefine fun as a safe and meaningful experience is what sets me apart from other competitors. Moreover, the realization of that through the so-called re-birth of the Studio 54 format is an idea unlike any other in the nightlife market. I would like to hear what you think about this project as investors and what your questions or suggestions might be. It would be amazing if you were available either on Monday at 5 pm or on Thursday at 4 pm to discuss it with me.
References
Brickell demographics. (n.d.). Web.
Parsons, N. (2021). What is a SWOT analysis and how to do it right (with examples). LivePlan. Web.
Renzi, R. (n.d.). Designing a new business (2): The five dimensions of the project feasibility. Web.
Solink. (2020). Top 7 ways that bars and nightclubs can help keep customers safe using video surveillance. Web.
Taylor, E. (2021). 5 components of a new product feasibility study. DriveResearch. Web.
Appendix A
Appendix B
