Majestic Lounge - An evaluation in to find the feasibility of a live music and entertainment venue in Cardiff specialising in electronic dance music.
Cardiff Metropolitan University
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The aim of this enterprise project is to assess whether it is feasible to open a new live music venue in Cardiff that specialises in electronic dance music. In order to achieve this aim various objectives have been completed within the project. These include; conducting a literature review, undertake primary and secondary research, analyse the legal requirements, compile a full business plan and evaluate the financial feasibility of the venture. The business plan is the largest chapter of this enterprise project and has involved a great level of research. The most important aspects of the business plan have been explored within that chapter all the important aspects of the business plan have been explored, for example; marketing research, product information, promotional methods, staffing requirements and cash-flows. From completing the business plan, it is determined that opening a new venue in Cardiff is very feasible idea. The market research indicates the demand for a new venue that specialises in electronic dance music and the financial forecasts show that the business will turn over a healthy profit. The business being proposed is called Majestic Lounge. It is based on St Mary Street, which is in Cardiff city-centre. The property has a large open plan floor space, where a range of electronic dance music nights will be happening. As well as the night life, Majestic Lounge serves as a grill style restaurant in the day. It is the hope that Majestic Lounge will become Cardiff’s leading electronic dance music venue within 3 years.
BA (Hons) Events Management
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