Michael’s Video Service uses cutting-edge technology to provide professional video production services. This ensures that the services received are of a quality previously only possible for the most high-end video production companies.
Michael’s Video Service is a new company and as such, we will need to meet market acceptance. The company is analyzing industry trends, customer needs, and how to best address those needs.
Our services cater to several markets, including television stations and companies as well as high schools and families. We will initially target high school students with whom we can make strategic alliances. This will allow us to develop long-term relationships. We estimate that we will capture 15% to 25% of this market in our first full year. That equates to $100,000 – â€“ $130,000 in annual sales.
We expect to earn $149,000 our first year and then $175,000 and $191,000 our second and third years. We will advertise and capitalize on services our competitors don’t offer.
There are many companies we will compete with. Our equipment is more compatible with the latest video production industry trends, which require digital technology, than analog. We are therefore competitive.
The company is looking for a loan amounting to $300,000. This will be used to buy the equipment and cover start-up costs. The company has revenue projections of $175,000, $191,000 and $149,000 for the first 3 years. Michael’’s Video Service hopes to be profitable soon.