Will Bury Business Proposal - 1026 Words

Will Bury Business Proposal Will Bury Business Proposal To maintain its health with the current economic conditions a business must remain competitive and increase profits. Will Bury developed technology that will allow him to convert printed text to into a digital format for reading or an audio format for listening. Will Bury holds the patent to his technology that makes his business a monopoly. This gives him an advantage by creating a barrier to entry for competitors. Although he has had his business for a few years, Will Bury has not been able to make it profitable enough to allow him to quit his full-time job. Additionally, he does not know how to market or price his product. Recommendations will be†¦show more content†¦Reducing Cost A successful business is always looking for ways to reduce its costs while increasing its revenues. Several recommendations are made for Will Bury that will aid in reducing costs. He can allow his employees to work from home. This will prevent overhead c osts by avoiding the costs associated with renting office space. Another recommendation is that Will Bury negotiate the price for royalties to a lower rate as his product becomes more popular. Assumptions and Recommendations Assumptions were made while determining recommendations for Will Bury. It is assumed that he is running a monopoly and that he owns the patent to the technology he is using. If so these are barriers to entry for others. Another assumption is that Will Bury will hire a full-time employee who works 40 hours per week without benefits. It is also assumed that the cost of the current website Will is using is $100 per month and that it would only cost $500 to build a new digitizer. It is recommend that Will Bury hire an employee from the United States to allow for his oversight and to avoid any issues that lack of involvement in this crucial stage of business may bring about. I also recommend that the price for both the lapsed copyright material and the copyrighted m aterial remain at the current price while increasing marketing. The increased sales generated from the increased marketingShow MoreRelatedWill Bury Business Proposal771 Words   |  4 PagesIgbodipe Team Ds View on Economic’s in the World Introduction The objectives for week two are to 1) identify production level to maximize profits, 2) explain how to balance fixed and variable costs, 3) and apply economic cost concepts in making business decisions. The group discussed these objectives and came to the following conclusions. Identifying Production Level to Maximize Profits Profit maximization is a company’s process they undergo to determine the price levels and the best outputRead MoreWill Bury Business Proposal Essay1262 Words   |  6 Pages[Will Bury Business Proposal] ] Will Bury Business Proposal Marisa Wachter University of Phoenix ECO 561 April 16th, 2012 In this paper we will discuss how to improve Will Bury’s business. We will look at ways to increase revenue; determine the fixed and variable costs for the business; and determine how to maximize profit. We will also address the pricing structure, product differentiation, and how to minimize the costs for the product. 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