People’s News is a small, new chain of newsstand kiosks in Chinatown, New York City. The business is expected to open newsstands at subway stations selling both English and Chinese language periodicals, as well as beverages and snacks that are appropriate for both market segments. Chinatown residents, commuters as well tourists and residents are all welcome to shop and visit the Chinatown newsstand. Chinatown is an area that offers both shopping and tourism for residents and those who live in NYC. People’s News, named after the People’s Republic of China is a news outlet that will offer customers a taste of products and periodicals from mainland China. It will also introduce customers to American publications in order to increase their exposure to American culture, language and better serve English-speaking customers. Hui Kao and Zhi Kao will manage People’s News. They were previously shop owners in China.
People’s News is selling the following products at its kiosks locations: American magazines & papers, Chinese magazines and newspaper, American magazines & newspaper, American newspapers, American magazines & magazines, American magazines / newspapers, American magazines and snack and candy. Newspapers will be both daily and weekly and magazines will be weekly and monthly.
The business will suffer a modest loss in its first year. However, it will use its positive cashflows in the second- and third years to grow to three stores within three to five years. It will also provide steady income to Hui and Zhi Koo and two other family members or employees. If three stores are operational, revenues will exceed $700,000.
Objectives
People’s News intends to meet the following objectives in its first three years of operation:
- You can open three locations
- >Assure full-time employment to four people (preferably members of the owner’s family).
- Get revenues of $700,000.
Mission
People’s News’s goal is to develop a loyal customer base. The company sells Chinese and American magazines, newspapers, snacks, candy, and drinks to New York City residents. The company is family-owned and managed. It will provide steady income for its family members and employment for as many family members as possible. The business will increase cultural consciousness in two ways. First, it will expose Chinese-American residents to American products and periodicals in a greater way than at other Chinatown newsstands. Second, it will offer non-Chinese consumers recommendations for Chinese and Chinese American products and periodicals.
Keys to Success
Keys to success for the newsagent or newsstand business include:
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Consider high-trafficked places for the stands
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Offers delicious snacks, beverages, and reading material to customers who are travelling or planning to travel by train or bus.
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Higher volume means better supplier prices (expanding to more locations and centralizing buying)
People’, News believes that this newspaper’s particular success will hinge on its ability to ensure that all employees are bilingual (English and Mandarin minimum, English, Mandarin, Cantonese best).