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Assignment 1: to Build or Buy

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Assignment 1: To Build or Buy
Student
Professor:
Business 402- Small Business Management
February 1, 2014

The small business that I chose to compete with is a barber shop that I frequently visit. This barber shop is located in the small town of Charles Town, WV. This Business is called Sharp Cutz Barber Shop. Sharp Cutz is surrounded by several different types of businesses such as schools, grocery, and retail stores. Sharp Cutz was owned by a different barber previously, but the owner moved to a different part of the State to resume his business. Sharp Cutz is owned and operated by a single individual and offers competitive prices when compared to similar businesses in the area.
Business at Sharp Cutz is good. The Business is making a profit of 2,000 dollars a month on average after expenses. I feel that the business could generate at least double of what it is currently making if the owner incorporated advertising and other marketing strategies to promote his business. Sharp Cutz gets most of its business through word of mouth, which is great for the business. Sharp Cutz serves all cultural groups and provides quality services such as haircuts, shape ups, beard trims, mustache trims, and razor shaving. Also the company is advertising for a hair stylist to serve women of all ethnic groups to expand its business.
From my point of view; from being a long term customer, these are some of the issues and dissatisfactions that I have had with the business throughout the years: Inconsistency with opening and closing times, and fluctuations in prices. Every time I need a haircut I have to call to make sure the owner is there so that I won’t waste my resources such as time, and gas driving to the shop. The second issue is price. Although prices are reasonable compared to the competition, they often fluctuate up and down and are never the…...

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