Summary
Today we talked about what we wanted from our business, whether it was to sell, maintain, grow, or close it. We looked at the different ways to grow a business whether it was licensing, which is renting your brand or other intellectual property to increase sales. Or a replication strategy or franchising which is letting someone else copy your business including the business model and name for a fee.
In designing a brand it should have a name, sign, logo or design that identifies the product or service the company offers. A brand also represents a promise to consistently meet customer expectations. In valuing a business entrepreneures can use a few different methods. We could compare it to a similar business, we could use industry benchmarks that help determine the value of a business, and we could look at net earnings.
Reflection
Looking at my online casino, I would like to continue to see it grow. It would not only be enough for me to see it be successful, I would want to expand it and work to constantly improve the brand. I would however, consider a form of franchising or licensing agreements. I think the value for my casino would be in the services and convince an online casino has to offer. It is our goal to always put the player first and to provide a positive gaming experience for all the players that come to our website. I want our reputation to be that we are the premier casino both online and offline in Iowa.
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