The paper "The New Business Venture of the University of Hertfordshire" is a perfect example of a case study on business. The University of Hertfordshire has a huge number of students on its campus. These students can provide a lucrative market for various business ventures. The students get a lot of financial support from their parents, guardians, and sponsors. This can also be a motivational factor for one to start a business on the campus. An important factor to consider before starting a business in the environment such as that of the University of Hertfordshire is to study demand and supply patterns for various products and services.
This can give one a clear view of the things on demand among students. The university already has numerous businesses within the campus from different investors. Additional business will provide the students with more options for quality products and services, as well as introducing new and innovative products and services. This paper will outline several business ideas that can sprout and be successful within the university. These business ideas touch on different industries such as internet businesses, food and drinks, health, money and financing, art and crafts, events management, educational services, and travel and tourism among others. The first business idea is to start an online auction or trading business.
This business will entail selling various items in the university on websites such as eBay and Amazon and other online market places (Duncan, 2010). This online business is compatible with online activities common among most students in the university. The other business idea is to open a coffee shop that offers great quality coffee with free Wi-Fi. Another good idea for a business is a money remittance business.
This entails helping students receive money from their guardians and sponsors, or amongst themselves, while also facilitating money transfer for tuition fees (Hougaard, 2005). The university can also open up a spa that will offer a wide range of services to improve the health of students through healthy activities such as massages and yoga among others. The other business is to start an events business that will help students organize special events like birthdays, interfaculty competitions (Kyle, 2008).
This will be accompanied by excellent photography and video recording. Another good business is jewelry making which will provide students with affordable jewelry. Other businesses include janitorial services, dance instruction business, and an aerobics center. From among the business ideas above, I would recommend opening up a money remittance service business. This is because most of the students get their money from their sponsors and guardians several times throughout the semester (Williams, 2010). This can be a lucrative business for the university. The fact that the school has a huge number of students who live far from their families or sponsors can be a motivating factor for implementing this business. The university can implement this business by collaborating with other money transfer services and financial institutions.
The university will make its profits from commissions that will be charged for each transaction involving students and staff within the school (Beam, 2008). This will create a big opportunity for other financial institutions to market themselves and their services in the school. Finding partners for this project will not be difficult because the partners will benefit immensely from the market the students provide (Witham, 2011). The business should be located at a central location where students can access easily from different locations within the campus.
This business idea is informed by the challenges that students go through when receiving or sending money. This can be a good solution to these challenges and the students will welcome.