Dear Federal Way City Council members,
Here's the information the public needs to know about the Performing Arts and Conference Center (PACC) before spending their hard-earned tax dollars. This is a basic business plan — nothing more than any investor would ask before funding a startup business.
I hope the Federal Way City Council has received this information from the PACC proposal before borrowing or directing tax dollars to the PACC project. This information should also be available to the public.
• Evaluate initial startup costs.
• Establish the fundamental viability of the project.
• Define your services and customers and assess competitors.
• Map out the business model, the goals and strategy used to achieve them.
• Communicate clearly the business idea.
• Explain your service.
• Describe your target customer. Back up your evidence with reports and market research.
• Explain how much your customers will pay for each of the services you will provide.
• Explain how much service you can provide in a typical year. Back this up with supporting evidence.
• Examine how much it costs to provide each service considering the overhead expenses, such as keeping the lights on or paying somebody to staff the front desk.
• Detail how much startup investment will be required and what you need it for.
• Explain why your business is viable and what evidence you have to support this claim. This will require market research to demonstrate that there is a viable market for your service.
Thank you for your time and consideration.
Linda Pratt, Federal Way