MLM Directory

Is this a good business idea?

Hello. I currently am a partner at the consulting firm McKinsey & Company. I am financially independent, but I would like to start my own company when I leave. I have an idea for a company that I could start. It would be a boardroom facility company. You know that their are currently many home based businesses and online businesses that are starting each day. What happens when thte owner of the business needs to have a meeting regarding something important about the company? Where do they go? They don't have a boardroom. What happens when someone is traveling for work and needs a boardroom for a meeting with potential clients? Sure, they could use the hotel boardroom, but most of the time, they are untidy and booked. At first my company would purchase some space in a office building in a location that is filled with business (NYC, Chicago, etc.). We would then turn that space into a full business meeting facility. Each facility would have multiple board rooms, offices, printers, fax machines, Internet access, catering services, projectors, laptops, and secretary services. People would be able to book their meeting. They would pay a fee based on the room type needed, and other features. There could also be a lounge that serves drinks when people are waiting. At first, we would only have a couple locations, and as we grow, we could maybe go world wide. Unlinke companies that do this type of service already (regus), our main focus would be on business meetings instead of office realty. As the company grows, we could partner with airlines and have lounges in airports. We could also offer a private jet rental. Starting costs would be around a few million just for one location, marketing, and to build the space. I would use some of my own money as well as pitching to a venture capital firm. Is this a good idea? Could it be profitable? Thanks.

Public Comments

1. This sounds too complex. If you go the VC route you will loose control of the company. Try to narrow down the scope and focus on simple offerings that are more likely to be profitable faster and leave you in control. For example, try renting a space that you feel would be a good place instead of buying it. Also, don't offer everything in the beginning. Focus on the essentials. For you it is providing a nice room to meet in. Then add extra services later as you can afford to by growing from your profit margin. Remember your target clients aren't rich and are seeking to save money, so they are probably more concerned with value rather than a place that looks like the Ritz. Hope this helps.