“Adult Energy” In Oklahoma State
The company “Adult Energy” is mainly based on the production of sport recovery and energy beverages. These products are mainly supposed to be used by adults during and after sports so as to enable them rejuvenate and maintain their health. It is situated in the United States, in Oklahoma State. There are many factors, both exterior and interior which affect the progress of this company. Some of these features cannot be controlled and others can be controlled.
The place in which this company is situated is essential for ensuring its growth. First of all, the Oklahoma State has been rated the first when it comes to the most affordable cities in America. It is also the 5th fastest growing city. It features the lowest business costs among many other cities in the country. It emerged among top 25th best performing states and is considered as the best place for young adults to thrive when it comes to doing business (Lin et al.,2013) . One of the many reasons why people should consider doing business in Oklahoma is because it is growing in a faster rate than any other area. The businessmen and authorities in Oklahoma have a strong belief in partnership is essential for its success (Marie, n.d). The environment is business friendly as it features low costs and a diverse economy. This has enabled the various companies situated here to be profitable and hence stable.
The legal environment of Oklahoma is suitable for any new business as it does not feature heavy taxes or other charges to set up and run the business. To enable the state to grow, the owner of the business must pay taxes for sales made, consumer use and many others. These are the basic forms as the taxes in Oklahoma are not extensive (Rickman, 2013). The many businesses in the region are still struggling to grow in Oklahoma; therefore the processes are simple for anyone who wishes to set up any new business. The registration of the business name is done through the Secretary of State’s office. This step is essential as it reserves the business name. Since this business is formal, it must be registered (Marie, n.d). Employees will be required to work in the company and also for the sales purpose. Therefore, this business will be required to undergo some additional registrations. First of all, a withholding account is set up, which will be used for income taxes, and is done through the Oklahoma Tax Commision (OTC). Second, another account for employees’ unemployment taxes is also set up through the Oklahoma Employment Security Commission (OESC). The company must also have a private compensation insurance policy to ensure the safety of all employees. The “Adult Energy” Company will also require obtaining special licenses and business permits so that it is allowed to operate within the area.
The demographics show that the people living in this region are still young and energetic. Therefore, it increases the chances that they will be working out and involving in sporting activities. They will need to rely on energy drinks and bars to help them recuperate from the stress of sports. This shows that the business has a better chance of performing better in this region because the demand is higher in this region.
This sports energy drinks and bars are being recreated each day. They are also inspiring the introduction of new products under the sports category. Technology is also changing and most of the sports today and the many to come will soon be performed indoors or in an enclosed area (PR, 2012). This will encourage more people to work out and hence the target market will increase in size. The direct competitors to this company feature the producers of general soft drinks and mineral waters. Most people do not understand the benefits of sports energy products and will therefore seek the nourishment from mineral water or soft drinks. Their products seem to attract more customers because of the cheap price when compared to the sports drinks. Indirect competitors feature the companies which produce bars such as the well-known chocolate and many as such (Fox Sports, 7). Most people will be able to tell the difference between these and the energy bars.
The energy drinks and bar company has strengths such as being situated in a supportive environment which enables it to grow with little competition whatsoever. A weakness is the fact that most people do not know the difference and importance of sports energy drinks, even the specific people who are supposed to market it. The changes in technology enable it to grow as it brings forth more customers who will need the product. The threats include the many filings and processes involved in the production and marketing of the products.
In conclusion, it is apparent that although the business is situated in a region of business growth, that alone does not guarantee that it will prosper. Instead, it will still face many competitors whose products are already well known. The best plan is to market it effectively.
References
FOX Sports, S. (7). FOX Sports Southwest to Host Special Benefit to Raise Funds for Oklahoma, North Texas Tornado Victims. Business Wire (English).
Lin, B., Stackhouse, J., Sun, W., Hu, Y., Liu, Z., & Fan, T. (2013). Is Oklahoma getting drier?. Journal Of Quantitative Spectroscopy & Radiative Transfer, 122208-213. doi:10.1016/j.jqsrt.2012.07.024
Marie, P. (n.d). Oklahoma Treasurer Scott Meacham: Shortfall not too bad given economic climate. Journal Record Legislative Report (Oklahoma City, OK),
PR, N. (2012, July 9). Oklahoma Economic Developers Use Business Climate Survey Data to Tackle Workforce Issues. PR Newswire US.
Rickman, D. S. (2013). Should Oklahoma Be More Like Texas? A Taxing Decision. Review Of Regional Studies, 43(1), 1-22.
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