Research memo. Mathematics & Economics Research Paper

Student Name
Professor Name
Course
Date
Research Memo
To
My beloved sister, Amy
From
Analyst
Subject
Interior Designing Business
Date
June 11, 2018
The purpose of this memo is to give you advice on whether the interior designing business is good for you or not. Dear Amy, I know that you want to work as an independent interior designer in a posh area of Long Island. But before you opt for this field, I’d like to provide you with details of the demand, competition and cost structure of this business using tools of economic analysis. In the end, I will provide you with information regarding the prospects for future success so that you can achieve desired results as soon as possible. Last but not the least, I will tell you everything about the strengths and weaknesses of this business, allowing you to take the right decision.
To ease your work, I have divided my memo into different categories: the demand for interior designers, the competition, cost structure, strengths and weaknesses, and conclusion. My findings will help you analyze whether this business is right for you or not. After going through the entire memo, you will be able to determine how much investment is needed for this business and how much you will earn.
The demand for interior designers in Long Island
Long Island is a richly populated island in the United States, nearly 0.34 miles from Manhattan. This area attracts a large number of tourists every year and is known for its peaceful and luxurious lifestyle. People living in Long Island are wealthy and can afford an interior designer to get their homes decorated. I feel that your business will grow tremendously in this part of the world. For that, you should first decide your location. I suggest you Amityville (Suffolk County).
In the beginning, you can accept both residential and commercial projects. But once your business gets established, you can focus on designing homes only because in Long Island, people are ready to pay a lot for their home décor. You can occasionally design apartments too to gain sufficient experience. Distinguishing your services from that of the competitors is important. As you have selected a posh area of Long Island, you will be given tough times by the competitors. So, it is essential for you to prepare yourself mentally to work under pressure and stand out of the crowd with your remarkable, unique designs. Initially, you cannot except any profit, and your focus should be on building a customer base. But with time, you will certainly earn a lot by giving your best to the business.
The competition
Please bear in mind that companies like Interiors by Just Design LLC, Interior Design Society Long Island, and Twice as Nice Interiors are already operating in Long Island, so it is not going to be easy for you to earn reputation and gain recognition. Dear sister, you should hire a couple of employees or partner with good designers of the town before starting the business. That’s because you need to know what types of designs and decors are liked the most. In simple words, you need to develop an understanding of the culture, heritage, and traditions of this area. Maybe, they want their rooms decorated with light colors, or are lookin...