Need for Kidscity
Kidcity is not a simple entertaining center, it is a unique edutainment where children can work and get salary. Many students have problems with profession choice as they do not know what responsibilities each occupation comprises. It is important to entertain children with something. It is also important to understand that the main purpose of edutainment is to attract children’s attention to one of the issues and hold it for some time there. Thus, children learn something without being made (Okan 2003).
Kidscity Concept
Kidcity is the centre which is going to offer children different occupations, pay them money, and offer the shops where they can spend earned money. This Kidcity is aimed at providing with the possibilities for trying jobs on the basis of KidZania, a theme park in Japan (Spooky 2009). Working as firefighters, doctors, etc. children can try different jobs, have their money and understand the value of it while spending them in the center on the territory of Kidcity.
Only children between 4 and 16 are going to be allowed in the center. Others, including parents, will not. This is going to be a replica of a real city with streets, buildings, retails and different vehicle going around city. A theme park is a place where children can decide what they want to be when they grow up by actually doing the job and earn money. The currency in the Kidscity is called ‘Kidzos’.
Center Development Possibilities
The center has many opportunities in the development, starting with the implementation of new jobs connected with the infrastructure development and concluding with the territorial increase (with the possibility to creation of another city with different jobs).
Market and Competition
Having considered the child care industry in Melbourne, it is possible to state that there is no such center in the city, as well as in the whole country. Considering a venture as an educative one, it may be stated that it is not going change the secondary school attendance, as we have absolutely different direction and our center is not compulsory (McMIllan 2011b).
Moreover, the child care services in Australia are usually provided for children under 12 years old (McMIllan 2011a). Our Kidcity is going to reduce this level up to 4 years and work with children of more varied age. Thus, the business is not going to experience high competition.
Economics
Having considered the success of the similar ventures in Japan, we would like to base our prices on theirs $50 per shift (Hours and admission fees 2011). The approximate admission from parents for their children for a shift in Kidcity is going to be $50-100 depending on the position. A child will get about $10 as payment for their job in ‘Kidzos’. 1 dollar equals 5 Kidzos to make children interested in possession much money.
Initial Investment and Expected profitability of Venture
The venture requires much investment as to build the basic infrastructure (a hospital, several offices, houses, streets, shops, etc.) costs too much (about $50,000-$8,000) as the whole city should be built from the very beginning. Being a profitable business, it is possible to attract investors, both national and foreign.
It can be easy to explain the profitability to Japanese investors as having the same center they can easily follow its profit. Moreover, having low competition, the business will ring more profit. The profit will not be gained at once as it is necessary to cover the costs spent on the center building.
Exit strategy of the company should be directed at the reforming and restructuring the center into an entertainment facility where both children and parents can have fun.
Reference List
‘Hours and admission fees’ 2011, KidZania. Web.
McMillan, P 2011a, ‘Child care services in Australia’, IBIS World Industry Report.
McMillan, P 2011b, ‘Preschool education in Australia’, IBIS World Industry Report.
Okan, Z 2003, ‘Edutainment: is learning at risk?’, British Journal of Education Technology, vol. 34, no. 3, pp. 255-264.
Spooky 2009, ‘KidZania – Career-Building Theme Park for Kids’, Oddity Central, September 24, http://www.odditycentral.com/pics/kidzania-career-building-theme-park-for-kids.html