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Business plan. The business that I am going to produce is a personalised logo company specified in dance schools, in need of customised dance wear.

Extracts from this document...

Introduction

Unit 2, Theme A. Investigating Business. Unit 2, theme A. Investigating Business. Introduction- The business that I am going to produce is a personalised logo company specified in dance schools, in need of customised dance wear. My company name is 'PDW' (Personalised Dance Wear). In order to satisfy my customers I will undertake each and every order from a customer and specifically create it to match their wishes of a design. If a customer is not satisfied with their product, I will acknowledge this issue and solve it until they are entirely happy. The type of business that my business Is categorised in is a sole trader. A sole trader is a business which is owned by only one person, in which the owner is personally responsible for every aspect of the business, they have the freedom to make any decision they would like, for example you can decide on your own objectives e.g. making a large profit, achieving a target market share, expanding into other localities and products, although all profit gained from the company is kept by the owner, after tax is paid. Potentially if my company has future success and expands it could become a private limited company (LTD) even so in the companies further life it may become successful enough to fall in the category of a public limited company (PLC). My idea of setting up a Personalised Dance Wear Company, came from the years of dancing I have been involved in. Dance has always had a huge impact on my life, and influenced me to take it a step further, for people to enjoy dance the way I did. I enjoyed having a personalised dance wear for the dance academy I danced for so I would like to promote my new business PDW too the population to give them a chance to get their own dance wear personalised. ...read more.

Middle

To make sure this is worth acting upon, spending at least a hour every two weeks comparing these measurements is an achievable process hopefully bringing a successful outcome to the business. Improving market share. Sales figures do not necessarily indicate how a firm is performing relative to its competitors. Rather changes in sales simply may reflect changes in the market size, or changes in economic conditions. The firms performance relative to competitors can be measured the proportion of the market that the firm is able to capture. The proportion is referred to as the firms market share and is calculated like so, market share= firms sales/total market sales. Market share shows the proportion of the market that you have in comparison to other people within the market, the higher share of the market you own the higher the profits you will receive and the more brand recognition you will gain. My aim for improving my market share is throughout a period of 6 months I will own 10% of the market within my local area, of personalised clothing. Within the next 6 months I will be able to view my progress against other competitors on the market, however as I am a small business I will not be able to start improving immediately. The market share in which I will invest in will be a similar company to my own which I am just starting up, and the sales of the business I will compare to all other business with unique similarity within my local community. Every factor of this objective will help contribute to people buying my goods, therefore our community can help each others wants and needs. I will compare these measurements after the first 6 months of trading, subsequently I will compare these measurements regularly. Understanding customer wants and needs. Meeting the objective needs and subjective wants of customers to drive sales is the basis of most businesses. ...read more.

Conclusion

Technological. This can be a huge advantage to a business as technology is always growing and improving, therefore this is only if they use it efficiently to run alongside their business. Computer applications, enhanced communication, telephones, these are a few technical things that a business may use. Opening new markets on a internet site for example to purchase products and to have quicker obsolescence which affects marketing objectives. I will need to use communication so that I can stay in contact with my customers, the main source of technology I will use is the internet as I will need to regularly check if clients have placed orders onto the website so I can therefore satisfy the wants and needs of my customers. Legal. All businesses have laws and regulations oh which they have to stay within to be legal, if any business were therefore to breech these then their business would not be able to carry on running. The laws are in place to make sure that all staff and customers are taken care as well as possible, they are also obliged to make sure that all trading is done fairly and ethically. I will make sure that within PDW I will follow all laws and regulations of which apply to my business. Creating a safe and legal environment for employees to work, and customers to shop in. This will also help the business run effectively, creating a successful outcome. Environmental. The environment is becoming increasingly important for many, therefore it is important that environmental issues are taken aboard. These issues could include, pollution, re-cycling, waste of goods etc. I will recycle as much waste as possible, also trying as much as possible to use sustainably sourced materials. I will also try and find the closest supplier as possible, of which meets the wants and needs for my business, this will therefore decrease the amount of pollution let out by the supplier when they delvers my raw materials to me. ?? ?? ?? ?? Alice West Unit 2, theme A. ...read more.

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