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business soletradors

Free essay example:

Introduction

Introduction

The task set up for my Business Studies coursework is to set up and run a small business.

I have decided to set up a beautician service. The name of my business is Beauty Haven.

I will locate my business in the Slough borough because I live in this area and believe there is potential demand.

My business will cater for social- economic groups A, B, C1, C2 and D who have disposable income and would like to spend it to become beautiful and to pamper themselves.

I am targeting females aged between 15-50 years. Therefore my market segment is females with disposable income.

My business will be professional and try to satisfy all the wants and needs of my customers.

The reason for setting up a beautician service is because I particularly find this interesting and will target a niche market as it requires certain skills I have.

Objectives

Objectives

As a sole trader, it is vital I survive trading in my first year therefore my first objective is to survive which means to break even: where my costs are equal to revenue earned in my business. I will try to estimate as accurately as possible, using both primary and secondary researches. I have carried out a questionnaire, my potential will likely to use…………. promotion. (This was part as my primary research). Secondary research was also used including getting my competition for example yellow pages, internet, newspapers and government static’s of population in Slough; from website www.statics.gov.uk. I will try to estimate my sales for the year using predictions and government predictions.

My objective will be to make (if possible) profit for my business this will be carried out by minimizing my cost such as the amount I spend on supplies. I will try to provide my beautician service to people who live close to each other to save time and cost and I will compare prices and purchase my business assets from the cheapest supplier. I will be located in Slough.

Ownership

Ownership

I have decided to be a sole trader because firstly it’s easy to set up and run. It is easy to set up because the money used to set up the business comes from two sources. The first being the sole trador putting in their own savings, the second being, the sole trador borrowing money form a bank or from family and close friends. The money can be repaid with interest over a period of time. It is easy to run because “a business is difficult to run successfully, but a sole proprietorship is easier to run than any other type of business.” This is because the owner is in complete charge and does not need the approval of others before making changes to the business.soletradors are self employed. These are individuals that work for themselves and aren’t employed by someone else. Sources: - http://www.howtobooks.co.uk/employment/self-employment/sole-trader.asp and AQA Business studies, A. Anderston, p.34-35, causeway press limited, 1998.and Business studies class work, Mrs Sahota, head of business and I.T, St, Davids, Ashford  

Secondly this also allows me to have total control over my business. “This will allow me to make all my business-making decisions without having to consult any one else unlike a partnership etc.” Source:-http://www.howtobooks.co.uk/employment/self-employment/sole-trader.asp

Thirdly “all the profits of the business are kept by the sole trader. They don’t have to be split up amongst several or perhaps even millions of other owners or shareholders. This means there is a link between effort, success and money earned. The harder a sole trader works, and the more successful the business.” Sources: - AQA Business studies, A. Anderston, p.34-35, causeway press limited, 1998.

Finally “many sole traders have some choice about when they work.” The working hours can be flexible. They can decide what days they want to work and how many hours they want to work. Source: AQA Business studies, A. Anderston, p.34-35, causeway press limited, 1998.

However, there are also disadvantages of being a sole trader

Firstly being a sole trader means “it has no one to share the responsibility of running the business with.” This is important because the sole trader may not be specialized in everything and may only be specialized for example in cutting hair and not handling accounts. They will need to hire the services of an accountant to manage their accounts

Secondly sole traders have unlimited liability. This means if they get sued over a faulty product or service or if something else goes wrong, they will lose more than they have invested in the business.

Thirdly being a “sole trader may mean having to work for very long hours to keep their business afloat.” AQA Business studies, A. Anderston, p.34-35, causeway press limited, 1998.

Overall I think being a sole trader for my beautician service is ideal, because I am starting the business from new. I will be incurring enough expenses in running the business and will not want additional expenses of partners or many staff. I will also have complete control over my beautician service including g the hours I work

Questionnaire

Questionnaire

This questionnaire is to identify potential demand for a beautician in Slough. I will be asking 50 females these questions.

1. MaleFemale

Yes                          No

(If you are male thank you for filling in this questionnaire but we no longer require your assistance as this service is only for females)

2. How old are you?

15-20 years        21-30 years          31-40 years           41-50 years            50+ years

3. What services do you require?

Waxing                Threading            Thai massage            Facial           Other /  All services

4. What prices are you prepared to pay up to for?

  1. Waxing

i) Full leg  

£15 - £25

£26- 35

£-37-45

ii) Arms

£10-£15

£16-£20

£21-£25

£26-£30

iii) Underarms

£2-£5

£6-£10

£11-£15

£16-£20

 iv) Face

£3-£5

£6-£10

£11-£15

£16-£20

  1. Threading

i) Eyebrows

£2-£4

£5-£7

£8-£10

ii) Upper lip

£1-£2

£3-£4

£5-£6

iii) Full face

£2-£5

£6-£8

£9-£11

£12-£15

  1. Facial

i)  Ayurvedic

£10-£20

£21-£30

£31-£40

£50+

ii)Herbal

£10-£20

£21-£30

£31-£40

£50+

d) Thai massage

  1. Half body

£15-£20

£21-£30

£31-£40

£41-£50

  1. Full body

£30-£40

£41-£50

£51-£60

£61-£70

4. Is there a demand for a beautician service?

Yes                                           No

5. Would you prefer the beautician service to be mobile?

Yes                                              No

6. What times would most suit you?

9.00am-12.00                     12.00-15.00                       16.00-18.00

7. What days would be most suitable to complete the service?

7 days a week                        5 days                               Weekends

8. What is the most suitable name for this beautician service?

Simren’s beauty care          Beauty haven                 Beauty on wheels                

9. Is it suitable to have a beautician service in Slough?

Yes                                             No                          other please state

10. What would encourage you to use my service?

Training           Qualifications            Reputation           work environment

11. What offers would encourage you to use my service?

     Buy one get one free          Discount                       Vouchers                  Free gift

Market research

Primary research is “first hand information. It is expensive to collect, analyze and evaluate.” Primary research is information that doesn’t exist and has not yet been collected. Primary research involves collecting and receiving original data directly about the product and market. “It is designed to answer specific questions of interest to the business - for example:

What proportion of customers believes the level of customer service provided by the business is rated good or excellent.

Source:http://www.tutor2u.net/business/gcse/marketing_research_primary.htm and Business studies class notes, marketing, Mrs Sahota, head of business and I.T, St, Davids, Ashford  

“Primary data is collected through direct investigation usually in one of 3 ways. These are observation, experiments and surveys.

Observation is examining and recording what people do and how they behave. Experiments are when manufacturers test products whilst the are being developed to check they have the most chances of succeeding. Test marketed which is were the product is sold in a specific area before being launched. If th product ha poor sales, it can be withdrawn.” The main methods of primary or field research are:

Face to face interviews, these are when interviewers ask people a series of questions whilst the respondant is directly in front of them. Telephone interviews are a method of field research. This is completed on the phone, The questions however are similar to the face to face interviews although they are often shorter. Online surveys these are completed using email or the Internet. This is an extremely popular way of obtaining primary data and much less costly than face-to-face or telephone interviews. Questionnaires are sent in the post (for example a customer feedback form is sent to people who have recently bought a product or service). Source: http://www.tutor2u.net/business/gcse/marketing_research_primary.htm Business studies class notes,marketing, Mrs Sahota, head of business and I.T, St, Davids, Ashford  

Secondary research is data that already exists and is available, both within and outside the business. Sources of secondary data that come from within the firm itself are known asinternal secondary data these include sales, invoices, reports and accountsExternal secondarydata, on the other hand, is data that has been published by other organizations. An example of secondary data is trade publications, the government, the media, trade associations and research organisations. The government publishes “data like statistics e.g. consumer spending figures, reports from competition commission reports.” The media provides information like “newspaper reports, magazines and television reports. Trade associations supply “statistics or reports published by national organisation such as the TUC, the CBI or chambers of commerce, or industry associations such as the Engineering employers federation or the national farmers union.” Lastly Research organisations offer “reports prepared by specialist market research organisations such as Mintel or Mori; articles published in academic journals such as university journals” Source:  Business studies class notes,marketing, Mrs Sahota, head of business and I.T, St, Davids, Ashford  

Primary research has many advantages:

Firstly Primary market research involves direct contact, through a survey or interview, with certain markets or customers. This type of research can be adapted to meet the needs of an organisation and provide information specific to the purpose. Source: http://wiki.answers.com/Q/What_are_the_advantages_of_primary_market_research

 Secondly in primary research the information which has been collected can not be accessible by any other business meaning the results will be confidential. This will increase the chances of a successful product.

Finally data can be found quickly when using online surveys and telephone interviews. As …….

However, there are also disadvantages to primary research:

Firstly this method is time-consuming and expensive, as most organisations rely on secondary market research, this is collecting and analyzing existing data such as technical reports, newspaper articles etc.  The disadvantage is that that it takes longer, and costs more.  

Secondly the data can be difficult to obtain. This is because you have to find and collect the information unlike secondary research where you can get the information required from the internet or other existing resources.

Thirdly primary research “may provide mis-leading results if the sample is not large enough or chosen with care; or if the questionnaire questions are not worded properly.” – Source: http://www.tutor2u.net/business/marketing/research-secondary.html

Secondary research has a few advantages:

Firstly using secondary data saves time and money as the steps taken in order to collect the data have already been done.” This lets the researcher avoid problems with the data collection process.”  

Source:  http://en.wikipedia.org/wiki/Secondary_data

Secondly using someone else's data can also facilitate a comparison with other data samples and allow multiple sets of data to be combined. There is also the chance that other variables could be included, resulting in a more diverse sample than would have been feasible before.

Thirdly……..

 There are many disadvantages to secondary research:

Firstly the research may not be exactly what the marketers require

Secondly the results may be out of date therefore the results would be inaccurate

Thirdly “the research design maybe poorly constructed”

Source: http://www.knowthis.com/tutorials/principles-of-marketing/marketing-research/5.htm

There are several things to take into consideration when using preexisting data. Secondary data does not permit the progression from formulating a research question to designing methods to answer that question. It is also not feasible for a secondary data analyst to engage in the habitual process of making observations and developing concepts. These limitations hinder the ability of the researcher to focus on the original research question. Data quality is always a concern because it's source may not be trusted. Even data from official records may be bad because the data is only as good as the records themselves. There are six questions that a secondary analyst should be able to answer about the data they wish to analyze.

1.What were the agency's or researcher's goals when collecting the data?

2.What data was collected and what is it supposed to measure?

3.When was the data collected?

4.What methods were used? Who was responsible and are they available for questions?

5.How is the data organized?

6.What information is known about the success of that data collection? How consistent is the data with data from other sources?

Questionnaire

I will be carrying out market research using a questionnaire. This will take place on the 23rd of June 2007 between 12.00-6.30pm in the high street, Slough Berkshire.

I have now conducted a questionnaire and have asked 50 female interviewees in Slough to fill it in. I have conducted my questionnaire on the Slough area because I live in this area.

The questionnaire will give me the following information

  1. If there is a demand for beautician service
  2. What’s the age segment I am targeting
  3. the kind of service required
  4. The suitable prices charged
  5. the opening hours
  6. the kinds of promotion needed
  7. location of my business

The copy of my questionnaire or shown in Appendix1 whilst justification for each question is asked is shown in the questionnaire analysis section. I had to consider various factors when drawing up my questionnaire

Sampling.

“A sample is a small group out of a population which is selected to take part in a survey” Source: - AQA Business studies, A. Anderston, p.128.129, causeway press limited, 1998

Four different types of sampling are:

Random sampling- This is were every respondent has an equal chance of being chosen. To do this names could be picked out of a hat at a random or random numbers could be used. Although it is difficult to construct an absolutely accurate random sample. On the other hand a cheaper and quicker method of sampling is systematic sampling.

Source: - AQA Business studies, A. Anderston, p.128.129, causeway press limited, 1998

Systematic sampling- this is done systematically it is where every n th   person on a list like a telephone directory is chosen. “You have to make sure that each member of the population is arranged randomly. If they are grouped together before the sample is taken, then the sample could become biased.”  Source:http://www.bbc.co.uk/schools/gcsebitesize/maths/datahandlingh/samplinghrev4.shtml

Quota sample-“is a stratified sample. Example Cadbury wanted to target 16-24 year olds in particular and 16-34 year olds more generally with its fuse bar. A problem with this sample is that any people can be asked to the description can be asked to complete the survey.” Source: - AQA Business studies, A. Anderston, p.128.129, causeway press limited, 1998

Stratified sample- “is a quota sample where all the Respondents, the people being interviews, must be chosen at random. For the sample to be random, example Cadbury would have to find some way of selecting 70 people aged 16-34 through pure chance.” AQA Business studies, A. Anderston, p.128.129, causeway press limited, 1998

The questionnaire could not possibly due to time & cost ask everyone who chooses or may choose not to use my beautician service therefore, a cross-section representation known as a sample has been identified and questioned. I have chosen to use a random sample because it will give me fair results as they have been chosen randomly they won’t be biased.

As well as the type of sample, the sample size must also be considered because “Any assumptions about the overall population based on the results of a sample will have an attached margin of error.  To lower the margin of error usually requires a larger samplesize. The amount of variability in the population (i.e. the range of values or opinions) will also affect accuracy and therefore the size of sample.” http://www.tutor2u.net/business/marketing/research-questionnaire.html

The design of the question

When carrying out the questionnaire it will be important for me to follow certain guidelines in both drawing this up and carrying out the questionnaire.

These  are:

  • Make sure each question has a purpose because this will help me achieve an accurate outcome by focusing on the objective itself. It will also help me understand the full aspect within the question, so it will be easier for the participants to answer it.
  • I will need to avoid asking leading questions because otherwise I might get an answer which may not be needed
  • I will also avoid too many open questions because I won’t  be able to gain as much out of an open question e.g. graphs. These questions can also go on for too long as there is no fixed answer to them e.g. if the question stated, “what do you think of this shop”, it would result in an answer which might only be an own opinion.
  • Before the questionnaire is carried out, the respondents must be told the purpose of the questionnaire because the respondents must be fully aware of what they are answering and the reason for answering it. This would also help the respondents as they will understand the questions more accurately and provide useful answers which will help me to decide how to set up my business and what services to provide.
  • I will need to ensure that I ask a good balance of questions and that the questionnaire is not too long  because the respondent might get bored and lose interest in filling in the questionnaire.
  • I will avoid jargon because this may confuse them.

Competition

I will examine competition to determine my marketing mix because by doing so I will know what services are in demand and what is already provided by my competitors.. I order to achieve this, I will examine primary and secondary research in the Slough area. Primary research will be in the form of  the questionnaire in Appendix 1 and 2. Secondary research will involve using the internet, periodicals, local newspapers, personal bills and directories  including the local borough council for statistics..

Market for beautician service

I will be examining the population mix in the Slough area to identify if there is a market for a beautician service. I will conduct an analysis of the population in the relevant age group to see the supply of services offered in the region. I hope to start my business in.

Cost and revenue

I will have to identify what costs are likely to be incurred in setting up this business and the revenue generated to see if it is financially visible to become a beautician. To work out these forecast costs and revenues, I will calculate costs such as rent, utilities, tax, staffing including equipment and materials. I will produce a forecast of how much to charge each customer for services such as waxing, threading, facials and massage. To produce a more accurate forecast, I will compare my price to what my competitiors are charging.


Questionnaire Analysis

A copy of the questionnaire is shown in appendix 2. Justifications for the questions asked are as follows:

1. Are you male or female

Purpose:

The purpose of this question is to see if a mixed gender of respondants are interested in my service or to see if one gender is more popular than the other.

Result: _        

A table to show the people who are  Male or Female

Gender

Male

Female

Total

Number of respondants

10

50

60

%

17

83

100

image00.png

Analysis:

83% of the respondents are female. Which means I will be targeting female customers.

Therefore I will only be targeting female customers.

2. How old are you?

Purpose:

The purpose of this question is to identify the age groups and compare the different choices that each of the age groups have made.

Result:

A table to show the age range of people

AGE

15-20 years

21-30 years

31-40 years

41-50 years

50+ years

Total

Number of respondants

16

19

12

3

0

50

Percentage

32

38

24

6

0

100

image01.png

Analysis:

 Most of the respondants were between the ages of 21-30. As you can see in the graph the number of respondants ages increase and then decrease, mainly young and middle aged adults are interested in the beautician service. This can be seen in the graph above.

Therefore, I will target customers between the 15-50 years age range.

3. What services do you require?

Purpose:

The purpose of this question is to distinguish which service the customers would like to have the most, by doing this questionnaire this also helps me to identify which is the most popular service. By knowing this we can make sure we have the service, and include it amongst the other services we offer. This also gives me an estimate of the equipment I will have to purchase.

Result:

A table to show the services offered and to categorize how many customers are interested in each service.

Services

Waxing

Threading

Thai massage

Facial

Other /  All services

Number of respondants

5

10

2

3

30

%

10

20

4

6

60

image12.pngimage16.png

Analysis:

Clearly 30 out of the 50 people asked stated that they would like me to offer all services. This is 60 percent of the people asked. The second most asked for service, is threading, which people asked for (20 percent 0f the respondants)

Therefore, I will make sure I offer all services when running my mobile beautician business.

4. What prices are you prepared to pay up to for?

a) Waxing- i) Full leg

Purpose:

The purpose of this question is to identify what price range is suitable for the type of therapy.

Result:

A table to show the different price ranges of full leg waxing

PRICE

£15 - £25

£26- £35

£-37-£45

Number of respondants

25

18

7

%

50

36

14

image17.png

Analysis:

Clearly the Majority of respondants, 50 percent, were in the price range of £15-£25.  18 of my respondants, 36 were in the 26-35 price range. The Minority of the respondants,14 percent, were in the price range £37-£45

Therefore, for this particular therapy I will price this service between £15-£20. I will keep my cost as low as possible however when my service is established I will then increase my prices.

a) Waxing- ii) Arms

Purpose:

The purpose of this question is to identify what price range is suitable for the type of therapy.

Result:

A table to show the different price ranges of Arm waxing

PRICE

£10-£15

£16-£20

£21-£25

£26-£30

Number of respondants

32

10

5

3

image18.png

Analysis:

Most of the respondants, 32, were in the price range of £10-£15. 10 of my respondants were in the price range of £16-£20 and 5, were in the price range of £21-£25. The minority was £26-£30.Clearly in the graph shown above the respondants choice decreases

Therefore, for this particular therapy I will price this service between £10-£15. I will keep my cost as low as possible however when my service is established I will then increase my prices.

a)Waxing- iii) Underarms

Purpose:

The purpose of this question is to identify what price range is suitable for the type of therapy.

Result:

A table to show the different price ranges of Underarm waxing

PRICE

£3-£5

£6-£10

£11-£15

£16-£20

Number of respondants

23

18

7

2

%

46

36

14

4

image19.png

Analysis:

Most of the respondants, 46 percents, were in the price range of £3-£5. 36 percent of my respondants were in the price range of £6-£10and 14 percent, were in the price range of £11-£15. The minority at 4 percent was £16-£20.Clearly in the graph shown above the respondants choice decreases

Therefore, for this particular therapy I will price this service between £3-£5. I will keep my cost as low as possible however when my service is established I will then increase my prices.

  1. Waxing -iv) Face

Purpose:

The purpose of this question is to identify what price range is suitable for the type of therapy.

Result:

A table to show the different price ranges of facial waxing

PRICE

£3-£5

£6-£10

£11-£15

£16-£20

Number of respondants

35

12

3

0

image20.png

Analysis:

 Most of the respondants were in the price range of £3-£5. No respondants chose the price £16-£20 , this might have been because the respondants thought this was too expensive.

Therefore, for this particular therapy I will price this service between £3-£5.

b) Threading- i) Eyebrows

Purpose:

The purpose of this question is to identify what price range is suitable for the type of therapy.

Result:

A table to show the different price ranges of Eyebrow Threading

PRICE

£2-£4

£5-£7

£8-£10

Number of respondants

35

12

3

%

image21.png

Analysis:

b) Threading- ii)Upper lip

Purpose:

The purpose of this question is to identify what price range is suitable for the type of therapy.

Result:

A table to show the different price ranges of Upper lip Threading

PRICE

£1-£2

£3-£4

£5-£6

Number of respondants

12

35

3

%

image22.png

Analysis:

b) Threading- iii) Full face

Purpose:

The purpose of this question is to identify what price range is suitable for the type of therapy.

Result:

A table to show the different price ranges of Full face Threading

PRICE

£3-£5

£6-£10

£11-£15

Number of respondants

10

39

1

%

image02.png

Analysis:

b) Facial- i)  Ayurvedic

Purpose:

The purpose of this question is to identify what price range is suitable for the type of therapy.

Result:

A table to show the different price ranges of Full face Threading

PRICE

£10-£20

£21-£30

£31-£40

£50+

Number of respondants

7

28

10

5

%

image03.png

Analysis:

b) Facial- ii) Herbal

Purpose:

Result:

A table to show the different price ranges of a Herbal Facial

PRICE

£10-£20

£21-£30

£31-£40

£50+

Number of respondants

9

20

15

6

%

18

40

30

12

image04.png

Analysis:

  1. Thai massage- Half body

Purpose:

The purpose of this question is to identify what price range is suitable for the type of therapy.

Result:

A table to show the different price ranges of a Half body massage

PRICE

£10-£20

£21-£30

£31-£40

£50+

Number of respondants

10

20

15

5

%

18

40

30

12

image05.png

Analysis:

  1. Thai massage- full body

Purpose:

The purpose of this question is to identify what price range is suitable for the type of therapy.

Result:

A table to show the different price ranges of a full body massage

PRICE

£30-£40

£41-£50

£51-£60

£61-£70

Number of respondants

7

27

12

5

%

14

52

24

10

image06.png

Analysis:

4. Is there a demand for a beautician service?

Purpose:

The purpose of this question is to identify if there is potential demand for a beautician service in slough.

Result:

A table to show whether there is or isn’t demand for a beautician service in slough

Potential demand

Yes

No

Number of respondants

46

4

%

image07.png

5. Would you prefer the beautician service to be mobile?

Purpose:

The purpose of this question is to identify

Result:

A table to show whether the respondants would or wouldn’t prefer the service to be mobile

Mobile service

Yes

No

Number of respondants

37

13

%

74

26

image08.png

6. What times would most suit you?

Purpose:

The purpose of this question is to identify

Result:

A table to show  

Times

9.00-12.00

12.00-15.00

16.00-18.00

Number of respondants

13

30

7

%

26

60

14

image09.png

7.What days would be most suitable to complete the service?

Purpose:

The purpose of this question is to identify

Result:

A table to show which days suit the respondants

Days

7 days a week                        

5 days                              

Weekends

Number of respondants

20

21

9

%

40

42

18

image10.png

8. What is the most suitable name for this beautician service?

Purpose:

The purpose of this question is to identify

Result:

A table to show a suited name for the service

Name

Simren’s beauty care          

Beauty haven                                          

Beauty on wheels                

Number of respondants

12

25

13

%

image11.png

9. Is it suitable to have a beautician service in Slough?

Purpose:

The purpose of this question is to identify

Result:

A table to show  if it is suitable to have a beautician service in slough

 Yes        

No

 Other please state                        

Number of respondants

35

7

8

%

image13.png

10. What would encourage you to use my service?

Purpose:

The purpose of this question is to identify

Result:

A table to show which of the below would encourage my customers to use my service

Motives

 Training          

Qualifications  

Reputation      

work environment    

All

Number of respondants

2

3

3

8

35

%

image14.png

11. What offers would encourage you to use my service?

Purpose:

The purpose of this question is to identify

Result:

A table to show what sort of promotion would motivate my customers the most

Promotion

Buy one get one free          

     Discount

Vouchers                  

 Free gift

Number of respondants

17

10

9

14

%

image15.png

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