A Levels:
Maths (A)
Economics (B)
Business Studies (A)
Work
Experience June 1997
Education Services, Haringey Council, Wood Green, N22
Duties: Leading a team to set and perform certain tasks. I had to hold the team together and give instructions and advice to people. I had a lot of responsibly.
Employment
History 1998-2000 (part-time)
Iceland, Edmonton, London, N18
Duties: working out the cash flow for the store. Also making sure that everything is running smoothly on the checkouts.
Interests I have always had a passion for business and being the leader within the group. I belong to a youth club and enjoy socialising and meeting new people. I also like reading science fiction and surfing the Internet. The most interest I have is swimming.
References
Mr R Brown, Supervisor, Iceland, Edmonton, N18.
My Aims
I have made several goals and aims that I feel I should meet in order to gain a profit and to help me to run my business successfully. My main aim is to find a local vacant business site and make recommendations on the business idea. I could develop this local business site into my business. Afterwards if all the planning looks reliable I will go ahead with my ideas. I want to open a business that is prosperous and can make me have my own personal satisfaction.
Personal Goals
My personal goals are to be able to feel content with the outcome of my business. I want to bring a new trend of clothing to British people, especially young youths. With the money made I want to be able to settle down and start a family. I also want to provide the consumers wants and needs. Plus have a good relationship between my employees and customers. I felt that I was motivated by the youth in my society. I know that the youths are craving for these materials after conducting some interview this was the most desired shop. I know for a fact that the things would sell to the youth of my community.
Also have always wanted to work for myself and be my own boss. I find it less hassle once my business gets of the ground to work for myself than have the hassle working for someone else. My personal aim is to make new friends and new contacts & I would like to leave the business when it is successful to my children.
Business Aims
I want to be able to maintain a steady profit margin in while running my business. I need to make sure that the launch of my business is well promoted and advertised to the public. Be able to borrow sufficient money for my business from a bank loan. I want to be able to provide a good service to my customers and make them feel comfortable. I want to be able to pick the right location. I would have a sales promotion to try and encourage customers to buy from my shop. I want to be able to expand my business when the time is right. I want to be able to situate my business in a part of London. I would also install changing rooms and security men because it would be tempting to buy from my stall. But this will be useless if I didn’t find a vacant local business site. My main business aim is to find that site with the right location. Then make recommendations pertaining to the site and the business. It is essential that the location I choose is legitimate because if I buy a premises and the price is to high or not enough customers pass by there. The before I start my business is already doomed.
Methods of arriving at my aims
If I want to fulfil my aims there are certain procedures I have to take into consideration. I would need to carry out some research into my chosen field to try and find out what my potential customers want. I would find my data by conducting a field research to gain customers views. I will use questionnaires as my tool for my research. It would provide facts and figures that are up to date, appropriate and specifically on what I want to find out. The disadvantage is that it is expensive to collect, I may get a low response rate and I need a large sample size to get an legitimate result.
To have a good relationship with my employees I would be polite and courteous towards them. Like no other job I would make them look forward to coming in to work. I am going to definitely use Abraham Maslow’s motivation theory, which is:
Methods of arriving at my aims
To make certain that the local public know about the arrival of my business and it location I will need to advertise my business. Since I don’t have a lot of money to spend I would advertise locally first then expand. But for the time being I will advertise on a local radio station. I would consider the time as well, I would want to put my message on when potential customers would be listening. For example I want young youths so I would put my advertisement on what they would be listening to. I wouldn’t put it on when the classical music program is playing. To find out what youths listen to I would ask them that in my questionnaire.
Also I would set up some posters to give an visual effect. Most people may not know what I am going to sell. The poster would have some sample clothing of what I would sell in the shop. The potential buyers would see it and would want to have it and be able to see more.
My adverts would be persuasive and try to convince the consumer that they need this product to look cool. They would play on people’s fears and vulnerabilities and cause desires that didn’t exist before.
In order to keep customers coming back regularly I would use the pricing strategy of skimming. I would charge a high price for the product first which would attract people with large incomes. When the product has been established I would then lower the price to make it a mass-market product. The customers would feel they are getting a bargain and buy the product. Also after a few months when the sales start to reduce I would introduce discounts to the products. When the price decreases the quantity of demand would rise. These clothes would become a substitute to the other expensive clothing that is worn. I will also sell current “cool” clothes to attract the customers. Also there would be a constant piece of advertising in my front window. A manikin would be placed in front of the shop window displaying some clothing. This method is known as point of sale advertising.
In order to pick the right location I need to consider how customers can travel to my store. Is it easy to get to? The easier it is to get to and the more noticeable it is the more customers I would receive. I would try to make the store as modern as possible to make it appeal to the young youths. I would also play music in the store that they would be into to help them feel more welcome and relaxed.
My Business Objectives
It is a necessity for my business to have understandable and clear objectives in for my business to run according to plan I need objectives and goals to set. An objective is anything that the business wants to achieve. The reason I am opening a business is because I want to be able to provide a different style of clothing to the youths of today. I also would like to feel independence that comes from being my own boss. I intend to meet new people and make new companions. I want my store to be diverse according to the other stores. I want to be able introduce new trend to the society. I would investigate the chosen area to see the crime rates and the transport and communication links. Also I would research on what other shops look like selling products similar to mine. It would help me accumulate more information about what features modern shops have. Which would result in better ideas.
I anticipate that the average product life cycle of my products would be like this:
My main business objective is to make a substantial profit, which would allow me to pay the bills and be able to have some money left over for me to live off. I need to be able to fulfil my needs which are food, water, warmth, shelter and clothing. An additional objective would be to supply the clothes that the public demand from my business. Also my turnover should always be greater than my expenses.
If my profit is not made I comprehend I wouldn’t have an adequate amount of money to:
- To pay my supplies that supply the clothes for me.
- Able to pay interest rates.
- Invest money into my business and allow it to expand and grow.
- Be able to pay of my debitors
When the business is open for the first few months my second main objective at that time is to achieve a surplus.
What are my plans and ideas?
My idea of my location would be to have a commodious location. After researching and looking at other stores I found that most of them had:
- Changing rooms to allow the customers to try on the product to see if it has a suitable fit.
- Racks to hold the clothes
- Manikin to display clothes on front window
- Staff to assist customers and help persuade them to buy the product
- Cashier to exchange the goods with money
- Most of them had music to help change the customers mind of thinking
- There was always good lighting so the products can be seen clearly. If one light bulb went and it couldn’t be changed at the time there would still be sufficient light.
- Security cameras where installed in every single shop I went into. This helps detect criminals who rob the store
I will apply all of these points to the store. I regard these as essential elements to store selling clothes.
My shop would stand out from the rest around me making it very eye catching and noticeable. The title on the outside would attract customers and at first make potential customers walking by curious of what is inside. There would be a manikin wearing a sample of what is in side the store with a sign saying something like ‘save £20 was £50 now £30’. When the shop is closed passers by would still be able to look at the manikin because I would leave some lights on which would be like a 24 hour advertisement. I feel my business would be a success because I am bringing a new trend and style to the youth industry, which is really desirable and wanted.
Type of Business
There are many types of business that I can set up with this field. These are the main 4 types of business structure I can open:
- Sole Trader
- Partnership
- Private Limited
- Public Limited
Sole Trader
Being a sole trader is the easiest business to start. Most small business are sole traders. You don’t need have immense amount of knowledge on business to be a sole trader. The sole trader must take credit or any deficiency in the business. These are the advantages and disadvantages of a sole trader:
Advantages
- They are very easy to set up. As long as you have a good idea you can set up.
- You get to be your own boss.
- You alone receive the profit and determine what happens to the profit/earnings.
- The start up cost are small compared to other business structures.
- Less legal papers are required which mean less hassle.
Disadvantages
- A lot of hours must be put into the business.
- You have unlimited liability which means everything I own would be used to pay off my debts if I don’t have sufficient money.
- Sole traders are unincorporated. The business is not legally separate from the owner so if there is a complaint then I will be blamed and not the business.
- I would have to pay National Insurance Contributors (NIC).
- Slow expansion and business because I am one person and can only do a limited amount of work in one day.
Partnership
Partners are able to have an equal say in making decisions. A business can have between 2 up to 20 partners in the business. The partners have n equal share of the profit made. (Unless they make an agreement to say other wise. This action is called a deed of partnership)
Advantages
- The more people owning the business means more ideas to be put into the business which would result in a better business.
- More people means that there would be fewer hours requires doing the work.
- More owners mean more money can be put into the business being able to expand or refurbish easier according to the circumstances. This means more capital being put into the business. Easier to pay debts.
Disadvantage
- Each person id legally accountable for what all the other owners do.
- Partnerships are unincorporated
- Partnerships have unlimited liability.
- The more owners there are the more disagreements that are going to occur. It may be hard to concede an agreement in which direction the business should go in for example.
Public Limited
Public means that anyone can purchase shares in the company. That is if people are willing to buy them. Public Limited companies have an abbreviation Plc that is always after their name. Usually a Plc is a result of a firm wanted to expand.
Advantage
- A substantial amount of capital can be raised by a Plc & usually is more than any other type of business.
- The capital raised would help the company to expand and diversify.
Disadvantages
- If a share is bought of the business the shareholder has exceedingly little say on how the business can be run. Only if a immense amount of shares is bought.
- The company can easily be taken over if someone bought enough shares from the company if they think they can make more profit.
- Plc are not able to forfeit any profit to do other objectives, for example give money to a charity.
Private Limited
Private terminology is that shares can only be sold with all the shareholders consent. The shareholders are often all members of the same family. Private limited companies have Ltd after their name.
Advantages
- Unlike partnerships and sole trader private limited companies have limited liability. This means only the money invested into the business can be lost.
- Another advantage to being Private limited is that it is incorporated, which means the company can pursue the business and it keep it running.
Disadvantages
- They are much more expensive to set up than partnerships because of all the legal paperwork required.
- The company are legally under obligation to distribute its account every year.
After going thoroughly looking through all the possibilities of what type of business I could be. I have decided that the best option to take would to be a sole trader. I have looked at all the advantages and disadvantages and came to the conclusion that this is the best cause of action for my situation. I am willing to take the risk of this business and will word vigorously to make my business a success.
Factors which may affect the location of my business
I have to decide where to locate my store. Choosing where to locate is a extremely significant decision to make. When I select my location this could determine whether I am successful or not. If I choose the wrong location it could end up that the business would never grow. There are several factors that may affect where I locate and why I would locate there. A firm usually seeks a site that presents the lowest cost of production and distribution. I have found five main factors that the location would be influenced by. Here are the five factors:
- Location of raw materials: Certain businesses use up a lot of raw materials to provide their service and in making their goods. The bulk-reducing firms locate close to the origin of their raw materials. Some firms may locate near to a harbour because their goods would come overseas like in my case. It would cost less to transport the raw materials.
- Transport and communication links: For some firms it is a necessity to be near to seaports or airports if they are importers or exporters. Also good road and railway connections are required to transport goods and people quickly around the country. Businesses need good communication services such as the telephone, e-mail and the post.
- Labour Supply: Firms who need skilled labour need to locate where they can find these people. If a company wants to keep wages down to the minimum they would locate in an area of high unemployment. Also frequently firms cluster together to find good workers if it is a certain profession.
- Rent or the cost of the premises: This factor that the location is sorted by. If the expenditure for the location was to high then it immediately wouldn’t be looked into further. This is probably the most important element to choosing my location is can I afford it?
- Location of the market: It is wise to locate the business where my potential customers would shop. If I locate adjacent to my customers in a patronage site in a result to that I feel I would have an enormous amount of customers. The classification of my business, which is a retail trade, would mean that my whereabouts would be near or alongside a shopping area. Were a lot of potential customers would shop.
Site Description
I have chosen my location and I am satisfied with it. I discovered it by looking on the Internet. The web site that I found it on was www.vebra.com. This web site was very beneficial and profitable to me. There was a range of premises to chose from. I found this the best one to fit my purposes and goals. I am going to carry hire a surveyor to survey the premises. After I get the results from the surveyor, I will then proceed with my business. These are pictures of the location:
The unit occupies an excellent trading location, with nearby retailer including Tiny Computers, Peacocks, and Bon Marche opposite the entrance to Selbourne Walk Shopping Centre. I visited the site and it will need a refurbishing to get it to the standards I want. I presented my plans to my contractors and they quoted me a price of £5500.
Map of Location
Points I need to consider with my location
With the location I have chosen there are numerous amount of points I need to bring into my attention before going ahead and purchasing the premises.
Size of the premises
The size of the premises needs to be large enough to fulfil my needs. The building must be big enough for thereto be storage for my clothes. There needs to be magnitude that will be able to fit a changing room. Also be able to hold all the clothes that are there to buy. The premises must also have display windows so I am able to place manikins and display them.
Condition of Services
There should be certain services made available to the building. Such as gas, water and electricity supplies. As the building was previously utilised as a clothes shop I would expect to accommodate air conditioning. All this information will be discovered when I receive the surveyor’s report.
Accessibility
Customers would be able to effortlessly get to the location I choose. A lot of local buses actually stop a few yards away from the shop so people using public transport can easily access my shop. Also there is car park facility which is mainly used by people who come to Selbourne Walk Shopping Centre. Also disabled people are more than welcome to visit my shop. Clearly shown in the picture (of the location) there are no steps or obstacles, which would mean it will be easy for wheelchair users to come into my shop without any hassle.
Security
The area I have chosen I presume that this area I have chosen hasn’t got high crime rates. I will investigate the area’s crime percentage and determine what type of precautions I will use. I know that am purchasing an electrical security system that will help protect my business from intruders. Plus I will employ powerful, solid and physically fit men as security guards to help detect thieves and arrest them.
What do I call my business?
I will need to register a name for my business. But before choosing a name I would have to go to the ‘companies registration office’. This office offers me ideas and will be able to tell me if the name I chose for the business was available or not. Also any trade marks like designs I have will have to be registered so that I can protect my business from being misused or duplicated. I checked with the ‘companies registration office’ and I forwarded a few names and some were rejected but this name hadn’t been used ‘Apparelles’. This comes from the word ‘apparel’. The meaning to the word is ‘clothing’. This word is very suitable for my business and the name ‘Apparelles’ will go on the top of the business site
Market Research
My Market research is mainly aimed at finding out what my potential customers would want. If my business is going to be successful I need to constantly be attracting new customers to insure they come I will constantly be meeting their needs. There are two methods of research desk research and field research. I will be using both of these methods to help me with my planning.
Firstly I am going to use field research which is also known as original research. Using field research gives me an up to date insight on what customers think about a certain topic. If I were to use secondary information for my research on my business it wouldn’t be as accurate as it should be. It may be outdated plus it may not be the opinions of the customers from Wood Green Shopping Centre (which is my business location). The information will determine what I will do with my local business site. This data is so essential, without it I wouldn’t be able to decide on what to do with the premises.
The tools that I am going to use are the questionnaire and interview method. These two tools will be used to gather my information to help me understand what is wanted and most desired by the customers. This will give me up to date information that is appropriate and specific to my services and products. Disadvantages are that is can become expensive to conduct the survey and very time consuming. An alternative would be instead of asking the respondents to fill in the questionnaire I will ask the questions that are on the questionnaire and fill in the response. This will also publicise myself before I start the business. I can also count how many shoppers that pass by and find out if my vacant location is in a suitable area. Through the market research I hope to see if there is a demand for my business in the area of my vacant local business premises, which is Wood Green.
Questionnaire
Could you please fill in this questionnaire honestly, it is much appreciated and would be very useful towards a better variety of clothes for you. Your opinion counts and changes everything. Please return the questionnaire to who gave it to you.
- What is your sex? Male Female
- How old are you? 7-10 11-14 15-19 20+
- Where do you usually shop for your clothes? (Please state area(s) e.g. Walthamstow) What shops or markets do you usually buy from?
- What type of music do you listen to?
- What do you like about the shops and markets you buy from? Why do you keep on buying from there?
- What would you do to improve the shops that you buy from? What would you do to the shop to make it more appealing to you?
My Results
Initially I conducted a pilot study of 5 people to test out my questionnaire then amended it accordingly to their own opinion on how the questions should be phrased. After my corrections were made I went to Wood Green shopping city and walked around asking people to fill in the questionnaires. Most of the answers were qualitative and not quantitative so it was extremely difficult to interpret the data into a graph format. I got 88 respondents and after analysing the results this is what I discovered.
50% of the respondents shopped in Wood Green.
25% of the respondents shopped in the store called ‘USA’.
22% Shop in either footlocker or JD Sports for sports wear.
15% of the respondents also went to shop at other various places.
Through my research I have now discovered that I do have competition. Some people came under all 4 of those categories. Which made the sum of all those percentages, higher than 100%. The shop is called ‘USA’ and is basically selling the same products that I intend to sell. This shop is located about 3000 meters away from my shop. I paid a visit to the shop and stood outside the shop asking customers who had just left the shop ‘What did you not like about the shop?’ The common response was ‘the prices are to high’ and others said ‘not enough variety.’ I went into the shop and took a note of the prices and the products sold. When my business gets up and running I will make sure my prices are lower than ‘USA’. I will also make my site more appealing and eye-catching to the public than ‘USA’.
The common answer to the question ‘What would you do to improve the shops that you buy from?’ was to play music within the shop. Now I know most of my respondents want music played within the shop while they are in there. Also they suggested putting the price down a little.
While talking to my family and receiving their opinion most of them suggested that I should set a launch date. They said the launch date would help me to focus on a specific date to get my business ready for.
Through my research I have discovered that there is a great demand for my services. Especially in the Wood Green district there were several people who wanted a place like the business I have planned. 78 people out of the 88 people said that they feel that my idea was good and they would most definitely buy from there. My spirits rose when I got that response from so many people. That was 78% of people who said that.
I have drawn up several graphs using ICT to interpret the data I collected. This will help me to understand the responses I received in a little more detail and in result give me a better assumption on what to do. Whether to pursue my business idea or not.
Here are the results showing the percentage of where people shopped.
This pie chart allows me to see and understand the percentage when does this macro finnish. How long will it take for u to shut ur mouth you fat idiot you are such an idiot you know that. Shut up and leave me alone do u understand when does this macro finnish. How long will it take for u to shut ur mouth you fat idiot you are such an idiot you know that. Shut up and leave me alone do u undersr
Market Strategy
Marketing is a extremely tricky idea, that has many concepts towards it. When the question is asked, what is marketing? Many people contemplate that they know what the definition is but do not usually come up with the right answer. Most answers may vary but they all come to the same conclusion that the basic nature of marketing is to promote your business and in a result of that accumulate more profit because of boosted sales.
But firstly to understand what marketing is about I need to know the four Ps which are the key to comprehend the meaning to marketing. The four Ps are a simple concept of breaking down marketing making it easier to interpret and peruse The Four Ps are as follows:
- Product
- Price
- Place
- Promotion
Product
In my case I must come up with the right products that the customers want to buy. I must create a certain want or need for the products that are on sale. Also the product must fulfil a good image to the potential buyers. So I could make it look presentable if I make sure that they are kept in good condition before they are sold. For example to keep the clothes ironed and clean free from creases and dirt. Also if I displayed the clothes appropriately that would help persuade the customer to buy the product.
Price
The price must be a reasonable price. Again in my case I would set a price that would allow me to obtain profit as well as convince the customer that they are getting value for money. When a product initially comes out I will charge a high price to begin with. This will then make the product alluring and desirable to wealthy people. They will then buy it, but when the product becomes stable and getting old I will then lower the price of the product making it available to anyone who wants to purchase it. I will then become a mass-market product. This method is known as Skimming, which is a useful pricing strategy.
Place
The location were the products are presently being sold must be easy to access by the customers. Otherwise they wouldn’t be able to buy the product if it is located in an inconvenient spot. The location or place where the products will be sold will be my shop. The shop is located in a convenient area and is widely supported with other shops for trading purposes.
Promotion
The products must be promoted adequately so that people are actually aware that the product exists. If the product is promoted well through advertising or whatever method used it would result in a better sales. Better sales would then, result in better profit.
Those are the four Ps that help define marketing. Now I need to determine the type of group I am aiming to gain as customers. Markets are divided into different groups of people.
- Age: The age groups that I intend to gain customers from are from the age of 6-35. My market would be a very wide market because I feel that the clothing industry doesn’t just have set small range it a wide variety of age groups.
- Social Class: What type of people would be buying my products? What is there income or salary of my customers? They would be from class mainly class A-C. But anyone can really buy the products if they have the money to purchase it.
- Location: Again my location is a good trading area and the mood is set for shopping. They will know where to find the shop and a lot of passes by would be present around that area. Knowing this I feel I picked a sagacious decision.
- Culture or religion: There would be certain people buying from me. The majority of the people that I may find buying from my shop would be black. They would have a culture of listening to RnB, Rap, Garage and Hip-Hop music. They would take a natural interest into the clothing there and would yearn for it.
What is my USP?
The USP is a prominent marketing term invented when American advertising and promotion was at its height. The concept was that a product has to have a Unique Selling Point (USP) which would make it contrary to competition and convinced people to buy it. I am now going to explain how I am going to create my USP.
Since I am setting up a business where there is not much difference between products my USP will be a better service and to sell a good variation of products. My vacant site will be transformed and make it appealing to customers and will stand out from the stretch of shops along the road. The sign and the decorations in the site will be amazingly spectacular and create curiosity and potential customers would want to come in. My competition only sells American products but I will sell both European and American. The European is what people here are used to then they can be introduced to the American style. The prices will be as low as possible but will also be enough for me to make a substantial profit.
I will also encourage my staff to be extremely polite, patient and persuasive. The staff will act as sales men persuading the potential customer to buy a certain product. The staff will state the facts, like what feature the product ha e.g. pockets. Also inside the building will be very unique and comforting. Music will be played within the shop during opening hours. Through my research I found that my potential customers like RnB and Hip-Hop music and that’s what is going to be played on the site. These differences, my wider range of products, cut prices, music and one to one staff communication with the customers will give me my USP and more customers.
S.W.O.T. Analysis
A S.W.O.T. analysis is a analysis of the strengths and weakness my business has. This helps me to identify what I need to consider as my weakness and how I could eliminate them. My vacant business site has strengths and weaknesses, and in order to set up my business I need to try and eliminate any unnecessary weaknesses. This S.W.O.T analysis looks at the whole perspective of my business situation and shows the Strengths, Weaknesses, Opportunities and Threats.
Strength
- An excellent business abstraction
- Most youths and young men would be interested in the products being sold within my store.
- I have located in a profitable trading area. Here many potential customers shop.
- My family is willing to help me physically and financially.
- Great transportation links to my location, several bus stops along the same road as my vacant location. 12 different buses can be used to get to my location.
- The location of the site is in the shopping vicinity.
- I am very motivated and dedicated to my work.
Opportunity
- Target Market.
- My friends are willing to help.
Weakness
- I need a bank loan to pursuit this brilliant idea.
- I have to make imports in order to obtain the majority of my stock.
- When importing products the exchange rate may cause me to loose out on money.
- I have to refurbish the location in order to make it suitable for me to use. The vacant site needs new equipment and maintenance work.
- Unlimited liability
Threats
- My competition that is situated in the same are as mine is the main threat.
- Competition will start when I decide to open my store.
- My services may not be up to standards if I hire the wrong staff. That will result in loosing customers.
International Trading
When trading overseas, I’ll be trading often with America, it will expose my business to different set of challenges and risks, which may be my downfall if I am not careful. I have to ensure that I can manage my imports and the products can be transported to my vacant business location. There are several risks involved when trading overseas. Right now I am going to identify the risks that I may undergo. But I have to ensure that I am adequately protected. These are the risks I face when trading overseas:
Foreign exchange risk: When I trade with another country I will be vulnerable for my business to be in risk of currency fluctuation. The longer the time between the agreed price and amount of products being bought increases the risk. The exchange rate might change dramatically between the agreed time and may change the amount that I have to pay to the suppliers. This will affect my cash flow and make it hard to pay my liabilities. It may end up me no being able to pay my loan for the premises.
Transport risk: There are many risks embraced in the transport of the items. The goods travelling from America to here have a uncertainty of getting damaged. By the time the products arrive to my site, the clothing may be damaged. I will have to ensure that the clothing is packed properly every time it is shipped over.
Country risk: I have researched the economic situation of the America and they are now stable, after the September 11th incident. I am not confident about the issue concerning the typical terms of trade employed that are used within the American infrastructure. An example may be ‘some countries will expect to trade under Documentary Credits.’ The country America in a whole is stable and my concerns are at a minimum.
I analysed the advantages and disadvantages of international trading.
Health and Safety
Within the local vacant location, that I hopefully will accommodate, I am expecting to have certain regulations and rules concerning the health and safety within the premises. This will help maintain order within the working environment and help cut off any means of people violating the law. These rules and regulations will be put on the wall where all the employees will be able to see. When the employees are initially hired I will go through with them the rules so they understand what is required from them. It is compulsory by law to place a copy of the health and safety laws where all the employees can read it.
Recommendations
After shaping and exploring various aspects of my business idea and exploring the actual set-up of the business, I have overcome a better understanding of the work required to put into an up coming business. There were various factors that are involved with the selection of a location furthermore a lot of investigation went into finding the appropriate site and what is needed within the local site to keep it running. After investigating various issues involving my particular business, I am able to make recommendations both of a specific nature and a more common type with bearing to most entrepreneurs and business people alike.
During my research opening a business with the intentions of selling clothes, I came across a element that plays a key role, which accounts for every type of business, and that is planning. Regardless of what type of business, every successful business as designed a business plans with their thoughts and ideas. If you do not plan well you cannot avoid and anticipate problems that could have been prevented if planned and dealt with before the business was to be set up.
Now I am going to look at every aspect of my business plan and come to a conclusion on what decision I make. There are negative and positive sections but I confident that the positive will overcome the negative.
My main aim was to find a local vacant site and make recommendations on how it mat be developed for business purposes. So my initial step was to design a business plan with all my ideas in it. From the main aim I extracted other aims that were relevant to help me set up a business. Then I made assumptions on how I would fulfil those aims.
My plans and ideas were explaining what I will have within my shop once it is set up. I recommend that I will apply all of them as a fundamental key to keep my business running smoothly.
In regards to what business I will choose there were several options. I could have been a sole trader, partnership, private limited, and public limited. But I had no partner to go into business with so that eliminated that. With private limited I find it to expensive to set up that type of business.
I looked at all the different things that will affect the location. I made sure that my business suited all of the positive things needed in a profitable location. The Wood Green area is one of the best places to trade.
My market research became very useful to my planning of my business. It allowed my to realise what my potential customers want and expect within a clothing shop. This research was the main part to my business plan and without it my business plan would be useless. I am going to run some of my business based on the findings I found from my respondents.
A SWOT analysis is a analysis of the strengths and weakness my business has. This will be updated frequently by me to make sure that I am on top of things.
The health and safety issue is essential within any work place. It is strongly recommended by me that I will in force these policies of health and safety.
In summary my business idea is thoroughly thought out and will be profitable. I will be able to eliminate competition and this will result in me gaining more profit and hopefully expanding. The question in hand is ‘How do you set up a business?’ the answer is a business plan. The up coming question is ‘Is my business plan and ideas worth pursuing?’ The answer to that is most definitely yes!
