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For my GCSE coursework, I have decided to look at opening a new business in my local area.

Extracts from this document...

Introduction

INTRODUCTION For my GCSE coursework, I have decided to look at opening a new business in my local area. For my business to succeed, I need to consider some key aspects of opening a business. These include choosing a suitable company name so that people can recognise the shop and also, decidng which type of business it will be (e.g. sole trader, partnership, Ltd) because each type has good and bad points, so you need to consider your options. Also, I need to fond a suitable location for my business which will be big enough for the main retail area and for storage. Also, it should be big enough for consumers to gain easy access around the store. The layout of the shop is also an important factor. If products are not positioned correctly, then it will take customers a long time to find the item they need. If they cannot see the item they need quickly due to the layout of the shop, they may take their custom elsewhere which is not the aim. By research, (e.g. questionnaire) I need to find a gap in the market which would help me in deciding the products to sell. I am going to do a people count outside 2 locations to see which has the most passing trade, helping me with the choice of which location to go for. I will write a letter to an owner of a small business in Garforth to ask questions and so they can give me tips on opening a new business in this area. Also I will have to look at competition in the area to see who will be against me competing for market share. Once I know the type of products I will be selling, I need to work out my break even point. To calculate this I divide my 'fixed costs' (rent etc) by my 'profit contribution' (the profit I make from each product I sell). ...read more.

Middle

COMPETITIVE ADVANTAGE I believe that I have a competitive advantage over my competitors because I have a range of different products. I don't only specialise in small gifts, but also major gifts and party planning. There are different aspects to all these products. With small gifts, you can have anything from �1 to �50, and there is a wide variety for many different people. The major gifts are diverse in comparison to many other shops and the consumer would have to go as far as Leeds City Centre to a large branch to purchase them. You can have anything from helicopter rides to golf lessons to vouchers for ski slopes. Also, there are few places that do party planning and it could be for any ages from 1 to 101 years of age. I have three products to offer to customers and each of these has other things to offer which are diverse. MARKETING My marketing budget is the money I have foe advertisement for my shop. There are many methods to advertise for example leaflets. The price can vary for the different methods and so does the audience size, ease of use and outcome. Possible marketing techniques for my business Advertising Methods Audience Cost Ease of use Outcome 1. INTERNET Approx. 200 people Nothing Very Easy Not a big profit 2. LEAFLETS People of Garforth Approx �500 for 2000 Quite Easy Big Profit 3. ADVERTISEMENT IN LOCAL PAPER People of Garforth, Swillington, Kippax Approx �250 for 15cm x 2 column advert Average Quite a big profit I could include money off vouchers for methods 2 and 3 which may mean that more customers come into the shop, wanting to use this voucher and then may spend more than they expected because they see something they like. With my marketing strategies I need to consider the 4 P's, these are PRODUCT, PLACE, PRICE and PROMOTION. ...read more.

Conclusion

After that I planned the layout of the shop so that I can be organised and I have showed where everything would be going and how it would be set-up. Having a smart and presentable shop would probably want to return to the shop which is good to make a profit. I then showed a sample of how the window of the shop would look and how it should be set out because if I didn't have one or it looked boring and people would probably not want to come in or it would not attract a customer's eye, which it needs to. I chose a liability next and decided on having limited liability so my personal life would be separate from the business so if I did go bust then my own belongings wouldn't be taken off me. I worked out my breakeven point which was good planning because I told me basically whether my business would be a success or not. It tells me how many products I should be selling per month/week and then I can decide whether it would be a good investment. My penultimate piece of the project was my Business Plan which included many things e.g. Cash Flow showing whether I would make a profit or not and my Objectives for the company. Having a business plan would help with arrangements for my business and also good if I wanted to borrow money because the person e.g. bank manager may want to look at it to see if I am reliable etc. The last and final thing to my project was discussing external influences; things that could manipulate the way my business works or how much profit it makes. This helped me in seeing the potential obstructions and so I could find a way to deal with them. To conclude I do believe that my business would be a success because of all the things I have discussed in my project. I do believe it would make a profit and would be a successful shop in an area like Garforth. Business Studies Coursework ...read more.

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