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For this assignment I have been given the following task of "You are to look at the possibility of setting up a new retail outlet in your local area."

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Introduction

Business Idea For this assignment I have been give the following task of "You are to look at the possibility of setting up a new retail outlet in your local area." My interpretation of this brief is that I am to look at the prospects of success that a new retail outlet would have in my area (Burnley). In order to assess the prospects of a fictional retail outlet it is necessary to create a business plan, as would be the case with a real business. Before deciding whether or not there is scope for a new business can be assessed, it must first be decided which market the business will enter. I have chosen to consider the following three types of business so that one of these can be the subject for my business plan: * Sport and Leisure facilities, a gymnasium with the objective to expand to become a sports centre. * Health and Beauty facilities, a small beauty salon with the objectives to expand into a health farm. * Clothes Shopping facilities, a small designer franchise. Sport and Leisure facilities: The advantages of entering this market are; * This type of outlet belongs to a market which is not brand name dominated therefore a new business would not be at a significant disadvantage to large companies in the same market due to the lack of a recognised brand name. ...read more.

Middle

This increases the risk of entering this market. Health and Beauty facilities: The advantages of entering this market in Burnley are: * The amount of human resource required at first is not high therefore reducing the amount of money which is required to start up the business and maintain it in its first years therefore increasing the chances of success for this business. * No expensive machinery or equipment is required when the salon is new which further reduces the amount of capital required and therefore the amount that must be borrowed or retained therefore increasing the chances of the business succeeding. * There is no real established market leader in this market in Burnley, which is a major boost to the chances of this outlet. * Due to the fact that there is no real established market leader in this area and the effect that this advantage has on the prospects of the business: a bank, the most probable source of finance is much more likely to invest in this business. With a bank willing to invest in this business the chances are good getting the new outlet established. * This sort of outlet is such that not all the services it can provide at first need to be in the new salon and can be added when enough retained profit or further credit or capital can be raised once the performance of the business has been assessed. ...read more.

Conclusion

better off section of the public thus making the target market smaller limiting the amount of customers that can be brought into the outlet. Conclusion the chosen market Of the markets that I have considered I have concluded that the clothes shopping market provides the highest chance for a new retail outlet to be successful. Therefore I will construct a business plan for a new designer clothes-shopping outlet in Burnley for some of the following reasons: * Of the markets I have investigated the clothing market is the only market which provides an essential good or service therefore it has the largest target market therefore has the potential to obtain the highest turnover and therefore has the highest chance of success. * Land is one of the most expensive start-up costs when starting a new business and as the other two markets will ultimately require large premises whereas a clothing outlet does not whereas due to its nature a designer outlet can generate just as high a profit from small premises. * Specialist staff is not required to run this type of outlet therefore recruiting is easier and a lower wage bill results in lower running costs for the business. * The least amount of capital is required in order to start this business in terms of land and machinery. Name of Business The name that I will be giving to my business has to be catchy and make people alert so I will be giving it the name is Gibsons Clothing Store. ...read more.

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