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ideas of starting a business

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Introduction

The ideas for my business There are several potential ideas which I can choose to run as a business. So I have to analyse whether it is beneficial to choose that idea. I have to look at the budget I have and how much that project costs, look at the competitors in the area and market, look at whether I can make enough profits and whether I can find enough staff who have the skill needed for that particular job. A phone is useful idea as I can make lots of profits from selling phones. However, a phone shop may require high start up costs because of things like such as buying the phones and accessories which is quite expensive. Another advantage of setting my business as a phone shop is that there are not many small businesses who sell phones. However, there are large store such as carephone warehouse, phones 4 u and link. So if I wanted to setup my business as a phone shop I have to research on the area and see whether there are any big stores such as carephone warehouse, phones 4 u and link, because if there are any competitors it wouldn't be worthwhile setting up my business there. ...read more.

Middle

Another advantage of running as a mini-supermarket is that the products sold can be bought easily from a cash & carry nearby. Another advantage of choosing this business is that it doesn't have a high start-up costs, the start-up costs are cost of goods, rent, tills, wages, etc. A games/DVD store is easy business to set-up in terms of low start-up costs, the start-up costs could be stock needed such as DVDs, games, consoles, etc. Another advantage of setting up my business as a games/DVD store is that it doesn't necessarily require lots of staff to run it as all it needs it two cashiers and one store assistant to help the customers with any enquires. However, a main disadvantage of setting up as games/DVD store is that because of rise in illegal DVDs sold at very low prices, it is affecting the DVD store market badly as they cannot compete with the prices set by illegal DVD selling. So this idea may not be ideal because of decrease in demand for DVDs. Finally, a car-wash may be a good idea as there are not many competitors in the area, so profits can be made. ...read more.

Conclusion

I have decided not to choose to run my business as a barber shop because there are many barber shops in all areas so it would be difficult for me to compete with them unless I offer a cheaper and better service. However, I have decided to keep this as a back-up idea if my mini-supermarket idea doesn't work, as I believe I can do well as barber shop. I have decided not to run my business as a games/DVD store because I feel the decreasing demand of people buying DVDs at store has been decreasing because of illegal sales of DVDs. So I believe I cannot compete with illegal DVDs cheap prices as I started charging people same price as them I will go bankrupt. I have decided not to choose to run my business as a car-wash because of very high rents and peoples tendency to wash the cars at home, so I feel it is not worthwhile spending my money on that business as I feel I would not be able to make enough profits to match the costs of running the business. ?? ?? ?? ?? UNIT 8 ...read more.

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