I have done some research on what the name should be. I asked the local people majority said it should be “Abu Bakr Book Store”.
There are many advantages in opening a book store in Burnley:
- There is not a proper Islamic bookstore in Burnley.
- There is a lot of Muslims in Burnley and near by localities.
- It is situated on a main road.
- There is a good transport link.
Drawbacks of my business are that to influence customers to come and buy goods from my store rather going to the regular shops and buying from there.
I hope to appeal to target audience of all age range. As I am going to have products that will satisfy all age range of customers.
Type of business and location
My business will be an Islamic bookshop selling Islamic books and cassette it will have all sorts of books on true facts, and compete with all businesses in the local area. My shop will be located in Brougham Street, Burnley because it is a main road and there is a good access to it. There are groceries shops, clothes shops, mini market, barbers there but no bookshop. There is a car park near by. There are a lot of Muslims in the area and in the neighbouring locality.
Competition
Competitions in my field are other people with the similar company that will compete with the people in the locality that my company is based. Competition has good and bad points, the good points is that I will be constantly looking for ways to improve my business in ways to attract customers, and to improve on other companies and attain an edge in the market. The bad point of competition is that if a company betters my prices or stock higher quality goods I will lose custom and profit.
Some of the many reasons why companies look at their competitors are because it is an easy way to learn weaknesses and to take advantage of others mistakes if a company is successful you can follow in it’s footsteps and use the same tactics to try and out class your competitors.
Other companies will be continuously looking for ways to better my prices, goods and customer services, because other companies will constantly be researching, I will have to beat other companies to the top and try to stay on top of the market.
Competitions in my field are companies such as:
Local
- W H Smith
- Bookworm
- Bookland
- Bilal book shop
- Tayibs
- Ibraheem book shop
- The book (Burnley)
- Nelson Islamic books
- Blackburn books store
Regional
National
Global
- Amazons
- Idraratul Ma`arif
- Islamic book
Research Of Competitors
The things I need to find out about the competitors is that:
What there prices of their product is,
The sort of marketing they are doing.
The way they are promoting their products.
When do they change their prices?
How they advertise their products.
How do they sell their products?
Have they got an Internet shopping access?
- What type of business are they?
- Their office layout
- Their location.
- Their strengths and weaknesses.
- Their target groups.
Abubakr Islamic bookstore
Name of company: Abubakr Islamic bookstore.
Type of trader: The Abubakr bookstore is a sole trader
Strengths: The Abubakr Bookstore has it’s own
warehouse, there is a car park near by. The
Abubakr bookstore has been decorated and
modified recently. The shop is famous for
its prices.