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Introduction/Methodology into preparing a business idea

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Introduction

Introduction The aim of my project is to research a potential business venture to see if it would be feasible to open a sandwich shop situated at the bottom of the Station Road facing Wallsend Forum. In the beginning I intend for my sandwich shop to be a small, local business which I will eventually expand on if funds permit it. My business is being situated in Wallsend for many reasons. Firstly, I am from the area and know first hand that similar businesses in the area are extremely successful and I believe that by improving some of the more negative aspects of rival business I can make a success of the business. Secondly, the rent on a premises is a lot more reasonable in Wallsend, alternatively I could have chosen Newcastle City Centre, however after looking into the cost of renting an outlet I finally decided on Wallsend, as a property in Newcastle would cost a minimum of 5 times of what I could have in Wallsend, there would be a lot more business in Newcastle, but I could not afford to rent such an expensive property this early into the venture, however, in future it is something I may consider. ...read more.

Middle

Similar to primary research, it also has its drawbacks, the data may be outdated which makes it irrelevant to the current day market, it is never specific to your business and could only contain a small amount of relevant information, if the information required does require a fee, then it can be very expensive however it will report on different kinds of market, including your own, again only providing a small amount of information relevant to your business. I could conduct my primary research in a variety of ways, I could use a postal survey, where I would deliver a survey through the post and expect the respondents to reply, this can be advantageous because it saves a lot of time and money, delivering a postal survey around the area of my business wouldn't take as long as some other methods and I could do it myself rather than having to employ people to help. However, the amount of surveys I would receive back would be a small percentage of what I had handed out, which would render the process pointless, however if I stated that respondents would receive a free gift the response would be higher. ...read more.

Conclusion

The disadvantage of this is that it can be very expensive and time consuming to pick people at complete random, for example from a telephone book. It can also be a very slow process, depending on the sample size. Instead of using this method I could use a quota sample, which in essence is interviewing anyone and everyone that comes along, similarly to random sampling in that age, size, classes etc, are irrelevant. This sampling method is extremely cheap and effective way of sampling because I can conduct this when and where I like, it is used by most businesses. The only drawback of this method is that your questionnaire may require a specific type of person to survey (men for sportswear for example) so if that were the case this method would be useless. I have decided to use quota sampling when conducting my survey because it is very cheap and flexible in terms of time consumption, which is a far more suitable solution than random sampling in where it would require a lot more work, manpower and time. In addition, my survey is applicable to everyone, as it is a service that everyone, regardless of characteristics, could use at some point. Craig Southern ...read more.

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