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Is there SCOPE for a new Business in the local area?

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Introduction

INTRODUCTION I am thinking of setting up a music/computer games shop. Reasons for setting up this business include the big gap in the market. Middlesborough, 10 miles away, is the closest place to go and find a computer games shop and I'm sure many young people / teenagers in the local area would be pleased and buy games from my shop. This is where market research, that I will be doing soon, will help me find if I am correct. I think that demand is high in the area and a profit wouldn't be hard to make. I also have a personal interest in computer games and music and I think I have a sound knowledge to help me progress in my business. ...read more.

Middle

But again, Market Research would help me understand if my theory is right. Maybe Stokesley is the right place for this business. Maybe not. There is a big Comprehensive School in Stokesley catering for 1,500 teenagers, of which about 500 are allowed out on a weekday lunchtime, which I think, would provide a reasonable percentage of my total customers. If I set up this business, I would become a Sole Trader. This allows me 100% control of the business, which is an advantage to me, as I prefer to be able to make all the decisions by myself. I would also be able to keep all the profits. ...read more.

Conclusion

I am planning to set up my business in Stokesley, a market town in the north east of England, 10 miles from the industrial town of Middlesborough. I would be setting up in the main high street, located in the shopping district of Stokesley. Areas I would need to look at before deciding if there was a scope for a new business would be finance. Do I have the finance to start up my business? And if so, it would stretch for times of most need? What competition would I be facing? How would I advertise? How many staff do I want to employ? What market research would I need to do? Who would my supplier be? What is my Market Segment? These are just a few answers I would need to question in research before setting up. ...read more.

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