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My business has aims and objectives. My first aim is to get my business up and running and making sure it survives in this competitive market. I intent to break even and generate an adequate

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Introduction

Business Idea All business has aims and objectives. Some more than others. My business has aims and objectives. My first aim is to get my business up and running and making sure it survives in this competitive market. I intent to break even and generate an adequate level of sales for me to make a certain amount of profit. My objective is to let my business generate enough sales so I'll be able to repay my debts in little instalments. If I don not generate enough sales to repay my debts (survive) then my business might go bankrupt and I don not have limited liability (partnership) so I would lose more than I would gain. Therefore I need to ensure that I can generate a good level of sales. It is critical that my business is able to survive because this would determine whether my business successful or not. My next objective is to increase my sales. So my next aim is to gain more customers by offering cheaper products and better services. This could be achieved by making sure staff are friendly, kind etc toward customers and use different promotion to attract more people. The product should be at a high standard and affordable so this encourages custom. I could offer special deals and offers to tempt the customers to want to spend more. I will be using psychological pricing to make it seem like that they are saving money instead they are increasing my sales. Which should result in me having a larger market sale. It important for my business to increase sales so I can repay my entire debts and bills etc. After this the amount of profit that I will make will be retained profit. After my initial business start up if my sales do not increase it could mean that my business is just coming on steadily but not making much profit. ...read more.

Middle

Again, the solution involves realistic research before starting up, setting money aside to pay bills and calculating what may happen, in terms of the likely competition, when I set up my shop. High cost of borrowing If I have done my homework correctly, I should have identified how much money I will need to power up my business. The problems come when I have to borrow that money. Here, one of two things can happen, either the money I borrow at the outset involves high rates of interest, perhaps because traditional sources of funding were unavailable, or run out of money part way through the start-up and are forced to borrow more, at much higher rates of interest than I originally expected. This is why an accurate estimate not just of how much I may need, but also a detailed assessment of the credit options available to me and how much interest am I going to pay must be an integral pat of my business plan. Customers unable to pay I have a great product and I sell loads of it. But when it comes to getting the money for what I supplied, my customer doesn't pay you for months, and then goes bust himself. Poor payers can cause large cashflow problems at the best of time. Matters become even worse if they become insolvent. Before I agree to provide any service or product, I should always carry out due diligence inquiries in relation to any prospective customer. I should check how they intend to pay, when and if any other suppliers have ever had problems with that company. The other thing to bear in mind is that a good customer can become a bad one, even if I have a good relationship with someone, I should still carry out periodic checks on their credit worthiness. If I can, don't place all my eggs in one basket. ...read more.

Conclusion

Orange already has a high reputation as well as profitable and a successful business they are more likely to take away most customers. I will need to keep steady competitive prices with my services and any other or similar businesses through out my located place. To avoid such hassle I would need to locate my business further away as possible so that I will not be interfered with any other local businesses. People will buy my products than other similar businesses because I will be cheaper then them and I will have a better after sales service for example my offers on 2 year guarantee will cover everything , but I will not replace it if I find out it was done deliberately, if this problem does occur I will remove insurance to their mobile phone or any other product purchased from my shop. Also grabbing customers attention I will need to but on advertisement through online internet and if customers wish to purchase a product online there is a discount price of seven percent this a way around in grabbing customers attention. With my offers customers will be able to get free hands free kit, a free memory card, etc. This will attract customers especially teenagers because majority of teenagers intend to use these extras on their mobile phones so therefore this is one of the reason why customers would prefer my product than any other business. Market Research Results My market research results would come from secondary data, this is research that has already been published in the form of written reports, often on a particular market sector, and is already in the public domain is described as secondary research. These sources include library reference books, newspaper clippings, company reports, standards and online databases. This is a good place to start when looking for quick accessible information, although information from secondary sources can go out of date quickly. ?? ?? ?? ?? GNVQ Business Unit 11- Setting Up In Business Adeel Akhtar ...read more.

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