• Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month

starting up a business

Extracts from this document...

Introduction

BTEC FIRST DIPLOMA IN BUSINESS UNIT 9: STARTING UP A NEW BUSINESS TASK 1 (P1) Describe the level of market knowledge a new entrepreneur would need for your chosen type of business to survive for at least one year in a selected market. I am planning on starting a personal tutoring business. Before I do start this business I would need to find about the market that it is in. to find out about this market I need to carry out a market research to research what customer wants, what their buying habits are. There are two main types of marketing research which are Primary and Secondary research. Primary Research: this is concerned with obtaining information directly from customers by interviewing them. When primary research is being carried out it is necessary to describe the type and number of people the business is trying to attract as customers. For customer market the demand can be known by age, gender, income, lifestyle and marital status. ...read more.

Middle

It is important for them to know about the market it is entering otherwise the business will not survive; everything in a business needs to be taken into consideration. TASK 2 (M1) Explain how a potential new entrepreneur might plan for entry into that particular market. In order to complete this assignment I will need to explain what the business does, then I will explain if there is a demand for my service, who my target market and my competitors are, I will carry out a SWOT analysis on my competitors. I will also explain where the business will be located and where my competitors will be located. I will talk about the premises and other things connected to the location. I will describe the legal structure and decide when I will start the business, what resources I will need to start the business, how I will get the funds, how I will promote my business and lastly I will explain other staff that I can talk about to open the business. ...read more.

Conclusion

SWOT stands for strengths, weakness, opportunities, and threats. This technique is used for the development of marketing plans. The role of the SWOT analysis is to get information from the community/ environment and divide the issues into internal and external issues. Strength and weakness are internal factors that can affect the value by increasing or decreasing it. This relates to product or the business. Opportunities and threats are external factors that the business can not control. This relates to market or competitors actions. Factors of the SWOT analysis of SA Tuition Centre:- For strengths:- * Financial support from father * Location of business * good communicational skills * work experience in the same field For weakness:- * Lack of business knowledge * What if the owner is away * lack of market knowledge * not easy to expand * Competition For opportunities:- * developing market * attractive market segment * Centre based on main street For threats:- * a competitor in the same market * competitor has a better service * new rules change in customers taste ...read more.

The above preview is unformatted text

This student written piece of work is one of many that can be found in our AS and A Level ICT in Business section.

Found what you're looking for?

  • Start learning 29% faster today
  • 150,000+ documents available
  • Just £6.99 a month

Not the one? Search for your essay title...
  • Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month

See related essaysSee related essays

Related AS and A Level ICT in Business essays

  1. In this coursework I need to produce a detailed business report on one medium-sized ...

    * Produce is now weighed at checkouts, removing the need to queue twice (once for weighing and once at the checkout) as used to happen. * Improved promotions may be offered, such as Multisavers. * The customer gets an itemised till receipt giving details of the product purchased, price, weight (if weighed), total cost and method of payment.

  2. Customer Service Assingnment

    Sainsbury customer can be someone 'internal to their business for example a production employee working at the end of the production line is the ''customer'' of the employees involved earlier in the production process. Sainsbury customer can also be ''external'' to their customers.

  1. Full Assignment

    Finance Department They will keep a record of all money coming in and going out of a business. They have responsibility for securing finances for future expansion and paying staff and suppliers. In PEP, this entire department manages the money coming in and out of the business and keep records

  2. Examine the strengths and weaknesses of the business by performing an internal audit on ...

    suits, which are then made with the label of the customer inside it. 'Private label' suits are those made by the company, and then labelled with their own brand names; 'Berwin and Berwin' and 'Daniel Hector'. The Competition The main competition on the branded side are: 'Pierre Cardin', and 'Balmain'.

  1. Business planning

    An additional 10% will come from other part of London and only 5% of the total volume of business and customers are expected to come from the local population. Initially business from the local community will be some how higher simply because of curiosity.

  2. E2: describe and explain the objectives of the business

    Franchisor will get money from franchisee for initial outlay and 5 -10% of the profits on a yearly basis. The franchisor will expect the franchisee to keep the rules of their company. Franchises do not have any problem in launching a new business and also there is less chance to fail the business.

  1. A proposal to modify "Exercisco Fitness Club" in Pokfulam, the location has been proposed ...

    But the wages of staff is also a variable cost because they are paid monthly wages depending on how the business has done but the overall yearly wages is kept the same. Forecasting of Profit/Loss Exercisco currently records its Profit and Loss by doing a Cash Flow forecast; they can

  2. Plan for business location and development.

    Week 5 Now that I have decided on my business, I am now going to find suitable premises. I will go to estate agents in the surrounding area and select a range of brochures, then check the Internet for other appropriate premises and scan the local press for any additional details.

  • Over 160,000 pieces
    of student written work
  • Annotated by
    experienced teachers
  • Ideas and feedback to
    improve your own work