• 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 ...

    The new logo has the company name in red, the underlining in blue and the background white. However, given the cost of this change Tesco did not immediately change every logo for the sake of it, but gradually as old items were replaced, repaired, repainted, reprinted or re-designed.

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

    Ratio Analysis * Ratio analysis is the best way to appraise and judge the financial health of the business from the data provided in the balance sheet. * The ratios that are calculated can be compared to past figures, budgets, or to competitors.

  1. Customer Service Assingnment

    * Vision statement which make all employees aware of the fundamental commitment to quality * Establish critical success factors, which are bound in to all corporate policies. Below are examples of customer service focus for sainsbury which could be :- * High customer satisfaction which must always be taken into consideration at all times.

  2. Business planning

    7 Kg Okro 1 Box Ewedu 1 Box Vegetable 5 Boxes Red pepper 3 Boxes Chilli pepper 1 Box Fizzy drinks Amount required Cans of coke 2 dozens Cans of fanta 2 dozens Cans of beer 4 dozens Bottles of water 2 dozens Fruit juice Amount required Apple 2 dozens

  1. Full Assignment

    all the profit will have to shared between them. * Incorporated also have disadvantages within a business because legal procedures have to be followed which takes time and money. There are two main documents, which are necessary whiles registering the company at the Companies House, these documents are * Memorandum of Association * Article of Association * As a

  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. I have been hired as a business consultant for an entrepreneur called Sally Thomas. ...

    teaching English to local business people in Prague. She gets on with other people like the local businessmen and children in Prague and she thinks, "It is interesting to meet people from different cultures". She must be good at motivating if she taught English to young foreign children.

  2. Plan for business location and development.

    When deciding on my premises I will have to keep my financial situation at the back of my mind. I mean I could not hope to set up my business in premises that would cost me a million pounds, even if they were perfect for my business.

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