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The aim of this investigation is to see whether a competitively priced Sports Shop in Kingswood aimed at a wide range of customers of varying lifestyles and age groups could be successful.

Extracts from this document...

Introduction

Contents Introduction ... ...3 Methodology ... ...5 Primary Research ... ...6 Research Results ... ...9 Summary... ...15 Conclusions ... ...16 Evaluation ... ...16 Cash Flow Forecast ... ...17 A feasibility study into starting up your own business Introduction The aim of this investigation is to see whether a competitively priced Sports Shop in Kingswood aimed at a wide range of customers of varying lifestyles and age groups could be successful. To increase the chance of success the right image will need to be established, along with the right products and proper promotion. This business will be set up as a sole trader to keep start up costs to a minimum. A location has been selected in Kingswood High Street near many already successful businesses such as WH Smiths Woolworth's and New Look. The property is approximately 100 square meters in size and will cost �24,000 pa to rent. There is quite a large population in Kingswood, roughly 100,000, so there are enough potential customers to make business feasible. Bus routes and car parks provide easy access to people living in and around the area. There is very little or no competition in this area so it may have the chance to become successful although there may be a reason for the lack of competition. So various methods of primary and secondary market research will need to be carried out in order to evaluate whether or not there is a real business opportunity. The main aims of the research will be to see if there is likely to be sufficient custom. ...read more.

Middle

Under �10 - 1 �10-20 - 3 �20-30 - 6 �30-40 - 9 �40-50 - 15 �50-60 - 10 �60-70 - 2 �70-80 - 2 �80-90 - 1 �90-100 - 0 Over �100 - 1 S.W.O.T Analysis of Kingswood and the Location of the Premises Strengths: * Located in the middle of Kingswood High Street close to some already well known and successful businesses such as New Look and Woolworth's. * Many bus routes and plenty of car parking spaces mean easy access to people living in the area and also people that live further away. * There are a large number of people residing in the area, 100,000. * No local competition. Weaknesses: * People may prefer to go to large shopping centres such as Broadmead and The Mall where there is a lot more variety. * Much of the car parks are 'Pay and Display' so people may be put off by this and go elsewhere. Opportunities: * There is an opportunity to completely dominate the market of Kingswood, as there is no competition locally to compete with. * If market domination is achieved then there is an opportunity to expand and offer a larger range and more specialised goods. Threats: * The biggest threat comes from the bigger competitors who are already established and well known so there is a threat of consumers shopping there. A small advertising campaign will be started. This will include �3,500 being spent on advertising in the local papers, �4,500 for advertising on the local radio and �500 for the cost of leaflet drops. ...read more.

Conclusion

Conclusions After conducting all relevant research and taking into account any anomalous data as well of examples of such businesses in the UK, I believe that there is a great chance of success for a Sports shop in Kingswood. From the research that I have compiled that the average amount one is willing to spend on sports goods is �50 and the average disposable income of the local residents can comfortably accommodate this. The business may have the potential to be even more profitable if it was to be set up in Broadmead or Cribbs Causeway due to the amount of people that are attracted to the area, but there is much more competition in these areas to compete with. Summary After studying the various forecasted cash flow and break-even charts, it is evident that the business has the potential to be profitable, if all other factors run accordingly. Advertising will also play an important role in the success in the establishment to the business and advertising in the local paper and on the local radio will make many residents aware of the presence of the shop. Excess advertising is not required as the location of the shop is such that it is clearly viewed by many, as its location is optimal, in the centre of the high street. Evaluation The main restriction that I experienced was that of time. If I had the option to redo the project, the main area that I would correct would be that of the questionnaires. I would take a much larger sample and over a wider range of times during the day. ...read more.

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