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To pick out a good business to start up, I begun by drawing my ideas into a spider diagram. Out of all my ideas I decided to start up a restaurant.

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Introduction To pick out a good business to start up, I begun by drawing my ideas into a spider diagram. Out of all my ideas I decided to start up a restaurant. I chose a restaurant as it is easy to set up and there are serveral positive advantages . These advantages are it is quite easy to establish a restaurant, there are many restaurants in every area but they might not be of the same theme. The restaurant market is very competitive but it is mainly dominated by fast food chains. I also considered opening a furniture store but this seemed to be a bad idea as furniture isn't something someone needs to buy every week or occasionally. If you had a regular customer s/he would buy furniture every 2 to 3 years as furniture doesn't need replacing very often. So it would be hard to break even as a furniture store. I also thought about video game retailer, also selling DVD's, but this market is dominated by giant established firms so it would be very hard to compete with them. To start my business I will need to take out a loan, if I can't get a loan from the bank, I have decided to seek assistance from small business agencies. Small business agencies are people who are willing to help people plan out their business and give people a loan to set up a business. ...read more.


Also after every year I will need to publish a balance sheet so I know how much the company is worth just incase I decided to sell it. Target Population My Target population will vary from area to area, different people live in different areas. Some areas people of higher status and class will want high quality goods. Other areas rent could be lower so this could effect my choice of location as well. Also the time of year could effect my target population, during the summer there would be more tourists than locals, and not many people like to go out to dine during the winter. The style of the restaurant will affect the target population, how I decorate the restaurant, the choice of colours and sorts of music as well. The choice of advertising will attract different sorts of target population, if I advertised in a higher class magazine or paper, I would get customers with a higher status. If I advertised in a teen magazine I would expect teenagers to come to my restaurant. Advertising on the city radio could attract local business men or commuters to the restaurant. Also allowing people to make party bookings or reservations will help attract a wealthier target market, if they want to book the whole restaurant. To attract a good target population I may decide to set lowest possible prices for my first menu, this will capture customers. ...read more.


Public Relations I could invite people from local papers and local magazines to taste my meals, asking them to write a review about the restaurant. If the public was to read about the reviews and the reviews are good people might come just to see if the crittics are right. This is quite effective but can also have disadvantages, if the food is not too good crittics will write bad things about the restaurant. Questionaire 1. What age group do you fall into? 10-17 18-25 26-35 45 + 2. How much are you willing to spend on a good meal for 2? �30-50 �50+ 3. Would you order some sort of alcoholic drink when your eating? Yes No 4. How often do you go out to eat? Once a week Twice a week Three times a week More than 4 times a week 5. Would you prefer to eat at a restaurant or order a takeaway? Restaurant Takeaway 6. How far would you travel to go to a restaurant? Within a mile 1-2 miles 2+ miles 7. What kind of eating environment would you like? Posh + relaxed Old fashioned Simplistic Other .............................................. 8. What kind of music do you like? Pop Jazz Rock Classical Hip Hop/R'n'B Other .................................................. 9. What time is the lastest you would consider going to a restaurant? 10-11 11-12 12+ 10. If a waiter or waitress offered you the chef's special would you consider ordering it? Yes No 11. Would you try a new free dish if a restaurant is promoting it? Yes No Spider Diagram Daniel Khor 11N ...read more.

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