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Vision Is Nothing Without a Plan - Can Business X Succeed?

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Introduction

Vision is nothing without a plan Can business X succeed? Introduction: I needed to choose a simple business idea and do the necessary research to ascertain whether the business could be a success. Alternatively I would need to look at an existing business and plan how it could increase its success. I decided to see whether my own business could succeed. I have chosen to look at a children's entertainment company that provides food and entertainment. I will have to research the main aspects that are needed to run and work an entertainment company. I will focus on the marketing side of the business and also the financial aspects. I will need to research advertising, and decide whether or not I would use it. Children's parties can often be stressful for parents. There is a gap in the market or niche, for this business, so it should be popular. I found this out when doing research in the local area, as I found nothing locally. I wanted to start up the business, and when parents have knowledge of the business they hopefully will realise that it is a good idea and that it would be useful for them. ...read more.

Middle

As a result of this I would hopefully be able to expand the business after a certain amount of time. The parties could only take place in the spring or the summer, because of the fact that it is an outside an event. I would also only be able to have one party a day as the parties would have to take place outside of school hours. If there are no orders then I will not lose money, as because I would not take out a loan I would not have to pay back a set amount to the back each month, as some businesses do. The total cost for each party will not have to be paid, unless I have a booking, so I will pay for the goods when the party has been paid for. I will not have to pay for anything that is unnecessary as a result of this. Staff: To start off with, I decided the best thing to do, when it came to staffing the business, would be to singly manage the business. I thought this because I would not have to pay a set amount for an employee's wages. ...read more.

Conclusion

I think the business will be popular and therefore the demand will be high, and it should provide a certain amount of profit. Another reason why my business could not fail, would be the fact that I did not take out a loan. This means the business will quickly make a profit, and this can be ploughed back into the business. I will definitely never make a loss as; it would take just under two parties to pay back the money I took out from my account for the start up costs. My project was based on both the financial and marketing side of businesses. I did tend to talk mostly about the marketing side, however I did try to find out how much profit I would make, and when I would start making it and also the prices of the things I would need to buy. By using both the marketing and financial side of things, I could monitor whether or not 'Kidz Big Bash would succeed. I needed to look at both of the sides, as if I had just planned my business with the finance in mind I'm sure it would not work, as I would not have looked at the other factors of a business. By researching into this mini enterprise, I decided it would succeed. ...read more.

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