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What are the key planning factors involved in starting your own business?

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Introduction

´╗┐Albina Bekteshi Business Key Planning Factors What are the key planning factors involved in starting your own business? There are a number of key factors which I must consider before embarking upon setting up my own business. Competition One of them being competition as the prices of other nearby beauty salons may be cheaper than our business (Bella Beauticians) prices therefore we need to keep an eye on our competitors to see if their prices drop or increase in case we lose customers , and to avoided our business shutting down. Also we need to make sure that we are not competing with strong names, as they have already built up a huge reputation which means if we do compete with them then it will be a major risk as we are a new business who still yet needs to accumulate customer loyalty and a good reputation. Population Population is a key factor as if we have a wide customer base; we therefore increase sales which increases capital for the business and profit. ...read more.

Middle

to a better reputation as customers will be satisfied which will mean customers will become loyal to Bella Beauticians and will spread the word about our great service/products we provide. If we do not provide an excellent service and products then our business will have a risk of shutting down as customers are not satisfied therefore no customers will come in Bella Beauticians. Target market Target market is vital in the business world as we need to make sure that our business considers who our target is e.g. who is around the area, as if there are variety amount of schools around then that means that students will be Bella Beauticians target market therefore prices will need to be low so they can afford our products/services. If we do not consider this then we will have no customers which will lead to Bella Beauticians to shut down. Capital Capital is the main key factor as without money the business cannot go on. ...read more.

Conclusion

As our unique selling point we are offering loyalty cards for when costumers use our services, for more than 8 times they come to Bella Beauticians the 9th time they can get their nails done for free, along with this we give student discount. Overall conclusion As our business Bella Beauticians has a unique selling point, provides discounts for our target market, and because of our high quality market research this will help us create a good business plan which will be ready for us to start up our business. However all the key factors; competition, population, location, product, target market and capital, are vital to the success of Bella Beauticians and need to be taken seriously if we want our business plan to work. If we unsuccessfully not fully achieve these aspects, then there will be a major risk of our firm in failing to accomplish the needs of the market place, failing to increase investment and eventually it may cause risk of financial failure and bankruptcy making Bella Beauticians close down. Excellent work ! 9/10 ...read more.

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