• Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month

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

Extracts from this document...

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.

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 Marketing & Research 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 Marketing & Research essays

  1. Assignment 1, Starting a small business

    Age Discrimination Act 1975 This act protects people who are in legal working age from discrimination about their age, therefore regardless of the interview's age make sure that they are treated like everyone else and judged based on qualifications, experience and other skills to see if they are suitable for the job.

  2. BTEC BUSINESS UNIT 2

    Also the letters that need to be sent around internally of Coca Cola Enterprises that are related to customer service are done on the computers. * Have 'real time' comprehensive sales information; this is available to any of the trained staff at the touch of a key.

  1. business planning unit 8

    The company will switch back to the first type when more is needed. Bakers use production. They may make a batch of one kind of bread and then switch production to make a batch of a different kind of bread.

  2. Opening a sandwich shop in huddersfield

    I was also shocked at the responses I received from the questionnaires. I thought that not as many people would use the shop or be interested in using the shop. This was good news as I then knew I was entering a market with a lot of customers and for the possibility to expand.

  1. Business Coursework - Setting Up A Small Business

    Houses in the road cost an average of �3.2m." mouseprice.com February 2007 "The Halifax ranked Weybridge as the most expensive town in Britain (2007) with average property prices slamming in at �543,064." timesonline.co.uk 28th December 2007 "Weybridge is highlighted (2007)

  2. Unit 2 Investigating business

    unlimited liability Partnership A partnership is run by 2-20 people; they will all share responsibility for the business and make all of the important decisions. The profit will be shared evenly and fairly between the business owners. A partnership can benefit a lot of businesses as you are all sharing

  1. Applied Business Studies

    This shop name is not really appealing to me, and I don't think that it will interest my target audience. * Theatre Store - even though the name is simple, it does not really stand out with the rest of their competition.

  2. Research into Business Plans

    All together the business plan would help them initiate who and how the objectives will be achieved and completed by. It is important to have goals in a business because it helps run the business and also helps set it up for times when they lose track of their activity.

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