Location
Location is an important factor as we as a business needs to consider the rent of the shop floor as we might not be able to afford it causing no profit for Bella Beauticians; an example of a location that is very expensive to rent out a shop is central London. We also need to make sure that potential customers can access our shop meaning there should be a local train station, bus stops nearby and easy car parking.
Products and services
Products and services we bring to Bella Beautician is essential as if we make sure that are services and products are high quality and meet our target market’s expectations then this leads 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. Our business needs to make sure that we have enough money to cover all the costs e.g. employees, rent, products, suppliers etc. and have profit left over as well to maybe expand the business.
Market/ demand for my service
When setting up Bella Beauticians it is vital that we determine if there is going to be an actual demand for the services and products we intend to offer. To help me find out if there is a demand for the service/product we wish to offer, we have conducted research to find out if there is a demand for the service we wish to provide and if it also meets the range of services they would like. Our research came back with the majority of my target audience saying that they would like to have their nails eyebrows and wax done. Therefore we have picked these 3 services to be provided in Bella Beauticians, we also found out that our target market will prefer our business if it was ethical so we are providing fair-trade nail vanish that they can buy from our store as well. 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