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Is it a sound business decision to locate a Coffee Republic franchise in Finchley Central?

Extracts from this document...

Introduction

GCSE Business Studies Coursework Contents Page:- Is it a sound business decision to locate a Coffee Republic Franchise in Finchley Central? Aim:- The aim of my business studies coursework is to investigate whether locating a new Coffee Republic franchise in Finchley Central is a sound business decision or not. This term 'sound business decision' means decisions that are based on specific and current information which can take more than natural instinct. They have to have specific characteristics to determine whether the business can make a profit. A sound business decision is one that will: * Have a future * Make a profit * Be able to meet a need * Attract investment to the area * Generate positive cash flow * Offer a high rate of return * Fend off competitors * Be marketed feasibly Introduction:- The purpose of this coursework is to find out whether a Coffee Republic located in Finchley Central will be a good decision or not. This could be influenced by many aspects such as population, amount of disposable income etc. I will go into these in more detail further on into this coursework. Coffee Republic was formed in 1995 by Bobby and Sahar Hashemi, a brother and sister team. Since then, Coffee Republic has grown to be one of the best known and largest independent espresso bar brands in the UK, with bars all across the UK from Manchester to Brighton and Birmingham to Bluewater. 1 I will be investigating the possibility of situating a new franchise of Coffee Republic in Finchley Central. A franchise is an authorization to sell another company's goods or provide another company's services in a particular area. In order to open up a franchise, specific requirements have to be met such as size, fees and legal documents. The advantages of franchising is that the business is based on a proven idea and its easy to check how successful other franchises are before opening one up. ...read more.

Middle

This information shows me that the coffee shops aren't in demand in the location of Finchley Central or that I went into the coffee shop during its quiet period. Existing Coffee shops in the area:- Starbucks Costa Caf� Nero Supermarket caf� Local caf� ? From this table, shows that the area of Finchley Central has no major competitors, as the only form of competition available are from local caf�'s. This means that there is an opportunity for Coffee Republic here, to eliminate the local competition and increase their market share due to their reputable brand name. Interview:- When did you open this coffee shop? About two and a half years ago. How has the market changed over the years? Recently, maybe as a result of the credit crunch, it's very quiet. You always expect it to be quiet at this time of the year, but not this quiet. The regulars we used to see once a week or twice a week are now coming once every two weeks. Obviously they are cutting down, and instead of buying two cups of coffee with a snack or meal they are buying a single. That makes a big difference to us. And some of our regulars we don't see at all now - at first you assume they are on holiday, but then you realise they have gone. They were our friends as well as customers. Why did you decide to locate in this area? I decided to locate in this area as I believe that it has a lot of business potential as it is an extremely busy area. Who are your main customers? Mainly local workers and senior citizens in the area, we also get the occasional passing trade; People coming in from other areas of England to visit friends and family and others from nearby areas like Barnet and Woodside Park. What is your best selling product? ...read more.

Conclusion

If opened up on Station Road, they wouldn't have to pay money to other company, if they want to lease the building; it also has a large potential customer base. However, it may be more expensive setting up the new franchise on Station Road as opposed to inside the station or in Tesco's. This is because this a hotspot as it is situated near to the main road, so there could be potential competition between firms for that spot. Nonetheless, I think that Coffee Republic should locate here due to the potential customer base, probability of joint ventures, and the size of the site. Conclusion:- 'Is it a sound business decision to locate a Coffee Republic Franchise in Finchley Central?' In conclusion, I have been looking at the above statement, whether or not it is a sound business decision location to locate a new Coffee Republic franchise in Finchley Central. In order to help me come with a conclusion, I conducted primary and secondary research. Based on this information, Coffee Republic should locate on Station Road in Finchley Central. This is because the area has all the characteristics of a sound business decision. These are characteristics that will: * Have a future * Make a profit * Be able to meet a need * Attract investment to the area * Generate positive cash flow * Offer a high rate of return * Fend off competitors * Be marketed feasibly In my opinion, if Coffee Republic were to locate here, there is a high potential of sales, profit and growth, none of these will happen if I locate anywhere else in Finchley Central. If it were to locate on Station Road, in the long term, around ten years down the line all competitors would be eliminated and because of the increasing sales over the years, there is a possibility for growth, where they could locate in surrounding areas to Finchley Central, such as Barnet, Brent Cross etc. This would definitely be a sound business idea to locate here. 1 http://www.coffeerepublicfranchise.com/history.asp 2 http://en.wikipedia.org/wiki/Finchley_Central_tube_station 3 http://www.coffeerepublic.co.uk/downloads/CR%20Info%20Pack.pdf 4 http://www.coffeerepublic.co.uk/uk-franchising.php 5 http://www.coffeerepublic.co.uk/promo_winterdeals_1.php ?? ?? ?? ?? ...read more.

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