The age group I will be targeting would be mainly men aged above 30, because these people tend to have a higher job position which will mean that they will have a higher income.
I will be only targeting the Woking area, as this area does not have any shoe shops that target the high spending consumers. Plus shoe shops in Woking don’t sell shoes that have a good brand name and shoes which are fashionable. This shows that I am operating in niche market which gives the benefit of having no major competitors to compete with. There are other shoe shops in Woking but they provide shoes for consumers at the lower(Less income) end of the market.
There are other shoe shops in areas next to Woking which aim there shoes at the consumers with a high earning. For example, areas like Guilford have shops like House of Fraiser, Mexx and etc. These shops will not have a big effect on my business but I may lose out on some customers, because they may consider that there is a more variety of shoes in Guilford than Woking. My main targeted market is consumers living in Woking, Horsell, Old Woking and Shearwater. Consumers in these areas will prefer to shop close to home, so they will probably go to shops in Woking before considering to go to shopping centres in other areas like Guilford or Weybridge.
House of Fraiser have there own shoe department in the store which contains a variety of top quality shoes. This shop also targets consumers with a high income and will mean that they maybe a threat to my business if they start to take away some of my customers. House of Fraiser already have an advantage which is that they are a well known department store and that they have a large customer base. They provide a wide range of styles like casual shoes, smart shoes and etc. I do not think that shoe shops in Guilford or far areas like Weybridge as a threat. They may cause my business to lose a small amount of my customers but I do not believe that most people in the local area will travel far to purchase a shoe which they can get from my store.
Market Research for Edge Footwear
The aim of my market research is to help me to gather information that I can use to decide how to target the right market segment.
My research is going to include:
- Market size
- Is there a market for my product
- How much are my customers going to be willingly to pay
- Who are my competitors
- What promotion tactics should I adopt
- How much would they pay
From the research results I will be able to tell whether it is worthwhile competing in this market, how large is the market, what profits can be made in this market and what competitors exist. I will also be interested to find out whether the market I am operating in is going to grow or shrink. If I use good primary and secondary research techniques to retrieve the required information, I may have a good idea of whether I should open a shoe shop, or not.
Primary data can be gathered from a variety of techniques, which are:
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By observing other shoe shops and determine how many days a week and at which times the shop will attract the most custom, to enable opening times to be planned around the optimum demand times.
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By surveying the local area and finding out relevant questions regarding on there spending habits on shoes.
Secondary data can be gathered from a variety of sources:
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Retrieving information off the Internet, which helps me to identify the size of the market- Web sites like the National Statistics and Census.
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Government publications provide me with information on consumer spending.
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Newspapers provide me with a good source of business information-For instance the Trade Magazine and The Times.
Types of research I will carry out
I will be carrying out both primary and secondary research to gather information I require. Both types research are very important and both types of research have advantages and disadvantages. Primary research like questionnaires will provide me with the information I specifically want and the personal opinions of the consumers. But the problems are that it takes a lot of time to carryout and it is expensive.
Secondary research is very easy and cheap to obtain, this is because it has already been gathered. I will need to be aware that secondary information is not always up-to-date, and therefore this will need to be taken into consideration when analysing the data.
Random or Quota Sampling?
When survey the public I will not want to question people who don’t meet my requirement. The shoe shop I am opening is aimed at men above the age of 25 and who earn above £20’000’s a year. So there is no point of questioning women because they will not be purchasing any thing from my store and plus they do not meet the criteria. The advantage of doing a quota sample is that it is quicker to complete than a random sample (as you do not need to know all the members of the population) and that I don’t have to survey the whole population and just can select the people I want.
My Primary Research objectives are:
Objective 1
Discover if the chosen location for Edge Footwear will generate sufficient customers, by assessing the competition in surrounding areas and conducting a SWOT analysis of Woking.
This may be investigated by comparing the quality of goods and prices offered by competitors to those of your own and conducting a foot count of the number of clients served at particular hours on particular days.
Objective 2
To determine whether men are willing to purchase designer shoes at a higher cost. Will they be interested in purchasing goods which are designed in a better quality than most shoes and pay a slightly higher price?
Objective 3
To determine how many days a week and at which times the shop will attract the most custom, to enable opening times to be planned around the optimum demand times.
My Secondary Research objectives are:
Objective 1
To discover the average number of men aged 18-50 living, studying or working in Woking. To determine the disposable incomes of men in these age groups. The information for this objective may be discovered from demographic information obtained from the local library.
Objective 2
I will need to find out prices of designer shoes over the Internet, so that I can have a fair idea of what prices to put my shoes at.
Objective 3
Investigate the cost of advertising my new business.
This may include method of above and below the line promotion and research into local radio, newspaper and leaflet drops must be considered.
Objective 4
To determine the fixed and variable costs of running the business including factors such as staffing costs and cost of stock required. I also will need to determine the start-up cost required so I know the amount which will be required to get the business up and running.
Questionnaire
This questionnaire is being conducted to gather information on whether it is feasible to open a men’s shoe shop in Woking. The shop will be selling high quality designer shoes. Please may you answer the questions below:
1) Please circle the age group you come under:
18-24 25-31 32-37 38-44 45 or over
2) Please circle the area you live in:
Woking Knaphill Old Woking Sheerwater Horsell Others………………………………
3) Please may you circle the wage category you come under:
Below £15000 £15000-£25000 £25000-£35000
£35000-£45000 above £45000
4) How many pairs of shoes do you purchase in a year?
1 2 3 4 5 6 7 8 9 or above 9
5) If you were to purchase a top designer shoe which one would you prefer to purchase?
Gucci Versage Armani Ben Sherman Diesal Locaste Calvin Klein Prada
Others (Please specify)……………………………
6) Will you be willing to pay a higher price for a pair of shoes which are designed by top designers and which are very fashionable, plus made with good quality material?
Yes/No
7) Do you shop in your local area when you purchase shoes for yourself?
Yes/No
8) When you purchase shoes from Woking, what store do you purchase them from:
a) River Island
b) Burtons
c) Clarks
d) Allders
e) Ciro Citero
f) Hew Harris
g) T.K Maxx
h) Edge
9) Which of these media's do you have the most access to?
a) Television
b) Radio
c) Print
d) Newspapers
e) Road side posters
f) Cinemas
g) Leaflets
10) Do you often read the leaflets that you receive?
Yes/No
11) What grabs your attention in an advert?
a) Slogans
b) Bright colours
c) Brand names
d) The shape of the paper the advert comes on
Questionnaire Results
1) The pie chart below shows the different amount of age groups I interviewed.
2) The pie chart shows where the people I interviewed lived:
3) This pie chart shows what wage category the people I interviewed come under.
4) The table below shows the amount of shoes people I interviewed purchase in a year:
5) Below is a table which shows the type of designer shoes people are willing to purchase:
6) The pie chart below shows the result of this question:
“Will you be willing to pay a higher price for a pair of shoes which are designed by top designers and which are very fashionable, plus made with good quality material?”
7) Pie chart shoes whether people shop in the local area when purchasing shoes for themselves:
8) Where do the people I interviewed purchase their shoes from (Woking town centre shops only):
9) Which of these media's do you have the most access to?
10) Pie chart showing how often people read leaflets which they receive?
11) The pie chart below shows what grabs the public’s attention in an advert?
Result Evaluation
I wanted to interview men who were the ages of 25 or above. This was the prime market I was aiming at, because these age groups tend to have a high salary, so therefore they have a higher spending level. In the results it shows that I was interviewing the right people because I only surveyed 8% of the public which was aged below 25.So this will make my results more accurate and will give me an in sight of what the targeted consumer wants.
I wanted to find out whether there where enough people in the area that had a high income. I needed to find this out because I would know that there would be consumers who will be able to afford my products. There would be no point of selling high priced shoes in the area if people did not have a high salary and a high spending level. So I had to make sure that I have people that matched the consumer requirements I was looking for. From my results it shows that there were a high number of high paid consumers. I was targeting consumers who earned more than £25’000 a year and the results show that 68% of people earned more than £25’000 a year. The reason why this was really high is because Surrey has the highest income average in the whole of England.
I needed to find out whether my store would be able to sell high quantities of shoes and that I would be able to make sufficient sales revenue. To find this out I had to ask people how many shoes they purchased a year. This would help me to find out whether there is high demand for the product and whether men are bothered to purchase large quantities of shoes. From the results it showed that the rate of purchase a year was good and it might be improved if I was to sell a more better and different range of shoes.
I wanted to sell a variety of brands of shoes in my store and therefore wanted to know what the consumers would most likely want to purchase. The results showed that most of the people I interviewed liked to purchase shoe brands like Gucci, Armani, Versage and Prada.
The main question I wanted to ask was whether people would be happy to pay a high price for shoes which are of high standards and quality. 59% of the people agreed that they wouldn’t mind paying a high price for a better and fashionable shoe, but there were some people who disagreed. I was interested in whether people in the local area purchased their shoes from outside town centres or Woking town centre. This would help me find out whether people were unhappy with the range of shoes sold at Woking and therefore went to other town centres to purchase them. This question would also help me find out whether there were a large number of consumers in Woking that would purchase my shoes. From the results it showed that consumers in Woking would tend to purchase there shoes from outside towns and this would implicate that Woking did not have enough variety and therefore the opening of my shop would give them more choice. Plus it was also good to find out that there were a high number of people who purchased shoes from Woking as this will give me a bigger market to cater for. It was very hard to find out the exact market share of each store which sold shoes, so I had ask the people I surveyed to tell me what shop they purchased there shoes from mostly. This would give me a fair idea of what shops I would be competing with and this would also help me find out why consumers purchase their shoe from that shop. For instance, they could be purchasing shoes from there because they sell a large variety of shoes, good quality material or it has a good brand rating. From this I will be able to asses why that shop attracts customers and then from that I will be able to copy that idea. Most people purchase their shoes from Clarks, River Island and Allders. These shops tend to sell very fashionable shoes and also have a variety of shoes to choose from. So this would need to be taken into account when purchasing shoes for the store.
I also asked some marketing questions to find out what would be the best way and method of promoting my products. I asked people what media they had most access to. Most people said television and others which had a high percentage were radio, newspapers and leaflets. This would give me an idea of what media to choose for promoting my product.
I wanted to do most of my advertising through leaflets and I wanted find out if people actually read leaflets they receive. From the results I found out that 61% of people did not read leaflets they received, so I would need to consider another type of way of promotion and not just to rely on leaflet handouts. The results helped me to understand what other advertising methods could be used.
I wanted to find out what feature in an advertisement would be eye catching. From the results I found out that slogans were the main feature that caught the eye of people and brand name was also high. From these results I can produce a good promoting material which will be more eye catching and noticeable to consumers.
Most of results I gained are very helpful for the business and gives me a thorough insight of the mind of the consumer. This enables me to provide consumers with what they want. The results I have gained are from the specific population I have chosen to survey. The type of research I did was a quota sample because I surveyed the people that meet my marketing criteria. This type of research was very time efficient because I did not have to survey the whole population which would’ve taken a long time.
Some weakness of the questionnaire results were that some people may have lied, which would have caused the results not be 100% accurate. For instance, people may have lied about their incomes and may have told an exaggerated figure just to look good. This would not have a big affect but would limit the predicted size of my market. Also I only interviewed a certain amount of people and not every single person that meets my requirements. This would mean that my results do not project the views of the whole targeted market and therefore it has a low confidence level.
Overall, the results are very helpful for me and will enable me to meet the consumer requirements.
Supplier
I will need to find a supplier which can meet the following factors:
- Has a large variety of shoes
- Has all the latest shoe designs
- Has all the major shoe brands
- Has a low lead time for supplying stock
- Sells shoes at a fairly good price
I decided that I would purchase my shoes from an online supplier who is situated In America. The main benefit is that the supplier sells shoes at a cheaper price because they have been produced in a country that has a lower cost of producing shoes than England. Plus goods sold on the Internet are cheaper because online firms save a lot of finance by selling there products online. Another benefit is that the pound will be able to purchase more dollars, so therefore I will be able to purchase more stock for a cheaper price.
Using online supplier is very helpful because I can order whenever I want and don’t need to send an order form or phone to purchase the stock. Plus online suppliers have a much bigger variety of choice to choose from.
The website where I will purchase my stock from is at . This Website gives you a large number of shoes to select from; all the top shoe brands and has all the latest style of shoes. Plus the lead time to get shoes delivered is only 6 to 8 days, which is okay.
The disadvantages of having my supplies bought in from abroad are that the lead time will be long. This will cause stock levels to be low sometimes, and this may even cause me to turn down customers because of no stock left for certain shoes.
Shoes coming from abroad will have a high postage and packaging costs which will make the total cost of the shoes higher. This will cause me to price shoes at a slightly higher price, and if I do not increase the price of shoes I will make a low profit per shoe. I will need to make sure that I price my shoes at a rate were I will cover all costs and make the targeted profit per shoes.
Place
I will be aiming to locate my store in an area where there are consumers who have a high earning and the location selected should have:
- Suitable Parking facilities near by
- Area in where suitable number of people have an earning of £25000 a year
- There should be a train station near by so that customers from different areas can come to the shop.
The store should also need to be small sized because I will be only selling shoes which won’t take up that much space in the store. I have chosen a place which meets all these criteria’s and it is on Chertsey Road.
Factors which make this place a good place to situate my store at, are:
- It has a car park next to it, which will provide customers some space to park there car.
- The store is situated next to a popular café. Therefore, the customers at the café will be aware of the shoe store because it is situated right next to the café.
- It is situated right next to the high street and therefore it will bring in a lot of customers.
- It is situated right next to the main train station in Woking and this will make outsiders and commuters aware of the store when they pass by.
- The restaurant next doors prices its goods at a very high price, so any customers who come to the restaurant will tend to have a high spending level. This will benefit my store because I am aiming my products at a consumer with a high spending level.
When I have purchased the property I must find out any restrictions which the government have set on the property. For instance, if I was to do following I would require planning permission from the council:
- Placing any bollards near my shop
- Placing Shutters
- Extra building at the rear of shop
- Any structural work
Location of my store:
Promotion
To make the public aware of the shoes we sell and where we are situated, I will need to carry out heavy advertising. I will need to make the targeted market aware of the shop and the products we sell by carrying out advertisements on newspapers and leaflets. When opening the store I will spend a lot on advertising so that we are well known in the local area. I will not be able to afford advertising on above the line promotion so I will go for below the line promotion methods. This will be advertising in the local area and handing out leaflets to houses in the local area.
I will want to put an add in the front page of the local area newspaper, so that people in the area will be aware of the store. Plus I will put some special deals in the newspaper so that customers come into the store and purchase these shoes. Adds in the local newspaper cost about £500 a week, but it also takes in consideration of the size of the advertisement.
The local area newspapers usually do a free feature on new shops. So therefore I could ask the local newspaper to do a feature about my shop when I open. This will benefit me from spending high amounts of costs on promotion at the starting period of the shop.
I will also go around the local area and post leaflets with information of all the shoes we sell and the prices. This will make people aware of the products sold and where the shop is situated. From my research I found out that people tend to find slogans the most interesting in an advertisement and therefore I will put a catchy slogan in the leaflet.
I will also use big sale advertisements to get customers coming into the store. Having sales makes a lot of people come into the store and this tends to increase awareness of the store. Plus it will boost the sales revenue and even produce high profits. I will only carry out sales twice a year, has it can cause a loss of profit sometimes. It can also have an effect on the image of the store as it may suggest that you are aiming your shop at consumers at the low end of the market.
Overall, marketing is the key to the success of the business and will need to be carried out at right times and by using appropriate methods of advertising. Also, I will need to make sure that I have enough finance to advertise and pay for the daily costs.
Pricing Strategy for Edge Footwear
This must be right, as people will have to buy large numbers for the store to make a profit. I will need to set the price for the products so that it is possible that the targeted market can afford it. All the products I will sell in the store will be priced high because they are shoes which are made by top designers and made with quality material.
The pricing technique I will be using is cost plus pricing. This is when I estimate the total cost of the shoe which will include amount it took to purchase the product and other costs like advertising. I will then add a certain percentage of profit I will be willing to gain. For example, if it cost me £70’s to purchase a shoe I will then add a 40% mark-up price. So the retail price of this product would be £98.00.Shoes which are priced close to the hundred pound mark will be priced up to £110’s. This is because it is a psychological price and that people feel that buying a product above the £100 mark will make them feel that they have moved up a social scale.
The profit margin rate I have chosen may change depending on changes in the market conditions and other external factors. Factors which may affect the profit margin to change are:
- If demand for shoes falls I will need to lower the profit margin and vice versa if demand increases.
- If new competitors arrive I will need to change the profit margin to be more competitive.
- If there is a recession I will have to cut profit margins to the lowest because consumers will not be willing to purchase luxury items.
When I have a sale I will need to bring down my mark-up price. Mark-up price will always be 40% but for the sale it will be reduced to 10%. I will need to make sure that I don’t bring the mark-up price to low because I will need the profits to pay off the day-to-day costs like advertising, wages, bills and etc.
The method of pricing I have chosen is very simple to do, but it also has disadvantages like it doesn’t take into account the market conditions and what the competitors are offering. As I am operating in a niche market I will not need to focus on what other competitors are pricing goods at because they are aiming there products at a different market.
SWOT Analysis
Below is a SWOT analysis of the firm. This will help me identify the existing position of the firm and it will make me realise what strengths I will need to build on and what weaknesses I will need to protect myself against.
Strengths
We are operating in a niche market because there are no other shoe shops in the local area which provide top designer shoes and shoes which are very fashionable. Therefore it gives me the advantage of having no major competitors to compete with.
Plus the area I have my store in has a very good average income. People who live in surrey have an average income of £33 400. This is the best in the whole of Britain and plus surrey is the richest area in Britain. This shows that I will have a lot of consumers who will have a high spending level because of there high income rate.
We purchase stocks from America which makes them cheaper because the pound can by more dollars and therefore purchase goods cheaper.
Weaknesses
Weaknesses we have that there is a high risk of operating in a niche market because the market size is very small so if you lose a few customers it may affect the revenue. Plus if a rescission was to occur it will affect products sold because at times of recession people tend to spend less and this will cause people to not buy products priced at a high rate.
Our total costs will be high because we pay a high rent for renting the shop next to the High Street.
Opportunities
We may sell are products online because of the vast amounts of people who shop online. This will mean that costs may decrease as there will be no need to pay bills like electricity, rents and etc. Plus we can sell a more variety of shoes and not worry about stocking them up.
Threats
The firms finance can be affected if there is a change in the exchange rate of the pound, because stocks are purchased from abroad. So if the pound gets weaker this will mean that prices of goods will have to be increased to compensate for it.
Plus if major competitors realise that we are making sufficient profits they may enter the market and steal our customers.
Cash Flow Forecast for Edge Footwear
Below is cash flow forecast which represents what I expect to earn in the next 6 months.
Interpretation
In September I will be earning the lowest inflow of revenue. This is because at the opening month people are not aware of the store and what we sell. I have put in my own £10’000’s into the business to support for any losses (Shown under capital).
The stock costs will always rise depending on the amount of sales we make. This is because the more we sell the more we order to keep stock levels at a good point.
Sales are high between November and December this is because of Christmas shopping. Therefore, I predict that these two months will be were I earn the highest profits in the year.
Advertising costs will be high at the start of the month, so that I can make people aware of the opening of the shop and the ranges of shoes we sell.
I will only employ staff on seasonal bases, depending on how busy the shop gets. So therefore in the Christmas shopping period there are some “staff salaries” costs.
The reason for why I earn an unexpected high net cash flow in January is because customers in December were given one month’s free credit. Therefore, customers paid up for goods in January which they had purchased in December. Overall, net cash flow looks good because it is getting higher every month, but I will need to take into consideration that this is just a forecast and does not take into consideration of any changes in the economy, e.g. Rise of interest rates and etc.
Finance and Start-up Costs
These are the estimated start up costs for the first month:
Sources of Finance
In order to start up this business I will need quite a lot of money. I have £20,000 of my own money and I will be getting a bank loan of £30,000 which has to be paid back at a fixed interest rate of 6.9% over 5 years.
6.9% of £30,000 = £2070
£30,000 + £2070 = £32,070total amount paid;
£32,070.00/ 5 = £6414.00 per year;
£6414.00 / 12 = £534.50 per month.
Regulations
These are laws that are passed by the government to help protect people, and the local area or country. In the UK there are also laws that protect the consumer, this is because it is easy for the customer to be misled.
What laws must I comply with? - The laws that effect my business and I must comply with are:
- 1968 Trade description act- This stops a business from not supplying the right information about a product on purpose
- 1974 Consumer credit act- This means that when people take up a credit agreement they get a copy of it. This is so that they can see how much they have borrowed, over how long, and how much interest they will pay.
- 1979 Sales of goods act- This is a very important law as it
doesn’t allow you to sell faulty, dangerous goods.
- 1987 Consumer protect act- This stops people from using misleading pricing claims, e.g. saying a product is at a reduced price when it is at the same. It also makes the supplier responsible if faulty goods are sold then the supplier can be sued for the cost of the damage caused.
These are the laws that I must comply with when selling goods but there are also other laws. These laws are here to protect the employees from unfair treatment at work. Employees are protected from:
- Discrimination
- Poor working conditions
- Wage protection
I will be employing people, so I will need to make sure that I follow the laws listed above.
Discrimination
The laws prevent there from being unfair discrimination at work. They can not discriminate on the basis of:
- Disability
- Age
- Religion
- Race
- Gender
Working Conditions
There laws that stop the miss treatment of the workers. The makes it the law for a worker to have:
- Breaks when working very long shifts
- Provide safe, and clean working conditions
- Provide a workplace that is of a reasonable temperature
- Provide cleaning facilities and toilets
- Protection from dangerous machines
Wage protection
This gives the worker the right to be paid for the work that they do. This also gives the employee the chance to a contract of employment. This contract sates:
- Job
- Wage rate to be paid
- When they will be paid
- Any deductions that will be made
- That the minimum wage is paid
Evaluation
Even though I believe this business will be a success, there are lots of things that would have helped to create a good business and decrease any negative aspects. Firstly, I used quota sample to question people. This is when I interview people who only meet a certain criteria, for example, I want to interview people who earn over £20,000’s a year. Samples of 1,000 is considered large enough to represent the views of your market. The reason why I could not do this is due to the reason it would cost a lot and is very time consuming, me being a student can not afford it or have the time for it. The confidence level with 35 people is too low and that’s why I questioned people at places where I expected right results, e.g. senior managers at offices or people who shop at Clarks. However this is not a problem due to the fact that it is a good enough foundation to start with and that changes can be made if any problems are faced.
Another aspect which was weak was the cash flow forecast. This was based on my primary and secondary data. I worked out from my questionnaire how much the average person bought a pair of shoes per year and then from that average I calculated the number of people I expected to purchase a pair of shoes and multiplied both to give me a figure of how many shoes I would sell a year/month. All the calculations in the cash flow forecasts are estimates and do not project the exact figures. Plus they ignore external factors like what if sales are lower, the price of stock goes up, an unexpected incident such as September the 11th occurs leaving the world market in a mess and new competitors emerge which can cause price wars.
From the research I have found out that there is a lot of demand for shoes of good quality and brand name. Therefore I would recon that the shop I will open will sell a lot of shoes because it meets the requirements of the market I am targeting. Plus in recent years the shoe retailers in Woking have not changed and have been selling a limited amount of variety of shoes. So therefore a new shoe shop which provides different variety of shoe will be a break through in the market.
In the first two months I will probably achieve low sales but after that I think the sales will be very high and this will improve the profits substantially. I will need to make sure that the firm is always promoting its product and providing good customer service. This will always make customers aware of the firm and plus it will help improve brand loyalty. So overall, I think that it is a good idea to open shoe shop and that it will make sufficient profits. Plus, in the future if my firm is earning good profits I may consider expanding by selling shoes for women and even open stores in other areas.
Purchasing products from America will make my business dependent on the exchange rate. Changes in the exchange rate will cause changes to price of my product, depending on whether the pound depreciates or appreciates in value. If the pound value increases it will mean that I will be able to purchase more dollars for a low price, and therefore I will be able to purchase stock from America at a cheaper price. This will then allow me to sell my goods at a cheaper price or sell them at the same price and earn more profit per product. But, if the pound value falls, then it will cost me more to purchase stocks from America and may cause me to increase the prices of my products. I will always need to make sure that I am aware of the exchange rate, because it has a big influence on the prices of my products.
The main reason for why the pound value increases is because the interest rates increases. It may be good for my firm that the pound is stronger, but there is also a disadvantage. This is because when interest rates rise it will mean that consumers will tend to save money rather then spending it, because they will be getting a higher return for it. This will cause them to spend less on luxury items and will have a big effect on my sales revenue. This may even cause my business to run into liquidation and therefore, I will need to always change the price of my goods depending on the economy.
As I have shown that the business will be affected by external changes (interest rates, exchange rate), it is necessary that I make decisions on the business on considering all internal and external factors.
Opening a business has many risks in it, you never know what's going to happen next, the whole market may change tomorrow due to new technology, and the whole market may go into a recession, these are known as uncontrollable events. After analysis and evaluation of all the controllable aspects available to me, I have decided that this business is worthwhile and has great potential of competing at national level in the next few years at the moment it will concentrate on local competition.
Shoes Collection
Below are some off the shoes which we will be selling:
Bibliography
Business Studies AS-Malcom Surridge and Andrew Gillespie
Business A2- Malcom Surridge and Andrew Gillespie
Business A to Z-Lines, Marcouse & Martin
www.statistics.gov.uk
