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Prepare a feasibility study for a business with a view to acquire a vacant property and develop it for a new business.

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Introduction

Business Studies Coursework I have been asked to prepare a feasibility study for a business with a view to acquire a vacant property and develop it for a new business. I am planning to choose a business in the Earl's Court Rd area. There are a number of businesses under consideration. The underlying consideration for selecting a business would be the long-term survival and profitability of the business. The road that has the shop premises vacant and available already has an assortment of shops. However there is a large catchments area as well that is a mixture of residential area and hotels. The businesses under review are Newspaper shop, Internet Caf�,, Bureau de exchange and a flower shop. In order to attain my objective I would need to research the pros and cons of all types of businesses mentioned above. To do this, I would research into all aspects of a business, conducting a survey of the area, interviewing local people, using books, people and computer resources. I will create plans to help me, evaluate and redesign them as I proceed during the project. The reason for doing plans is to help keep track and organise what I am doing and it also shows points that I should cover for my study to implement it successfully. I have observed the Earl's Court area very carefully for a number of days and tabulated a schedule showing the number of shops in each category as follows, ` Newspaper 5 Flower 4 Bureau De Exchange 5 Internet Caf� 2 The road has reached a saturation point in respect of the first three options due to the existing numbers. However there is still a great deal of potential for some more Internet Cafes. This is due to the fact that there a number of hotels in the area . I have also taken into account the fact that a number of hotels offer in-house internet facilities. ...read more.

Middle

Social effects of my shop Social costs are the costs that the rest of the area must pay because of where a business or factory is situated. There can also be social benefits which means what is gained by the local area from placing a business there. The social costs as a result of where I place my business are increase in litter and my result in local competition closing down. The social benefits from placing my business are that people shop locally, creates one or two extra jobs and helps the local economy. Evaluation The place that I have chosen has more advantages than disadvantages. This is because my shop will be right next to a main road which will allow people to see any promotions, and they will be drawn to the area by a Sainsbury's Local. There is also a bus stop a few metres away from my shop which will make it easy to get to my shop. Another major advantage is that there is a bank nearby that has a cash point meaning it is easy to withdraw cash. There is also a college very near to my internet caf� so there is a good chance students will come and chat with friends etc. However, the disadvantage is that there are likely to be computers in the college so it would be more likely they would use it rather than paying for the use of a computer and internet. There are some disadvantages; primarily, there is no dedicated car park, and there are parking restrictions. The main parking restrictions are that there is no parking on certain points between 6pm and 8pm Monday-Friday. The planning restrictions in the local area are not very strict so this will help if I want to make changes to my, business. There are more benefits than costs, the only ones being litter and closing of competition. ...read more.

Conclusion

Promotions A promotions is not run for a very long time, they are used to help the advertising, and to get existing and new customers to buy the product. This is only ever used for a short time. The advantages of having promotions are that it can help to boost sales when they are low; it gets people to use new products and engorges. The different kinds of promotion, which will be suitable for me, would be: Money off This is where you offer money off your product so to attract customers. Coupons could be used, these can be in leaflets, or come in a previous product that you buy. Another way is where there is a discount in the whole shop and no coupons are needed. The idea of these is to get the customer to use the computers. In store displays/demos This is where there is an in store demo of the product in use, or there is a special in-store displays. The idea of these is to incise the customer into buying their product. The method of promotion that I going to use is price reductions, and in-store demos. This is because if people are using the computer for the first time, they would hopefully have some knowledge of how to use a computer and the internet. Using price reductions, such as using the internet for an hour at half price, would help to bring people back. The use of free samples, gifts, competitions are not very suitable for my shop. This is because it would be impractical to give out free samples, competitions will take a lot of time to set up and run, and gifts are not of any use as you normally only buy one of the product. I will also have special offers such as buying a coffee will give you a free extra 15 minutes to use the computer. I have concluded from my second plan is that I now know what methods of advertising, promotion, and packaging I will use and I know what benefits I will offer my customers . 1 ...read more.

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