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Is there scope for a new business.

Extracts from this essay...

Introduction

Is there scope for a new business scope for a new business in Extended Title: "research existing bsns in your local area and produce questionnaires to be distributed. Use this information to produce bsn plans for your own imaginary bsn" This project requires me to produce a imaginary business. To do this I must research into all aspects of a business, using books, people, and computer resources. To help me do this I will create action plans, that I will evaluate and redesign as I proceed during the project. The reason for the action plan is to help keep track and organise what I am doing, it also shows points that I must cover for my business to be successful. In this project there are certain parts of the project that can be decided before I created a action plan these are: What will I sell- I will sell electrical goods like televisions, videos, and hi-fis My shop name- I will call my shop "Kes" (Kapur's electrical shop). From what I already know I have decided to make my business a sole trader operation as these are the easiest to set up. Also in a sole trader business I will get to keep all of the profits. Also as I am a sole trader business there are less regulations that I have to comply with. As a sole trader I do not have to make my business accounts available to any one except the inland revenue. This is useful as it saves me time, and it keeps my business dealings secret to the public. What is the aim of "kes" The aim of "Kes" is primarily to be able to compete with other companies in the local area. Also to brake even, but provide a high quality service to the public. Then it is to make a profit. For the first year the aim of my business will also be to become a well established business, and to remain open (not be forced to close due to lack of business).

Middle

I will only as people in my target group with a wage of £15000. Aim The aim of the questionnaire is to see what benefits a customer would want form local electrical shop. Questions When buying from a shop, what is important to you? (You may tick more the one) Shop has a good reputation 15 Good after sales service 20 Home delivery 20 Home installation 16 Convenience 20 Extended guarantee 45 Other 20 Never undersold guarantee 30 Would pay extra for these service? Yes 70 No 30 Are the benefits available more important then Price? Yes 85 No 15 Which of these would pay extra for? (you can tick more then one) Home delivery 35 Home instillation 25 Extended guarantee 75 Other 19 Results The results are shown in bar chart form, as some of the questions the person could tick more then one answer. Conclusion My conclusion is that it is that it is very important to have benefits that help to sell your product. Also that people are willing to pay extra for some these extra services. I also found that people were influenced by what benefits that they can get from other sores. Other research I also used the Internet to research into the benefits that are offered by the major retail outlets and found that: Most shops charge for: * Extended warranty * Home delivery and instillation Most shops for free offer: * Never undersold guarantee * Good after sales service * Convenience * Customer credit Also I spoke to a owner of a similar shop who said that I should offer as many benefit for free as possible, as I will most likely sell more thus covering the cost. My benefits- The benefits that my customer will get as a result of my survey are: Benefits that they will receive for free; * A shop that has a good reputation * Good after sales service * Convenience * Extended guarantee * Never undersold guarantee * Customer credit *

Conclusion

The minimum wage is £3.60 a hour, which is the lowest I can pay. If I pay a higher rate then my staff my feel more valued. Commission could also be used to add on to the basic, this is would reward the staff when they make a sale. My payment method- The method of payment that I will use is based on the type of the job. If the person that I hire is qualified to carry out televisions repairs, accountants, or any thing else of use then they will be paid more. I will pay £4- £4.50, and I will not offer commission. This is because people do not like sales men who work on commissions. I will pay my self with what is left from the profits. This means that if I am doing very well then I will have a higher pay, and vice verses. A bank loan is a very common source of eternal finance for a business. The loans is repaid over a certain period of time and interest is paid. The time period can be anything from one year to twenty or more. How is interest worked out? Interest must be paid on a loan, this is paid back to the person who lent the money. To figure out the amount of interest that is paid on the loan is worked out by this formula: Amount borrowed 100 * percentage rate = total interest paid Nominal rate of interest This is the rate of interest that is applied to the whole loan from when you take the money to when you pay back the last penny. Fixed or variable? The interest that is charged to the loan may be fixed or a variable interest rate. The fixed rate means that it does not change, while the variable can change. The interest rate that is charged depends on: * The status of the borrower, a small shop may have a higher rate of interest then a large compa

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