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Assignment to set up a new retail business in my area. I already know that similar shops already exist and that I will have competition. I hope that my business will be successful and that there will be room in the market for my new shop.

Extracts from this document...

Introduction

Introduction 1.0 I have been set a business studies assignment to set up a new retail business in my area. I already know that similar shops already exist and that I will have competition. I hope that my business will be successful and that there will be room in the market for my new shop. My new retail business is going to be a sports equipment shop. It will only stock sports equipment like cricket bats and hockey sticks. It will no have things such as sports apparel and other clothes. The new shop will be located in the middle of a town (Ramsgate) and be open all year round. I got my sources of knowledge from producing questionnaires. I gave the questionnaires to a cross section of society. I gathered all the questionnaires and compiled the results to produces different tables and graphs. The Internet helped me in finding out where different competitors were and what there prices are. Also it helped me to find what a suitable location would be to set up the new business. My Business Studies GCSE 2nd edition textbook, by Alain Anderton, helped me to find out different information like constraints on the market etc. I think that one constraint I will occur on my business is that the cost of house prices may go up so buying or renting a shop may be more expensive than at first I had imagined. The only problem i have occurred is that my business will have to be confined to Thanet. Location My new business retail will be located in Ramsgate High street. I have decide to set up my business in Ramsgate because it is a well populated area and often visited from people who travel far and wide. Business Aims 2.0 One important aim for my business will be to survive. To survive, my business has to at least break even over time. ...read more.

Middle

Product Developing and designing a product that satisfies customers' needs and wants and producing the right amount and to the right quality specifications. Price Getting the price right so that the product is affordable to customers, but also allows the business to make a profit. Promotion Making sure that the customer knows about the product through promotion. Advertising on TV and radio is always a good way of promoting a product. Place Ensuring that the product is on sale in places convenient for the customer to buy it. It is important that a business is situated on a high street as they are likely to sell more goods than if the shop was in a back ally. The 4P's will not affect by business in any way as I hope to stock a huge range of products for anyone and everyone. As I have said before the price of my goods will be low in order for me to sell more. I am going to advertise on one of the most quality forms of advertising, which is the Radio. My business will be located in the middle of the high street so there will be no problems with where the shop is. Break Even Account Key Terms- Break-even:- Where revenues equal costs. Break-even Chart:- A graph which shows total costs and total revenues and the break-even point where total revenue equals total cost. Budget:- A forecast of income and expenditure over a period of time, like a week or a year. Margin of Safety:- The quantity sold above the break-even point where the business makes a profit. Budgeting A budget is a forecast of what might happen. Claire Peakman's budget is �100. She gets �50 from her parents and �50 from her job. She plans on spending her money on clothes, food and going out. She hopes to save �10 each month. In a budget you have to work out what you will spend your money on and how much you have to spend. ...read more.

Conclusion

Many of the shops at the top of the high street are closed down due to lack of business. A down point to my project would be the financial side of things. Most of the financial parts like loans from the bank etc. I estimated. I think I could improve on this by actually going to a bank and asking for a real quote. This way it would have made my business studies project more accurate. I also could have improved my actually getting some pictures of the new shop and maybe designing some advertising slogans etc. I could have got the different floor plans of the shop. I also feel I could have investigated the electricity and heating to a bit more depth. I feel that my estimates on the heating and electricity bills may be to extreme or not extreme enough, this maybe because I do not know much about gas and electricity. Although I think my research on the internet was quite good. Different facts and opinion in my project are, the questionnaire. The questionnaire would be opinion because the people who fill in the forms, would fill them in to what they think is the best or the worst. The cost of rent or in my case actually buying is fact. This is because there is only one set price and there are not many different prices like there would be if it were a questionnaire. To improve my project a bit more I could have done some research about what Ramsgate was like 30 years ago and maybe what different shops were there before mine was. This would give some back ground information about the area and my shop. If I had to do the project again I would probably change the way I did the profit and loss accounts and balance sheets etc. All the data that was put into these graphs and tables was estimated. I feel that I could have either may a more accurate estimate or even investigate further and get the actual results. John Chapman 10 Thomas' Business Studies Coursework 1 ...read more.

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