Have you identified the target market and found out what customers are looking for? Yes I have identified the target market which is that A’s Ice Cream Parlour is targeted to everyone. The main target market for my Ice cream parlour is children and families. A recent survey shows that thirty four percent of such households consume four or more quarters of ice cream per month, which is significantly higher than the 20% of the family units without children. My Ice Cream Parlour will try to attract the target customers in the shops. Young children are also more adventurous in their choices and eat a wider selection if ice cream flavours and frozen desserts. In addition teenage girls and boys consume a lot of ice cream in their daily basis this can also be another target market for my business. Teenage girls tend to choose healthier products labelled as low-fat, mainly among the frozen yogurt products, while teenage boys still prefer the premium ice cream range. I have identified what my customers are looking for which is excellent quality of ice creams. The target market for my business that I have recommended to new business owners is that you need to clearly identify what the target market of your business is and most importantly what your customers are looking for which is essential for your business.
Have you investigated the relevant regulations affecting your business? Yes I have investigated the relevant regulations which affect my business which is that I have decided that the ownership for my business A’s Ice Cream Parlour Shop is partnership. This is because I will need specialist staff to be working in the shop, they will need to be specialised in certain aspects such as manufacturing, finance and production. The partnership of my business must follow the procedures and the policies by HMRC. It is advisable for my business that a business agreement e.g. A ‘Deed of Partnership’ is drawn up by a solicitor. This will cover such things as duties and responsibilities, percentage of the profit, initial investment and decisions that us partners need to agree on. A partnership must also follow the same procedure and the partners must notify HMRC of their existence. It is advisable for a Partnership Agreement to be drawn up by a solicitor. The profit legally should be divided equally between how many partners there are in the business. Duties and responsibilities should be done fairly. Also business name and the names of the partners, the type of business and business address. This is very important for businesses that they only investigate the relevant regulations which affect your business, as it makes no sense if you do irrelevant investigations which affect your business.
Have you carefully chosen a good location? Yes I firmly believe that I have chosen a good location which was in Princes Risborough; I believe that lots of customer will come into my shop. There is a picture showing were my business is located:
My Business is located here in Princes Risborough
I would strongly recommend that you have a good location for you new business so that it will appeal to customers and that they would instantly would like to know who runs the business.
Have you carefully considered finance? Yes I have considered the following which is the start-up costs of my business would be that when business purchases a building to set up. Also essential equipment needed for the business would be office equipment, cash till, and any vehicles required for my business. It is important that I monitor my start up costs because I would have a clear idea of how much money I have spent when starting up my business. The operating costs of my business would be to give staff wages, utility bills e.g. gas, water, electricity rent and business rates and insurance. Also to pay an interest on a loan that I have borrowed from a bank. Every month I will be paying £1,817.70 wages to my staff. In addition the utility bills for all months are £250. Other running costs remain same for the first 3 months which is £30 and then for the next three months it was reduced to £25. The loan that I have borrowed is £2000 and I have to pay an interest rate which goes up to £2,361.49. For my business I think that if my business had considered finance it would be easy to set up. I would recommend to new business owners that they need to carefully think how to consider the finance which is very important.
Have you identified appropriate sources of information and advice? Yes I have identified appropriate sources of information and advice which is from professional advisers such as accountants and a financial adviser they can help my business with the financial side of it. Also I have chosen lawyers and solicitors who can help me with the legal implications of setting up the business and as well as the legal requirements.
Recommendations for starting up a business:
To have a partner: This is advantage because when you are setting up alone you may find it difficult to set up and therefore require a partner to help you with some of the aspects of the business.
Starting marketing early: Many entrepreneurs spend lots of their time in designing there products whereas have less time to actually think about how they will be able to promote their business to potential customers.
Money: When setting up as a business it useful to have the right amount of money to set up. Also to have your own savings will help as well and possibly to borrow money for banks and to have a loan if needed.
Diversify: This means not only to sell your own original product, you can also try to think of new products that you can sell your potential customers which then will try to bring customers to come to your business not your rivals.
Keep it as simple as possible: Your business may not be a completely new idea. However you need to have a great idea that all potential customers will be able to understand quite easily. The businesses need to be simple to start and easy to understand.
Pick a business that really interests you: When starting up your business it requires a lot of hard this would mean that you would need to pick a business that will really interest you. For example if you’re interested in photography you can start up a business for that particular idea. In addition, you need to be passionate about the idea, product and be thoroughly involved in the industry. Also to be able to commit for your business this will allow the business to succeed.
Conclusion objective statement, is you plan viable, why, why not, would you go ahead, make recommendations: In conclusion I would like to say that I want to go ahead with my business is my plan is viable. Also because I have done all the preparation for setting up the business and I have done all the required research for my business. I would recommend to new business owners that you need to carefully consider products and services to be planned and design, so that your potential customers would know what you are offering to them. And this is also important that the business owner is clear about this so that they know what they are selling to the customers. For my business I think that if my business had considered finance it would be easy to set up. I would recommend to new business owners that they need to carefully think how to consider the finance which is very important this is because for example they need to charge the right amount of money for a product and not a extortionate amount. Furthermore, I would like to recommend to business owners that they need to ensure that they have a sound idea and an idea which is also interesting; not boring and that it will appeal to your customers easily. I would strongly recommend that you have a good location for you new business; the reason why location is important for the type of my business is because I believe that it is an area that will generate lots of profit for my business.
by
ashra007 (student)
