What are the key planning factors involved in starting your own business?

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Albina Bekteshi


Key Planning Factors

What are the key planning factors involved in starting your own business?

There are a number of key factors which I must consider before embarking upon setting up my own business.


 One of them being competition as the prices of other nearby beauty salons may be cheaper than our business (Bella Beauticians) prices therefore we need to keep an eye on our competitors to see if their prices drop or increase in case we lose customers , and to avoided  our business shutting down. Also we need to make sure that we are not competing with strong names, as they have already built up a huge reputation which means if we do compete with them then it will be a major risk as we are a new business who still yet needs to accumulate customer loyalty and a good reputation.


  Population is a key factor as if we have a wide customer base; we therefore increase sales which increases capital for the business and profit. If we do not consider population we will not have a lot of costumers coming into Bella Beauticians which means not a lot of sales will be made and the business will not be able to carry on. In particular if we are targeting women, we need to determine that there are a sufficient number in the area to create enough customers.

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 Location is an important factor as we as a business needs to consider the rent of the shop floor as we might not be able to afford it causing no profit for Bella Beauticians; an example of a location that is very expensive to rent out a shop is central London.  We also need to make sure that potential customers can access our shop meaning there should be a local train station, bus stops nearby and easy car parking.  

Products and services

Products and services we bring to Bella Beautician is essential as if we make sure ...

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