Business plan for a new shop.The business idea I am going to be presenting is a clothes shop called Raiinbow. My shop will be aimed at clothes for 13-25 year olds.

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Channi Dorset

Unit 10

Unit 10 – Starting a small business

Pass 1 – Present the initial business idea using relevant criteria

The business idea I am going to be presenting is a clothes shop called “Raiinbow”. My shop will be aimed at clothes for 13-25 year olds.  My shop will also sell accessories and shoes. It will a classy, bright, fashionable shop, that will range in all sizes and lengths for people who have trouble finding clothes they like or clothes that can’t fit. Everything will range from high street brands to well-known name brands that will be sold there as well. We will also personally design t-shirts and other garments for a small price. We also have a small discussion box to talk to young people to ask what they like and would like to see inside the shop to develop it and bring in more customers.

 I want to start this business because I want to reach out to all young people and be able to offer them something that they can wear and enjoy. I want to be able to see the smiles and happiness on people’s faces as they find something they like without worrying about high prices and having to put it back. It would make them more confident in themselves and me because that I can make them happy. This enjoyment and passion for my business should also enable me to live a reasonable quality life. In terms of income I will be making.


COMPETITORS: The competitors in the market place will likely to be: Primark, Topshop, H&M, Next, New Look. These shops also appeal to young ages as my shop does. My shop would be on the corner of the high street but easy to find and easy access for all customers. It will be small and easy to manage to begin with as I will be running it by myself to start with. my customer profile would be customers from all ethnicity  and certain ages that never feel comfortable in buying clothes because they either can’t find the size or something they like. They would most probably like all colours as well.

Pass 2 - Describe how to identify your target market

Fashion Questionnaire (Please tick correct boxes)

  1. Male         Female
  2. How old are you?
    13-15     16-18     19-21      22-25
  3. How do you consider your style of fashion?

Classy       Dull        Bright      Other

If other, please state your style of fashion:

  1. Do you think that there should be a shop for young people?
    Yes        No      Not Sure
  2. Do you have any ideas of clothes for the shop?

  3. What would you like to see in the store?

  4. Will you be visiting this store?
    Yes          No         Maybe
  5. Do you think this store has a lot of competition?
    Yes         No         Not Sure
  6. How far would you travel to be able to visit the store?

1 Bus    2 Buses     3+ Buses

Thank You for your Time



P3 - Describe the skills needed to run the business successfully and what areas require further development

Pass 4 - describe the legal and financial aspects that will affect the start up of a business

The ownership of my business is a sole trader which will be run be one person who is liable for everything to do with the business. The advantages of being a sole trader is that its is a small business so less money is required, quick decisions can be made without having to consult others, all profits are kept to one person and financial information can be kept private. The disadvantages of being a sole trader can be If the owner becomes ill or goes on holiday the business may suffer as they are not there to control the business, they may have work very long hours, prices are often higher than larger organisations, money may be difficult to raise as many banks and other lending institutions are reluctant to lend to sole traders because they have a higher rate of bankruptcy and they have complete responsibility for all the debts of the business. This is called unlimited liability. This means the owner might lose all of their personal possessions if they cannot pay the debts of the business.

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There are two different types of laws that every business must abide by and follow all rules within it. My business must operate within the law as it acts as a constraint. Criminal law is the first one that is enforced by the government. All individuals and businesses can be prosecuted. The second one is Civil law which allows an individual or business to sue another individual or business to gain compensation. All businesses in the EU must operate within the same framework. If the laws in each country were not the same it may give another business a bigger ...

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