My business will sell gym/combat sports equipmentBefore I start my business I will need to choose my businesses smart objectives, it is crucial for a business to have these SMART objectives.

GCSE Business studies coursework

Sangha Sports

Part one

Aims and objectives

The aims of a business are when a specific company wants to achieve after the business has been set up and is making profit. The objectives are how the business will reach its aims and targets after the actual business has been set up. Businesses set up objectives so they can evaluate how their business is doing in their market, also they can see if they are making profits etc.

The most important aim of my business will be to survive the first year because I have many competitors in this market. My second aim will be to make sure all my customers are happy with the products my business will offer them; I will ensure good quality goods.

Before I start my business I will need to choose my businesses smart objectives, it is crucial for a business to have these SMART objectives. SMART stands for

S-pecific

M-easurable

A-chieveable

R-ealistic

T-ime bound

My proposed SMART objectives are going to be:

S- My business will sell gym/combat sports equipment

M- To double the total profits I made the first year in the second year

A- I will want my profits to increase at least 1% every month

R- I want to be employ staff with good sales skills, also I want a suitable supplier who will meet the deadlines for the supplies I need.

T- These wills be achieved just before a year of the business being formed

These are my SMART objectives for my planning process:

S- I will set up and get my sports equipment shop up and running

M- I will have my company set up within 1-4 months so the company can meet my profit goals

A- I will ensure my supplies meet the customers’ needs so I can get maximum profit and satisfy the customers

R- I will keep my staff to be close friends/ family so that they are reliable and meet my needs, however other types of staff will be hired

T- I will have all these objectives done by 7-10 months in the 1st year of the business being set up

Research methods- Internet, Business studies online, Revision guides

Part Two

Location of my business

I have found a location for my business and have decided to locate my business at 5a New Road, Bromsgrove, Worcestershire, B60.

I looked into many sources e.g. Internet, Estates agents (Andrew grant) etc in finding a suitable commercial property to locate my sports retail company. There are many factors and opinions that I looked into before choosing this location for my business. Below are the factors that made me decide that I was going to use this location.

Factors for choosing my business location

The location of the business is located very near to the main Bromsgrove high street this is very beneficial because the high street area is a very busy location, meaning my business will attract many customers from the location that I have chosen.

The property has a car park opposite so any staff or customers who will need to travel in a vehicle to get to the business location can use this service.

It has good WC facilities for staff (toilet facilities)) which have only recently been made so no changes will be needed to these facilities.

The front of the property has recently been painted meaning there wont be much damage done to the display frontage.

There is premises of approximately 38.8 sq m (417 sq ft), meaning there is plenty of space to store stock for sports gear, clothing etc.

Part Three

Competition

There are few competitors in the Bromsgrove area; they are dispersed around different parts of Bromsgrove. Below is a list of the different competition my business will have and there location.

Competition

Gilesports- This sports retail store provides equipment for all different types of sports such as football, cricket, and rugby etc. The only types of sports equipment they do not provide or have limited selection of is contact sports equipment. This may include sports such as boxing, Thai boxing, contact martial arts, and even hockey equipment. Gilesports offers low prices for there sports clothing however they sell some clothes of there own brand. Meaning some of there clothing brands won’t be as popular as ones in other shops such as Adidas, Nike and so on. Due to this factor they have low prices for there own brand clothes. There own brand clothing is any price between £2.00-£3.50, other brands such as Nike will be the average price £3.00-£5.99. The prices of sports equipment will generally cost between £1.99-£15.00

Bromsgrove Sports- Bromsgrove Sports mainly targets at the young teenagers who attend school. Due to the fact of having this target audience not only do Bromsgrove Sports sell sports wear, accessories and sports equipment they also sell general school clothing such as school uniforms -Blazers, Trousers, shirts, tie, and school badges. No other sports shop in Bromsgrove offers this these of products. Also they provide trophies for people, who wish to buy one for themselves or somebody else. They offer a variety of product however same as Gilesports they have hardly any contact sports equipment for sports such as ...

My business will sell gym/combat sports equipmentBefore I start my business I will need to choose my businesses smart objectives, it is crucial for a business to have these SMART objectives.

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