New Business Venture Proposal (Tutoring)
Business Start up and Enterprise
New venture
Part 1
Concept creation
[pic]
Design brief
Project type
I am planning on starting of business as a sole trader, partnership or joint venture. I do not have a great amount of resources available to me to start up a business, meaning I am going to have to seek funding from other sources. Due to lack in resources, it is sensible to start business off at a local level. As I am currently situated within Nottingham, I plan to begin or open up shop in Nottingham and then expand on to other Cities.
Objectives • Select a feasible concept • Conduct sufficient and relevant market research • Find ideal location • Device business strategy • Analyse competition • Select ideal price for product • Begin marketing a promoting • Begin labour selection process • Purchase/rent a premises • Design premises appropriately • Open up for business • Survive first year of trading by breaking even • Make a profit after at least the first five years of trading
Target audience
It is most likely my target audience will be students, mainly due to the large amount of students Nottingham has. Plus the ability to entice students to purchase a product through student discounts. Students are also an easy audience to market towards as they are mostly all situated within the same place. I am also relying on the assumption, that students will direct business to my venture through the power of word of mouth and recommending the business to other fellow students.
Specific instructions
Nottingham as a city has a large contingency of students, which could be used to my advantage, whether it be targeting students, or using them as a semi skilled yet cheap labour.
Budget
Resources available to me are; • £2000 cash in the bank • £8,000 cash donation from parents • £10000 bank loan, repayment begins after the first year with
New venture
Part 1
Concept creation
[pic]
Design brief
Project type
I am planning on starting of business as a sole trader, partnership or joint venture. I do not have a great amount of resources available to me to start up a business, meaning I am going to have to seek funding from other sources. Due to lack in resources, it is sensible to start business off at a local level. As I am currently situated within Nottingham, I plan to begin or open up shop in Nottingham and then expand on to other Cities.
Objectives • Select a feasible concept • Conduct sufficient and relevant market research • Find ideal location • Device business strategy • Analyse competition • Select ideal price for product • Begin marketing a promoting • Begin labour selection process • Purchase/rent a premises • Design premises appropriately • Open up for business • Survive first year of trading by breaking even • Make a profit after at least the first five years of trading
Target audience
It is most likely my target audience will be students, mainly due to the large amount of students Nottingham has. Plus the ability to entice students to purchase a product through student discounts. Students are also an easy audience to market towards as they are mostly all situated within the same place. I am also relying on the assumption, that students will direct business to my venture through the power of word of mouth and recommending the business to other fellow students.
Specific instructions
Nottingham as a city has a large contingency of students, which could be used to my advantage, whether it be targeting students, or using them as a semi skilled yet cheap labour.
Budget
Resources available to me are; • £2000 cash in the bank • £8,000 cash donation from parents • £10000 bank loan, repayment begins after the first year with