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.
• 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
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.
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.
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 interest rates of 1% of initial loan
I shall be seeking further funding in the form of grants, bank loans and other sources of cash if Business qualifies.
From my brain storm I have thought of the following concepts as the idea to create the business with; • Healthy Fast food outlet
• After school tuition classes
• Club/ bar
• Five a side football pitches (for example Goals)
• Educational website
• Events organising
• Clothing retailer
• Taxi cab company
• Property development
• Driving school
The following were rejected for the following reasons, either it was in a saturated market, where new firms could not make a significant impact for example the Taxi market in Nottingham is very saturated with 3 main taxi firms Lentton, Nottingham cabs and DG cabs owning mass market share, with a further 8 smaller firms fighting over a small portion of the market. The club bar market is also highly saturated with fierce competition and little room for differentiation. The high costs of setting up a gym resulted in that concept being rejected.
Selected business Venture
After careful consideration and critical analysis, I have decided to go with after school tuition and support as the venture to go with. Here is a breakdown of how this venture will operate and what will be needed for business to run.
The after school Tuition and support Classes will be aimed at pupils studying for their GCSE’s, pupils will not need to be of a particular academic standard to apply for tuition. Pupils from all learning capabilities are welcome to apply for these classes’ and one to one sessions.
The second product/ service which this firm will also provide is a one to one Tuition service, in which a staff member will visit pupils at home to offer a more personal tuition. For this service the tuition fee will be substantially higher than standard classes, but will more likely improve...