Applied Business Studies
In this section of my work, I will be investigating how to start up a business, and looking at flaws in the process of setting it up. As well as looking at the range of problem that may occur along the way, I will be looking at how to keep up with the maintenance of the business, along with its finance and reputation. I will now go on to the process of choosing my business name, and talking about the pro’s and con’s, and if it would be suitable for the business that I am doing. First off, I need to decide what type of business I am doing, whether it is a hair salon, a football store, or even a cafi??.
Initially, I looked at what businesses are already set up in my local area, which is Flintshire. I researched and found out that there are many cafi?? ‘s, sport shops, hair salons, and many other retail stores. I need to pick a business where it would be ‘unique’ and stand out. The business that I have decided to do is a theatre based business, and in the store, it would sell a range of items, which can be props, costumes, different lighting equipment, sound boards and many other items.
The reason why I have chosen to do a theatre based business is because I understand a lot about the way theatres work, and I know what a lot of theatres need to do productions. In my business, a customer can either buy or rent certain props, buy different lighting or sound boards, costumes for certain characters in that era, and scripts that customers can buy and use. In the big cities, there are many large theatre stores, which provide different items for them, but from the research that I have carried out, there is no business like mine in North Wales, but there is a store in Chester, which could be one of my competitors.
I will be placing my business in Flint Retail Park, where it is accessible for everyone, and it’s in the middle of Flintshire, so it won’t be too hard to get there. I will now go on to the process of choosing my business name, and the pro’s and con’s about them. I know that I need to get a name for my business, and the website that I will be using to check for available names is www. start. biz. The name that I will be choosing should be relevant to the business, and I know that there are no shops near my business location which would have a similar name.
After looking at the National Business Register, I can pick out a few names which would be suitable for my business: Actors Vision – this name is direct, all actors and director want the best props, all the lighting, sound systems, and costumes and they will want to go to the store and see what their plays may look like, so it would be their vision. The name is unique and I think that it would work as it is at the moment.
Actors Dream – This name is also direct, its similar to the first one, as an actors dream is to have a really good play and with the best items as possible, and this name is also unique, as there is no other ones like it. Also, this name can’t really be related to anything else. * Actors Workshop – this name would suit the business I would be setting up, but people may get confused with it being an actual workshop, where stages are made and rehearsals are done. On the other hand, it may work, when they see the shop.
This shop name is not really appealing to me, and I don’t think that it will interest my target audience. * Theatre Store – even though the name is simple, it does not really stand out with the rest of their competition. When someone searches ‘Theatre Store’ into a search engine, loads of results will come up, so it’s not really unique. It’s not very exciting, it’s slightly boring. * Theatre Flintshire – even though it makes the name unique, as I know there are no other theatre stores in Flintshire, it does not appeal to me, and I feel that it sounds like an actual theatre.
I don’t think that I will be choosing this. Now I will start verifying the names on the National Business Register. Actors Vision There are no other businesses that share the same name as the ‘Actors Vision’. Below, it shows many results of a future website name that I could call it. The one I decided to choose is ActorsVision. com Actors Dream As well as ‘Actors Vision’, there are no other businesses that share the same name as the one I chose, and that would be an advantage, as it would be unique. The website name that I could choose is ActorsDream.
co. uk Actors Workshop There is one other business name for ‘Actors Workshop’, but although there’s only one, it’s still quite unique. A possible website name that I could choose for my business could be ActorsWorkshop. plc. uk Theatre Store There are no other businesses with the same name as ‘Theatre Store’, so that would be an advantage. A likely name for my website would be TheatreStore. plc. uk Theatre Flintshire Again, there are no matching businesses that share the same name as ‘Theatre Flintshire’.
This would be a good name as I know there are no businesses like mine in Flintshire, so no other business could have one. A likely website that I could have would be TheatreFlintshire. co. uk After researching all the business names and websites that I could have, the business name that I have chosen is Actors Vision. The main reason why I have chosen this is because it is unique and the website name sounds good. Also, the name sounds different; it’s not one of the common stores. The name ‘Actors Vision’ will not confuse people, as they will know that it has got something to do with acting and theatre.
I am happy with the business name I have chosen and I know it will do well in the local area, as it’s the only one of its kind there. I will now start making aims and objectives for ‘Actors Vision’, and will go into detail about each one. Every business will have lists of aims and objective they want to reach, and they will always try to keep to them, so that the business will keep going and maintain a positive cash flow. When businesses set up objectives, they tend to follow the term SMART, which means: – Specific – Measurable – Achievable/Attainable
– Realistic – Timed Specific A precise goal has a better chance of being accomplished rather than a general goal. When writing out a specific goal, businesses need to make sure to specify exactly what needs to be done, and in what time frame. There are many questions that businesses need to ask themselves to set a specific goal, these questions could be who are involved, what do I want to achieve, where does this need to be done, when should I be able to complete this, what are the requirements and the constrains, and the main one, why am I doing this.
An example of a specific goal would be something along the lines of “Join a football team and train twice a week”. Measurable Primary evidence needs to be established in order to measure the progress made towards attaining business goals. By measuring business progress, it enables them to stay on track and helps them meet their targets. When setting up measurable goals, businesses need to ask themselves a few questions, such as how much, how many and how will I know when it is done.
An example of a measurable goal could be “Edit 12 articles by the end of each workday”. Attainable When setting up goals, they need to reachable and not something that will never happen. Setting unattainable goals is make the business managers disappointed, and lowers their moral. The more achievable they make their goals, the easier they will be to reach and it will boost their moral. Long term goals can be made attainable by planning the steps wisely and managing your time in order to carry out those steps.