One of the strengths was the majority of Asian businesses that are diverse. This would be in the sense that they make a variety of products for their consumers. I have proved this with my audit of 50 businesses in the Golden Mile, which shows that businesses not only make one type of product but more than 1 such as Sainsbury’s which sells a variety of different products from food to stationary to electrical products (see appendix 1, 2 ; 3). A business that is diverse is bound to get more profit than a business only selling one type of product.
Many of the businesses that are over represented in the Golden Mile are food businesses such as restaurants, fast food outlets, supermarkets, sweet marts and pubs. I have found this out with my audit of 50 businesses (see appendix 1, 2 ; 3). Looking at my audit of 50 businesses in the Golden Mile, the market segment of many of the businesses is the whole family or in other words the business is targeted at the whole family (see appendix 1, 2 ; 3).
This is a good strength because this way the business has a greater chance of surviving and increasing its sales and profits rather than a business such as a pub where the target market is adults only. My consumer analysis shows that many of the people that shop in the Golden Mile live within the area, as many of the people that live in the Golden Mile are Asian (see appendix 4 ; 5). This is a strength for our economy because the outlets would benefit, as they would have a regular supply of consumers.
It would also benefit the economy because the outlets are near the consumer’s homes, so they would not need any transport by car or bus and can walk, which would decrease traffic and pollution. I also gave questionnaires to some of the businesses in the Golden Mile. I found out from analysing my results that there were more partnership businesses than sole traders and PLC’s (see appendix 1, 2, 3 ; 6). This is because many of the businesses in the Golden Mile were set up by local residents; therefore many of them were small businesses (See appendix).
A strength for our economy from the partnership businesses is that the responsibility is shared throughout the business partners and therefore there is a much better chance of increasing sales and profits for the business, as there are much more ideas than in a sole trader business. The food businesses in the Golden Mile may get most of the profit. This is because in my consumer analysis I have found that many of the people that ate out were school children that ate out regularly (see appendix 4 ; 5).
This would help the economy, in particular the food businesses, as it would keep their profits rising. My business analysis shows that many of the businesses in the Golden Mile have been running for around 5 years (see appendix 6 ; 7). This shows that many of the businesses have not been set-up up recently. It is also a strength for the local economy especially Neeta and Sara because if they were to set up their business in the Golden Mile they would benefit a lot from the sales and profits they have because consumers would be attracted by new stock.
Looking at my business analysis once again, many of the businesses in the Golden Mile find their business to be successful because of three main strengths. These strengths are that there is reliability of a quality service, there is exclusive and original stock that attracts customers and that there is a wide range of consumers from all over the world (see appendix 6). These are basically the main reasons why the businesses in the Golden Mile chose to set-up their business there. There is not a wide variety of products for different ethnic origins coming from abroad.
This is because looking at all three types of my primary research; I have found that the ethnic origin of the Golden Mile is vastly filled with Asians (see appendix 1, 2, 3, 4, 5, ; 6). This is a weakness to the local economy as many of the businesses have certain target markets, which usually is Asians. My business analysis shows that many of the businesses in the Golden Mile have been running for around 5 years (see appendix 6 ; 7). This shows that many of the businesses are quite old and may need a new business to improve the local economy.
This would get many of the local consumers interested to see what the business sells and would gradually increase the businesses sales and profits. Looking at my business analysis once again, many of the businesses in the Golden Mile find their business to have some disadvantages because of three main weaknesses. These weaknesses are that there is a lot of competition, the competition causes the businesses to bargain and that the customers may find prices to high in some places than in other places due to bargaining (see appendix 6).
These are basically the main problems that the businesses in the Golden Mile are affected by. Overall, I have come to the conclusion that our local economy is a strong economy after evaluating all my evidence. I have come to this conclusion as I have found much more stronger strengths than weaknesses in our local economy. Considering all of this, I believe that Neeta ; Sara should set-up their business within the Golden Mile.