In this coursework I will be planning on how to set up my own business. In part one I will be covering the attributes that I have to offer and the aims in setting up the business venture. I will also be explaining the reasons to my chose of business venture, the risks that I will be taking and the opportunities it offers. I will also be showing the proposed legal structure of the business explaining why it is appropriate. Finally for task one I will be showing potential sources of finance explaining how these fit with the legal structure and aims of the business venture.
For the second task I have to aim to produce a plan that I could present to a bank manager, potential supplier or landlord to show that I am fully ready to operate the business. Doing this plan includes showing the documents related to realistic financial planning for the business. I will also have to produce details on how I would run the business addressing areas including: complying with legal requirements, key operational planning, making use of local networks and meeting my own development needs.
I will also be showing a marketing strategy including information on product/services to be offered, market research and marketing activities proposed. Lastly for the second task I will be including a summary of my proposals in my final plan that shows how I have carefully analysed my options giving justifications for the decisions I have taken. Task 1 I have chosen to plan and set up a Mechanics garage dealing with car tuning and customizing cars.
In this I will fix and sell the products to customers and have a designing system to give customer options. This business will be set up in Wembley near famous garages such as Euro Car Parts (nationwide car suppliers), Jazz Porsche (which is a famous Porsche place and had one of their cars in the Bad Boys movie which makes them quite famous), etc. The garage is also located near Wembley stadium which is effective because when fans go to watch the match people could see the garage which may gain more customers.
I will also be making sure I provide a good service as in being punctual, fast but effective fitting and charming and have good communication with all the customers. The garage is targeted to anyone who’s interested in cars or drives a car, because people who love cars would want their cars to be made to special and quality look which I would provide professionally. Also fit on tyres, alloys, suspension, tuning, etc, which every car needs now and again.
I would also hold car shows to attract more customers, for example showing cars I have done and a few demonstrations like bike races, etc. I would hold these in front of the garage as people who turn up would see the garage and the professionalism of the jobs and may be willing to bring their car. My businesses aims are: * Survival * To make a profit * To have a good reputation * To provide good services/goods Below I have written how I will be achieving these aims: * survival I will achieve this aim by making just enough profit to .
To do this I will have to supply customer’s products they want at a reasonable price in order to get enough income to break-even and pay the monthly costs like electricity, lease, etc. * To make profit I will achieve this by providing good products and services at a reasonable prices and doing affective advertising to attract more customers. * To have good reputation This aim can be met by making sure the service being provided is good and the customers are kept happy. So this way the reputation is good and kept clean. * To provide quality services/goods
This is done by making sure the attitude is good and making sure the products and services are fitted and done on time and making sure the quality is above standard so customers return and recommend the business. All of these aims and methods of how I am going to achieve them are all connected with making profit in some way or another. I have decided to produce and open a customize car garage because there is a lack of professional fitting shops around and this would bring more a lot of profit as customers would come to me due to the number of shops around.
Also it is a well profited industry as one project could bring you a lot of money and depending on quality of service and end product I may get a few projects from celebrities as there are contacts within the area. The main risk I have with this is it may not be a success, but in order to succeed I need to take risks. Although if this business is a success it would benefit hugely on customers as well as myself because customers would be satisfied of the job that has been done and I would make a reasonable profit meaning both customer and workers are happy.
I will also have an opportunity to build up by expanding into a bigger area if the business goes successfully as there is an open area and buildings that could be bought or extended. This enterprise is a sole trading business because looking at the advantages and disadvantages below I have more of a chance being successful and I make all the decisions. However if the business is successful I could expand into another type of business structure.