‘Choose a local vacant business site and make recommendations on how it may be developed for business purposes’ This project requires me to make recommendations for a local vacant business site and how it can be developed for business purposes. To do this, I must research into all aspects of a business, using books, people and computer resources. I will create plans to help me do this that I will evaluate and redesign as I proceed during the project. The reason for doing plans is to help keep track and organise what I am doing and it also shows points that I should cover for my business to be successful. There are certain parts of this project that can be decided before I create my first plan:
What type of business it is: An Internet. The aim of Net Palace(tm) is primarily to be able to compete with other companies in the local area. Other aims are is to break even and make a profit. However, my most important aim is to provide a high quality service to the public. I will now make a plan which I will later evaluate and I will create a second plan using my evaluation.
My task will involve me conducting market research in order to determine the local population requirements. The research will give me a clear guide to where I can place my business seeing as there are two vacant sites I can choose from (about 10 metres from each other). There are many factors to consider when locating a new business which all play an important part in a successful sale of a product. For some firms only a few factors will be important. Other firms may need to consider and balance a complex mixture of location factors. One important factor to consider is the infrastructure of a business site:
1)The business needs very good transport systems for the site , the most common are road, rail, river, canal and ports. 2) The business needs good communication systems, telephone systems, fax, e-mail etc. 3) Production is important to a business so a firm needs to know whether there are ancillary firms in the area to help deal with waste disposal, repair machinery and to transport the finished good(s). The cost of the site is another factor. The firm will need to find out how long the site will be needed for, should it be rented or purchased? Will the site need to be drained and levelled? What is the level of rates payable to the local council?
Is there room for expansion and are there any risks with the site and will this raise insurance premiums? Another factor is the geographical factor. A business needs to locate near water supplies, especially paper manufacturers, pharmaceuticals and for electricity generation. Waste disposal is also important for the business as some firms produce a great deal of waste during production. There are various laws which strictly control how waste should be disposed of. Prevailing wind is very important as the wind direction can take pollutants away from areas that are densely populated.
The research will also give me a clear guide of what type of pricing I will set for the use of the internet and how I will price the products such as coffee, tea, pastries etc. My pricing strategy will depend on my area, so I will carry out a survey to see what pricing structure suits that area. I will then research pricing strategies by visiting other similar local internet cafes and coffee houses. I will also have to research into any planning restrictions that are placed in the Earls Court area. What is the point of market research? I must find out how many people there are whom will use the facilities available in Net Palace(tm) and how many people there are whom will buy the products such as coffee, tea, pastries etc.