Creating a business & Business Opportunity
My business idea is to open up a shop and Internet service providing services such as home delivery in order to ensure a pleasurable experience for the customer, hopefully giving them reasons to return. I enjoy following the latest fashions and therefore feel that a business selling items of clothing and accessories would be a good option for me. As there is generally a lot of competition when it comes to garments such as skirts, trousers, tops etc. I have come to the conclusion that it may be wise to open a shop that sells coats/ jackets as well as accessories such as hats, scarves, sunglasses etc.
There is not too much competition in the market for a shop that specialises in such things and I feel that my enthusiasm in this particular area will work well to my benefit. In order to make this business a success, certain skills are required. I have experience of working in a shop and dealing with customers. Good communication skills are a necessity if a business is going to survive and customers are going to return. If you appear rude or are unable to sell your products to individual customers, this will not happen.
I also have experience of taking deliveries, ordering stock and many of the skills required in order to run a shop successfully. My aims are to investigate a business opportunity in my local area, carry out research and predict its financial outcome in order to make a decision as to whether my business idea would be worth carrying out. I want my business to survive whilst being pleasurable to run. The reason why I have chosen to open a shop based on items of clothing is that I am enthusiastic about fashion and feel that I will enjoy this line of work due to my good people skills.
I will use promotion and advertising to tell people about my business. Promotion is a means of communication between businesses and customers. It tells customers about the product and how it will serve their needs, therefore acting as a way in which to persuade people to buy the products that you are offering. I will advertise through the media, using the Internet via a website dedicated to my business, and posters highlighting important information about my business and the products which are available. My competition will be High Street shops such as H&M, New Look, Top Shop, Miss Selfridge, Debenhams, Marks and Spencer, Oasis etc.
These are all shops that sell items of clothing at reasonable prices. However, I feel confident that these shops will not pose too much of a threat to my business. This is because I will only sell coats/jackets and accessories whereas these shops also sell different garments. My business will save time for those people who are only interested in purchasing the items that I will provide. SWOT analysis means looking at a business or a business idea within four categories in order to create a valid understanding of what may help or threaten its success. These categories are strengths, weaknesses, opportunities and threats.
I will now analyse my business idea: Strengths My main strength that I am able to bring to the business is work experience within a shop environment. I worked at a pet shop during the summer holidays and on Saturdays for three months after being offered a job when I worked there during my year 10 work experience. This has given me good customer communication skills. I frequently ordered new stock from the supplier, answered the telephone and did practical work such as cleaning and stocking shelves. These strengths are needed within all shop environments and I could use these skills whilst running my own shop.
I follow fashion trends very closely, meaning that I am aware of what potential customers are looking for. I could incorporate these into the style of the shop in order to make it more appealing to the public. I am good at Maths, meaning that I should be able to cope with the financial side of the business. Weaknesses As I have no contacts within the clothing industry, I could face problems when trying to find a reliable, cheap supplier. I have to rely on a loan from the bank as I have no start up capital. Opportunities There are not shops in the centre of Croydon that only specialise in selling coats/jackets for women.
Therefore there is a gap in the market for my business. Threats Threats to the business could come from the high street clothing shops also selling coats/jackets to which I could possibly lose my customers. Also, leather jacket shops may cause a threat as they focus on selling jackets. 3 Marketing Plan Marketing is a way in which to make a communication about a product or service in order to encourage recipients to purchase or use the product or service. It is important as it can attract and persuade customers to purchase the product on offer.