GCSE Business Studies
Choose a vacant local business site. Make recommendations on how it may be developed for business purposes Task 1: Aims of the Project “Choose a vacant local business site. Make recommendations on how it may be developed for business purposes” The aim of my project is to look around my neighbourhood and find a vacant business site where I must then suggest a business idea for that particular site.
In order for me to achieve this I must carry out primary and secondary research. I will start with primary research in order to find a vacant business site and to research what other businesses currently exist in the area. I will then brainstorm a list of businesses which could occupy that site. I will then start to research the demographics of the area. In order to this, I will find out its wealth, population and size as well as the majority age group living in the area. This will be mainly secondary research with some primary and it will aid me in choosing the 3 business ideas best suited to my site.
Lastly I will carry out detailed primary research to decide whether my business idea is likely to succeed. I will create questionnaires, ask questions and observe the area, in particular the infrastructure and competition to help me achieve my goal. Using a range of graphical techniques I will present my data as well as making a final justification on whether or not the business will be successful based on the information I have collected. Task 2: A suitable site for my business I will locate my business at 14 station parade Ockham Road South East Horsley KT24 6QN My business will be located in East Horsley. This is a small village in Surrey. The premises are held on a Full Repairing and Insuring lease expiring in July 2019 at a rent of 37,500 per annum exclusive
Location Maps Of My Chosen Business Site Task 3: Brainstorm of business ideas Task 4: Research the neighbouring business and local area. East Horsley is a very prosperous village in a well connected location. With its own train station on the main South west London Waterloo-Guildford line, it is a very desirable place to live. It is only a 40 minute drive from London and it is also close to Guildford, Leatherhead and Epsom. Horsley is very close to the M25 and is along the A246. In Horsley there are 3614 homes at an average house price of ï¿½539,287. Horsley’s growth rate in the last 5 years has been 15.1% meaning it is a dynamic local economy and housing market. Property price growth in Horsley significantly exceeds growth in earnings and the national average house price growth.
Over half of the properties in Horsley are Detached Houses, at 70% of the total housing stock. The least common type of property is Terraced Houses (3.2% of the total housing stock). Horsley is an area with a high proportion of property suitable for families with children. The majority of property in this area is owner occupied. The average price of a two bed property in this area is higher than the national average of 187894 at 329188.
Horsley is one of the most “experienced” areas of the country, with an average age of 44. It has a high percentage of married people at 19.3%. The average working hours in this area for men are 44 and for women are 30. Horsley has approximately has 3 people per square kilometre. In Horsley there is an excellent level of unemployment at only 1.3%. Most jobs in Horsley are found in the Real Estate and Wholesale ; Retail sectors. This area has one of the highest proportions of degree educated people in the country, at 36.5%. 1. Sports shop- With the average age being 44 in Horsley and with high earning people, there would be plenty of potential customers for a sports shop.
There are many sports teams/clubs in Horsley itself including 2 cricket teams, 1 football team, a swimming pool and gym as well as 1 tennis club. Within a 5 mile radius is another 2 cricket teams, a hockey team, 2 rugby teams, a leisure centre and another tennis club. With there being plenty of teams and clubs, it would be fair to assume Horsley is quite a sporty village. There are plenty of private schools nearby who all push their pupils to engage in many physical activities. With no competition close by, I think a quality sports shop could thrive in Horsley as the market is there.
2. Coffee Shop- A coffee shop, in my opinion, would thrive in Horsley. With an old people’s home in the village and the vast amount of commuters passing by en route to the train station, this idea could generate a very healthy amount of revenue. 3. School supply shop- Within a 5 mile radius of East Horsley is 17 schools both private and state. In my research I found out Horsley is occupied my many families so a school supply shop could be very successful as of course the children need their uniform. There is competition from a shop in Fetcham and Cobham but I think there would be more than a sufficient demand