This project requires me to produce an imaginary business. To do this I must research into all aspects of a business, using books, people, and computer resources. My business venture that I am going to set up will be a phone shop and it will be called Kash Mobile. In my shop I will be selling different range of phones. I believe my business will be successful if I choose a good location for it and to do that I will be carrying a research on it later on.
Aim The aim of “Kash Mobile” will be to be able to compete with other companies in the local area, provide high quality service to the public to make more customers, and then it will be to make profit and for the first year survive to make my business well established business. Market Environment I think the location where I am opening my business; people will be able to afford enough money to spend on my business. I have chosen a location for my business, where there aren’t enough mobile phone shops and I will not have to worry about competitors.
Potential Competition As I mentioned before there aren’t enough mobile phone shops on the location where I have chosen my business to be, so there will not be much competitions. In order to make good money I will have to find a suitable area and make the start off price cheaper then slowly increase them as the business gets attracted to more customers. To attract the customers I will be giving out special offers and I will try to give customers a good service. Source of Finance Because my business is partnership we about 15000 to rent the shop which I will pay monthly and to buy the products we need about 23000 so to run my business we will need about 38000 in total. I have saved about 20000 which I will be putting it on my business and rest of the money half will come from my business partner and half loan from the bank.
What is loan? A loan is a type of debt. The borrower initially does receive an amount of money from the lender, which they pay back, usually but not always in regular installments, to the lender. This service is generally provided at a cost, referred to as interest on the debt. A loan is of the annuity type if the amount paid periodically (for paying off and interest together) is fixed.
Potential Customer My potential customer is people who ar e in need of a mobile phone and who are willing to spend money. I will be targeting people age around 12+. To catch my customer’s attraction I will have to give special offers and discounts sometimes so they can visit back. I will advertise through leaflets which are because it is one of the cheapest ways to let others know about my business.
Location the location that I have chosen for my business will be in Harlesden. I have chosen this location because it’s a very crowded area and according to my research result people want more phones shops in Harlesden due to lack of phone shops in Harlesden. Also I chose this location because there aren’t enough mobile shops and I will not have to worry about any competitions. My shop will be located in the station road in front of the bus stop and a tube station behind it so there won’t be any difficulties in finding it,
From what I already know about partnership and sole trader I decided to make my business a partnership, because I will not be able to get enough money to run my business. Having a partner in my business will be very useful because if my business is in loss I and my business partner can put money together to save our business from loss. I didn’t choose sole trader because as I wouldn’t be able to get enough money for my business and because I will be new to business people might not trust my services.
Market Research I am going to do a research to find out who wants to buy my product. This will help me find out what a customer wants, and then giving them that. The aim of my research is to predict what the customer wants in the future; I will be carrying out the research by doing a questionnaire and asking a random group of people. There are two types of research; Primary research and secondary research. Primary research is when a business does its own research, i will be doing a questionnaire asking random people in Harlesden.