My local shopping centre
Following that I can enquire about information from LEDU (Local Enterprise and Development Unit) and the bank. These are external sources that are most likely to be used as it is a small business. LEDU is a small business agency for Northern Ireland set up in 1971 to encourage small businesses to grow and become more competitive and so will strengthen the local community. LEDU is the leading agency for local economic development in Northern Ireland. It helps businesses that normally employ fewer than 50 people in the manufacturing and trade service sectors.
A bank is an organisation that receives deposits from the public and uses it to finance business activity. Commercial or high street banks such as Abbey national and Barclays are public limited companies that aim to make a profit. To do this they will charge their customers for some of the services they provide such as interest on loans, fees of transfer, currency conversions etc… A bank as an external source of finance can provide long term and short-term loans After the interview with the manager I will have all the necessary information that will enable me to investigate the external sources.
Other shops within the Abbey centre can be useful to visit so I am able to view competition that I will be faced with as a result of opening a business. I can also ask them which areas do they think have been most successful, how they rate the security and facilities and any additional information on how to satisfy customer needs. I will also need to look into types of communication and decide which methods are best suited to the type of business I want to set up.
Electronic forms of communication such as telephones and walkie-talkies can be considered very efficient, giving close levels of communication between members of the workforce. It is essential to have good communication in a business, wither it is internal (which takes place between members inside the business organisation) or external, (communication that takes place between people who work in the organisation and those who work with the organisation such as other businesses, suppliers, customers, accountants and inland revenue).
Sources of raw materials need to be allocated so that the least amount of money possible is spent on transport, yet also providing the most efficient route. An efficient transport system reduces the amount of capital needed to be tied up in stocks because new supplies can be obtained quickly. Training methods and labour finance will also need to be investigated. I must ensure I have enough money to fund the appropriate labour costs and to pay for suitable and efficient training to ensure I have the best possible workforce. Training will install knowledge, change attitudes and increase skills.
Once I have completed all the necessary procedures to gather my information I can draw up and conclude my findings with tallies, charts, spreadsheets and databases so I an able to see what important trends are formed. Once this is complete I can add my conclusions to my findings. I can then make recommendations from what I have found in my investigations as to the best possible business to set up. Customers: The customers of the Abbey centre are vital in this investigation as it is their wants and needs that I aim to satisfy.
The customers are able to tell me what they think of existing businesses, which they prefer, which they don’t and what kind of business they would most like to see. It is important to value the customer’s opinions so this is a necessary piece of field research. I will go to the Abbey centre and distribute 20 questionnaires randomly, so I can find out information from the customers. L. E. D. U: LEDU is the leading agency for local economic development in Northern Ireland. It helps businesses that normally employ fewer than 50 people in the manufacturing and trade services sectors. It is a small business agency for Northern Ireland set up in 1971 to encourage small businesses to grow and become more competitive and so will strengthen the local community.
It will provide me with all the necessary information when setting up my business. It will help me with questions such as: How do I go about measuring the demand for my product or service? How will I put together a business plan, source finance or obtain the skills required to run a business successfully. There are many organisations in Northern Ireland who can give advice, training and funding to help entrepreneurs to understand and meet the challenges of starting a business. Bank: A bank is an organisation that receives deposits from the public and uses it to finance business activity. When setting up a business the bank is needed as a source of capital in the terms of usually a loan wither it is short term or long term.
Like L. E. D. U the bank can also guide me when setting up a business. Using the bank of Ireland as an example they can provide as range of services to meet the needs to start up a business that include: *Current account and savings products designed to meet specific banking needs. A choice of overdraft and invoice finance lines Asset finance and loans under the small firms loan guarantee scheme *International trade finance Competition: When setting up a business I must consider the competition I will be faced with. It may be the case were the business I decide to start up sells a similar product/products to that of existing competitors around me so I need to consider how I will make my own shop more appealing to the customers.
Competitors can help me with information about the Abbey centre itself and its facilities such as security and most popular areas or businesses, which is useful if I am to set up a business at the Abbey centre. They also might be useful as they may have previously conducted surveys in the past so they may have useful information to aid me in my investigation.