After looking at various websites on property renting I have not found any premises in my local area that are up to rent or let. I may not be able to afford to buy anywhere in the locations that I have looked at. However, after a recent visit to the White Rose Shopping Centre I have discovered that there are numerous plots up for rent. This would be a great place to set up my new store as the White Rose generates thousands of visitors per day. I have invested numerous hours into looking at which section of the public to target my new store at. This is known as target market.
I handed out a lot of questionnaires and the feedback came to show me that young females are likely to be the main target market for my shop. In my shop I am going to have a lot of make up brands, hair products and perfumes. I cannot say what the price ranges will be because it depends on the style and product that is chosen. Here are some of the brands that will be sold in my shop. Make up: Rimmel, Miss Sporty, Me Me Me (new collection), Revlon’s, L’Oreal, Maybelline, Max Factor, Natural Collection, W7 Trends (exclusive), Chanel and Many More!
Hair Products: Pantene, Sunsilk, Tres Semme, John Frieda, Herbal Essence, Dove, Head & Shoulders, Neutrogena, Nice N Easy, Shockwaves, Vo5 and Many More! Fragrances For Her: D&G, Tommy, Calvin Klein, Anais Anais, Burberry, Chanel, Clarins, Dior, DKNY, Dolce & Gabbana, Estee Lauder, FCUK, Ghost, Hugo Boss, Gucci, Joop, Lacoste and Many More! Fragrances For Him: Aramis, Burberry, Calvin Klein, Chanel, Clinique, Davidoff, DKNY, Dior, Dolce & Gabbana, Estee Lauder, Gucci, fcuk, Ghost Man, Kouros, Hugo Boss, Paco Rabanne, Joop!
, Lancome, Paul Smith, Tommy Hilfiger, Lacoste, Yves Saint Laurent, Montblanc, Everyday Fragrance, Ted Baker and Many More! As you can see, I will have a wide range of stock for many age groups – mainly young females. Conclusions As I said above I have not actually found a property to set my business up in although I have seen many for sale in the White Rose Shopping Centre. If I decided to set my business up here I would have a lot of competitors such as Boots, Superdrug and Claires. This is probably a bad place to have my shop but it will attract a large amount of customers because it is a very busy shopping centre.
I would have to put my prices lower than Boots and Superdrug to make people want to buy from my shop because it has lower prices. The decision of been a partnership organisation is so that more capital can be invested into my business. It would also be easier if we wanted our business to grow than it would be if I were a sole trader. I feel this was the best choice for a business that is just starting up, although I still have unlimited liability and the business is unincorporated. It would be very expensive to set my business up in somewhere like the city centre with it been a very busy place where a lot of people work.
There would also be a lot of competition in a place like this. Instead I have looked into more local areas, which are still very popular but a lot cheaper, such as the White Rose. I chose my promotional methods very carefully. I kept to a budget because I didn’t want to go over the top with advertising. I would rather save up some money for other materials needed for my shop. I chose to advertise in a girl’s magazine because it will attract the target market I am aiming at, a lot of girls and young women read magazines.
I also decided to advertise with a poster on a bus because a lot of people will see it and it will catch the eyes of many young drivers. The products I will be selling will not affect my business as long as I keep up to date with the new fashions. Fashions change regularly. My business will be affected if I start to sell the brands that are out of fashion, this will be because everyone will want the new brands. I handed out some questionnaires and did some research on the Internet, which helped me when it came to deciding what products I am going to sell.