My idea is to set up an established franchise. Thus a Subway Franchise. My decision was based on the idea that there is a gap in the market for this particular business especially in the South Norwood area. The only well known sandwich outlet is Subway and although it is already a well-established brand name, I believe that in the correct location my own store will have the potential to make a lot of profit and survive. My businesses unique selling point will be giving my customers the choice to choose which fillings or types of breads they wish to eat for their sub.
There are nearly two million different sandwich combinations available on the SUBWAY menu. This flexibility will give the customer their needs and we will gain the loyalty. I believe that in the correct location my own Subway franchise will have the potential to make profit and survive. I will be answering the question: ‘Is it feasible for Subway to expand by establishing a second sandwich outlet in Central Croydon’. It is a well-known brand but in the UK not many customers are familiar with this established name.
I will make sure these potential consumers know it. I plan to do this by identifying an opportunity in the market and if there is a gap. I plan to use forecasts to see whether my business will be successful such as cash flow and break-even. Using finance available it will help me to launch an excellent franchise opportunity. I have found out Subway is one of the best franchises to set up and a number one entrepreneurial opportunity.
Despite this, as there is a highly competitive market that my business would have to enter, having a brand that consumers trust and identify will lead the sandwich bar gaining a stable market share, and loyal customers in a short space of time, and also some of the risk will be reduced. Overall, buying into a franchise enables entrepreneurs like me to have an opportunity to provide a known product from an established brand with a proven operating system already in place. Aims are the long-term intentions of a business while the objectives are needed to fulfil these overall aims of a business.
The main aim of this project is to conduct a sufficient feasibility study in order to evaluate whether or not my business will be successful or not. If my business is likely to fail I would like to assess what factors resulted in this failure and in turn what factors resulted in its success. If it is not feasible then at the end of my project I would like to draw some sort of conclusion about what could have been done to make my business much more successful especially in the case that my business fails.
Despite being a franchise and a well-known brand in sight of my potential customers, this feasibility study could endeavour failure and from there I could see what actually could have been enhanced. If it does prove to strive to success, I will be able to identify the best place to set it up, what products to market consumers’ want/need and at what price. Moreover, I would like to assess what factors resulted in the failure of my business, and what factors contributed to the success of my business, and at the end of the project evaluate what could have been done to improve the business being a success.
By doing this I will look into what makes a business strive into success, such as location, the competitors, products to be aimed at potential customers and whether there is actually a demand in the market for a well-known franchise as this. Information will be retrieved through primary and secondary sources and research. I intend to use primary research in order to identify, suitable locations, current prices of my local competitors, products that are needed and wanted by consumers in the market, the right promotional methods in order to attract potential consumers and to establish the target market.
In addition I shall use secondary research to find out statistics on most products sold/brought, the period of time in which consumer spending is at its highest, and where and any information retrieved by competitors on consumer spending patterns within the market, or successful marketing strategies. All project results will be used to determine and evaluate my project and backup final decisions. I will need to remember that I will need long-term profit in order to survive. ims should be an expression of all parties of the business, i. e.
employees, shareholders. The set aims should be long-term and everyone within the firm should work to achieve them. Aims can encourage commitment within a firm, i. e. giving employees a long-term job within the firm. Most firms do not spend quantities of time on trying to define their aims, particularly true of small firms where communication levels are quick and easy to transfer information such as my firm Subway. Aims are a basis in which I will set my objectives. These can be influenced by the business culture and the workforce culture.
Delegation can take place, in order to allow different departments to focus on different aims. This allows analysis of the success of the objective easier. Objectives can be an effective source of motivation to employees. It can give them a valuable purpose in the role of the business, helping them to work harder, and fulfilling the best within the business. Objectives are also helpful because it gives the firm a direction, helping them to co-ordinate activities in order to achieve the final mission statement. It gives them stepping-stones, breaking the mission statement into smaller segments.