The purpose of this assignment is to start my own business
The purpose of this assignment is to start my own business. I am going to start a business in a mobile phone shop so this requires me to research the advantages and disadvantages of running this business and find the different types of methods, which are most appropriate for my business. Business idea The type of business that I want to run is a mobile phone shop. My reason for this type of business is that I think that it will be a big success against other mobile phone shops. The type of people I am going to attract is from the age of 13 years and up. A twelve year old child and under will be too young to know the terms and conditions of buying a mobile phone. I do not want to state an age limit from over thirteen is because you can be too young to buy a mobile phone but you cannot be too old to buy a mobile phone.
My business will be called Ms Mobile. I have chosen this phrase because the business will be owned by two women and this phrase shows that a mobile should be treated like a lady. It also sounds catchy due to both words starting with the same letter. For example, Boyz Base, Sugar & Spice, World Wide Web, Spec savers, Kit Kat. There are also phrases which have a letter that sounds the same but is a different letter (c, k and I, e) such as, Sava Centre or Phone Frenzy.
My business will be different from the rest because I will have quick service and enough employees. The staff will be friendly to customers so that they will be pleased enough to come again. I will also have many sales so that customers will not find my prices too expensive. After I have my results, I will draw up some graphs of the data. This will help me to analyse the results and come to conclusions. In this assignment, I will first do a questionnaire regarding the target market. This will help me to find out which market to aim my business at. I will also include questions regarding the specifications of the business.
Personal Qualities The weaknesses of running this business would be making profits and giving customers their needs. It will be hard to communicate with customers because some customers may have a bad character and might not be easy to get along with. If this happens then it will be hard for my staff to convince them to buy something; we will need to be polite and friendly enough for customers to like my business and return again even if they do not buy anything.
Therefore, I need my staff to give a good impression so that customers will recommend my business to others and return back and hopefully will buy my products. It will be hard to employ staff that have good experience and will be right for the job. People will be interviewed by my partner and me so we can discuss the matters together and employ someone whom we both will be satisfied with. The strengths of my business will be keeping my shop clean because I will employ a cleaner to make sure that the shop stays clean. The money will be divided equally between my partner and I so we will both have an equally share of the profit made.
Market Research is the meaning of getting information about consumers, competitors and market trends. This happens through collecting primary and secondary data. Desk research – involves the use of secondary data. This is information which already available, both within and outside the business. Field research – involves the collection of primary data, which is information that no one has yet collected. Primary data is collected through direct investigation, usually through observation, experiments or surveys.
I will carry out market research because I will get an idea of what people want and to what specification. I will then be able to run a business using these specifications. This will reduce the risk of failure because I am giving people what they want. If people do not want a mobile phone shop then it would not be intelligent to go out and start running one.