Essay
Unit 36: P1 - Business Idea
- Institution
- John Ruskin College (London)
Essay of 3 pages for the course Unit 36: Starting up a small business at John Ruskin College (London) (business idea)
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My business idea:The business idea which I have in mind is a fashion accessory shop, in which
products like earrings, bracelets, necklaces, rings, piercings and watches will be
sold at a reasonable price. I will own the company and act as the sole trader as
this would mean that I will not have to share the profits and I will have a high
level of control and be able to make my own decisions and orders.
The main reason as to why I have chosen this particular field is because
nowadays, fashion plays an important role in our lives and many among us,
especially teenagers and ladies, who are the target customers, wear such
accessories on a day-to-day basis. As a result, it is very likely that this business
will have some success, which is an important point to consider, especially as it
is a new private business.
For this
business, I will have to search for a premise which is in a location with a
steady footfall. This can be in the high street or close to a shopping
centre as these are the types of places which present better possibility of
success, as there will be a guaranteed inflow of customers.
To set this up, I would require an initial sum of around £15,000, which I
would retrieve from personal savings and money borrowed from friends
and family.
I would prefer to rent a building in the chosen location as then I will be
able to pay for it gradually as I make profit from the business itself. In
addition to this, most of the time, when put up for rent, shops tend to be
practically empty. As a result, I will have to hire a decorator to do the
furnishings and fittings to prevent the shop from looking too dull, as this
may put off customers. Arrangements will have to be made to install
shelves, busts and stands to display the accessories in a presentable
manner. I will also have to keep in mind expenses like bills, stock
replenishment and other running costs as these can add up to a
considerable sum.
, Aims & objectives:
Personal Aims:
In setting up this business, I intend to make a reasonable amount of profit
to pay the monthly rent and keep some aside to pay back friends and
family who have given a helping hand in setting up the shop. I also hope
to have enough sales to cover the above and have some savings as well.
Business Objectives:
The main business objective in this case is to make profit and survive as
there are many competitors like Claire’s, Accessorize, Forever 21… The
next important factor is to ensure that staffs are performing efficiently and
are able to provide 100% customer satisfaction by performing swiftly,
keeping waiting times short, providing advice… Another vital objective is
to attract and maintain customers as this is the key to regulating sales
which leads to success in a business.
SWOT analysis:
Strengths Weaknesses
-It is very likely to be successful as - I have a limited target market,
nowadays fashion is an uprising which is restricted to only females.
theme. - I will not be working personally in
- I can also set up my own website the business and as a result, I may
related the business, to allow not be aware if the hired employees
customers to browse through my will perform according to my
range of products at their leisure. expectations.
-I can have unique designs and -As this is a new business, a lot of
affordable prices compared to marketing has to be carried out to
competitors. inform the target market about the
shop and its products.
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