Other
Unit 19 Assignment 1 Pitching for a New Business *DISTINCTION*
- Institution
- PEARSON (PEARSON)
Distinction Graded Assignment for Business Students
[Show more]
Seller
Follow
Content preview
Unit 19: Pitching for a New BusinessIntroduction
Hi my name is Rahel Akram, since I have been studying for a BTEC National in Business
qualification and I have now decided to implement my knowledge into practice. I am ready
to showcase my ability setting up a small business and becoming my own boss. The first step
into accomplishing this is by showing potential investors that I have explored as many
potential ideas to start a small business.
P1: Potential Business Ideas for a Small Business
From my brainstorm I have learned that all 9 of my business ideas are either non-technical
or ideas from another environment. Non-technical ideas are where the ideas are taken from
something that already exists. Whereas ideas from another environment are ideas that
entrepreneurs have seen from different countries and use that idea to setup the same idea
but in their country. From my decision matrix, I have learned that my top three business
ideas are sneaker reseller, dropshipping books and business broker. I agree with the
decision matrix because I believe that these three business ideas are relatively easy to set
up at the beginning as it will not require a facility and does not have to require a lot of
people. This is good because this allows me to cut down on expenses and invest more on
other resources for my business as well as expanding my business to increase my customer
base and allow to generate a high return on products/services. However, as the business
expands, I will have to employ people at the same time rent a facility as storage or an office.
Doing so will allow me to spread the workload, as well as provide a chance of bringing in
new ideas from employees allowing me to elevate my business and increase innovativity. As
a result of this, this the reason I have decided to write about sneaker reselling, dropshipping
books and business broker.
My first business idea is sneaker reselling. Sneaker reselling is buying sneakers at a low price
and selling them for a high price in order to make a profit. Sneaker resellers are always on
the go and alert as they have to be able to get sneakers before they are out of stock One
trick sneaker resellers use in getting sneakers quickly is they use a software that auto fills
their payment details on sneaker websites as soon as new sneakers release. This is called a
sneaker bot. I will first have to research a popular upcoming sneaker. Then I will have to
, purchase a popular sneaker early on its release by waking up early and most likely having to
use a sneaker bot. Once I received my sneakers, I will tend to sell them 2 weeks or maybe a
year after their initial release as they will be hard to get and the price will have appreciated
significantly. Once a customer gets in contact with me, I will give the option to come collect
it from me, ship it to them or I can go to his place to drop it off depending on the distance
from me to the individual. The profit I have made is the difference between how much I
originally bought the sneakers and how much I sold the sneakers. Sneaker reselling is in the
tertiary sector because they provide a service by distribution products to people without
making the products themselves. As sneaker reselling consists of buying and selling
sneakers, resellers have no involvement in making the product. Sneaker reselling is an
ecommerce business however it can also be a brick and motor business. Initially, I plan to be
a sole trader, however I may decide to employ some people later on. A reason why I will
start off as a sole trader is because it reduces some my costs such as the wages I have to pay
to my employees as well as it reduces the start up cost of the business
My second business idea is dropshipping books on how to dropship. Dropshipping is a
business which does not require you to hold to any stock rather when you sell a product,
you buy it for the full cost from a third-party supplier. Then the supplier sends the product
to the customer on your behalf. Meaning that you do not need to handle the product
yourself. I will have to first research a book that has been receiving high sales and praise. I
will then have to find a supplier that is able to provide me the product I need for a
considerably lower price I plan to sell the product. Suppliers can be found off online stores
such as Amazon and AliExpress. I then have to advertise what I am selling on places such as
Facebook, Instagram and anywhere with a large audience. Once I receive a customer, I let
the supplier know I need the book sent to the customer. Finally, the supplier sends the book
to the customer and I receive my profit from the difference in the initial cost of the item and
the price I choose to sell the item. Dropshipping is in the tertiary sector because I am not
making the product, I am only buying and selling it. I will be selling books on how to
dropship and since I am dropshipping the books, I do not make the books, nor do I possess
any stock with me. In terms of outsourcing, I will find someone to design my dropshipping
website, allowing customers to see the range of dropshipping books I offer. The books will
be sourced through third party supplier such as sellers on AliExpress, eBay and Amazon.
Dropshipping is an ecommerce business meaning that buying and selling of goods is done
online. I will setup my dropping business and run it on my own. This is because starting up a
dropshipping business is relatively easily and requires not a great amount of money.
However, later on as my dropshipping business expands, I may employ some people to carry
out tasks within the business, such as taking in orders from customers and keeping in
contact with suppliers.
My third and final business idea is being a business broker. A business broker is an individual
or company who helps business owners with the selling or buying of a business. It could be a
partnership, a limited liability company or a sole proprietorship. A business broker gets paid
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller btecbusinessmentor. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for £8.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
50990 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy revision notes and other study material for 15 years now