Essay
Unit 19 assignment 1
- Module
- Pitching for a business
- Institution
- PEARSON (PEARSON)
My assignment was about my own business idea of which I was able to write about.
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Assignment 1-Unit 19 Pitching For a New
Business
Learning aim A : To explore potential ideas for a micro-
business start-up
Making a dream a reality
Summary
I will describe the potential business opportunities in order to start up the micro-business. I will
review the factors that I shall need to reconsidered in order to start up a micro-business such as
capabilities and core competencies. I will also assess the factors such as internal and external of
which would affect or impact my chosen, business idea in the short or in the long term itself. I have
decided to choose my 1st business idea which would be the business called Boutique to be my main
business idea throughout my individual report.
Introduction
I am writing this individual report, in order to address the potential consequences that these
external and internal factors such as Pestle Analysis might impact upon my chosen business idea. I
have proposed three, main business ideas which I could potentially invest in but the best one for me
to run or to operate would be the 1st business idea called Boutique. I wish to operate my Boutique
business as a chance to relive my own childhood dream of becoming a stylist or a clothes designer as
an attempt to encourage other people to have a chance to become happier when wearing my
products or buying my services. I wish to do this because, I enjoy helping other people to be able to
reach or fulfil their own potential for their own childhood dream itself. I like to do this as, I wish to
help more people to gain a chance or an opportunity to reach their own aspirations or ambitions in
the long run. I wish to run my 1st business idea because, I want to help other people to follow their
own dreams within their life just like operating Boutique would be my dream as well.
P1:
1st business idea:
My first idea is to create a business that’s called Boutique where my customers would be able to
purchase tailored outfits for a special occasion in order to meet their individualistic and unique
needs ; wants. For example, one of my USP would be where my customer would be able to wear
matching clothes to their own favourite character or toy such as Barbie. I have chosen this business
idea because, I know there’s a rising demand for young children being able to dress up as their
favourite character such as Mickey Mouse on their birthday or at a special event such as a day out
with family and friends. I think by offering a renting out services or allowing my customers to
purchase my products and goods shall enable them to become more invested and more intrigued by
my business that’s called Boutique.
, I shall be able to gain a high net profit margin by offering these products and services as an attempt
to help young children or people relive their childhood dreams. I think this idea would succeed
because, I would be able to offer a range of different services and products. Another example can
possibly be that my target market would be able to find everything they might need for an outfit
that’s all completely matching with everything on the outfit such as shoes and jewellery. I think that
this idea would belong to the secondary because, this business would offer my products and services
by outsourcing their materials in order to produce the products like the clothes on a sustainable and
eco-friendly manner to manufacture these essential assets to make Boutique more successful ; more
competitive than their other competitors.
Boutique’s other competitors would be popular and well-known retailers such as Next and River
Island. Boutique would outsource their material from other international farmers in order to gain
access to different material such as cotton, nylon and other sources of metal to make products like
the jewellery. Boutique would have high costs such as high start up costs and would require a lot of
time costs in order for this business to run in a smooth, effective and efficient manner. I will ensure
that I make net profit margin by keeping my business’s expenses low by employing experts or
specialists within this industry of field in order to maintain and to retain both my satisfied employees
and target market. Boutique shall be well-known for their good quality of clothing which would meet
the customer’s expectations because there won’t be any unknown holes or scratches upon these
products and services at all without my business having any knowledge about it at all first-hand. If
this was to occur then, Boutique would rectify and resolve this issue by offering a refund for their
customer’s purchase or they would replace the damaged clothing with the more high-quality
clothing if needed in order to rely upon their unique marketing campaign to spread their word of
mouth about their unique USP to attract a wide variety of different customers from a range of
different socio-economical backgrounds. By following these factors, Boutique would be able to
retain and to maintain their loyal customers throughout the business’s operational lifetime.
To reach my target market, I would rely upon a more reliable source such as Bricks and Clicks and to
have the majority of my business as an online retailer by the use of the Internet. By utilising the
Internet, my business in question would have an online presence by the use of the different social
media platforms such as TikTok and Instagram in order to spread the word of mouth by a larger and
a more international scale worldwide. Lastly, my chosen form for my business would be a public
limited company because, Boutique would need to build up their business reputation and image to
be good from the very start in order to make them stand out from the fierce competition in this
specific, clothing industry. To use these different, social media platforms can help Boutique to spread
the word by different means such as advertising and promotions through their specific, marketing
campaign.
Boutique would have a hierarchical structure where there would be a wider span of control over the
different, managerial positions within the business itself. The hierarchical structure would be chosen
for Boutique because, this allows more flexibility, more control and more freedom for this business
of which enables them to use the Internet as their main source of income by their online website.
This website would be called as www.boutique.com which would enable my business to advertise
and market their products and services through their own online website. The hierarchical structure
also enables my business to possibly become more international over time if possible since, this
specific type of structure enables information to flow more easily between the different types of
layers due to the process of clear ; coherent communication skills. An example of a hierarchical
structure can be depicted below:
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