I have made several goals and aims that I feel I should meet in order to gain a profit and to help me to run my business successfully. My main aim is to find a local vacant business site and make recommendations on the business idea. I could develop this local business site into my business. Afterwards if all the planning looks reliable I will go ahead with my ideas. I want to open a business that is prosperous and can make me have my own personal satisfaction.
Personal Goals My personal goals are to be able to feel content with the outcome of my business. I want to bring a new trend of clothing to British people, especially young youths.
With the money made I want to be able to settle down and start a family. I also want to provide the consumers wants and needs. Plus have a good relationship between my employees and customers. I felt that I was motivated by the youth in my society.
I know that the youths are craving for these materials after conducting some interview this was the most desired shop. I know for a fact that the things would sell to the youth of my community. Also have always wanted to work for myself and be my own boss. I find it less hassle once my business gets of the ground to work for myself than have the hassle working for someone else.
My personal aim is to make new friends and new contacts & I would like to leave the business when it is successful to my children.
Business Aims I want to be able to maintain a steady profit margin in while running my business. I need to make sure that the launch of my business is well promoted and advertised to the public. Be able to borrow sufficient money for my business from a bank loan. I want to be able to provide a good service to my customers and make them feel comfortable. I want to be able to pick the right location. I would have a sales promotion to try and encourage customers to buy from my shop.
I want to be able to expand my business when the time is right. I want to be able to situate my business in a part of London. I would also install changing rooms and security men because it would be tempting to buy from my stall. But this will be useless if I didn’t find a vacant local business site. My main business aim is to find that site with the right location. Then make recommendations pertaining to the site and the business. It is essential that the location I choose is legitimate because if I buy a premises and the price is to high or not enough customers pass by there.
The before I start my business is already doomed. Methods of arriving at my aims If I want to fulfil my aims there are certain procedures I have to take into consideration. I would need to carry out some research into my chosen field to try and find out what my potential customers want. I would find my data by conducting a field research to gain customers views. I will use questionnaires as my tool for my research. It would provide facts and figures that are up to date, appropriate and specifically on what I want to find out.
The disadvantage is that it is expensive to collect, I may get a low response rate and I need a large sample size to get an legitimate result. To have a good relationship with my employees I would be polite and courteous towards them. Like no other job I would make them look forward to coming in to work. I am going to definitely use Abraham Maslow’s motivation theory, which is: Methods of arriving at my aims To make certain that the local public know about the arrival of my business and it location I will need to advertise my business. Since I don’t have a lot of money to spend I would advertise locally first then expand.
But for the time being I will advertise on a local radio station. I would consider the time as well, I would want to put my message on when potential customers would be listening. For example I want young youths so I would put my advertisement on what they would be listening to. I wouldn’t put it on when the classical music program is playing. To find out what youths listen to I would ask them that in my questionnaire. Also I would set up some posters to give an visual effect. Most people may not know what I am going to sell. The poster would have some sample clothing of what I would sell in the shop.
The potential buyers would see it and would want to have it and be able to see more. My adverts would be persuasive and try to convince the consumer that they need this product to look cool. They would play on people’s fears and vulnerabilities and cause desires that didn’t exist before. In order to keep customers coming back regularly I would use the pricing strategy of skimming. I would charge a high price for the product first which would attract people with large incomes. When the product has been established I would then lower the price to make it a mass-market product.
The customers would feel they are getting a bargain and buy the product. Also after a few months when the sales start to reduce I would introduce discounts to the products. When the price decreases the quantity of demand would rise. These clothes would become a substitute to the other expensive clothing that is worn. I will also sell current “cool” clothes to attract the customers. Also there would be a constant piece of advertising in my front window. A manikin would be placed in front of the shop window displaying some clothing. This method is known as point of sale advertising.
In order to pick the right location I need to consider how customers can travel to my store. Is it easy to get to? The easier it is to get to and the more noticeable it is the more customers I would receive. I would try to make the store as modern as possible to make it appeal to the young youths. I would also play music in the store that they would be into to help them feel more welcome and relaxed. My Business Objectives It is a necessity for my business to have understandable and clear objectives in for my business to run according to plan I need objectives and goals to set.
An objective is anything that the business wants to achieve. The reason I am opening a business is because I want to be able to provide a different style of clothing to the youths of today. I also would like to feel independence that comes from being my own boss. I intend to meet new people and make new companions. I want my store to be diverse according to the other stores. I want to be able introduce new trend to the society. I would investigate the chosen area to see the crime rates and the transport and communication links. Also I would research on what other shops look like selling products similar to mine.
It would help me accumulate more information about what features modern shops have. Which would result in better ideas. I anticipate that the average product life cycle of my products would be like this: My main business objective is to make a substantial profit, which would allow me to pay the bills and be able to have some money left over for me to live off. I need to be able to fulfil my needs which are food, water, warmth, shelter and clothing. An additional objective would be to supply the clothes that the public demand from my business. Also my turnover should always be greater than my expenses.