When starting a business, entrepreneurs need to study the market situation so that they can make right choices. Entrepreneurship is an art whereby someone notes/learns of an opportunity, weighs associated risks and threats, and then establish a business. This paper elaborates considerations that an entrepreneur would make when establishing a candy shop in the United Kingdom.
Who are the target customers?
The shop will target the youth (college going and high school students); the age bracket of the target population rages from thirteen years to twenty five. The facility will take form of a fast food where the customer will be served as fast as they get to the joint.
What does your business idea actually do for the customer?
The candy shop aims at offering candies to target customer at an affordable cost; the services are also expected to be fast and of high quality. When services are of high quality the business is likely to be a going on concern. Depending with the climate and the period of the year, the business offer different commodities; for example in summer there will be much focus on cold candies while in winter, hot candies will do.
Why does the customer need these features/benefits?
The focus age group/ target customers are candy favorites, they like such fast commodities thus when offered the facility will satisfy their needs. The time for the service is fast; this will be to the benefit of the target customer who rarely will have the time to wait for service delivery. This will safe on their time. Cost of the candies will be relatively lower making it affordable to the age bracket; there will also be different flavors.
Where (location) are you going to offer this product/service?
The products will be offered at London; the main city of United Kingdom; the reason for the location is because of high population of the target group as they go to colleges, high schools, and universities in the city.
When will you begin to offer your product/service to customers?
I would like to start the business summer 2012; before the time I will have looked into all the legal requirement of establishing a business and will have done further research on the demand and competition of the industry. The reason for choosing summer is the realization that during this period, people are generally in a mood of spending and treating them; this will be to the benefit of the business as it will peak fast.
How will you deliver your product/service to customers?
The products will be packed in different shapes and quantities; the different packages will be retaining at different costs; other than the packed products, customer can have the option of coming with their packaging/ containers and get the products.
As a start up, the business will depend on customers who pass by and buy the products; however, within the city, the business will have motor cycles to deliver the products at a fee to customers.
How much will it cost to actually start the business?
To start operating, I will need an operating initial-capital of 25,000 Pounds; the amount will be used to buy assets, consumables, and maintaining the business before it starts to break-even. The starting capital will be sort from personal savings and a financing/bank facility (Shane, (2003).
Reference
Shane, S. (2003). A General Theory of Entrepreneurship: the Individual-Opportunity Nexus. New Jersey: Edward Elgar.