Starting Up a Small Business

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Introduction

Starting up a small business is a complex activity. There are various things that are required to be taken into consideration. These aspects are required to ensure its sustainability and long term growth in the marketplace. The following report is based on setting up a new business in London, UK by the name of “Barney Confectionery House”. It would cover effective market research to successfully setting up this business and employment laws that are required to be taken into consideration by the entrepreneur. The report also covers ethical dilemmas faced during running the business and actions taken against them to ensure prosperous growth of the business. It also includes accounting basis to clearly determine the financial facet of the company.

TASK 1

SETTING UP

It is crucial for any business to produce an outline which covers all the possible aspects of the organisation. For a new business, it is required to define certain elements. As per the scenario, the name of the business would be “Barney Confectionery House”. The certain elements required to be identified for this business are described below:

· Industry: The firm would undertake manufacture and distribution of confectioneries in the UK market. The nature as well as operations of the company would classify it into Food Industry (Confectionery).

· Location: The agenda of the firm is to provide its service to maximum number of customers within the UK market. To aid this, the outlet of the firm would be situated near Trafalgar Square, London. The reason for such a location is that it would attract more local customers as well as tourists who seek new places to have a bite.

· Target Customers: These refer to those customers upon which the firm would channelise its marketing and selling strategies to maximise their sales. It is an imperative process for the entrepreneur as it would enhance cost effectiveness and perfectly focused marketing strategies that would increase the efficiency in the firm's operations. For Barney Confectionery House, the most appropriate target customers would be those who are aged between 15-65 years with income level more than £5,000 who are loyal consumers of confectionery products and inclined towards living a healthy lifestyle.

· Business Model: With the ongoing health concerns in the UK, it is necessary that viable steps be taken to address these problems and promote a healthy style of living. The confectionery consumption in the UK is quite high. With such vast consumption, it is likely that these would invite health related problems for its consumers. To eliminate this possibility, Barney Confectionery House is planning to introduce sugar-free confectionery items which would be available at the company outlet in London. It would sell sweets as well as sugar-free chocolates without any added preservatives of food colour to maintain its health quality. Through telephone services, the firm would also home deliver the products within 2km radius of the outlet.

References:-

http://name.5nx.ru/memberlist.php?mode=viewprofile&u=459
https://forum.geoportal.gov.pl/forum/-/message_boards/message/405268
http://spione.adept-press.com/forum/comments.php?DiscussionID=53208&page=1
http://cs.athletic.net/coach_forums/third_party_meet_managers/f/76/p/3957/23406.aspx
https://sharepoint.louisville.edu/sites/sphis/spcv/Lists/Team%20Discussion/Flat.aspx?RootFolder=%2Fsites%2Fsphis%2Fspcv%2FLists%2FTeam%20Discussion%2FFibocom%204G%20LTE%20M2M%20Module%20List&FolderCTID=0x0120020043FBDBFD8D24C84BA978413097F2DAEF
http://www.inglobetechnologies.com/support_forum/viewtopic.php?f=15&t=249807&p=351441#p351441
http://malauxpattes.les-forums.com/topic/2864/why-market-research-is-important-in-a-business/goto/8404/
http://fan.fc-anji.ru/blogs/blog/15817.html
http://forum.shinken-monitoring.org/members/5163-lexiedwards
http://icsoro.org/subForum.php?topicId=2657
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