Choosing an Appropriate Area for a New Business

Choosing an Appropriate Area for a New Business

Introduction

The aim of this project is to analyse 2/3 different properties and

choose which of these would be best suited to set up a business. To

help me make a decision I will be using methods like a table of

comparison; area maps in the local Leicester area and estate agents.

Methodology

Section 1 (Location Section)

As I have to identify a suitable location I will do research into 3

properties in my local area. I will carry out head counts at each

location to find out which is the busiest. I will show the locations

on a map then I will compare the locations in a table of comparison,

to see which has the greatest business opportunity. Having done this I

will then decide on the best location for my business.

Section 2 (Product Section)

As I have to choose a suitable product to sell/make I will first think

of a range of products and say why I would like to sell them. Then I

will conduct a questionnaire and analyse its results to see the

effects of the various products will have on my business. Finally I

will choose, based on the results of the questionnaire, my product.

Section 3 (Break-even Section)

Fixed costs, variable costs and revenue will be considered to

determine how many units need to be sold to make a profit. This number

will be compared against potential customers to see if the business is

viable.

Location Section

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Aim of This Section/Method:

In this section I will compare my properties looking at their various

different characteristics and then I will choose the best property

taking in mind all their advantages and disadvantages. To do this I

will conduct a headcount - looking at the number of people walking by

the shop door at 15 minute periods, I will do this three times on each

property. Also I will show the locations on a map, I will do one map