My new business – Serious sound
I decided to locate my business in Norwich because it is area that I know well and I know what competition is in the area. My shop will be called Serious Sound and hopefully we should be able position the new shop near a record store like HMV (as to hear CDs you need speakers!). Product Principally I will be selling speakers and as profit comes in we shall introduce new products like hi-fi separates building the business. My speakers will range from sharp surround sound kits to large 250+Watt speakers allowing my customers to buy speakers of any sort, cheap to expensive (quality).
Price The price on my products will be equivalent to the price of production(+VAT) plus 20% and most of the time to attract customers I shall have a sale reducing the prices of my speakers and also offering some 3 for 2 deals as well as cheaper bundle deals to encourage loads of stock at once. Promotion Advertising my speakers shall require some market research to see what type of speakers people want. At this stage only cheap advertising is efficient where TV advertising is too expensive, so I shall advertise from handouts, posters and the occasional radio advertisement. The logo for
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For business I need to obey the voluntary codes: standards of business behaviour, which are established freely by trade associations for all their members to follow. Health and safety at work act 1974 securing the health, safety and welfare of persons at work; protecting persons other than persons at work against risks to health or safety arising out of or in connection with the activities of persons at work; controlling the keeping and use of explosive or highly flammable or otherwise dangerous substances, and generally preventing the unlawful acquisition, possession and use of such substances; and controlling the emission into the atmosphere of noxious or offensive substances from premises of any class prescribed for the purposes of this paragraph. I will have to follow these legal requirements to run my business fairly and rightly.
My new business shall be located around Norwich area (looking for a higher area of unemployment). My business will be in the private sector. The shop will be selling speakers and accessories. I am deciding whether to start my business as a sole trader or in a partnership. Im going to way out the advantages and the disadvantages and I am going to judge what it is to be.