logo image

Niche market

More than 50% of my participants, for my questionnaires were male therefore I must make sure that my product suits that gender. Men usually like the bigger burger and women tend to go for the burgers that are pleasing to the eye and are not that big. The majority of the people thought that setting up a burger van would be a good idea therefore I am going forward with it. This also means that people in Hounslow want to . This shows that people will be willing to come to my burger van because the amount of people that said yes definitely and yes are more than half.

This means that I can be very confident about the future customers I will have as in my questionnaire most people said that they will be willing to come. Analysis of findings The findings show to me that most of my potential customers are aged 18 or under which means that I have to make sure that my burger suits their tastes as they could potentially make up the bulk of my customers. Most people said that they would be willing to pay for the burger if it cost up to 2.

Need essay sample on "Niche market"? We will write a custom essay sample specifically for you for only $13.90/page

99 pounds so I will have to make sure that my prices reflect that.

In short the findings show me that there is a gap in market and that the consumers would love a burger van therefore I reckon it will be a good idea to go forward with. Evaluation There are reasons for and against me not taking this idea forward. I will start by first giving the positive of why this is a good idea to take forward. First of all the advantage of this business is that, it is small which means that for a sole trader like myself it is easily managed and it also means that I am very organised as it is a small business.

In addition, the business is a tried and tested idea, which has proved successful in the past, which increase my chances of being successful as well. Businesses such as Nandos have proven that this is a great idea if implemented correctly. I also believe that being a Muslim myself will be of great use when running this business because coming from the same background as most of my customers I would have some idea of their tastes and preferences.

The problems with it are that there is lots of competition from businesses such as Nandos as I pointed out in my SWOT analyses that I carried out, which mean that it would be a difficult market to establish myself. My unique selling point is also one of my weaknesses because I am selling Halal meat this means that I am only targeting people of a certain religion this means that I would have fewer customers to aim at which I also pointed out in my SWOT Analysis.

Another weakness is my inexperience in running a business this would mean that I would have few past experiences to rely upon when a problem arises this will hinder my capability of solving that problem, as I would not know what to do. Another problem that could arise is legislation on health and safety. My food has to be of a particular standard that could mean that my burgers might not be up to that standard. The licensing procedure for obtaining a van is also very hard and time consuming.

As it is a question of public health and there is no leniency. If however my business does succeed, a further problem would be if someone else copies my idea; that would increase my competition even more. As my finance section shows that if it were not for the loan I would be in massive debt, this indicates to me that maybe by business proposal is not viable. My costs are huge for such a small business and the revenue is not big enough to cover it.

Break even analysis shows that I make a loss of 10368 pounds this year; I cannot afford that. A positive of this business is that it is in a mobile van that means that if my sales were poor, I could move to somewhere else. So this flexibility allows me to move wherever and whenever I want depending, I got the license to park from the council. There is a school nearby where I have parked my van which means that the school children could be targeted as potential customers at their lunchtimes.

Considering all these points, I have concluded that it is best for me to reject this proposal. I severely lack the business experience to take this job and further expand into a business that is self-sufficient. There is also a great amount of competition out there that would further hinder my business as if the customers were to be given a choice between my burgers and the ones they get in Nandos they will chose Nandos all the time as it is an established brand.

The business also is Niche market, which means that I only have a small portion of the customers to aim my product at and therefore I do not have enough customers to sell my product to in order to break-even at least. As pointed in my human resources section as I am a sole trade that means I have unlimited liability for the business this means that if the business does go bust I will be liable to pay the money back. That means the bank could sell my house to get the money, therefore it is a risky business to get into and probably not worth the risk.

Read full document

Can’t wait to take that assignment burden offyour shoulders?

Let us know what it is and we will show you how it can be done!
×
Sorry, but copying text is forbidden on this website. If you need this or any other sample, please register
Signup & Access Essays

Already on Businessays? Login here

No, thanks. I prefer suffering on my own
Sorry, but copying text is forbidden on this website. If you need this or any other sample register now and get a free access to all papers, carefully proofread and edited by our experts.
Sign in / Sign up
No, thanks. I prefer suffering on my own
Not quite the topic you need?
We would be happy to write it
Join and witness the magic
Service Open At All Times
|
Complete Buyer Protection
|
Plagiarism-Free Writing

Emily from Businessays

Hi there, would you like to get such a paper? How about receiving a customized one? Check it out https://goo.gl/chNgQy