Open a new business
In this coursework I have decided to open a new business. The type of business I have chosen to set up is a retail shop selling Islamic books and cassettes. The shop will be called “Abu Bakr bookstore” and will be situated in the high street, of Burnley. The aim of the business is to provide Islamic books and Islamic goods to its customers at affordable prices. I am going to set up an Islamic bookstore. I considered a travel agent, restaurant, and car dealer or a mobile phone shop.
After considering these choices I have decided to choose this type of business because we have not got an Islamic bookstore in our town, and it will be a successful business to open in Burnley or Blackburn because there are a lot of Muslims living in the area. I have done some research on what the name should be. I asked the local people majority said it should be “Abu Bakr Book Store”. Drawbacks of my business are that to influence customers to come and buy goods from my store rather going to the regular shops and buying from there.
I hope to appeal to target audience of all age range. As
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There are a lot of Muslims in the area and in the neighbouring locality. Competition Competitions in my field are other people with the similar company that will compete with the people in the locality that my company is based. Competition has good and bad points, the good points is that I will be constantly looking for ways to improve my business in ways to attract customers, and to improve on other companies and attain an edge in the market. The bad point of competition is that if a company betters my prices or stock higher quality goods I will lose custom and profit.
Some of the many reasons why companies look at their competitors are because it is an easy way to learn weaknesses and to take advantage of others mistakes if a company is successful you can follow in it’s footsteps and use the same tactics to try and out class your competitors. Other companies will be continuously looking for ways to better my prices, goods and customer services, because other companies will constantly be researching, I will have to beat other companies to the top and try to stay on top of the market.