We are a partnership; there are three of us altogether. We have chosen to be a partnership because I couldn't afford to start up the business on my own and this way I won't have all the responsibility. It will be located in Sutton because it is a busy area with lots of potential customers and more people in my questionnaire said it would be appropriate1. I would love the service to grow and hopefully in the end we will have services all over the country.I think this business will be successful because there are not many specialist bridal services around.
Our main competitors are going to be any other salons that provide any kind of bridal service. The best thing is that we are going to have specialists so are more likely to be chosen. We will start of with three specialised cosmetic artists and hopefully we will need to employ more. All our employees are going to be specially trained in bridal nail, hair and make-up. Hopefully we will have a turnover of about £500 000 in our first year.Deed of partnership.
There are three of us in the partnership:* Jade O'Connor 245 Christmas lane, Surrey (Miss O'Connor); and* Nikita Rendall 561 Easter parade, Surrey (Miss Rendall); and* Stevie Wright 489 Birthday gardens, Surrey (Miss Wright)We are each putting in an equal amount of capital into the business.Our profits will therefore be shared out equally.Each one of us will have an equal vote in the running of the business.If someone else decides to join the partnership or someone wants to leave, it will have to be sorted out by how much capital the new partner puts in and.
The leaving partner will receive the percentage of worth of the business that they put in.Objectives* To break even:I will have excessive debt because I have to take out a loan to afford my part of the business. I will have to gain a lot of customers and I will need a good reputation to achieve this. I believe this is achievable because there are not a lot of specialist bridal services in the Sutton. I think this is a realistic objective.
I am going to give myself a year to achieve this.* To extend my business so that I am selling my own bridal dresses.I want to sell bridal dresses because it will increase my profits and give me a chance to sell my own designs. I will have to gain a lot of customers and have a really good reputation to achieve this.
I think this is a realistic objective because all my employees are going to be specialised so they are going to a good job if they don't they will be dismissed from the organisation. I am going to give myself three years to achieve this.HypothesisObjective 1:I hypothesise that I will manage to achieve this by good promotion, service and getting a good reputation. If more people find out that my service is good then I should achieve this, a good marketing mix (product, place, promotion and price) will also help me achieve my objective.Objective 2:I hypothesise that I will manage to achieve my second objective.
It is to be selling my own wedding gowns within three years of starting up my bridal service. I will make sure I have good staff that will provide an amazing service so I can get a good reputation. We have to do extensive advertising as well. A good marketing mix and all the things above give me the confidence to achieve this objective.Means for testing hypothesisThe business theory I am going to use is product life cycle.
This will give me a picture of the life cycle of the product and enable me to plan areas of income and expenditure. I am using this so that I will be able to see how much I will need to advertise, how much finance I will need ETC. This will help my business grow. The next business theory I am going to use is the Boston matrix. It will provide a framework to asses' sales growth and market share. I am using this so that once I have started I can asses where I am in the market and what percentage of the market I have (market share).
The last business theory that I am going to use is SWOT analysis. This is used to look at market position and how it could be improved.* Strengths* Weaknesses* Opportunities* ThreatsI am using it so that I can see where I stand, where I am doing well and not so well. The opportunities available and the threats are as well.ResearchThere are two types of research:* Field researchCollecting and analysing information gained first-hand via interviews or questionnaires. This is primary data.
* Desk researchWorking with existing material, e.g. textbooks and the internet. This is secondary data.
The research I will use:I am using both field and desk research.I am going to use a questionnaire to try and understand what the public think on the idea of a bridal Boutique and if they would use it. I am also going to use the internet to look at other bridal Boutiques to see what make them good and what helps them stay in the market.Analysis of my questionnaireThis shows more women were asked than men:This shows more 16-30 year olds than 31-45 year olds and 46+ year olds were asked.This shows the majority of people live in Morden and Sutton.This shows 70% of the sample said they would use a bridal service.
This shows more people prefer quality to brand, packaging and extras.This shows that more people would pay between 50 and 250 pounds than 250+ pounds.This shows that people think that the most effective forms of promotion out of the three are flyers and local radio.This shows that Sutton is the most convenient for most people.
Marketing mixI am starting a bridal service which provides make-up, hair and nails. It will only be a small company at first I will have 2 receptionist and 3 cosmetic artists. It will be of low to medium quality at first because it is a new business that has just been started up. My service is job production because everything is done by the same person. Our customers can contact us through phone, fax and email. We will also be setting up our own website; this is all explained in promotion.
SWOT:StrengthsThere are not many other bridal service companies in the Sutton.Ownership allows specialisation.WeaknessWe are new and not many people know of us yet.Inexperience.Small market.
OpportunitiesWe are the only bridal service around.People will always get married.ThreatsOther salons in the Sutton area.The Economy.Socio economics, ageing population.
Strengths: there are not many other bridal companies around so not only is this a strength it is also a great opportunity because this means we will have less competition. We can use our form of ownership to specialise in different areas of the business. We can also share the workload.Weakness: we are new so not many people know of us so people don't know how good our service is. We are inexperienced which means we will have to think out our strategy well and Bridal services is a specialised, small market so we will have to work hard to 'pull' the customer into the shop.
If I use the right promotion and have a big opening party and discounts then people will come and use our service and then I will make sure that all our specialised cosmetic artists do an amazing job so we will get a really good reputation and word will get around so that our service will be well known.Product Lifecycle:SalesTime (secs)I will be in the research and development section while I am still thinking about advertisement and then as soon as I start I will grow to the introduction because I will be a new company. The more customers I get and the better my reputation the higher I will get in the lifecycle hopefully I will get to saturation and stay there, this will mean that my service is at a peak and that hopefully it wont begin to decline.Strengths:I am only just beginning so I have a chance to make a really good impression and make good decisions about advertisement whereas if I had already got a bad reputation it would be hard to grow and gain peoples business.Weaknesses:I am starting from the bottom so if the right decisions are not made (what advertisement etc.
) in the research and development section then we will not grow.We can make sure that we grow by making the right decisions at the start in the research and development stage for example what kind of advertising will be the best for my business.Although the product life cycle is a good marketing strategy, it is a difficult to use a prediction because you do not know how long the cycle will last. All it determines is your financial considerations; this is exactly what the cash flow is for and it would be better to use this.
