Unit 36: Starting a Small Business | Assignment 1 (P1, P2, M1)

THIS WORK IS NOT TO BE COPIED, DISTRIBUTED OR USED IN ANY
OTHER WAY WITHOUT CONSENT OF THE WRITER (DAYNA TYE)




UNIT 36, ASSIGNMENT 1
STARTING UP A SMALL
BUSINESS:
BUSINESS IDEA
BY DAYNA TYE




DAYNA TYE | BTEC L3 EXTENDED DIPLOMA IN BUSINESS STUDIES | 36 – STARTING UP A SMALL BUSINESS:
THE BUSINESS IDEA

, THIS WORK IS NOT TO BE COPIED, DISTRIBUTED OR USED IN ANY
OTHER WAY WITHOUT CONSENT OF THE WRITER (DAYNA TYE)




Contents
Introduction
……………………………………………………………………………………………………………
………………………. 3
Business Idea
……………………………………………………………………………………………………………
……………………… 3
Business Type
……………………………………………………………………………………………………………
………… 3
Aims and Objectives
……………………………………………………………………………………………………………
.3
Unique Selling Point
………………………………………………………………………………………………………. 3 -
4
Reasons for potential need or demand
………………………………………………………………………………. 4
Competitive Edge
……………………………………………………………………………………………………………
….. 4
Balance: personal and business needs
………………………………………………………………………………... 4
Potential Profitability
…………………………………………………………………………………………………………..
4
Business Trends
……………………………………………………………………………………………………………
…4-5
External Influences
……………………………………………………………………………………………………………
.. 5
Business Planning: ensure your success
……………………………………………………………………………… 5
Target Market
……………………………………………………………………………………………………………
……………………. 6
Market Research
……………………………………………………………………………………………………………
…… 6
Published Research
……………………………………………………………………………………………………………
.. 6
Sales forecast
……………………………………………………………………………………………………………
……. 6 - 7
Customers’ actions and choices
………………………………………………………………………………………….. 7
Competition
……………………………………………………………………………………………………………
………….. 7

DAYNA TYE | BTEC L3 EXTENDED DIPLOMA IN BUSINESS STUDIES | 36 – STARTING UP A SMALL BUSINESS:
THE BUSINESS IDEA

, THIS WORK IS NOT TO BE COPIED, DISTRIBUTED OR USED IN ANY
OTHER WAY WITHOUT CONSENT OF THE WRITER (DAYNA TYE)

Strengths and Weaknesses
……………………………………………………………………………………………. 7 - 8
Market Trends
……………………………………………………………………………………………………………
………. 8
Environmental Issues
…………………………………………………………………………………………………………..
8
Business Brief
……………………………………………………………………………………………………………
…………………….. 9
Primary and Secondary research
…………………………………………………………………………………………………… 10
Bibliography
……………………………………………………………………………………………………………
…………………….. 11




DAYNA TYE | BTEC L3 EXTENDED DIPLOMA IN BUSINESS STUDIES | 36 – STARTING UP A SMALL BUSINESS:
THE BUSINESS IDEA

, THIS WORK IS NOT TO BE COPIED, DISTRIBUTED OR USED IN ANY
OTHER WAY WITHOUT CONSENT OF THE WRITER (DAYNA TYE)

Introduction

In this assignment I will be presenting a business idea that I have created for
either a new business, the purchase of an existing business or becoming a
franchisee. There are a few factors I will be looking at, such as the aims and
objectives of the business, the USP, potential profitability, business trends and a
few more. And in doing this I will be able to identify my target market. I must also
make sure that my business idea is suitable for self-employment.

Business Idea

The business idea that I am going to go with is a starting a new social media site
only for students. Just like Facebook but only for students who attend University
and their tutors. I think this will be a good business idea as people from different
Universities can create groups online and chat to one another about the course
they are study and obtain help for others if it is needed. It will only be open to
students who can prove they attend University; for example, sending off a copy
of their student ID in order to prove they are who they are and do actually attend
a University. They will then be given a login to use for themselves only and they
can change all of their settings to meet their own needs.

BUSINESS TYPE
The business type that my business is going to be is a new business, due to the
fact I have more control over the business as a whole; I can decide whereabouts
the business is going to be located, the customers the business will target, the
actual product / service the business will offer. I will be more financially rewarded
if I am employed by myself instead of being employed by someone else. I can be
more creative will my business ideas and I will have more say over which
direction the business will go.

AIMS AND OBJECTIVES
The aims and objectives for a start-up business
would have to be SMART (specific,
measureable, achievable, realistic and time
bound). This is to make sure the business is
doing everything they can in order to become
as successful as possible.
- To be able to have at least 100-200
students join the site in the first year.
- To be able to have at least 50 tutors join
the site in the first year.
- To be able to keep students safe whilst
online looking for help for their
University courses.

By settings aims and objectives, I am giving the business potential to be
successful; without setting these aims and objectives the business is most likely
going to fail because I would be unorganised and wouldn’t know what to do when
it comes down to making the site the best it can possibly be. If aims and
objectives were set properly and the business followed them closely, the
business has more room to be successful and maybe aim for higher targets
before the time of the aim/objective has been met.

UNIQUE SELLING POINT (USP)

DAYNA TYE | BTEC L3 EXTENDED DIPLOMA IN BUSINESS STUDIES | 36 – STARTING UP A SMALL BUSINESS:
THE BUSINESS IDEA