Business Plan Report: Dancesy School in Westfield Stratford City

This report presents a business plan for Dancesy School, a proposed dance school for children aged 4-9 located in Westfield Stratford City, London. The report begins with an introduction to the business idea, emphasizing its potential for profitability and uniqueness. The main body includes a PESTEL analysis evaluating the external environment, considering political, economic, social, technological, environmental, and legal factors. It also discusses the competitive landscape, including direct and indirect competitors, and identifies the school's competitive advantage. The report then identifies and justifies the target market using the STP model, focusing on geographic, demographic, and psychographic segmentation. The conclusion summarizes the key findings and recommendations for the business plan, including the importance of financial projections, marketing strategies, and ongoing monitoring. The report uses Porter's Five Forces model to analyze the competitive environment and references academic sources to support its analysis.

Starting a Business and
Fundamentals of Marketing

Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY..................................................................................................................................1
Introduction..................................................................................................................................1
A).An evaluation of the current external environment (PESTEL analysis) relevant to your
proposed business........................................................................................................................2
B) A discussion of the competition; the competitiveness of the industry, who your
direct/indirect competition might be and what your competitive advantage will be...................3
C) A discussion of who your target market will be and a justification for this choice...............4
CONCLUSION................................................................................................................................5
REFERENCES................................................................................................................................6

INTRODUCTION
Business ideas are considered as aspects which may be utilised for monetary gains that is
generally centred upon offerings which may be provided for money. This is developed in such
manner so that entrepreneur addresses the issues that overcome into market, lead into
profitability, innovative and should be unique (Chernev, 2020). Entrepreneur plan to initiate new
business that is to open a dance school for kids named as Dancesy school into Westfield
Stratford City Shopping Centre, London, UK so that in a mean while their parents can do their
shopping. The main aim of this report is to formulate a business plan for Kids dance school. The
topics that are going to be covered in this report are propose business idea overview, evaluation
of current external environment and competitive analysis of industry. Apart from this, discussion
related to target market is also mentioned in this report.
MAIN BODY
Introduction
Entrepreneur is planning to initiate new business that is to open dance school for kids into
mall so that in a mean while their parents can do their shopping. This is a school in which several
kinds of dance would be taught to kids of 4 to 9 years age group. As entrepreneur is well
qualified tutor from renowned school and also having knowledge of various kind of dancing
style. So, it decided to initiate own business. Also, it can able to successfully run this kind of
business as it is having expertise into ballet forms of dance (Dang, 2020). Ballet, it is a famous
kind of performance dance which is developed during Italian Renaissance into fifteenth century.
Respective style is much beneficial for all especially for kids as it enhances their endurance,
develops stamina and others. Along with this, Dancesy School soon going to be started into
Westfield Stratford City Shopping Centre. As it is considered to be one of the famous mall in
London. This would be effective area as this aids kids parents to do their shopping at mean
while. Also, various people come here so they would able to spread much popularity about their
dancing school.
Within United Kingdom, in about 22% of population likes to see ballet, dance
performance. While most of the shows at theatres within UK are plays, dance ballet and another
performance of dance develops a appropriate amount of theatre repertoire. It main mission is to
offer various style of dance to kids of 4 to 9 years age group. It also offered several session with
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price options for whole interest level, with huge emphasis upon group classes as well as small
package for reaching dance competencies goals.
A).An evaluation of the current external environment (PESTEL analysis) relevant to your
proposed business.
External environment comprises of whole factors which develops an affects business
functions. PESTEL analysis is undertaken as a framework that is uses to assess marketplace for
particular business into specified time duration (Kassing and Jay, 2020). In order to evaluate
business environment Dancesy School would execute PESTEL analysis as they are mainly
provide various dance style to kids. All factors are discussed below:
 Political factor: It incorporates various aspects like laws, regulations and others. Also,
the political stability is considered to be one of the effective strength. Being a city into
UK, London is also political stable. Though nation maintain efficient relationship with
countries, this would be advantageous for dance school to develop a school in London.
But this would have a accomplished knowledge of various types of tax rates, tariffs and
others which area outcome of Brexit to become competent for performing business
appropriately.
 Economic factor: The United Kingdom is also stronger in terms of economy along with
higher GDP with huge population which states that small business could gain
profitability. Therefore, decision to open Dancesy School would be appropriate as United
Kingdom market is diverse with several opportunities. Therefore, economical factors
would assist respective school growth within marketplace.
 Social factor: The individuals who are living within United Kingdom generally belongs
to several cultural background that is why Dancesy School provides greater opportunities
to kids for learning dance based upon demands. Moreover, person has higher income
level and therefore, they would be interested to pay effective price for their learning. The
preferences and pricing of their various session as per the kinds age groups and demands
of dance learning.
 Technological factor: United Kingdom have an access towards advance technology as
well as business it generally opt to same (Neilson-Slabach, 2020). Dancesy School may
execute advanced technology into their school for grabbing the attention of kids’ parents.
It would utilise various high tech music system as well as dance platform.
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 Environmental factors: This is considered as factors that affect business from ecological
standpoint. Moreover, it involves whole those that influences or are ascertained through
environmental surrounding. It is essential for particular sector such as tourism, farming
and others. Business environmental analysis factor incorporates but are not restricted to
weather, geography and so on. Therefore, Dancesy School would consider or take care of
all those things which do not harm environment.
 Legal factors: These factors include both intrinsic and extrinsic sides. There are various
regulations which impact business atmosphere within UK country. So, as new business
which would going to be open Dancesy School so it is essential for them to undertakes all
laws related effectively and efficiently else, it might impact business adversely.
PESTEL Analysis must perform for understanding the requirements as well as desires of the
new business in effective and efficient way as well as determine several problems which may
posed into future period.
B) A discussion of the competition; the competitiveness of the industry, who your
direct/indirect competition might be and what your competitive advantage will be.
Business environment is much competitive as within it all industry have various firms who
are providing various opportunities for them. These activities outcomes in enhancing competition
for entity who are or would be performing into business environment (Park and Mithas, 2020). In
respect of Dancesy School, competitive level is higher as there are several organisations who are
running dance school into market. Therefore, in order to obtain competitive advantage they
would plan to provide various style of dance along with ballet dance to kids. As dance are
becoming trends and career opportunities for children. Also Respective style is much beneficial
for all especially for kids as it enhances their endurance, develops stamina and others. In context
of Dancesy School, it obtains many competitive advantage after initiating their new business into
mall. So that their parent can able to do shopping and buy essential things in mean while. They
should not have to just wait and waste their time. They can utilise it. All these would helpful to
gain various attractions of many parents and attained higher profit.
Therefore, Dancesy School would able to obtain competitive advantage into business
environment by initiating their business into London famous mall named as Westfield Stratford
City Shopping Centre and proving cost effective learning session.
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In order to start or run new business entrepreneurs have to deal with various aspects. One
of them is Competition. So, for evaluating the level of competition Dancesy School have to opt
Porter’s five force model. With assistance of respective model, Dancesy School would be able to
determine the present market competition so that effectual plans and norms could be formulated:
 Competitive rivalry: This has been stated that competitive level is higher at both domestic
and international level in which various firm and small business performs their functions
(Porter, 2020). This is undertaken as one of the effectual aspects that required to be
evaluated through them before initiating new business at market area.
 Threats of Substitutes: It is also considered as other essential force that is high as there
are several substitutes available at market area such as there are numerous dancing form
belly, traditional etc. that impact whole business profit. So, it would be essential for
Dancesy School to determine the whole aspects which would help them to operate their
new business over competitors effectively and obtain profit.
 Bargaining power of buyers: In this respect, bargaining power of buyer is high as there
are many options available for parents or kids as well. This has been stated that,
purchaser analyse overall aspects before initiating business. If parent obtain lower price
as well as standard service from other one then they would simply switch. It might
minimise new business profitability and market share.
 Bargaining power of suppliers: Within this respect, this have been stated that bargaining
power of suppliers are lower as there are large number of suppliers who are ready to
provide various equipments, tools, system and others to Dancesy School and other firm
as well. So, this minimises whole firm cost and thus, because of lower switching cots
bargaining power of suppliers is also low.
 Threats of new entrants: This has been stated that threats of new entrants are low as in
this type of business there are not requirement of huge funds (Rajan and Aker, 2020).
Moreover, this is undertaken that the competitive level would be determined through
Dancesy School so that they could formulate tactics and norms efficiently before starting
new business within competitive market.
C) A discussion of who your target market will be and a justification for this choice.
In order to propose the targeted market Dancesy School would apply the STP model.
Respective framework is accountable to summarise as well as render implication for procedures
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related with market segmentation, targeting and positioning. Segmentation states determination
of market based upon various segment such as geographic, demographic and others. Targeting
described identification of effective segment that has been determined. Positioning is end step
that is related with business oriented wherein business such as Dancesy School may evaluate its
competitive edge as well as positions them into marketplace.
Dancesy School would adopted for geographic where it segments the United Kingdom
region. As this country have stabilised political condition, income of people are not much lower
and society are career oriented. Moreover, it targets the middle and upper class person as well as
kids of 4 to 9 year age group. In addition to this, as they are starting their new business into one
of the famous mall with cost effective session (Shilcutt, Oliver and Aranda, 2020). So that they
can able to grab the attention of larger people. it would drives Dancesy School to position
themselves into competitive marketplace in strongly and successfully manner.
CONCLUSION
Based upon the above report, it has been concluded that business idea for opening a dance
school for kids is great as this aids entrepreneur to attain huge profit. Moreover, PESTEL
Analysis must perform for understanding the requirements as well as desires of the new business
in effective and efficient way as well as determine several problems which may posed into future
period. Also, there are various opportunities such as chosen place have political stability,
effective income level of individuals, huge interest of people and others. Beside this, they key
threat is competition, as in respective market competition level is higher which would impact
new business adversely. Apart from this, further financial projection to anticipate the profit
expenses and others of new business, marketing mix, evaluation of monitoring business plan and
many more.
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REFERENCES
Books and Journal
Chernev, A., 2020. The marketing plan handbook. Cerebellum Press.
Dang, H., 2020. Instagram and YouTube Guide for Dance School in Finland-Case KETO (Keski
Uudenmaan Tanssiopisto).
Kassing, G. and Jay, D. M., 2020. Dance teaching methods and curriculum design:
comprehensive K-12 dance education. Human Kinetics Publishers.
Neilson-Slabach, N., 2020. A Comprehensive Business Plan for Launching the New EdTech
Company Dais Social Group LLC DBA DaisNotes.
Park, Y. and Mithas, S., 2020. Organized Complexity of Digital Business Strategy: A
Configurational Perspective. MIS Quarterly, 44(1).
Porter, A., 2020. Anthony Crickmay and the Art of Dance Photography. Dance Research, 38(1),
pp.1-6.
Rajan, R.S. and Aker, M., 2020. The Impact of an In-school Dance Program on At-risk
Preschoolers’ Social-Emotional Development. Journal of Dance Education, pp.1-8.
Shilcutt, J.B., Oliver, K.L. and Aranda, R., 2020. “I Wish Dance Class NEVER Ended”: An
Activist Approach to Teaching Dance. Journal of Dance Education, pp.1-11.
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