Unit 1: Enterprise in the Business World - Start-Up Business Project

This assignment presents a comprehensive start-up business plan for a retail clothing shop located in Greenwich Market, London. The plan begins with the student's initial business ideas, outlining the rationale behind the chosen concept of a women's clothing store. It then delves into market research, including primary research through questionnaires and secondary research analyzing competitor strategies and market trends. The plan details the business's unique selling points, target market (women aged 16-25), and competitor analysis. The business plan covers product features, benefits, marketing strategies, and financial considerations, including pricing and opening hours. The student aims to create a successful business by offering affordable, fashionable clothing in a high-traffic location, differentiating from competitors through competitive pricing and unique product offerings. The plan also includes resource management and competitor analysis within the Greenwich Market area.

Unit 1: Enterprise in the Business World
Start-Up Business Course Work – Learning Aims B & C
Contents Page
Content Page
1. My Ideas for a Start-Up Business
2. My Business
3. Business Plan
4. Business Model
5. APPENDIX – Copies of your questionnaires, secondary research
etc.
6. Observation records/Witness Statements
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Unit 1: Enterprise in the Business World
Start-Up Business Course Work – Learning Aims B & C
1. My Ideas for a Start-Up Business
Under this section you are required to outline two-five ideas you first thought of for your
business before you chose your final idea. You may bullet point this and it need only be
a paragraph – half a page long.
My first idea was to sell different but unique clothing items online as in this generation majority
for people use online shopping as it is less time consuming and easier to access online. This
idea was mainly targeted towards older women aged between 40+, the reason why I did not
choose this type of business to run is because I personally thought my business would not
become successful as majority of older customers don’t like shopping online as this would
decrease the my business states. And it would not be as popular as other websites because
some older customers might not visit my website as they might find it harder and may not get
used to the websites.
My second idea was to sell makeup products as most of the girls in this generation wears
good amount of makeup. However I changed my thoughts on this business idea because I
predicted that it would cost more money for different makeup products as there are different
kinds of makeup products and also there’s different shades which I would have to buy double
the amount for same products. Also knowing that there are other big companies that produces
cosmetics such as MAC or Rimmel London and many more, I would find it hard to business
and attract new customers as most people would chose MAC because it is known worldwide.
And also mentioning some people might not wear makeup so some of the un-used products
would be waste.
My third business idea was to produce different types of bags that would be suitable for any
occasions. The price range would be a bit expensive as it was going to be handmade fabrics
to be unique as well as attractive to customer’s eyes. Also the target market was ages 12-30+
as well as for unisex so it would be suitable for men and women. The reason why I did not
choose this business to run is because we might have to use animal skin to produce some
bags and this might cause some problems as some customers might be against animal
cruelty.
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Priya Rajbhandari, 10Gn

Unit 1: Enterprise in the Business World
Start-Up Business Course Work – Learning Aims B & C
2. My Business
Introduction
The business idea that I have chosen to produce in Greenwich market is to open a retail shop
which I will be selling different types of clothing’s especially for women that are more into
fashion. I will try to make the prices of my clothing affordable for an example £10- £60
maximum as I don’t think it’s cheap nor that expensive as we will be using high quality
materials. And I chose Greenwich Market as there would be large amount of the people who
are currently studying in Greenwich. There is a University located in central Greenwich and
knowing that large amount of young adults like shopping this would gain new customer. So
this is the reason why locating our in Greenwich will attract young as well as older costumers
including the visitors because there isn’t that much of retailer shops around that area.
The reasons I have chosen this idea to sell clothing items because when I travelled to
Greenwich market I’ve noticed that there isn’t that much of clothing stores so if I locate my in
that location there would be a greater chance of it being successful because more people
come and buy my products. The gap in the market that I have noticed that it was lacking
clothing items also clothes with standard prices. My Unique Sell Point would be to sell as
much of the clothing products we produce with standard price so the customer come to my
shop and not shop in the other retailer stores.
Market Research
Primary Research
I conducted some primary research by handing out a number of questionnaires analysed the
results which helped me to see which companies are my competition and what clothing items
that the audience like wearing.
Also this bar chart would help my business to be more successful the reason for this is
because this bar chart shows which stores most customers goes too and this will help us to
see which store we’re competing with. By looking at the graph this shows that majority of the
customers like shopping in New Look; meaning that I need my business to attract more
customers than New Look and need to contain the same kinds of products but better so the
customers would come to my store.Also in the graph I can also see that Zara , RiverIsland and
MissGuided is not successful at attracting customer as the prices of their products are
expensive so I would need to make sure that my items are affordable.
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Unit 1: Enterprise in the Business World
Start-Up Business Course Work – Learning Aims B & C
2)
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Unit 1: Enterprise in the Business World
Start-Up Business Course Work – Learning Aims B & C
Secondary Research
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2) By looking the other graph it shows
me that more people favourite scarf,
jeans and dresses as their favourite
clothing items so I would need to sale
and attract them clothing items so
they would come to my store and buy
them. However I would also need to
attract the different products like
Jewellery, sweater, boots, leggings and
suites so I wouldn’t lose money or
waste products.
This information will help me because
this shows which items are more used
and favourite and knowing that
information would help me develop my
business because I would need to sale
more of them products so the
costumer would come to my store and
buy my produced clothing products.

Unit 1: Enterprise in the Business World
Start-Up Business Course Work – Learning Aims B & C
12
5
1 0
2
10
5
3 2
0
9
2 3
5
1
10
5 4
1 0
8
1
6
2 3
How much are you willing to pay for each item
below?
This graph shows me that my product should have a standard price. If the pricing are
too high I will lose customers as they are mainly willing to pay £10-£30 depending on
the products. This graph also helps me how to price the clothing items.
The reason why I needed to know where the customers go to shop to buy their clothes
is because I need to know who are my competitors and what products they sale that
are better than my clothing products. So, I could improve the standards and compete
against their business. By looking at the graph I know that New Look has the most
votes meaning large percentage of customers prefer going to New Look than
Misguided, Gilly Hicks and Zara as these shops are more expensive than New Look. So
I know that New Look is my main competitor. As some of these shops are not located
in Greenwich this can still affect my business as they also do online shopping so their
business will still be successful and I also need to make my business as good as their
businesses.
I also did some secondary research on the Greenwich market website I have found out
that there is National Maritime Museum and also mentioning Greenwich University.
This is encouraging for me as it means that there would be large range of visitors and
customers/buyers that could potentially visit my stall. Also The Royal Borough of
Greenwich benefits from 18 million people
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Unit 1: Enterprise in the Business World
Start-Up Business Course Work – Learning Aims B & C
visiting the area each year, 10 million of those visiting the Maritime Greenwich
meaning that there’s more chance of the visitors visiting
My store as large amount of people will be around Greenwich area and that’s where I
would be locating my business store.
Resources
There will be competitors between my shop, Silk and the Traffic. I would need to be
able to open my shop for 7 days a week from 9am to 7pm and on the weekends 8am
to 5pm. As I chose to be a sole trader because I will have to manage my business by
myself but I will need to employ some stuffs to help me handle the store and help
around. To run my business I would need to be organized and have all the
equipment’s that would help me to show the customers that my store is up to
standards.
Competitors
I found that in the market my main competitor’s that also produces clothing items
areSika and Traffic People Women’s. All the competitors’ shops are open 7days a
week which will be beneficial if I opened my store 7 days a week. Traffic People
Woman’s unique selling point is that they produce gorgeously feminine and
beautifully created pieces in vibrant, astonishing silks, also Sika’s unique selling point
is that Sika is a vibrant and unique boutique which each fabric is hand-made using
natural methods. As my business is competing against Sika my business I also need to
produce handmade fabrics which are also colourful and attractive.
They both open 7days a week also the produce unique selling clothing such a
handmade fabric that is produced by Sika. To be a different and unique business I
would sell clothes that is affordable but well-made. By looking at the silk website I
have found out that silk price range is very expensive as their price range is £24.20 -
£250. As I believe that’s very expensive and not have affordable. I can compete with
Silk by making the price range a bit cheaper and reasonable. Also my company would
be producing clothing products for different seasons so we would have verities of
clothing items for different seasons.
Target Market
My business idea is mainly targeted for women aged 16-25, my business is going to
sell unique clothing and garments for people with different types of style. Also the
business will be targeting people who will be shopping around Greenwich.My store
would be selling clothing which is going to be affordable all my customers that have
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Unit 1: Enterprise in the Business World
Start-Up Business Course Work – Learning Aims B & C
different jobs will be able to afford my products. My target marketers are also for
woman that has more of a taste in fashion and are a bit more fashionable.
Summary
The business is mainly based on retailer selling for woman only aged 16-25 which will
be located in Greenwich market. The business will also be competing with two
business which are Silk and Traffic People Woman’s. The store will be opening 7 days
a week same as the others business.
Business Plan
The product
My business will be producing clothing products for different seasons directing to
women aged 16-26. The clothing items would have a standard price as some of the
products would be handmade and made with the best quality materials also my
product is targeted at young people which some may be still studying so due to this
the clothing item should be affordable as they need to afford the clothing’s and also
pay for their education. As it’s a retail business my business would be competing with
different well-known retail companies. I would advertise my products on social media
such a Snapchat, Facebook, Instagram and Twitter.
Features and Benefits
The features of my products are going to be up to date with all the seasons for an
example if its summer my company would product all summer clothing items and
same for all the other seasons. The main features would be selling handmade as it
would be one of my unique selling point in the business also to design and make my
clothing item I will need to buy fabric and different types of garments from different
countries meaning we will be doing fair trading. So our business is unique, well
presented and also fairly traded.
The benefits that the customers would get from buying my clothing product’s is that
the price of the items would be very standard and affordable also my shop would keep
up to date so the customers would know what’s on trends or not. Also my business
will have our own website to sell our clothes so the benefits for busy customers are
that they can shop online.
Demand for the Service/Product
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Unit 1: Enterprise in the Business World
Start-Up Business Course Work – Learning Aims B & C
By looking my primary resources I have found out that more customers mostly picked
scarf, jeans and dresses as their favourite clothing item meaning I would need to
product and sale which I would my product attractive them clothing items
The target market
The business is targeted towards fashionable women aged 16-25. Also it is mainly
targeted towards woman who are a bit more fashionable and almost in love with
fashion. Inexpensive costs all my customers also it would be targeted for people who
are around Greenwich market.
How will I market the business?
I will market my business by advertising it on social media such as Facebook, Twitter,
Instagram and Snapchat. The reason why I have chosen to advertising it on social
than physical advertising is because more people go on social media to find out
information.
As 66% of online adults say they have a current social networking and more people
mainly use Facebook meaning there’s more chance of the customers finding
information about my business on social media. If I hand out leaflets the public people
are more likely to throw the leaflet as this is waste of resources, time consuming and
waste of money.
Resources
Sources of Finance: I will finance my business by borrowing loan from the bank
as their interest rates are low and the money that I am going to borrow from the
banks or I will borrow some money from Prince’s Trust as they are also willing to
help with financial problems.
Equipment: I will need to set up an attractive stall and hanger for the clothes
and accessories. So, I will need a large amount of hangers and racks so I can
showcase the products that with be produced.
Also I would need Tills to my shop look more professional and attractive towards
the customers.
Employees: The employees need to be able to handle the customers and also
need to be confident while approaching customers so my shop and the stuff
would look profession and well managed. Also my employees need to be over 18
as they will be working for 6-8 hours.
Skills: To be successful at this business I will need to be a good sales person so
that I can convince people who visit my stall to buy my clothing products. Also I
need to be a good financial business woman so my business does not go to debt
and in need to be able to handle the shop and my business in a profession
manner.
Legal Aspects: Public liability insurance- If I or my employees tries to get a clothing item
from a high placed rack and they fall off the ladder while getting the item they would get
injured. This is insurance that helps to protect you in case someone gets hurt on your
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Unit 1: Enterprise in the Business World
Start-Up Business Course Work – Learning Aims B & C
business premise. Health and safety regulations and procedures are other legal aspects as
I have to make sure that my employees and I follow all the health and safety regulation. As
the employers I have to train my employees; they would need to learn and understand all
the signs like warning signs as they need to be displayed if the business is using hazard
materials. As being a retail company I need to make sure all the stuffs are over the age of
16 because the employment law of employing stuff is 14 but I would like my
stuffs to be a bit older and able to work for long hours as students younger 16
are only allowed to work for 40hours per week. These are laws put in place to
place both the employers and employee and they need
Action Plan
Having an action plan is very important to a retail business. Action plan helps keep
the business organized and well managed. Also having an action plan means I will
need to achieve and keep the business running as this means I have to set targets
which I will be achieving.
Business Model
The Business Name & Location
I will name my business ‘Raven’. Raven is a clothing business which will be sold to the
public audience, mainly targeted towards women. As I will be selling clothing items I
would be located to other clothing businesses in Greenwich market such as Silk and
Traffic People. I will attract new customers with my realisable and affordable prices as
well as my unique handmade clothes.
Product/Service Offered
My unique selling point would be to sell handmade clothing item as well as Fair-trade.
The reason why I want my business to be a fair trade is because customers are more
into fair trading and that there has been a significant increase in the market for fair
trade products in the UK over the past five years. So if I introduce Fair-trade into my
business it will benefit my business as it may gain more customers also it is helpful
towards other countries. Some business might not make handmade products so I
personally believe having a handmade business will make my business more unique
and more money saving.
Format of business, reasons for choice
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Unit 1: Enterprise in the Business World
Start-Up Business Course Work – Learning Aims B & C
The format of business that I have chosen is Sole Trader. I have chosen this because it
will give me the privilege of total control of my business including controlling my shop
without having to make discuss or argue with others to make my decision like I would
have to if I was in partnership format. I would make all the decisions, take all
responsibility and receive all the profits from the business that I would be running
which is a positive advantage. AlsoI will not have to worry about interference from the
government and it is very easy to set up. However the negative side of choosing to be
a Sole Trader is that if I happened to feel sick or injured there would be managers to
fall back on which meaning the business might not be ruin properly. Also if I may
happen to get into debt my business would not have the protection of limited liability
so could lose everything including my own personal possessions such as my house,
car and furniture to pay off my debts to creditors.
However if I had chosen to become a Private Limited Company (also known as a Ltd) it
would be easier to finance the business as there would be shareholders who could all
put money into the new company. The main advantage is that it has limited liability so
there would a limited to how much we could all lose if the business went bankrupt. We
could only lose the value of our shares and no more. However thereare disadvantages
of being a company because it is more difficult and expensive to set up and there are
lots of rules and regulations that you have to follow by law.
Another alternative would have been to become a partnership. I had chosen this to
run my business I would have gained extra support from my business partners. Also if,
in the future, I become ill or get injured I would have my partners to fall back on as
this would be less chance of my business failing and getting into debt. A partnership is
also good because it gives the business a greater range of skills so the partners could
have different roles and responsibilities within the business e.g. finance, marketing,
operations etc. However the reason why I did not pick this type of business format is
because in future this could cause lots of disagreements and arguments when we are
making decisions and we could fall out. Also in the early stages there may not be
much profit to share which might cause problems.
I did consider being a Private Limited Company as banks would be more willing to lend
money to help me start my business like this and also if my business failed we would
only be liable for debt up to the amount that we have invested in the business.
However the negative side of being a company is that it is very complicated to set up
and I have need to meet all the rule and regulations which will stop me concentrating
on running the business. I would also need to employ a lawyer and accountant which
would add to my costs and make it harder for me to break-even.
Thereforefinally I chose to be a sole trader as it is the simplest to set upand run on a
daily basis. This means that I won’t have to spend as much on starting up the
business compared to a partnership or limited company. Both would require a solicitor
to draw up the legal documents needed to establish them and a company would need
an accountant to independently audit their accounts. With fewer rules and regulations
less time and money would be needed to meet the requirements of the law and this
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Unit 1: Enterprise in the Business World
Start-Up Business Course Work – Learning Aims B & C
will give me more time to focus on other things such as product development and
marketing and the lower costs will help to keep my profit margin high.
I will not have to hold meetings as I will be the only one who would be making all
decisions on how to manage and make my business successful. This will speed up the
decision making process and I will be able to react to the demands of my customers
faster. This will be also be aided by the fact that I will work in the shop myself and will
be personally interacting with the customers.
Although I will have to be careful not to get into debt as this could affect my personal
wealth e.g. I could lose my home and possessions, in the early stages of my business I
think the benefits of lower running costs and less regulation outweigh the financial
risks. I will be a small business and will only be buying small amounts of stock so the
chances of getting into serious debt are small. I would also responsible for all the
actions of the business and would legally accountable for everything my business
does but I will be making all the decisions myself so I’ll be confident that there won’t
be any problems.
Aims and Objectives
The first aim, of my business is to at least break-even, cover my costs and survey into
the second year. I estimate that I will need to sell profit and also have outstanding
service and not fall on debt.
It is a professional thing to set aims and objectives as I would know what I have to aim
for and make sure to be successful on achieve the aims. However if I fail to achieve all
the aims and objective my business will become unsuccessful and may fall on debt as
some customers might not come to my shop. So it is important for my business to
stay organized and aim to be successful.
So, to be successful I will need to advertise my business on social media’s as that
would give the customers information’s which may increase our business customers.
Also I would need to set up a website so the customers could have easy access on
buying our products from online.
SMART objectives.
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Unit 1: Enterprise in the Business World
Start-Up Business Course Work – Learning Aims B & C
 Break even and make a small profit in the first year.
 To sell 1000 clothing items in 1 ½ months
 Increase profits by 10% per 2months
SWOT ANALYSIS
Strengths
 There are no other retail businesses
that does fair trade so this is a gap
in the business
 Fair trading clothing might attract
ethically minded customers
 Location in Greenwich, popular area
with tourists and locals
Weaknesses
 My inexperience might mean that I
am not able to manage the finance
of the business because of the
budget not being accurate
 As I am running the business my
own I will not have a partner to
share ideas with and all the work
Opportunities
 May qualify government grant
 Strong British pounds makes
importing clothes cheaper
 Gaining student customers as the
Greenwich University is close to my
business
 The government have recently cut
income tax so this would mean the
customers will have more money to
spend on my products
Threats
 If interest rates increase cost off my
loans will go up.
 My competitor’s my start copying
my Fairtrade idea and might attract
customers.
 If my expenses are more than the
profit that would mean my business
will be in debt
The Customer Market and Market Research
My business idea will work because around Greenwich market there are visitors which
may visit my shop and also there are famous locations such as Greenwich University
so this means most of the students from around Greenwich may visit my shop. The
Royal Borough of Greenwich benefits from 18 million people visiting the area each
year, 10 million of those visiting the Maritime Greenwich museum so locating my
store in Greenwich mean visitors will visit my shop and might buy my products.
How will customers buy your product/service?
The customers would buy products from my store and also I will be producing my own
public clothing line website. I will make sure that the online shopping website is easy
to access and not complicated as some websites can be confusing and hard to use.
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Unit 1: Enterprise in the Business World
Start-Up Business Course Work – Learning Aims B & C
And this may lose customers for those who shop online. Therefore I need to create a
website for my shop which is easy, straightforward and attractive.
How would my business carry out successfully?
My business will carry out to be successfully as
long as I keep my quality and style up to high
standard and also keep advising my business and
products because if I keep advising my business
more customers would know
about my business which this will gain more and new customers. If my products are
really good and they recommend my products to other people this would also make
my business successful and carry out my business successfully for a long term.
Detailed Financial Plan - Start-up costs
Items Costs
Racks £109.99
Mirrors (£60x4) £240.00
Hangers (£1.50x50) 1Pack – 5hangers £75.00
Posters (£3.99x4) £15.96
Sewing machines (£87x2) £174
Tables £125
Curtains (£11x4) £44
Light bulb (£0.99x4) packet – 4bulbs £3.93
Mannequins (£38.00x6) £228
Tagging supplies (tag guns) x3 £17.97
Plastic bags (50 bags ) (£8.99x10) £89.90
Storage boxes £9.97
Chairs (2) £52.99
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Unit 1: Enterprise in the Business World
Start-Up Business Course Work – Learning Aims B & C
Open and close sign £2.99
Basket (Pack of 10) £76.45
Stereo system £39.00
Tills £71.39
Computers £299.99
Card reader £46.99
Telephone £12.99
Mop £7.99
Microwave £69.99
Pens, pencils , paper £4.90
TOTAL £1818.43
Fixed Costs – TOTAL - £1578.00
Items Costs
Rent £425
Phone (BT broadband) £35
Electricity £330
Water £78
Stuff £520
Insurance £90
Business rates £100
Sale Revenue
Items Price 250 items 500 items 1200 items
Stock: Dresses £10.00 £2,500 £5,000 £7,500
Stock: Jackets £35.00 £8,750 £17,500 £26,250
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Unit 1: Enterprise in the Business World
Start-Up Business Course Work – Learning Aims B & C
Stock: Tops £8.00 £2,000 £4,000 £6,000
Stock: Shoes £10.00 £2,500 £5,000 £7,500
Stock: Scarf’s £5.00 £1,250 £2,500 £3,750
Stock: Jeans £10.00 £2,500 £5,000 £7,500
Stock: Bags £12.00 £3,000 £6,000 £9,000
TOTAL £22,500.00 £45,000.00 £67,500.00
Variable costs
Project Gross
profit
If I sell 250 of each
clothing’s at £6
each
If sell 500 of each
clothing’s at £10
each
If sell 1200 of each
clothing’s at £14
each
Total income 22,500 45,000 67,500
Variable costs 11,250 22,500 33,750
Fixed costs 1578 1578 1578
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Items Price 250 items 500 items 1200 items
Stock:
Dresses
£3.00 £750 £1,500 £2,250
Stock:
Jackets
£35.00 £5,500 £11,000 £16,500
Stock: Tops £8.00 £625 £1,250 £1,875
Stock: Shoes £10.00 £1,250 £2,500 £3,750
Stock: Scarf’s £5.00 £375 £750 £1,125
Stock: Jeans £10.00 £1,250 £2,500 £3,750
Stock: Bags £12.00 £1,500 £3,000 £4,500
TOTAL £11,250.00 £22,500.00 £33,750.00

Unit 1: Enterprise in the Business World
Start-Up Business Course Work – Learning Aims B & C
Total costs 12,828 24,078 35,328
Gross profit/(Loss) £9,672 Profit £20,922 £32,172
From the research I have found out that if I buy my clothing items for fewer prices but
sell the items for more, I will make a profit which would decrease the chances to put
my business in debt.
The table explains that if I sell 250 of each clothing items the total income would be
£22,500 then I took away the total costs from the total income and it gave me £9,672
which is a profit to my business. In additional if I sell 1200 clothing items for a
standard price the total income would be £67,500 so if I minus total cost which is
£35,328 from the total income it would give me £32,172 profit which is exceptionally
good for my business. And have less chance of getting in debt.
Stakeholders
The staff will be interested in how well my business does because its success will
affect their income and living standards. Customers are going to get more choice and
may have a competition between my business and other business clothing items. The
suppliers who supply the items will gain more sales and profit also the government
will be affected as they will get more tax from my business.
Sources of Advice and Support
For a financial support and advice I would go to the bank as they will be able to give
me the best financial and business advises they offer lots of suggestions for new
businesses and you can get help to write a business plan with the bank staff. And I
would go and ask for advises from another business companies and see how they
manage their business in order to help me improving my business. Also Prince’s Trust
is also willing to help with financial problems.
Business model
The format of my business is going to be a Sole Trader and it will help make my
business to become successful. Because as a sole trader I retain all the profits from the
business also, I will be in full control of my business. My business will carry out to be
successfully as long as I keep my quality and style up to high standard. My stable
business will fill a gap in the market by producing and promoting unique, Fair trade
items. In the retail business world Fair trade is not as popular or mentioned so if I sell
clothes that are Fair-traded, I will have more of a chance that my business will gain
more customers as this is new to the business and uncommon meaning customer will
be more interested towards my products. I will target my customers my promoting in
multiple of social Medias such as Facebook, Twitter and Snapchat. I know that 66% of
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Unit 1: Enterprise in the Business World
Start-Up Business Course Work – Learning Aims B & C
online adults use these social networks so if I promote products on there more
customers will know about my business. I will reach my customers by producing their
needs and wants so they will for more.
Justification how initial plan for business idea has potential for success in relation to
existing local businesses
My business will be a sole trade the reason for this is because I would be more
independent and more in control of my business as no one can interfere with my
choices. And my business would be successful because the location in Greenwich has
a large percentage of customers due to different locations around that area such as
Greenwich market, Greenwich University and Greenwich museum. People will visit my
store as there’s lots of tourists also meaning they might visit my store which is an
increase for customers. Also my business will have standard prices so most of my
young customers will be able to afford these handmade products. As some high street
stores are high on price such as River Island and Topshop and due to this negative
point they don’t gain as many customers. My business would also do fair trade as fair
trade is becoming such an increasing matter and most of my customers might buy my
products as they would know it is going to good cause and equally traded and not like
Primark products where they don’t fairly trade equally and do child labour. So fair
trade would also make my business successful as this will gain customers with this
USP.
The another reason why my business may become successful is because it will be
advertising my business on social media so it will be well known and also I will
produce my own public website so it could be online shopped for people that cannot
reach to my store which may benefit some customers. Also, large majority of my
customers are young so there’s more of a chance of them seeing and visiting my
website as young customers are attracted to clothing websites as some may prefer
shopping online. Furthermore, my clothing products will be unique, well- made and
irreplaceable than SilkandTraffic Light which they are my main competitors. As my
brand is new and people coming to Greenwich market are looking for unique items I
have definitely sure that my products will appeal to them as they might want to buy
them for themselves or as gifts to take home to friends. According to my research
50% said they would recommend my clothing to friends, family and girls. This shows
that I have a higher chance of succeeding.Also by questioning the public I have found
out that 50% said yes that they will recommend my product and 45% of the public
stated maybe that why will recommend my products depending on the quality and
style.
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Unit 1: Enterprise in the Business World
Start-Up Business Course Work – Learning Aims B & C
A gap in the market means an opportunity to produce something that is not yet available but
That people would like to have. So my business will fill that gap in the market by producing and
promoting unique, Fair trade items. The reason why my business will use Fair Trade as a fill in
the market is because Fair Trade is not that well known in the fashion retail business and
because of
this, my business will be more exclusive and unique so more customers will be interested in my
business. Also, my unique selling point would be to sell handmade clothing item as most of the
businesses uses machines to produce clothes, however my business will produce beautiful,
bold handmade clothes as this would make my business more unique and eye-catching.
Therefore, selling handmade and Fair Trade will fill a gap in the market and also attract
more customers. Also, It means my company, can help improve the lives of the farmers and
workers who produce the products for my business.
Appendix
EBay
AmazonASDA
Page 19 of 19