Methodology into preparing a business idea Essay

The aim of my project is to enquiry a probable origin jeopardise to see if it would be feasible to open a prep atomic number 18 depot situated at the bottom of the Station Road confrontt up W anysend Forum. In the beginning I intend for my organize shop to be a abject, local strain which I go forth eventually thrive on if funds permit it. My business is being situated in Wallsend for many reasons. Firstly, I am from the area and know first heap that similar businesses in the area are extremely successful and I believe that by improving some(prenominal) of the more negative aspects of fit business I tail end make a success of the business.Secondly, the convey on a premises is a lot more likely in Wallsend, alternatively I could have chosen Newcastle City Centre, in time after looking into the bell of renting an outlet I ultimately decided on Wallsend, as a property in Newcastle would woo a minimum of 5 times of what I could have in Wallsend, there would be a lo t more business in Newcastle, but I could not afford to rent such an high-ticket(prenominal) property this early into the venture, however, in future it is something I may consider.I have chosen this area because it has a high population of 213,983, it is too linked to many main roads which has a huge far-offe of traffic each day which I feel will bring in my business. Wallsend also has a bus terminal and has 3 metro place within walking distance, I believe this will greatly generate to my business and generate a healthy custom. I will be able to investigate this by using methods such as questionnaires, sentiments and imparting essential and subaltern research into similar businesses in the area to compare them to part a good indication of costs and such.To see if my business venture will be successful I will indispensability to conduct various lawsuits of original and secondary research. This is so I female genitals assembly information about my type of business an d estimate demand and such. exclusively of this collated information will bowl over me an indication of whether my business will be a success. I will be conducting both primary and secondary research as both of them pose benefits to my market research.Primary research will be right because I can aim my questions particular propositionally at my research objectives, therefore I will only be impersonate necessary information, there is no risk of having outdated information because all of the information will be on-going, I could also give my potential customers a preview of what type of products they can remain from my business by providing examples. However, there are also negative aspects of using primary research, for example, they can be actually expensive and time down, organising samples and getting mess to patron survey will be costly and also time consuming.In addition, there is always a risk of interviewer and questionnaire bias, questions may be worded so it direc ts respondents to choose a specific answer, which will make the information stash away invalid. Secondary research also has its advantages, it is often inexpensive and can be obtained for let loose, also if you have plenteous information from various similar businesses it can give a wide overview of the general market, and it is often based on large samples which is extremely beneficial if you cannot conduct a large enough survey yourself, it also often includes official sales figures.Similar to primary research, it also has its draw screens, the selective information may be outdated which makes it irrelevant to the current day market, it is never specific to your business and could only contain a smooth amount of relevant information, if the information consumed does require a fee, then it can be very expensive however it will report on different kinds of market, including your testify, again only providing a small amount of information relevant to your business.I could condu ct my primary research in a variety of ways, I could use a postal survey, where I would deliver a survey through the post and expect the respondents to reply, this can be advantageous because it saves a lot of time and money, delivering a postal survey around the area of my business wouldnt place as long as some separate methods and I could do it myself rather than having to employ bulk to help.However, the amount of surveys I would receive back would be a small percentage of what I had handed out, which would demo the process pointless, however if I stated that respondents would receive a free gift the response would be higher. I could conduct a face to face survey in which I would ask questions on the streets of Wallsend.The benefits of this would be that it would raise awareness of my business and create a curiosity amongst the respondents which is already a form of unintentional promotion, and also let my potential customers get to know information about the business before it opens, in addition, the entropy is quite simple to analyse and it wouldnt take long to stash the data.On the other hand, this would be quite time consuming as a lot of people refuse to take part in street surveys, also I would need to employ others to help because I would not be capable of conducting a large enough survey to base any decisions on. Finally I could create a guidance group, in which I ask groups of 6-8 consumers questions about their expectations of a sandwich shop and analyse their answers. This would be extremely informative and will give the pickax of interviewing 6-8 people all at the same time, which saves a lot of time.In contrast, it would be very difficult to organise a group of 6-8 people to discuss products and services and I would perhaps have to reward them for their participation, moreover, if my respondents are in a group they may not air their own opinion and just agree with the general consensus of the group which would make my data inaccurate. I have decided to conduct a face to face survey as I feel it would be the nearly beneficial to my business.Taking into account that I am a relatively small local business opening in an area which has similar businesses I think it would be extremely beneficial to create an awareness of the sandwich shop in advance of the opening. Moreover, the data can be analysed chop-chop and almost effortlessly. I have chosen this method over the other 2 I have previously mentioned because I feel it would cost the least, and in the first year of my business, costs are paramount. I need to find out potential customers expectations of a sandwich shop and what people expect to pay and what services they think are essential to the business being a success.My questionnaire will take place in Wallsend town centre, as that is where my business is based. When deciding who I want to take my questionnaire I had to look at try out, I could conduct a random sample survey in which I question people of all a ges, sizes, classes and so forth to ensure that I have covered every thinkable type of person that could be a potential customer, which will give me a representative conclusion based on the opinion of a wide range of different people rather than targeting a specific type.The disadvantage of this is that it can be very expensive and time consuming to pick people at complete random, for example from a squall book. It can also be a very slow process, depending on the sample size. Instead of using this method I could use a quota sample, which in essence is interviewing anyone and everyone that comes along, similarly to random sampling in that age, size, classes etc, are irrelevant. This sampling method is extremely cheap and effective way of sampling because I can conduct this when and where I like, it is used by most businesses.The only drawback of this method is that your questionnaire may require a specific type of person to survey (men for sportswear for example) so if that were t he case this method would be useless. I have decided to use quota sampling when conducting my survey because it is very cheap and flexible in terms of time consumption, which is a far more suitable solution than random sampling in where it would require a lot more work, manpower and time. In addition, my survey is relevant to everyone, as it is a service that everyone, regardless of characteristics, could use at some point.