Starting up a business Essay Example | Topics and Well Written Essays - 2500 words

Starting up a business - Essay Example This report proposes a business plan for starting-up of a business of computer sales and services in the national market of UK. The main aim of the business will be to attract customers by providing quality services as per the need and demand of the customers along with delivering latest computer technology spare-parts to deliver the customers with quality assistance. Undoubtedly, the task of rendering computer sales and services to a diverse client base as can be observed in the current demographic features of UK, will be a tricky strategic initiation. Further reports have also revealed a fall in the selling prices and a consequence fall in the profit margin enjoyed by organisations in the computer sales and service marketing industry. Apparently this indicates towards an increasingly challenging market structure owing to which the planned business will have to be quite focused with respect to quality and customer services through effective supply chain management. For instance, whe re on one hand the resource requirement can be observed as low during the time of initiation as no requirement of large sophisticated office spaces and other obligatory assets will be required apart from skilled human resources; on the other hand, over the long run, significant costs for availing innovative technology assistances and increasing the dais for serving the customers may be incurred and thus, the business might require continuous inflow of cash and apparently at an increasing rate for its continuation. (Curators of the University of Missouri, 2010). Notably, the business is planned to be instigated as a sole-proprietorship based small business concern which will have minimum responsibilities in terms of legal obligations and therefore, will have to witness minimum intervention from external parties. 1.2. Aim of the study Setting-up of a business is often signified as a complex procedure which requires considerable knowledge base of the entrepreneur which can only be suff iced with ample information related with the motive obtainable through a formal research process (Bergstrom, 2012). Based on this notion, this particular study will aim at: Identifying the business opportunities, market competition trends and required resources to instigate the business Devising proper marketing strategies for the targeted potential customers Forecasting the capital requirements and costs to be incurred during the instigation of the business and within a one year financial period Concluding if the business plan is viable and should be proceeded with on the basis of the obtained information and forecast reports 2.0. Literature Review Business start-ups are considered as a significant contributor towards the economic development process owing to which, governmental bodies have been observed to decipher a supportive approach to assist the small and medium sized business organisations. It is worth mentioning in this context that majority of the economic structure of UK constitute of small and medium sized organisations and set-up firms which have further created a substantial pressure to facilitate this particular dimension with ample scope for future development (European Union, 2011). In the similar context, Mahdjoubi (2004) affirmed that business plan is considered to be the important source of evidences required for decisions in investment screening. Scholars have provided various frameworks to structure the process of setting-up of an organisation which is often characterised as a complex phenomenon. As stated by Carter &