Starting a new veture

INTRODUCTION

There are many alternatives of starting of starting businesses . One can start up a new business which was existent before , one can buy a new existing business or one can buy a franchise

In our case , Mr . Sorefoot is starting a new business . Starting a new business gives one an opportunity for people to realize their dreams they also have the freedom to select the equipments , location , products and services , employees , avoid undesirable policies and procedures avoid many legal commitments and requirements . He will be his own boss have freedom

to follow any path of business and he cannot be fired

ADVICE

I would advice Mr . Sorefoot to open the business

This is because in reference to his business plan , he has highlighted all the essential areas required in a business plan

He has given an executive summary which give highlight to all his key areas and this is very exhaustive

In his business , he has describes the business as sole proprietorship , this kind of business comes along with many advantages and challenges few . He also has expertise skills from his wife who was a KPMG accountant which combines well with the skills of Sorefoot who was a salesman . This will give his business a competitive edge over his competitor like the Tafia sports and the Uphill sports who don 't have qualified personnel to serve their businesses of sports wear

In respect to the market , his target is the general public including the school children , because he opens daily unlike the market traders who open on market days unlike some of his competitors in the market . There is also advantage from the fact that Mr . Sorefoot is an ex-rugby player who has strong links with the local sports club and his wife is a chairperson of the local youth group and a member of PTA of an infant school , all this is likely to have a positive impact to his sales since as they have a good relationship with them . His business has a competitive advantage over his rivals because he can access the quality wear unlike the market traders who sell poor quality products . His business is located at a secondary prime area there fore he can access a good share of the market unlike the Uphill traders and the market traders who are poorly located . He will have a competitive advantage over Tafia traders who have low range of products

Since Mr . Sorefoot has two plasma screens , he also plans to have promotion to schools and clubs , his strategy on the giving discount holding evening display as well as the limited advertising on the local is promote his business sale because there will be increased customer awareness of his products this is likely to improve sales

From the information given in the case study , the kind of market is perfect competition which offers free and fair competition in the market , it 's the forces of demand which set the equilibrium prices therefore the...