There are at least three new business ideas in the UK business sector which I can adopt: an online home fixture service, a take-out and express delivery coffee shop and a children’s bookshop. For the online home fixture service, the service that will be provided will be accessed primarily through the internet. However, several shops will also be put-up in different locations across key cities in the United Kingdom. Service coverage will include fixture or restoration of modern appliances such as television sets and laptops, furniture such as antique tables and cabinets as well as repair of floor tiles and kitchen sinks.
Home fixture service is something that people primarily need. The services will complement the UK enterprise sector of selling home appliances and furniture. Moreover, the services will be a substitute for typical home fixture shops located along local streets as the business will focus more on clients who are unable to visit their local stores and who are “wired” through the internet.
The online home fixture service may not be currently popular with the government or with other investors. Thus, financial backing may not be easily achieved in a short time. However, the main office and all the shops will be situated in densely populated urban areas in the United Kingdom. This will give the business the opportunity to derive its financial backing mainly from the income generated from the purchases of clients. Besides, the cost of maintaining a website is relative cheap these days (Stewart, 2003).
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The business will hire carpenters and home fixture specialists as part of the small company and the company will take a certain portion of the sum of their service fees. In short, the business will stand as an agent or a middle party between the clients and the employees who will render the service. The market is likely to grow given the fact that home fixture is a necessity and given the idea that there is relatively a small competition in the online home fixture market.
The main target group is composed of professionals in the upper A and middle B class which may include households or partners living together. The target market is likely to increase in affluence because they are financially secured or, at the least, have financial capabilities to spend on the service. Judging the success of the business will depend on the online hits and online transactions made from the website. Public reception is a vital determining factor in the progress of the business.
The objective means used to determine the preference for the online home fixture service is the increasing number of people who are connected to the internet whether at home, in school or in office. The targeting strategy is consistent with the fact that the local market of professionals and households is composed of individuals who are financially capable of spending for their home fixture needs.
The second business idea is a take-out and express delivery coffee shop. The business will sell both products and service, namely: coffee and its variants as well as an express delivery service. Some people such as office workers need coffee to get a good start for the rest of the day while some others simply buy them on a whim such as young adults who fancy drinking coffee with their friends. There are already a relatively large number of coffee shops in the United Kingdom, each having their own specialties (Jamieson, 2001).
Our coffee shop’s specialty will be its express delivery service of coffee within 30 minutes after ordering by phone or clients get their coffee for free. Another specialty will be the wide range of coffee products, from coffee blends from around the world to souvenir items such as coffee mugs and fresh coffee beans. Our business will stand as a substitute for coffee shops that do not offer an express delivery service. Our business will also complement shops that sell unprinted mugs and wholesale coffee beans of different varieties.
The most likely source of financial backing for the business is the credit system of banks and other financial lending institutions. The coffee business is currently popular with business investors who are inclined to finance shops that cater to the whims and needs of the upper classes of UK. In lieu of the sources of financial backing, it is only fitting to put some coffee shops not far from banks and financial lending institutions since they can be typically found in the urban areas.
With the ever present number of professionals and coffee lovers in UK, the idea of an express coffee delivery will perfectly sit well with the needs and wants of busy professionals who barely have the extra time to take a walk to coffee shops to buy their daily dose of caffeine. The growth of the market will depend on the growth of business institutions and other professional offices in the urban areas of UK. Nonetheless, it is expected that the business will maintain a steady flow of positive response from the market. Moreover, the targeted group is likely to increase in affluence as their professions get better-paying through time despite the possibility that their size may not immediately increase in a short time.
The primary criteria that will be used to determine the success of the business are purchases or the volume of net profit and the general awareness of the public. While the purchases can be measured in terms of cash gains, the general awareness of the public can be measured through specifically dated surveys among the target market which will determine their level of awareness about the company, its products and its services in contrast to similar shops.
The objective means used in determining the preference for an express delivery coffee shop is the relatively low operation and maintenance costs as well as the revenues from purchases. The targeting strategy is consistent with the general observation that coffee is a prime commodity for working professionals inasmuch as it is a popular whim among coffee enthusiasts.
The last business idea is that of a children’s bookshop. The bookshop will specifically house children’s books and will be located near schools for kids from kindergarten to elementary levels. The bookshop will sell popular and contemporary children’s illustrated books as well as classic stories. Children’s books are things that young learners need and parents want for their children to have.
The business will serve as a substitute for bookstores that cater to a more general market since our bookshop will only focus on children’s books. Our bookshop will also complement schools that require young students to purchase required books for reading. It will also complement learning tutors that require their students to have copies of children’s books such as literary classics or basic books about math and science.
The business will get financial backing because it is popular among institutions in the education sector. Both investors and mentors are likely to support the business venture and lend financial support to cover a fraction of the capital expenses. Since the bookshop will be situated near children’s schools, it will be one step closer to obtain grants from the University and other financial lending institutions specifically catering to the needs of the market dealing with the education sector.
The target market for the bookshop is likely to grow over time as schools increase their size of enrolment and as more children enter the age for formal education (Richardson, 2002). Although the target market is not likely to increase in affluence due to their young status, their increase in size will and the decision of parents to purchase books for their studying children will compensate for the lack of affluence on the part of the children.
The success of the bookshop will depend on the number of sales of books as well as the patronage of parents and the reception of young students to the items being sold by the shop. Moreover, the increase in the number of local shops under the same enterprise will also serve as an indicator of the success of the business. The return of investment is the objective means used in preferring a children’s bookshop over others. Establishing children’s bookshop near a school is consistent with the idea that children who study in learning institutions are required to purchase their own books or are given books by their parents.
I prefer the children’s bookshop as a business venture because its target market never empties. It may only increase over time. Moreover, books are not perishable goods and can stay in the shelves for a long time. Due to likely market competition, I should see to it that the bookshop features the latest children’s books. Discounted prices can also be given to regular costumers and to clients who purchase by volume. Running a children’s bookshop may also require only a small number of staff members to maintain the shop, thus reducing salary costs. Education is a basic need and a bookshop for kids can never be an obsolete business.
JAMIESON, R. W. (2001) The Essence of Commodification: Caffeine Dependencies in the Early Modern World. Journal of Social History, 35, 269-294.
RICHARDSON, W. (2002) Educational Studies in the United Kingdom, 1940-2002. British Journal of Educational Studies, 50, 3-56.
STEWART, K. J. (2003) Trust Transfer on the World Wide Web Trust Transfer on the World Wide Web. Organization Science, 14, 5-17.
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