Business city centre as it is the heart of

Business Name: “Q Clothing”

Business Idea: Clothing

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Location: The business will be based in London as it is
the capital city of England

Why am I going to be a success: I am going to be
successful business as I will sell a range of products to my customers.

The reason I chose “Q Clothing” as my business name is due
to the fact that it is unique and original name which will attract a wider
range of customers as well as creating a successful brand and mean that I can
increase the popularity of my business. The reason I will choose Clothing as my
business idea as it is a product which is unique and will appeal to my target
audience which means that my business will hopefully have a long life span as
it is a need for the consumer. Furthermore clothing is an everyday need and so
it will not be hard to sell clothes but I have to know what types of clothes
are being sold on the market.

I have chosen to choose London as the location of my
business due to the fact that it has a wide range of customers coming from
outside of the country and will spend a lot of money to buy clothes from my
business as I will have an increased footfall from tourists and other
residences that reside within the area and therefore will increase my profit
exponentially. My business is going to be a success due to the fact that the
clothes I will sell will be off a high quality and an affordable price yet sell
certain clothes at higher yet reasonable prices as the increase in population
and demand for new and trending fashion will affect my business so I will need
to keep up to date with the latest trends to increase my profits and sales.

Local Factors

Premises:
It will be situated in the city centre as it is the heart of the city and will
have a high range of customers who will buy my productStaff:
I will have around 50 staff for my businessEquipment:
I will have Mannequins, Till, Stands.Stock:
I will have a range of clothing for all my target audienceCustomers:
People of all agesSuppliers:
I will buy of Big Brands like EA7 and Versace, Louis Vuitton, Balmain ParisCompetitors:
My competitors will be JD’s Selfridges and Scott’sMy
business will be situated in City Centre as it is the heart of the city and a
lot of tourists and people go there to shop and because of this would increase
the chances of someone buying from my business. An advantage of being situated
in the City Centre would be that there will be more footfall of customers to
enter the business as potential customers. However a disadvantage of this would
be that because I will be based in the city centre there will be more
competitors and might reduce the number of customers I will get. I
will have a high number of staff working for me in my business as it will make
it easier for the customer when they need help and guidance. An advantage of
having a high staff number would be that it would be easier to manage the
business overall and make it easier for me to make the important decisions
needed rather than wasting time. However a disadvantage of this would be that
due to this high number of staff in my business it will increase the total
expenditure as I will have to pay for the wages for all the staff working at my
business. I
will have different types of equipment in my business like: Racks, Hangars,
Mannequins and Tagging supplies as these will be needed to advertise my
clothing products. An advantage of having racks as a piece of equipment would
be that customers can easily see the different types of clothing I will have in
the shop and choose for them. A disadvantage of having hangars would be that
they would cost a lot of money as I will have a massive variety of clothes and
they will all need hangars to hang them upon the racks and as my business
increases so will the variety of clothes and increase so will the amount of
hangars needed. Furthermore an advantage of having mannequins would be that it
would be an easier and appealing way to attract potential customers to buy some
clothes and could get picture of what it might look on them. I will have a wide range of clothing
that will be sold in my business because it will increase the amount of
customers that I will attract as well as increase the range of my target
audience. An advantage of having a lot of stock would be that I will sell a lot
and whenever someone comes to buy something I wouldn’t say that I don’t have it
and it is likely that I would sell it as well as having a range of sizes in the
type of clothes. However a disadvantage of this would be that I might not be
able to sell all the stock I had bought because of an external factor and
therefore increase my loss and reduce my profit.I will target people of all ages
as that will increase my target audience and the amount I sell. An advantage of
this would be that my profit and my sales would increase as I am appealing to a
wider range of audience and therefore increasing the chance of me selling some
clothing to them. However a disadvantage of this would be that I will have to
buy more clothes to appeal to more people and ages and might make a loss if I
don’t sell all of the stock I have like I have mentioned above.I will buy from Big Suppliers
like EA7 and Versace, Louis Vuitton, Balmain Paris and sell them, for
reasonable prices as I will negotiate a decent price for the customer, myself
and the supplier and that way everyone would be happy. An advantage of
negotiating a price and asking a discount from the supplier would be that I
will get the product for a cheaper price and even if I don’t sell a lot of it I
will still make a profit and worst comes to worst I will increase the chances
of breaking even. However a disadvantage of this would be that a lot of
suppliers don’t like to negotiate prices with new start-up businesses as it’s
hard to know if their business will be successful or not.My competitors that I will face
would be  big brads and shops like JD’s
or Selfridges and Scott’s as they are more well-known but to get the upper hand
I will big discounts on bigger brands as an opening sale on big brands so I can
become popular and well known quick. An advantage of this would be that I would
attract a wide range of audience yet a disadvantage of this would be that there
is still a risk of the other bigger brands drawing my customers towards them
and reducing my potential buyers, sales.National Factors

Tax-
I will have to pay taxes like VAT, Income Tax, National InsuranceChanges
of government- Depending of what government I will have to abide by the rules
that are set e.g. BrexitEconomy
– Depending if the economy is at an inflation, Interest and exchange ratesLevels
of employment – Depends on if levels of employment are high or lowVAT-Value Added Tax (VAT) is levied on
the sale of goods or services by UK businesses.
VAT is collected on behalf of HM Revenue & Customs by companies. VAT-exempt
items include rent, private education, health services, postal services,
finance and insurance, and gambling. This would affect my business due to the act
that the standard VAT rate in the UK is 20% so I would be charged 20% of the
agreed price However being registered for VAT means that I also could charge
VAT so therefore it makes it less of a loss and can be a steady inflow of money
for businesses and customers alike. Income
TAX: Income is taxable – and that is not just your wages but also what you
might take in rent or your interest from savings and these are some taxable
incomes which help the government run this country like public services: All
wages and working income, Benefits in kind from an employer, Income from
property and rent, Interest on savings and investments. This means that I will have a reduced revenue
meaning that I will reduce the amount of profit that I will be getting so to
tackle this a possible solution could be that I increase the sale price of my
clothing therefore potentially increasing my revenue and might make up for the
taxation that will be taken from me.as well as the government might increases
taxation that will be placed on me making it hard for me to make a profit. I
will create an ethical name for my business.Furthermore
depending on what government is in charge of the certain area were my business
is located means that I will have to follow the specific laws and anything that
happens to affect my business like for example: recently BREXIT has affected
many businesses from big to small as this meant 
that the UK has left the EU and most of the products likes clothes and
other imported there and other European countries so this will lead to an
increase in price for many of the products as well as reducing the types of
products that I will be allowed to sell as well as have to pay a tax for buying
and selling their clothing in my business. Furthermore another thing is dependent on the
how the country is doing overall like if many people think that certain rules
and laws are not enough for them to live and is affecting them badly they could
call to change a law like minimum wage could increase for people meaning that I
will have to pay more to my staff and this will also increase my expenditures
so to tackle this dilemma I need to either reduce the staff or to decrease the
price that I buy my stock for and therefore decrease my break even. Depending on the economy my business may
determine whether my business is successful or not for example if the economy
is in an inflation period the price and value of the £ will increase rapidly
and might make suppliers hesitant to sell to me as it will be worth less to
them overall and therefore impacting exchange rates and lastly might increase
interest rates to gain a reasonable profit and this will reduce the amount of
customers that I will receive. Lastly
another major national factor will be that depending on the level of employment
I might have a reduced staff meaning that I cannot help the customers and run
the business as well if the level of employment is too  high will mean that I will have too much
staff and will therefore decrease my overall revenue and decrease the amount of
revenue that I will receive and will have a higher outflow s to stop this I can
have less staff to decrease my expenditure and have younger staff with less
experience which will reduce the amount I have to pay to them as It will only
be minimum wage.What makes my Business Unique?

My
business idea will work due to the fact that I will sell a wide range of products
and because of this I will attract a wider range of customers to my business. Furthermore
my business will work due to the fact that my business idea is something that
will not ever stop being bought as everyone wears clothesAnother  reason my business will be because I will
give Big brands like:EA7 and Versace, Louis Vuitton, Balmain Paris at cheaper
and more affordable prices than other businesses will be selling them for and
will attract more people to buy my products rather than them going to other well-known
shops and them becoming a potential competitors.Lastly
my business will be different than other competitors as I will have a wider
range of clothingMy
business will be unique due to the fact that I will sell well know known brand
for a discounted price by negotiating a cheaper price from my supplier
therefore I will get make a large amount of profit in a smaller amount of time
as well as attracting a wider and more specific range of customers who will
then know that a lot of the other shops sell the clothes for a higher price and
then increase the popularity of my business. Furthermore
I will sell a wide range of products and not specific things as specific things
like hats and accessories only appeal to a certain target audience and clothes
from big brands appeal to everyone as it is a need rather than a want so
customers will definitely come to my business and potentially buy something. Moreover
another factor that makes my business unique to other competitors is that as a
young person and growing up I know what people of different ages want to buy
for example the younger generation would buy big brands like Stone Island,
EA7,Kenzo,POLO Ralph Lauren and this is because of the way they have grown up
and how everything is advancing in a rapid manner as well as they have to stay
with the latest trends so I will sell brands like these to appeal to the, while
the older generation mostly don’t like expensive things as they have grown up
with less exposure to things like this as well as less advancements in society
so they like to wear casual clothes and more classic clothes so to provide for
them I will buy clothes like this and sell at a reasonable price therefore
increasing my overall profit.Strengths of my Business:

I
have much strength to my business which makes it a very successful and
appealing business. These are:I
will sell popular products which are in Fashion at cheaper and more reasonable
prices than the other chops and therefore making myself unique as everyone one
else will be selling the clothing for high and not very affordable prices
especially because he economy is going through inflation due to BREXIT and so I
will sell products which appeal to a wider range of people as well as being for
a cheaper price and in doing so increase the popularity of my business.Furthermore
another strength of my business is that I am located in the heart of London
specifically in the City Centre and because of this I will attract a wider
range people as well as having a high percentage of footfall due to the fact
that people walk through the city centre and look around and because my
business is located there it definitely will attract potential customers
therefore making my business more well-known and increase its popularity.Moreover
the Quality of my product is of the very highest of standards as it will sell
very quickly and last people a very long time therefore making my business more
reliable and longer lasting. As well as make a name for myself because of the
excellent quality of product I get from outside of the country.Customer satisfaction is a strength
of my business due to the fact that many customers do say they like the service
that I provide to them and most of them say the quality of the clothing and the
wide range of the clothing also contributes to this factor and because of this
they give positive word of mouth by recommending grooming services to others. Weaknesses of my
Business:

I
have many weaknesses to my business which make it vulnerable to loss and make
it less appealing of a business. These are:Due
to the fact that my business is a new business it will take some time for it to
attract lot of customers and therefore take a long time to create a high profit
even though it is located in London’s city centre it will still take time for
it to be recognised and more popular within London.Furthermore
another weakness of my business is that it does not have a reputation because
of it being new so I will have to make sure I do everything perfectly so the
customers see the perfection and the quality of the clothes and then become
appealed and attracted.Moreover
another weakness to my business is that it will incur setup costs like
equipment and building as this will determine if people are attracted to my
business or not and therefore deem if my business is a successful one or not. As
well as having to pay taxation on products which I bought from suppliers
outside of the country as of BREXIT were Britain has left the E.U and therefore
making it harder for people to trade with people outside of it.Opportunities of my Business:

I have many opportunities to my
business which make it unique to others. These are:I
have a potential opportunity to grow as a business as I am new and attract a
wide range of customers form all around the world like tourists therefore
increasing the profits of my business as well as gaining popularity and after a
couple of years maybe expanding my business outside of the UK and go to other
countries to sell my clothing and eventually become global.Another
opportunity is that I will attract a new range of customers because of the very
affordable and high quality clothing that I will be selling as well as being in
London meaning that I will have a lot of tourists coming and buying from there
therefore attracting a new target audience to my business.A
threat to my business could be that I will have a lot of competitors due to the
fact that I am located in the heart of London therefore it will have a lot of
competitors in the vicinity and decrease the amount of revenue and profit that
I will generate. Also another threat to my business is that I would have to
keep up with the fashion and latest trends that are going on in society
otherwise it will decrease the amount of profit that I will make as well as
potentially if I don’t keep up make my business close down. Lastly a threat
could be that a change in law could affect my business and increase the amount
of taxation that is already happening increase or have to pay interest
depending on what I buy and sell to the government.(P3)AppleApple Inc. is an American multinational technology company headquartered in Cupertino, California that designs, develops, and sells consumer electronics, computer software,
and online services. Apple was founded by Steve Jobs, Steve Wozniak, and Ronald Wayne in April 1976 to develop and sell Wozniak’s Apple I personal
computer. Once they had noticed that people were looking for cheaper and suitable
computers for home use they adapted the way they made their products and so
they Apple believed the Apple II series was too expensive to produce
and took away sales from the low-end Macintosh. In the 1990s, Apple released
the Macintosh LC,
and began efforts to promote that computer by advising developer