Feasibility study of setting up a business Assignment

Feasibility study of setting up a business - Assignment Example The primary objective of this study is to find out if it is feasible to set up a fitness/gym shop. Secondary Objectives: The secondary objectives are mainly research, analyses and evaluations. The following types of research will be undertaken: Research into the local economy. Household incomes, unemployment rates as well as demographics within the local area have a significant influence on the success of the proposed business. Finding out and analysing those figures will be necessary to evaluate as accurately as possible. Primary Research into the target market. This is a vital part of the whole study, as it will tell about consumer needs and wants. It will reveal whether there is an interest in such a shop and hence be helpful in order to decide if setting this business up will be feasible. Analysis of primary research. The findings of the different types of research will provide this study with an overview of the demand of the proposed business. However, financial limitations will lead to outcomes that are not completely reliable. Therefore it is necessary to justify the conclusions made. Research into the market. Analysing this market will be of use to decide on which strategy is most appropriate. Assessing the competition the proposed business is going to face will help to adopt suitable marketing strategies. Spending habits as well as holes in the market will hopefully be spotted. Analysis of secondary research. The secondary research gathered will be vital in order to create a marketing plan. The findings about competition and demographics will reveal where it is most suitable to set up the shop. Investment Appraisal. In order to decide where to locate the proposed shop an investment appraisal will be carried out. Qualitative factors are going to be... The result of the first part of the survey reveals a lot. It shows that those who buy supplements purchase them on the Internet, which concludes that there is no or hardly any competition in the area. The result that 99% would like to get consultation in that area explains why there are only 20% buying those products. There is a lack of knowledge about supplements like why it should be taken, by whom, when and how much. From the result that 96% of those buying these products get it from the Internet it can be concluded that they received little if any consultation. As the intention is to employ staff with knowledge about nutrition this can be seen as a good selling point. The 4% who buy supplements elsewhere got them from the fitness centre they are member of. However, those studios are very limited because you need a nutritionist’s degree to sell them.