Opening a Business in My Neighbouring Area Essay -- Business Managemen

Opening a Business in my Neighbouring Area Background to the Business When we were first set this project to complete I thought and researched into the many business I could have selected to open in my neighbouring area. There were many options I could have chosen for my project, after long consideration I managed to narrow down my final ideas into four businesses in which I could have chosen and were most suitable for my project. My ideas which I thought of were a restaurant which would sell alcoholic beverages, non alcoholic beverages and meals, a clothing store for young adults, a beauty store which would sell cosmetics and other products similar, and finally a stationary store which would sell school equipment, and many other stationary goods. I thought about each option carefully and went through the advantages and disadvantages to each proposal I had to decide from. To begin with I went through the advantages and disadvantages of opening a restaurant in my neighbouring area, if I were to open a restaurant there would be a great deal of competition in the location of Brighouse as there are several restaurants in Brighouse, one of my competitors if I were to open up a restaurant in Brighouse would be La Romantica, this restaurant is a successful Italian restaurant which has been open for a few years, within this period of time it has built up a good reputation to the people in and around Brighouse. Another competitor is the Brooks restaurant; this is an upper class restaurant which also has a good status like La Romantica. Other restaurants which would not be classed as high competitors unlike the above are The Golden Hind Fish Restaurant, The Auctioneer, Swankies, Bengal Brassiere and Water Front Lodge. The advantages of having a restaurant situated in Brighouse would be that there is a good market demand for restaurants in Brighouse and that would produce the business profit. So I came to the conclusion to decide against the idea of opening a restaurant in Brighouse because of the competition, the competition is too immense for a small restaurant to contend with. Also there are more disadvantages than advantages. Secondly I could have opened a beauty store in the centre of Brighouse much like the nation-wide store Boots. If I were to open a beauty store in the centre of Brighouse there could be many advantag... ... income support and job seekers allowance from the government, which will mean that the government will have more money to spend in the budget on public services such as the NHS, schools and the police force. Also for my business I will have to pay taxes on my profits will again go to government services and the improvement of public sectors in the UK. Also other people will be paying taxes on my products, which will be used by the government to be used on public services in the UK. But my business could create inflation in the country, which is a negative issue, this could be due to an increase of demand in products, so prices would rise and less people would spend their money on them as their prices would be too high. Another bad issue could be that the government might have to spend money on improving the environment due to the damaged which might be caused by my retail outlet, some of these damages which my business could do are pollution such as waste pollution which would be my leaflets which people could have dumped in the street therefore the council will have to get more cleaners, also noise pollution by the heavy pedestrian congestion which might occur.