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It must be consistent in its production e. g. the product must be as similar to the next as possible. These are only basic features and many other factors will determine whether as business profits or goes bankrupt. For the purpose of this project, I will use the term `viable business proposition’ as a term for a business that generates a large enough turnover to cover cost of production (including raw materials, taxes, employee pay and other miscellaneous cost such as electricity etc.
) and make an adequate profit to justify the time expended in making it.
For my project, I intend to study the practicality of setting up a fast food restaurant in Bungay. I am choosing Bungay as it has the largest consumer base in the area and is close enough for me to perform a detailed study on its economic feasibility. Initial conditions Bungay is a settlement of approximately 5,000 residents and is situated approximately 9 kilometres from Beccles – the nearest similar proportioned town.
Its central business district (CBD) is approximately 1km^2 but slightly rectangular in shape due to the fact it is situated in a meander of the Waveny River. This elongation of the town may also be due to the growth of the town off its long, straight High Street. Bungay’s businesses are spread throughout the residential areas but the main concentration of industry is along the high street at the centre of town. Other nearby towns include Halesworth (13km), Lowestoft (21km), and Southwold (23km).
Due to a previous investigation – I have found that most of the businesses in Bungay are partnerships.
This is mainly because mainly professionals who like the advantages that partnerships bring e. g. ease of raising capital, ability to provide wider range of skills etc. form them. As well as partnerships, there are equal numbers of sole-traders and franchises and also equal numbers of PLC’s and LTD companies. I think that this is a good representation of business in general as the easier the business is to set up, combined with the advantages each has to offer, the more of them there are.
By looking at the graphical representations of my old data, I can see that goods providers are the predominant businesses while those providing goods and services, and just services come second and third respectively. This is because goods like foodstuffs and clothing (needs) are always required while other services like hairdressers and beauticians (wants) are not always present due to demand and competition. Most businesses are tertiary, as the town is a main distribution point for goods and services.
There are less secondary and primary businesses as raw materials are not usually found in a town and secondary businesses tend to be established near the primary source. Businesses range from those that are owned and run by one person to those which are run by groups of people and shareholders. They differ in control and how they raise money, and the distribution of profits. In essence, different types of ownership mean different types of organisation. This organisation is the way in which a business is structured, or arranged, so that it can achieve its objectives.
The conclusions of this previous study demonstrate that Bungay has a very round set of businesses that suit the needs of the local population. It has a variety of secondary, and tertiary industries that provide both goods and services. Some congestion occurs on the roads at rush hours due to the slower expansion of the roads and transport system in relation to the growth of business. There is an over-provision of pubs although they all seem to be within the town’s threshold and receive business. In my extension work, I decided that a fast food outlet would fill a niche market that has an untapped demand at present.
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