An evaluation of feasibility of setting up a bespoke online wedding stationers in Cardiff
Cardiff Metropolitan University
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The aim of the enterprise project was to evaluate the feasibility of setting up an online bespoke wedding stationers in Cardiff. In order to establish this the author was required to carry out research on the following: - A detailed search on the trends of online shopping through Mintel Reports - A detailed search on the trends within the wedding industry as a whole and stationery in specific. - Conduct a comprehensive literature review using academic textbooks, journals, Mintel reports and the internet. - Observation and evaluation of the competition - Producing a comprehensive business plan including market research, financial forecasts , advertising methods etc. - Carry out a SWOT analysis to establish what the owner should focus on to make the business a success. The business idea is to provide a unique service to clients requesting customised stationery for their wedding day. There will be various choices regarding paper, colour schemes, textures, patterns etc in which the client will be able to select from. Also if there are any special requirements that the clients desire, the business will cater to. Through conducting both primary and secondary market research, it is clear to see that there is a demand for this type of service in Cardiff. 90% of the persons asked in the questionnaire responded that they would use an online wedding stationer. 85% of Page | iv those who responded to the survey and answered the questionnaire at the wedding fayres were between the age ranges of 18-34. According to Mintel (2010), in terms of greeting cards, weddings cards were the 6th highest purchased closely behind birthdays and anniversaries. A research by Yorkshire and Clydesdale Banks found that 42% of engaged couples maximised their use of savings accounts and ISAS in order to pay for their weddings. 40% of those who answered the questionnaire said that their wedding is costing £10,000- £15,000 and Hitched-wife.org (2011) stating that the average spend on wedding stationery is £885. The author is extremely confident in the viability and potential success of the business having established the strengths, weaknesses, threats and opportunities. This is also backed up by the financial forecast as all three years are seen to make a profit .
BA Enterprise Project