The Streets - An evaluation of the feasibility of setting up a car accessories and modifications business in Roath, Cardiff

Abstract

The primary objectives of this business enterprise project were; to evaluate the feasibility of setting up a high quality car accessories and modifications store in Cardiff and to prove wrong the negative associations with the purchasing of these products with the youth. In order to adequately meet these objectives, various predetermined processes had to be encountered. These included researching legal issues and business structures, conducting and evaluating the potential market using various tools and analysing the financial resources required. These processes then allowed the progression and completion of the business plan, which includes information relevant for the potential start up of the business. Both primary and secondary sources were used to evaluate the market, as well as a variety of relevant literature. 100 questionnaires were distributed to the surrounding residents in the catchments area of the proposed site and the results were analysed to check the suitability of the geographic location. Secondary research was then applied in order to evaluate the primary research findings, through sources including: Mintel reports, academic books, electronic findings and relevant magazines. A detailed competitor analysis was performed on the five competitors that exist to determine the qualities and advantages they possess, as well as uncovering opportunities to exploit untapped areas. The market study aided the marketing mix of the business, as the strategies were based upon the findings, which included; the demand for the product and services on offer, the best area to set up the organisation and the promotional methods that will be used. Knowledge gained from the research conducted has created financial assumptions, which have been included within the three year financial projections.