An evaluation of the feasibility of establishing a complementary and alternative therapy business in Chesham, Buckinghamshire

Abstract

The aim of this enterprise project was to assess the feasibility of establishing a complementary therapy business venture in Chesham, Buckinghamshire. The aim was achieved through a structured process which involved the accomplishment of the following objectives. 1. Research and evaluate the available literature on enterprise, entrepreneurship and business start- up focussing on opportunities within the complementary and alternative therapy industry and also evaluate key marketing texts in order to gain greater understanding of marketing principles and how they combine to formulate a marketing strategy; 2. Research and evaluate the legal issues related to setting up a business in the complementary and alternative therapy industry in order to identify any potential legal barriers to the proposed venture amongst other practical reasons; 3. Take careful consideration in designing a business name and logo in order to create aesthetic appeal to customers and to avoid copyright infringement; 4. Conduct and evaluate market research in order to; a. Classify the characteristics and trends of the complementary and alternative therapy industry; b. Identify and evaluate market demand for the industry; c. Define and profile target markets; and d. Recognise and evaluate potential competition; 5. Carry out a SWOT analysis to evaluate the internal and external business environment; 6. Produce and present a viable business plan including financial projections for the first three years of the business; 7. Evaluate and discuss the feasibility of the proposition; and 8. Establish future recommendations for the business if successful. A literature review was conducted on the subjects of entrepreneurship, business start up and the complementary alternative medicine industry. The literature review identified various methods used to establish a new business while also providing a perspective on whether the proposed business was entrepreneurial in nature. A market study was conducted to assess the feasibility of the owner's proposed venture. Primary and secondary research confirmed strong growth potential for the complementary therapy industry in the UK and also strong potential demand from the owner's target market despite a current lack of awareness of complementary therapy within it. A SWOT analysis was also conducted which identified further opportunities for the proposed venture while also identifying weaknesses to be addressed.

Business aims and objectives were only developed upon conclusion of the market study as the market study had to demonstrate the feasibility of the business. Legal considerations were assessed as part of the business plan and determined the design of the business structure. Financial forecasts for the first three operating years wore produced which suggested that the venture would meet the set financial objectives. All sections of the project have been critically evaluated throughout the report to highlight the owner's awareness of possible deviations from the proposed plan and how to adapt to these situations. Some examples of this process include the sensitivity analysis and contingency plans in the results section. The conclusion and analysis and discussion sections summarize the findings and confirm the feasibility of establishing the proposed venture whilst also providing a retrospective analysis of areas for improvement and future recommendations.