This is obtaining new data for a specific purpose. The marketing department of a firm or a specialist research organisation can provide this. Typically, the data is gathered by face-to-face interviews, by telephone or by post, using questionnaires. This is called a survey. Sometimes potential consumers are asked to test products, and their responses are recorded. Field research has the advantage that the firm itself has control over the whole process. The disadvantages are that it takes longer, and costs more. Secondary or desk research This is the use of existing data that has already been collected.
It can be anything from a company’s own sales statistics to Department of Trade and Industry reports. Other secondary sources of information include journals, company reports, government statistics, and surveys published by research organisations. Traditionally, these have been paper-based, but more and more information is now available on CD-ROM or on-line through the Internet. Desk research has the advantages of being cheaper and quicker than field research. The disadvantages are not knowing if the findings are accurate, or how relevant they will be to your product.
For my business, primary research will be the main source of research as most of the data will be collected and organised by myself. It will also be new research as I will find out most of what I need through my research schemes. Competition Competition is always going to be an important aspect to creating a business. With a lot of competition you then have a lot more to do in order to get yourself well established. Since I will be creating a construction company, competition won’t be as great, as say, starting up a restaurant.
This is because it is a company which will be based across South-East England and not just in a local area. But whenever your starting up a business, unless it’s in a new market, their will be plenty of competition. I have spent time researching into some competition I may face when acquiring new customers. Here is a list of the main competition which could cause a threat to the establishment of the business: In order to become an Ltd I must follow an important process in which then is considered into whether you are able to become an Ltd.
After about five years in business, I hope to follow this process: 1) Company Information is sent to the official registrar of companies, who grants a Certificate of Incorporation (the business gets its legal identity). 2) Shares are then sold and the company starts trading. Once becoming an Ltd I then have many requirements I would have to meet. I would have to produce an annual report for any shareholders and audited accounts must be sent to registrar of companies and open to public scrutiny. Another good point about becoming an Ltd is the fact that there is a Limited Liability.
Therefore no-one is personally liable for company debts. Communications Communication plays a key part in our every day lives and without it, the world wouldn’t be where it is today. When creating a business communication is vital in obtaining a successful and well established business. Keeping in contact with all of your employee’s and staff is always important in case of an emergency. Normally the average person will acquire a phone of some sort. Mainly a mobile so it can be with them at all times, but sometimes only a house phone.
Since I will be running a construction across South-East England, I believe that all sub-contractors should acquire a mobile phone at all times during their working hours. It is then up to the sub-contractors to then provide or get in contact with their workers but contact will be kept between me and the sub-contractor. This also implies for the Contracts Manager as he plays a very important role throughout the business. As for the secretaries, a home phone number is fine, as they will be in the main office during work hours but if a mobile is acquired then this would be helpful in case of an emergency.