Launching a New Venture

TASK 1

P1 Identify specific target market and undertaking competitive analysis

To launch new business venture require to conduct research for specific market and apply different techniques in order to determine the target market and which factor impact on the new venture. Such as, PESTLE or Porters use for external environment and apply changes for future activities. Besides this, it is required for business to analysis and observe internal environment that can help to make business more stronger. Idea about new venture in UK is discussed below:

Venture Idea

In present time most of the people become health conciseness and prefer to go gym for fitness. The number of fitness facilities increase day by day because people become aware for health activities. From this inspiration decided to open new venture which is “Muscle Curl Fitness centre” which is set up in United Kingdom. In this centre provide facilities of advanced machine and open on roof top where people enjoy nature and proper concentrate on their gyming. Whole infrastructure would be covered with high CCTV camera so that any happening would be removed. All the trainers well expert and polite nature that influence people for proper fitness and help in prepare diet chart (Baucus and Mitteness, 2016).

Target market

It is defined a group of people whose needs and requirement would be mitigated by the service of Muscle Curl Fitness centre. In England about 8.9 million people become part of these fitness activities for at least 150 minute per week, of which women are somewhat more active than men. There are about 9.7 million people member of fitness centre who wants to proper fitness and aware for health. The gym centre is favourable for UK market due to high number of people wants to flexibility in body. Mostly younger people target by the gym centre and also mid age people for specific services of weightlifting, Chest press, Stepper, dumbbells and many others.

Competitive Analysis

Manchester is famous city of UK in terms of business and economy. Each organisation wants to set up their business operation in order to enhance profit margin at particular level. Muscle Curl Fitness centre have high number of competitors who already conduct their business activities at large level such as Withington Baths & Leisure centre, The gym Manchester Portland Street, V1BE fitness dale street, North city family and fitness centre etc. So it is said that business face many problems due to stiff competitors in the Manchester market (Davis and Shaver, 2012).

P2 Specific tangible and intangible resources for new venture

Resources are plays important role to get success & growth in business where analysis them for better performance. For this compare with the competitors and apply all the modification in new business venture Muscle Curl Fitness centre as per the requirement. As a result it helps to become market leader in particular market. There is various types of resources which Muscle Curl Fitness centre require to increase their performance which is discussed below:

Tangible resources

It is a kind of resources that can be acquired by the business in Physically manner means touch those sources like machinery, building, equipment, human resource etc. To start any business require to these types of resources to conduct business activities in new market and proper execute new business plan. The main aim of these types of sources is to support the products & services to modify the raw materials into finished goods that will be consumed by final customer. There are discussed different types of resources which is important for new venture such as: 

• Human Resource: To operate business in new industry require to man power who already work in the fitness centre and have proper knowledge about it. It is beneficial for Muscle Curl Fitness centre to conduct all the business activities properly. With trainer business does not able to achieve their set goals and objectives in particular period of time with the greatest potential so that business perform better in the market. The Centre hire experienced trainer for training for proper utilisation of all the sources (Dunkelberg and et.al, 2013).
• Physical Sources: Infrastructure or place is important for Muscle Curl Fitness centre as then only they can perform their purpose of existence. For this required to particular place where open gym centre at the main market where mostly people arrive so it helps to promote business and increase their brand awareness among the different customers.
• Financial resources: To start any business require to finance resources that work as back bone for any business. These are helping to perform business activities properly and conduct market research, marketing and promotional activities. Such as, when Muscle Curl Fitness centre have not enough amount for marketing activities so they can face many problems and hampered the awareness of fitness centre. As a result they face the problem of lower sales & Profitability in business. While, Muscle Curl Fitness centre have sufficient funds for different marketing techniques like advertising, price skimming, promotion and many others for future. 

Intangible Resources

It defines as assets or resources that can not be touched by people at physical level but supports business activities for run smoothly. There are consisting of goodwill of brand, intellectual property, patents, trademark, copyrights etc. With the help of these resources increase profitability as well as sales of business. Such as, Muscle Curl Fitness centre set up in UK to become financial strong in particular business (Dutta and Thornhill, 2014).

P3 Credible proposal to launch a new venture

Launching a new venture can be difficult for a business because there is no proper idea of success chances. An entrepreneur will take advise and suggestion from the different types of people in regard of business that helps to take feedback and understand the perception customer in regard of particular own business. It helps to determine and observing the future and present state of the product. At the time of launching of Muscle Curl Fitness centre in Manchester, the fitness centre focus on different aspects like vision, mission, objectives etc. Apart from this, the research & development department collect all the authentic information for business and analysis market needs and requirement that how individual will respond for the fitness centre (Huang and et.al, 2017). It will assist the roles & responsibilities of individual working in business to achieve all the goals & objectives. There are discussed credible proposal for Muscle Curl Fitness centre:

Executive Summary

Muscle Curl Fitness centre is newly established by fitness centre in UK where produce a plan to become financial stronger. For this select the particular business ideas because in present time people become health conciseness and try to cover large market area n order to enhance profitability of business. For this take decision of conduct proper market research and collect information about the business. 

Company Description

It is UK based fitness Centre that set up by an entrepreneur at small level that become famous with the unique idea of roof top gym where people feel nature and make effort for proper gyming. The business provide different types of equipments that helps to stay fit and healthy in society. It is mainly target to young people who wants to proper fitness in present time (Isele and Rogoff, 2014).

Market Analysis

To set up any business require to conduct market research that helps to analysis the chances of success. Along with analysis that which types of factor impact on the business performance in direct &indirect manner. To face different issue & challenges apply Porters five forces model as well as PESTEL model for market analysis. Through these models effectively determine market condition and effectively measure and solution can be applied.

Financial Projection

An entrepreneur take budget from the investor who wants to invest their amount in good business. To start any business require to meet with different expenditure that will apply on operational activities. For this prepare cash flow statements where present cash inflow and outflow in proper manner in particular financial year. The shortage of expenditure can be fulfilled by the loans and take from market and profitability can be invested into business.

Bench marking

It means set a particular criteria that must to achieve by the business in specific period of time. This helps to all the staff members to achieve set target and set full attainment of targets, achieve sustainability and existence in market for longer period of time. For this require to Muscle Curl Fitness centre discuss about the business plan as per the aims & objectives.

TASK 2

P4: Skills and capabilities requires to launch a new venture.

To launch new venture into UK market require to employer hire those people who have already experience of particular sector. Along with analysis of skills and capabilities of people in regard of particular product in order to launch and implement plan. These skills are helping to achieve organisational goals and objective in effective manner which are discussed below:

Financial Planning skill: Financial sources are those sources which are scare and require to effectively plan and more fund invested to set up business at high priority area and less in low priority. It is effectively used by financial manager who have skills and abilities of estimation and according to that arrange funds for future necessities. Such as Muscle Curl Fitness centre have already a budget so according to that develop all the financial planning in proper manner (Jiang and Tornikoski, 2019).

Marketing Skills: to run a business a business and attracting employees marketing is important that help to influence towards a new product and services. With the help of marketing skills sale of organisation has increases that increases profitability and productivity. In context to Muscle Curl Fitness centre, marketing manager are highly skilled and capable to influence health consciousness customers and make decision to join this. This skill will help new launch venture to increase the number of customers with the help of promotional tools such as internet, banners, you tube, posters etc.

Presentation skills: This is another important skills which is required to launch and develop a venture effectively. If organisation is able to present effective about its products and services with benefits then there may be a chances to grow effectively (Kuester, Homburg and Hess, 2012).

Team building and problem solving skills : It is important skills that helps in influencing employees and completing task effectively. To build new venture and develop the products team building is important because it helps to solve the problem and develop the business effectively. For instance, Muscle Curl is facing problems due to changing culture and increasing completion which is reducing profits. Herein, team is playing significant role as it understand the problem of customers and employees and get them best solutions that helps to increase the productivity and profitability.

From the above discussion it has analysed people are behaving differently in new venture where skills are important to develop business and increasing profitability effectively. For instance, Muscle Curl is require presentation skills, team building and problem solving skills, financial planning and marketing skills that helps to maintain the operations systematically and increase productivity by influencing people and convert then in to customers. If organisation is having skilled and talented employees then only it can perform well that helps to take the competitive advantages.

Read Also: Networking

TASK 3

P5 Different types of promotional activities and channels for new venture

Promotional activities means actions which are taken by a organisation in order to develop and increase awareness among people about new venture. If a new organisation and products has been launched then there is required to conduct promotional activities which helps to inform people and attracts them towards this. This can be consider as most important activity used to attain the business goals by completing demands. In context to Muscle Curl promotional activities are adopted by management in order to increase awareness is defined below:

Print and Graphic art media: This is consider as effective way of promotion which is used to inform people about new products and services. In this, organisation uses print media and graphics to aware the people and encourage them to buy them. For instance, Muscle Curl is new venture that uses print media like brochures, news papers, advertisement and magazines in order to provide messages about new venture and its services. This method help management to reach mass population in different countries and create a strong local presence for making profits.

Social media and online promotions: Social media is the other option to inform and aware people that helps to attain the business goals. This can be consider as crucial method which can be used by Muscle Curl by advertising on social media such as twitter, Facebook, Instagram, podcasts etc. can attract customers and increase organisational capabilities effectively. This organisation create a web page and influence customers who are health consciousness (Kuratko and Hornsby, 2017).

In store marketing: This means some organisation are using in store promotional activities in order to inform people that helps to increase the productivity. Such as Muscle Curl is giving discounts and other facilities to its customers that helps to create a goodwill and influences them to buy again effectively (Lee, and Lee, 2015).

Internet marketing: In an era, people are highly depends on internet system which is used to increase promotional activities and increasing productivity by increasing number of customers. Muscle Curl is a new gym centre that is require to inform people with the help of internet market so, it uses blogs, Twitter,, video clips, virtual tours and image captions. Moreover, management are uses e mail marketing that helps to aware people and increase number of customers.

P6 Promotional activities plan for launch and pre launch

To develop a successfully plans there is need to have good promotional activities that can help to increase the productivity and profitability. There are mainly two stages launch and pre launch used by organisation to develop its business. Muscle Curl is applying launch and pre launch activity in order to grabbing an attention of maximum number of customers and increasing profitability. To enter in to new market management of such organisation are focusing on best amenities and facilities that increases profitability.

Pre launch – It is the first step at which the management of Muscle Curl prepare a plan and official website with the help of internet in order to inform people about trainers, nutrition coach and all services that helps to live healthy and fit. All information are displayed along with location and details are also involved in pre launch activity. This will help to capture number of customers and provide them opportunity to increase business image by influencing customers (Lim, Busenitz and Chidambaram, 2013).

Launch – This stage is require to complete the pre launching stage in which organised has entered in to market with proper resources and capital effectively. In this stage, Muscle Curl has finally launched by organising parties in which media members and other are invited respectively helps to complete the goals and attain business profits. Moreover, business owners answers the question asked by media that influence people and increase productivity (Liu and Wang, 2018).

Financial consideration to start a new venture

To starting any new venture and products there is require to face the financial needs that can impacts on operations negatively. Muscle Curl's management has prepared a financial plan that is defined below:

Limit overhead - The manager of Muscle Curl is require to attempts the constraints by involving cost at earlier stage. It is important for organisation to focus on financial constraints that can help to improve the organisational profitability. For instance, management of selected organisation has launched new venture by putting resources, capital, decorate offices and increasing designs that helps to perform well and increase profitability.

Track and screen spending – For any business organisation it is require to track and screen the spending so productivity can be increased. In context to Muscle Curl, business owners track and screen the spendings by involving all expenses that helps to gain maximum profitability (Malach and Malach, 2014).

Invest appropriately – This is other term which is used by organisation through investing amounts in their business. Investment is the part of business which is required to increase operations and make profitability. Muscle Curl is investing capital and resources that helps to maintain the productivity. For instance, to acquire land, machinery, equipments for gyming and other facilities which customers wants are provided by management by making appropriate investment decisions.

Tracking and monitoring expenses: While running a business it is important for organisation to track and monitor its expenses so operation can be performed effectively. The business owners of Muscle Curl track their all expenses and monitor it in case of excess that leads to successfully operations. It can be more effective strategy that attracts customers and increase profitability (Turner and Endres, 2017).

TASK 4

P7: Monthly cash budget for pre launch phase

Budget is the financial plan which is prepared by management in order to know the income and expenses in relation to business. Cash budget is consider as estimated plan that covers cash receipts and disbursements in a certain period of time. The business owners of Muscle Curl that is new business, prepare a pre launch budget by utilising funds and raising capital. The pre launch budget in context to chosen organisation is designed below:

Interpretation – From the above budget it has interpreted that Muscle Curl is required to invest money in to purchasing equipments, raw material and it receive money by providing facilities and services.

P8 Appropriate legal form for venture

In business environment there are many organisations who are running their business by operating activities and functions effectively. All organisations are having different legal structure that helps to continue the operations in market and run business effectively. The legal structure of different venture and legal structure are as defined:

Sole trader: This can be consider as simple type of organisation that can be start by single person by following limited rules and regulations. In this venture, single person is responsible to make decision and profits. There is no need to require high amount of capital and resources.

Company: When number of people are collected to start and run a business under companies act is consider as company. Herein, owner has separate legal entity from organisation that states owners are liable for paying any debts and liabilities. It consider two types i.e. public and private. Private company is owned by individual who enter in to market for the purpose of earning profits. Whereas, public company is owned by government in order to improve the living standard of people.

Partnership firms: When two and more than two people are collected to run a business together for the purpose of making profits is consider as partnership firm. This is based on agreement which is decided by partners that helps to share profitability and liabilities of their business (Zheng, 2012).

Legal structure of chosen organisation

From the above it can be consider as Muscle Curl is covered in partnership legal structure because it is controlled by more than people on the basis of profit sharing ratio. The reason behind chosen this organisation is now people are more health consciousness who wants to get fit health. So, this idea has click in mind and a new venture is launched by partners under partnership act. Various resources and capital used by partners in order to run and develop business.

CONCLUSION

From the above report it can be concluded that there is require to have effective strategies and plans to enter in to new market. To launch a new business a person should have resources, skills, capabilities and budget plan that helps to assists how to launch and when. Intangible and tangible resources are used to execute business plan in effective ways that helps to increase productivity and profitability. Moreover, to launch any business owners should prepare a pre launch budget that provide information regarding income and expenses.

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