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Business Essentials

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Introduction

For starting a new business, it is essential to have an effective plan, which plays a vital role in getting success in any business. For this assignment, the learner has chosen kids' entertainment and decided to plan a business named Children Rainbow. The main cause of establishing this business is to allow all the children to freely enjoy, as they want. The purpose of Children’s Rainbow is to enhance confidence and involve themselves in various activities that help to build their future. In today’s lifestyle, most parents are working so they can keep their children at their children’s playgrounds and can go their work peacefully. There are trained staff that take care of the children.

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Task 1

Part A

Details of the business idea with a justification of the business sector, location and the way the business is being operated

Through this assignment, the learner has tried to discuss the business ideas related to the children's entertainment sector. For this assignment children's playground has been chosen as the new business idea because the playground is the place where all children are comfortable and enjoy themselves. They get to interact with many children and learn new things. The business established for the children is Children’s Rainbow. It is the centre that provides to get engaged in all the activities that help in the physical, mental and emotional development of children (Fernández-Guerrero et al. 2012, p.56). The business can be developed in an area that is within easy reach of parents and comfortable for children. The place should be near to school or the centre of the city so that can be easy for parents to drop their children off in less time. The business should be based on goals and objectives that are to be targeted by members of the business. The infrastructure of Children’s Rainbow should be done in such a way that attracts customers (Jones and Penaluna, 2013, p.78). The design inside the building should be done in keeping the children’s view in mind. The place should be constructed in such a way that may attract children and they may feel as if they are at home.

The sector that is selected for this business is the kids sector. This business idea is a good idea as it can help children in many ways. They can be able to learn many new activities (Young and Dhanda, 2012, p.56). This organisation may help them to develop physical, mental and emotional sides through various games and exciting activities. This firm will help to develop self-confidence among children and they will be able to interact with many other children. The communication skills of children can be developed here. The students go to school for the purpose of study and after school, they can come here and be involved in various extracurricular activities that increase their mental abilities and they become more active. In the competitive market, this business idea is unique and this may attract many parents. The staff recruited here will be highly qualified and educated (Blank, 2013, p.67). All staff should be given training for care and facilities to be provided to children. It should provide a safe and exciting environment where children can spend their time to play. It should provide both indoor and outdoor facilities that help children to learn more from the firm. All new equipment and new innovative games and activities should be developed here that fulfil the requirements of children. There should be recreation departments that take care of amusement to be provided to a child. Parents can relax by leaving their children in the centre where their children can enjoy themselves freely (Kwong et al. 2012, p.67). Parents will not be worried about the fact that their children are taken proper care and they feel comfortable there. All facilities should be designed in such a way that businesses may be able to entertain and stimulate children in increasing their good social skills in the playground.

Competitors that can give competition to Children’s rainbow

Diana Memorial playground- this is a centre that provides children with a vast area along with providing beach and giant musical instruments for children

Holland Park- this is the centre that provides facilities for adventure playground and various climbing structures

Part B

The important objectives for the business

The main objectives for Children's rainbow are as follows-

  • To provide a playground with all the facilities for children which can help the children to develop both physically and mentally by the games that are played with them by staff of Children’s rainbow.
  • To develop a system that takes care of children and works on safety provided to the children.
  • To take care of the needs and demands of children and their parents
  • To provide all the facilities that is able to entertain and stimulate children in increasing their good social skills in a playground.

The playground that is developed for children should be designed in such a way that it may include facilities for all outdoor games like football, basketball, golf, cricket and netball. The infrastructure is designed in such a way that children may be attracted to come here and spend a long time for their entertainment. Extracurricular activities are to be developed in such a way that children may be able to develop their physical, mental and emotional fields. The centre should be planned in a way that toddlers may get entertained by adventure games and imaginary plays that should be played by the staff of Children’s Rainbow. The purpose of this centre is to provide all facilities to children and fulfil the demands of their parents (O'Brien, 2015, p.45). Along with the games and amusements, they should be given proper security and safety during their play. The staff should be given proper training that helps to handle children easily. The centre should playground that should have climbing facilities, a see-saw and a climbing wall that attracts small children to play and enjoy a lot (Sherry and Canon, 2014, p.67).

For starting a new business structure is very important whether a sole or partnership structure is used. In this assignment, a learner may choose partnership ownership. Through partnership structure, it will help businesses to establish properly. This can help to grow the business properly. Both partners may equally contribute to all aspects of the business (Hurst et al. 2017, p.56). The financial aspects and skills are shared among the partners. After targeting, the goals of the business both partners equally share the profit and loss that they may get in their business. Some of the examples of ownership structures that Children’s Rainbow are as Arthur Prince and rolls Royce are companies that can be partners of the business that may help to establish a company to established form.

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Task 2

Description of pestle analysis for the business

PESTLE analysis is essential for the firms that are going to open a new business in the market. It provides the management of the company a possible way to avoid the negative impact of external factors. On the other hand, this analytical tool helps the organization to identify the issues that may hamper the performance level of the company. Children also need to follow this analysis and it helps to prevent the effect of microenvironmental factors. It also helps them to promote their new business in a successful manner (Schutz et al. 2013, p.91).

Political Factors

Political factor has a great impact on the new business and it has been seen that sudden changes in politics may influence the operational functions of the business (Sherry and Canon, 2014, p. 109). Children's Rainbow needs to follow all the governmental rules properly in order to run their new business in the long run. In addition, they need to look at the fact they are applying the Data Protection Act 1998 in order to keep the details of the children effectively. Apart from this, the Child Safety Act needs to be adopted by these firms in order to provide the children with proper safety. By following this act, they need to provide proper care to the children. If the management fails to follow the principles properly this may lead them towards huge business loss. For example, if the government increases the tax rates and regulations the government rules can directly affect the business of the children's rainbow. In addition to this, the increasing tax factor has affected the involvement of the parents towards the playground and their provided services. Moreover, it consists the examples like social and environmental policy, political stability, trade regulations and more.

Economic Factors

According to Van and Carraher (2012, p.121), this factor plays a major role in business and it can influence the activities of this firm. The strong economic support is needed to establish the new business successfully in the market. Apart from this, Children’s Rainbow may follow the present market share, and the rate of interest for ensuring their financial planning properly. This also helps them to develop their market share and helps them to have a big revenue amount for their business. This particular enterprise needs to ensure they are providing their services to the people at a cheaper rate. Economic factors affect the growth of the business and its development and in this section, if the inflation rate and interest rate is high and not reliable to their customers it indirectly affects the business of Children's Rainbow. Because a high inflation rate increases the profit as well as the cost of the business.

Social Factor

Social factors are an important part of all enterprises as it is the responsibility of the company to maintain a proper code of conduct, a peaceful atmosphere in the workplace (Young and Dhanda, 2012, p.17). Children's Rainbow also needs to maintain a good environment at their workplace so that children can have a good place to play. The proper maintenance of the playground ensures the safety of the children and the higher authority needs to supervise the performance of the workers. The employees need to maintain a very friendly attitude towards the children and need to be very careful their activities do not hurt the children. For example, social factors directly affect the development process of the ongoing business in the form of society culture, trends, growth rates, attitude towards the work and religious and ethical issues or more. Moreover, in the form of the ratio of people and affects marketing decisions.

Technological Factors

It is the most vital factor for conducting business successfully. The usage of modern technology helps the organisation to attract the minds of the children towards their organization (Schutz et al. 2013, p.91).In addition, this particular organisation also needs to arrange fire alarms to protect the children from the fire. They can set up CCTV cameras to supervise the whole playground effectively. For example, a good technical infrastructure leads to the betterment of the services and improves the playground specifications. Technology innovation, better presentation and more effective business marketing.

Legal Factors

The legal factor is an important part of PESTLE analysis. It is very important for the business environment. There are various laws that may affect business environment as well as business growth. All the companies have certain rules and regulations on which the company’s policies depend. The functions of business are carried in accordance with the policies of the company. The rules and regulations that are developed in the business are to be followed by all the staff of the firm. The business is carried out based on certain laws. Employment law- this law is very important for all companies as all the staff of Children's Rainbow are treated equally (Einwiller and Weitzl, 2016, p.56). The minimum wages should be provided to the staff. Discrimination law- this law states that all the staff are treated equally and are not discriminated against on the basis of sex, religion or race. The law plays an important role in deciding the process business can operate and the profits that it may get from the target. Legal factors like minimum wages and the laws and regulations related to the business and the taxes increase and decrease factors or custom regulations as well. These factors indirectly affect the business of Children's Rainbow and affect the development of the business.

Environmental Factors

These factors are very important as these factors are influenced by the surrounding environment. The place where the business is located is very important. In today’s world market is continuously changing and business may be influenced by the environment as it determines the factors that may change as per situations and as per competitors in the market (Bjerke and Gaddefors (2017, p.34). The environment surrounding centre greatly influences business. The environment inside the centre affects children to be comfortable. The climatic changes may also affect as the infrastructure of the centre should be of such a manner that climatic changes may not have any effect on the centre. The availability of certain goods changes continuously in the market. The prices may increase or decrease so there should always be available in the firm. A peaceful environment among the staff is very important as this may lead staff to work efficiently and achieve the target that fulfils all the demands of parents and children coming to their centre (Reyes, 2016, p.45). It includes the examples like soil, water, climate, landforms and many more. These factors are directly related to the business of children's playgrounds in the form of climate-changing factors, dependency on the amount of sunlight and more.

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Task 3

Business essentials are a very effective part of launching an event for every business. To open a children's rainbow event there are several types of business essentials required to organize a successful event. Moreover, a specific format is required to organise that event in the form of social gatherings, celebrity invitations, arrangements of food and entertainment for the invited guests and many more processes required to organise a successful event.

Part A

Opening a children's rainbow is a very effective approach to achieving a great level of business success and it will also help to raise awareness towards the business's existence. Moreover, it includes the specific format that has to be followed by the management of the event, likewise selecting a perfect place to organise that event, how many people are to be invited to that event, food and entertainment arrangements are in proper way or not. This event is a very effective approach to improving the business and gaining profit with that event. In addition to this, it is more effective for parents who want their children to be happy and safe in a children's rainbow so for that purpose these type of events has to be organized. Furthermore, these types of events are very helpful to give a better understanding of the policies, rules and regulations of that children's rainbow.

Business objectives are the very major factor in every business and every event which is required to be organized, without a perfect objective there is no meaning to achieving success and even thinking that an event is going successful. Food and entertainment arrangements are essential for organising an event but spending a lot of money on them is not very essential and not even required.

The event is going to start at 5 PM on Thursday, because for the children and their parents it is very perfect time to gather after finishing their work. This timing is good because the children and their parents both feel relaxed and enjoy very lot at the event. Organising these types of events, there is no need to spend much more money on decoration and high entertainment. This event is basically organised for the children so the event theme is selected according to it. Now the time has come, and guest will start to come to the event, media representatives from local news and national news will also come to cover the all news recordings of that event. The place capacity of the event is around 500 in numbers. Moreover, the guests enjoy the event and the services provided by the event organizer and their team members. 500's of guests can fit easily in the event and for our business, the target customers are those parents who are really looking for their children's growth and development. Children Rainbow provides the best entertainment, knowledge and instruments to the children so that they can grow up with the best knowledge and skills.

Inviting a celebrity for the opening of the children's rainbow event is like a boost to the success of that event. Celebrities come to an event and give a speech regarding the need of children play ground and also encourage the children and their parents whose interest level is very high towards the children's rainbow. Moreover, they also present their ideas regarding achieving our business objectives and long-term goals or state that planning to achieve that goal.

Part B

As we are expecting 500 guests approximately, according to that we decide the cost of food and the cost of entertainment. In addition to this cost of food and soft drinks are together and the cost of food for guest 1 is around £3. Producing a budget format for the event of our business is given below:

Items

Costs

Food and soft drinks

£700

Decorations

£200

Entertainment

£200

Security

£50

Renting venue

£60

Labour cost

£125

Total costs

£1335

Task 3

Marketing Objectives

  • To enhance customer base by 15% at the end of the first quarter.
  • To provide information to a large number of people regarding the care and safe services offered by Children Rainbow.

All the above-mentioned objectives are highly integrated with the main goals of the business organization. Moreover, the main aim of Children Rainbow is to meet the demands of children and parents. In this, by placing emphasis on the promotional aspects or campaigns business entity can develop awareness among the customers regarding the services offered. It enables the firm to enhance its customer base and thereby generate a high profit margin. Moreover, at the time of the selection of children's playgrounds, parents lay more focus on safety aspects. Thus, by considering this aspect it can be stated that highlighting aspects in relation to the health & safety business unit can influence the decisions of children and their parents. Thus, by undertaking a promotional business entity Children Rainbow can meet marketing goals and objectives.

Target Market

The owner of Children Rainbow will target children and parents who belong to the higher and middle-income segments. In addition to this, the business entity will target to children who love to play games. Hence, by approaching to the various schools business entities can collect information about the students whose interest level is too high towards the games. Thus, Children Rainbow can attain success by targeting school-level students. Further, high and middle-income group people lay more emphasis on the physical and mental development of their children. They encourage them to go playground and enjoy themselves. Moreover, now along with the educational aspect teachers, students and their parents place emphasis on other curriculum activities. Thus, by approaching such people customer base and profitability can be enhanced. Along with this, income is the major factors that have a high level of impact on the decision-making aspect of people. By considering such aspects high and middle-income groups have been selected as a target market. Hence, by targeting such segments Children Rainbow can attain success in the highly strategic business environment.

Marketing Mix

Product: Children Rainbow will offer both indoor and outdoor game facilities to the children under close supervision as well as care. Moreover, at the time of playground selection parents give more priority to safety arrangements. Hence, by offering highly safe services entrepreneurs can attract more potential candidates.

Price: Penetration pricing strategy will be undertaken by the business entity of Children Rainbow. Moreover, the decision of parents in relation to the selection of playgrounds is highly influenced by income level. Hence, by using such a strategy entrepreneurs can attract a large number of customers. Moreover, once loyalty has built thereafter there is less probability that children and their parents will switch to another playground.

Place: The business entity will take the playground on lease which is near to a large number of schools. The rationale behind this, convenience is one of the major factors that have a high level of impact on the decision-making of parents as well as children. Thus, by keeping the aspect in mind location will be selected by an entrepreneur.

Promotion: To promote the services owner of Children Rainbow will undertake both traditional and modern means of promotion. On the basis of this aspect, business entities will place advertisements on social networking to widen their reach. Moreover, from parents to children, each individual actively uses social sites such as Facebook & Twitter. Hence, by giving advertisements on such sites regarding playground services

People: With the motive to offer better services the children's business entity will hire skilled and talented personnel. By playing under the guidance of a professional coach children can enjoy themselves safely. On the basis of such aspect, the owner of Children Rainbow will focus on appointing highly trained and experienced personnel. By this, the owner would be able to provide high-quality services to

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