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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 involving themselves in various activities that helps to build their future. In today’s lifestyle, most parents are working so they can keep their children to children’s playground and can go their work peacefully. There are trained staffs that take care of the children.

Task 1

Part A

Details of the business idea with a justification of the business sector, location and the way 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 interacted 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 physical, mental and emotional development of children (Fernández-Guerrero et al. 2012, p.56). The business can be developed in the area that is within the easy reach of parents and comfortable for children. The place should be near to school or centre of the city that can be easy for parents to drop their children at 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 done inside building should be done in keeping the children’s view in the mind. The place should be constructed in such a way that may attract child and they may feel as if they are at home.

The sector that is selected for this business is 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 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 staffs recruited here will be highly qualified and educated (Blank, 2013, p.67). All staffs 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 fulfils the requirements of children. There should be recreation departments that take care for amusement to be provided to a child. Parents can be relaxed to leave their children in the centre where their child can enjoy 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 business 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 an centre that provides children a vast area along with providing beach and giant musical instruments to 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 staffs 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 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 spent 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 field. The centre should be planned in a way that toddlers may get entertain from adventure games and imaginary plays that should be played by staffs of Children’s rainbow. The purpose of this centre is to provide all facilities to children and fulfill 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 staffs should be given proper training that helps to handle children easily. The centre should playground that should have climbing facilities, 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 as whether a sole or partnership structure is used. In this assignment, a learner may choose partnership ownership. Through partnership structure, it will help business to establish properly. This can help to grow business properly. Both of partners may equally contribute to all aspects of business (Hurst et al. 2017, p.56). The financial aspects, skills are shared among the partners. After targeting, goals of business both the partners equally shares 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 business that may help to establish a company to established form.

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 the external factors. On the other hand, this analytical tool helps the organization to identify the issues that may hamper on the performance level of the company. Children’sRainbow also needs to follow this analysis and it helps to prevent the effect of micro environmental 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 the 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 for 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, Child Safety Act needs to be adopted by these firms in order to provide the children 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 governemnt increase the tax rates and regulations of the government rules can directly affect the business of the children's rainbow. In addition to this, increasing tax factor is 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 play 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, the rate of interest for ensuring their financial planning properly.This also helps them to develop their market share and helps them to have big revenue amount for their business. This particular enterprise needs to ensure they are proving their services to the people at a cheaper rate. Economic factor affect the growth of the business and the development and in this section if the inflation rate and interest rate is high and not reliable to their customers so it indirectly affect the business of children's rainbow. Because high inflation rate increase 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 conducts, peaceful atmosphere at the workplace (Young and Dhanda, 2012, p.17). Children's Rainbow also needs to maintain the good environment at their workplace that children can have good place to play. The proper maintaining of playground ensures the safety of the children and the higher authority needs to supervise on the performance of the workers. The employees need to maintain very friendly attitude towards the children and need to be very careful their activities would not hurt the children. For examples social factor 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 ratio of peoples and affect the marketing decisions.

Technological Factors

It is the most vital factor for conducting business successfully. The usage of modern technology helps the organisation to attract mind of the children towards their organization (Schutz et al. 2013, p.91).In addition, this particular organisation also needs to arrange fire alarm to protect the children from the fire. They can set CCTV camera for supervising the whole playground effectively.For example, a good technical infrastructure lead the betterment of the services and improve 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 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 on. The functions of business are carried in accordance with the policies of company. The rules and regulations that are developed in the business are to be followed by all the staffs of firm. The business is carried based on certain laws. Employment law- this law is very important for all companies as all the staffs of children's rainbow are treated equally (Einwiller and Weitzl, 2016, p.56). The minimum wages should be provided to the staffs. Discrimination law- this law states that all the staffs are treated equally and are not discriminated on the basis of sex, religion or race. The law plays an important role in deciding the process business can operate and profits that it may get from target. Legal factors like minimum wages and the laws and regulation related to the business and the taxes increase and decrease factors or custom regulations as well. These factors are indirectly affect the business of the children's rainbow and affect the development of the business.

Environmental Factors

These factors are very important as these factors are influenced by 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 environment as it determines the factors that may change as per situations and as per competitors in 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 infrastructure of centre should be of such a manner that climatic changes may not have any effect on 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. The peaceful environment among the staffs is very important as this may lead staffs 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 play ground in the form of climate changing factors, dependency of the amount of sunlight and more.

Task 3

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

Part A

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

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

The event is going to start at 5PM on Thursday, because for the children and their parents it is very perfect timing to be gathered after finish their work. This timing is good because children and their parents both feeling relaxed and enjoyed very lot at the event. Organising these type of event, there is no need to spent much more money on decoration and high entertainment. This event is basically organised for the children so that event theme is select as according to it. Now the time has come, and guest will start to come in the event, media representatives from local news and national news are also come for covering the all news recording of that event. The place capacity of the event is around 500 in numbers. Moreover, the guests are enjoy the event and the services which provided by the event organizer and their team members. 500'S of guest can fit easily in the event and for our business the target customer's are those parents who are really looking for their children's growth and development. Children rainbow provide the best entertainment, knowledge and instrument to the children so that they can grow up with the best knowledge and skills.

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

Part B

As we are expecting 500 guests approximately, according to that we decide the cost of food and cost of entertainment. In addition to this cost of food and soft drinks are in together and cost of food for guest 1 is around £3. Producing a budget format of 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 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 business organization. Moreover, the main aims of Children rainbow are 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 high profit margin. Moreover, at the time of the selection of children playground parents lay more focus on safety aspects. Thus, by considering this aspect it can be stated that through highlighting aspects in relation to health & safety business unit can influence the decision of children and their parents. Thus, by undertaking promotional business entity of Children Rainbow can meet marketing goals and objectives.

Target Market

Owner of Children Rainbow will target children and parents who belong from higher and middle-income segment. In addition to this, business entity will target to children love to play games. Hence, by approaching to the various schools business entity 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 physical and mental development of their children. They encourage them to go playground and enjoy. Moreover, now along with the educational aspect teachers, students and their parents place emphasis on other curriculum activities. Thus, by approaching to 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 aspect high and middle income group people has 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 facility to the children under the close supervision as well as care. Moreover, at the time of playground selection parents give more priority to the safety arrangements. Hence, by offering highly safe services entrepreneur can attract more potential candidates.

Price: Penetration pricing strategy will be undertaken by business entity of Children Rainbow. Moreover, decision of parents in relation to the selection of playground is highly influenced from income level. Hence, by using such strategy entrepreneur can attract 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: Business entity will take playground on lease which is near to the large number of schools. The rationale behind this, convenience is one of the major factors that have high level of impact on the decision making of parents as well as children. Thus, by keeping 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 entity will place advertisement on social networking to widen the reach. Moreover, from parents to children each individual actively uses social sites such as Facebook & Twitter. Hence, by giving advertisement on such sites regarding playground services

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

Process: Specific process will be followed by Children Rainbow for offering better services to the children. According to the requirements or skills coach will make different groups and thereby deliver suitable services to children.

Physical evidence: Business entity will also place emphasis on building attractive indoor game zone. The rationale behind this, physical presence of the game zone has great impact on the decisions of children and their parents.

Marketing Strategies for each Target Market

High and middle income group people School students: To promote the services of Children Rainbow owner will co-ordinate with the higher authority of schools. Hence, by arranging small session entrepreneur can provide information to students regarding playground services. Along with this, by giving advertisements on television, newspaper and social networking sites business entity can develop awareness among parents. Hence, by employing such strategy entrepreneur can attract children and parents to the significant level. The marketing mix is very effective process to achieve the target and development process. Marketing mainly includes the process in which it affect the children rainbow’s business and affect the growth rate of the business as well.

Conclusion

The learner has chosen kids entertainment and decided to plan a business named Children rainbow. The purpose of this centre is to provide all facilities to children and fulfil demands of their parents. Along with the games and amusements, they should be given proper security and safety during their play. The staffs should be given proper training that helps to handle children easily.

References

Books and Journals

  • Bjerke, B. and Gaddefors, J., (2017). 2. Starting a business venture rationally or naturally–exploiting an opportunity in space or developing a place. Research Handbook on Entrepreneurial Opportunities: Reopening the Debate.23(9). pp.68-100.
  • Blank, S., (2013). Why the lean start-up changes everything.Harvard business review. 91(5). pp.63-72.
  • Bridge, S. and Hegarty, C., (2012). An alternative to business plan based advice for start-ups?. Industry and Higher Education. 26(6). pp.443-452.
  • Chwolka, A. and Raith, M.G., (2012). The value of business planning before start-up—A decision-theoretical perspective. Journal of business venturing. 27(3). pp.385-399.
  • Einwiller, S. and Weitzl, W., (2016). Business Essentials for Strategic Communicators. Creating Shared Value for the Organization and its Stakeholders. Corporate Communications: An International Journal. 88(7). pp.452-460.
  • Fernández-Guerrero, R., Revuelto-Taboada, L. and Simón-Moya, V., (2012). The business plan as a project: an evaluation of its predictive capability for business success. The Service Industries Journal. 32(15). pp.2399-2420.
  • Hurst, R.R., Lloyd, J.T. and Miller, J.C., (2017). Raising the Bar: Moving Evaluation of Training From the Classroom Into the Business. In Organizational Culture and Behavior: Concepts, Methodologies, Tools, and Applications, IGI Global. 36(7). pp.1623-1637.
  • Jones, C. and Penaluna, A., (2013). Moving beyond the business plan in enterprise education. Education+ Training. 55(9). pp.804-814.
  • Kwong, C.C., Thompson, P. and Cheung, C.W., (2012). The effectiveness of social business plan competitions in developing social and civic awareness and participation. Academy of Management Learning & Education. 11(3). pp.324-348.
  • O'Brien, N., (2015). Matthew W. Ragas & Ron Culp, Business Essentials for Strategic Communicators. International Journal of Communication. 9(1). pp.3-13..
  • Reyes, J.A., (2016). Epistemological positivism and entrepreneurship in Colombia. Comunicación, Cultura y Política. 6(1). pp.63-76.
  • Schutz, J., Rezg, N. and Léger, J.B., (2013). An integrated strategy for efficient business plan and maintenance plan for systems with a dynamic failure distribution.Journal of Intelligent Manufacturing.24(1). pp.87-97.
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