The idea for my business coincides with my Design Technology A Level coursework. For my Design Technology project, I was asked to find a design problem that I could research and design a solution for that could work well and be successful if put onto the market. After coming up with several problems that included garden waste and media storage, I decided to take the problem with car storage forward. During my research, I found that there was a substantial problem in terms of shopping storage in the boot and that there was a gap in the market for such an idea. I had found that there were only a couple of existing solutions that already existed but they were not particularly successful. People often found that their shopping was sprawled across their boot from the journey back home.
After completing the research, I came up with six possible solutions. The idea I have chosen to develop and make a prototype of is fixed into the interior of the boot and has webbing attached which enables bags to be placed onto hooks so it stops bags from falling over. The end of the webbing then hooks onto a d-ring or hook on the others side so the construction stays horizontal along the boot. It is also has a unique selling point as the hooks on the webbing can be used to place coats and other clothing when traveling in the car instead of being placed else where in the car, taking up too much space. The device itself is easy to use and solves the problem well.
In the future, I expect this product to be sold in either one certain supermarket or several depending on which supermarket is willing to help fund with the development of the product in the future as well as finding other solutions to help solve the shopping storage problem. The device will be able to get more commercial advertising if sold in a supermarket through an advertising campaign for example and will be able to target a wide part of the general public in need of a solution to the problem. The solution could also be sold as part of the car when the car is first purchased.
Information needs to be gathered about numerous topics to enable me to answer the question. This will include:
* Existing competitors in the market – This will be done by visiting and accessing car manufacturers web sites as well as writing to a number of supermarkets to see whether they have an available secondary information that could be used. This will allow me to see what the company will have to compete with when it is up and running.
* Financial Data – This will include initial start up costs. Within this, the cost of premises, building and decorating, any legal fees, equipment and installation of machinery, staff recruitment and training, as well as the launch of advertising and promotions. This information will be gathered from asking an estate agent for the price of premises for example. Other financial data will include estimated sales revenue, planned selling price, direct costs like materials and labour.
* Potential customers – A questionnaire will be written to establish a need for the product as well as to find a target market in terms of age and gender. The questionnaire results will also establish where people will want to buy the product. A focus group will be created to brainstorm possible ideas for a brand name for the product. This will allow me to get a number of views so that it will appeal to any potential customers.
* Legal Structure of the Business – The business could be a franchise, PLC, LTD, sole trader or a firm in partnership. With this part, it will focus on how the capital will be captured to set up the business. Research will be analysed to see which legal structure the firm would suit best. The legal structure of the business will be a big influence to the success of the business in terms of how it deals with its accounts and how the company is set up. It also allows the company to establish any opportunities with shareholder options.
* Promotion and Advertising – In order to make the business successful, the target market will have to be aware of the product. An advertisement for radio or/and television can be created. This will allow the product to get recognised among the general public. Advertising campaigns are relatively expensive but vital to every business selling a product or service. It enables the company to gain customers and allow them to stay with the company for years to come.