Enterprise and entrepreneurial management Essay

Enterprise and entrepreneurial management - Essay Example The competition in business industry has grown to a very different level (Chambers, 2008). The laundry business started will operate in London area; laundry and dry cleaning are the components of fashion and textile sector according to the national career service. The level of employment in the field has remained in a stable trend even under the current economic swings. Laundry and dry cleaning industry expects growth and increased employment in the coming years. The region where the business will operate is one of the largest regions in laundry and dry cleaning services in the United Kingdom. The business is launched because, in early childhood days, clothes washing took place at home but there were laundry services around the area. Washing and dry machines mostly considered expensive and hard to maintain. Although, the clothes were clean and smelled fresh the time taken and labor used remained high. According to statistics from the national association of laundry industry, laundry providers have decreased over the past two decades. In the early 1980s, the number was twelve thousand five hundred, but has since decreased by a margin of three thousand. The main reason cited by people in the industry is the cost of starting up a laundry service. The cost of launching a launderette ranges from sixty thousand to a hundred thousand pounds. The cost has minimized of competitors in the industry by a great extent. The family will provide financial support for starting the business through borrowing. The firm’s selling points include the modernization of laundry services from the common traditional forms. Reinvention and innovation are the key factors in the launch of the business. Equipping the business with flat screen televisions, introduction of gaming systems for the kids and having a cafe that serves food and beverages are some of the ways the firm will attract clients. People in the region are used to the traditional laundry services and bringing a new ide a through innovation and creativity will help in establishing a clientele base. Technological advance from the coin slots machine to use of top up cards and credit cards will attract everybody both the young and old. The move from coin slot machines is to enhance customer convenience and confidentiality. The product, price, location and promotion are some of the key ideas factored in the firms launch. Establishing a difference in the factors from the rest of laundry service providers will help in the creation of a differential factor from the rest of providers. SWOT analysis will become handy in the determination of the firms strengths, weaknesses, opportunities and threats. The firm will operate in a sole proprietorship, mainly to reduce the time used in setting up the firm (Chell, 2001). The business workers will come from the family members, and they will offer free service until the firm establishes. The firm requires a Rota that will ensure staff members are constantly availabl e, and the firm is not under or overstaffed. The owner with the help of an accountant friend performs the firm’s bookkeeping when it comes to tax returns. Business plan Keys to success The firm has several keys that promise its success, and they include location, convenience, environment and reputation. The location of the firm is strategic such that people will have a glance at it while walking at