This means that any mistakes you make in the opening months as that could close be costly and in the worst case, close the business. You will need to spend many months gathering market research In order to have the most successful start. These are the things you must think about: (see figure 1) Surveys (Face-to-face and online) Observations Internet research Focus Groups All of these (In figure 1) will be helpful to you at certain points although not all are worth doing In a lot of detail. This might be because of cost, time, effort or availability. I will now brake them down to show you what they Include Surveys:

Surveys are a great way of finding out what people want when considering businesses, not least your new nursery that you must know whether or not people will want to use it in the future. There are a whole range of surveys you can create: Qualitative research is primarily exploratory research. It is used to gain an understanding of underlying reasons, opinions, and motivations. It provides Insights into the problem or helps to develop ideas or hypotheses for potential quantitative research. Quantitative research is explaining particular data by collecting numerical data that are analyses using mathematically based methods.

We Will Write a Custom Essay Specifically
For You For Only $13.90/page!

order now

Quantitative is much more specific than Qualitative but often is not necessary and takes up more time. Here are examples of them both when looking at surveys: Qualitative: In Depth Interviews. Quantitative: Shopper Intercepts Households Consumer Panels Telephone Mall I created a survey on the website Survey Monkey (HTTPS://www. Surveying. Com/) (See figure 2 and 6). I believe you can be very confident you will have enough children to be able to function right from the day of opening. The advantages or a survey is that you can find out a variety of different information about what the public want and you can change your approach accordingly.

You can also use this International to prove to ten Dank Tanat you are a good Investment Tort teem. Banks are always looking to make money so although the thought of approaching one might seem daunting, as long as you can persuade them that you are not going to fail, they will be on your side. Disadvantages of carrying out a survey are that it takes time to gather enough information for it to be considered valid and even when you have a set of results questions can be raised if you didn’t ask the correct people etc… Internet Research:

Modern technology allows us to search the internet for an almost unlimited amount of things. This makes it so much easier to observe, albeit not first hand, what a well run nursery is like (see figure 3). The other websites I found were: http:// www. Kindheartedness’s. Co. UK/ http://www. Bullfrog. Walls. Such. UK/ HTTPS://www. Baccalaureates. Co. UK/nursery/Walls These were all very helpful if you are looking for something like competition pricing, however as they are all wanting their nurseries to look the very best, a lot of propaganda is used to achieve the illusion of looking the best.

Although you probably already know this, bear in mind that no nursery is better than its website, therefore never take everything on a website as 100% fact. The best thing I found from internet research is that there is only one day care nursery in the whole of Windborne and hardly any in the area. This gives you a huge head start compared to other entrepreneurs wanting to set up a nursery in a large city for example. Focus Groups: A focus group is a made of 5- 10 people who are willing to advise you on how your nursery should be run.

In your case, I advise that your group consist of parents with hillier of ages of 1-5 so you can see how needs differ with varying child age groups. Unfortunately I was unable to work with a focus group because of the time and resources it would take, however I was able to find out that these groups not the best way of starting a business that will be in the childcare sector. First of all because what you are doing has already been proven to work. The only thing you can do is improve and run your nursery in a way that reflects your personal ambitions.

This way your business can be successful due to you making your own decisions and not allowing what has been done before. A focus group will be no benefit to you and your business plan. Secondary Research: This is where you can look at and evaluate research that others have collected. This can include census records, Posted reports and other things that nurseries publish. Census records: (see figure 4) Census records are not a conclusive way of finding out whether or not people in Windborne need a new nursery, but can indicate a trend that might benefit a new nursery.

Things you need to look for are: How many babies are born to residents in the village of Windborne Employment rate Population change – will one nursery be enough for Windborne in the near future? Is two now required? What age groups live in the area. I collected data for the Yellowhammers area and found that you stand a strong chance AT naval a lot AT Interest as tanner are 6/ ottomans people unaware ten age AT 15 which is higher than the national area:age ratio.

I also was able to find out that most people over the age of 16 are socially graded ABA (High managerial, administrative or professional or Intermediate managerial, administrative or professional) or CLC (Supervisory, clerical and Junior managerial, administrative or reflections) these two make up 43. 5% of people who, if had children, would most likely need a nursery if not full time (egg: grandparents could look after their child(Rene) for 2 days per week) then most likely part time.

Geographer’s: (see figure 5) As you can see from the large highlighted circle, there is a large area that doesn’t currently have a nursery. As part of making Windborne much larger, many building projects are currently ongoing. Therefore if you build an nursery in a place that has seen many new families move in the last few decades, it would put you in a important and advantageous position for the future. My prediction is that the Windborne area will continue to gain younger population which means you can expect to see your business to see an increasing in interest in the second year and beyond.

What I would Advise: Having taken in a lot of consideration into the market research techniques I have undertaken, I have come up with a plan you can do to achieve the best results. Taking pricing into account, internet research is the very best place to start. Although it might seem limiting, it will give you an insight into what the best nurseries are like ND then you can go on to searching for suitable premises that will lead into the other types of research you should do. I would also recommend finding a forum for mothers (for example: http://www. arentchampioncommunity. Com/) and ask on there what makes a good nursery. I understand that having worked in a nursery for a number of years, you already have a fairly vivid idea of what you need, but it is always advisable to have a much broader picture than that of your own experiences. The next step is finding out whether or not your nursery will be used by finding out if people need or would benefit in the future by having another a nursery in Windborne. This was something I was unable to find myself but I did hear that Assassins’ waiting list isn’t too large.

This is something you must find out for sure over the coming months. The alternative to literally asking Assassins themselves what their statistics are, is to compose a survey (see figure 2). This will ask key questions in order for you to plan the best route for your business. A disadvantage to surveys is that it’s very time consuming and picking the right people to ask is crucial but at the same time near impossible. Shopper intercepts about an hour after rush hour is my best idea.

People in nurseries such as Assassins might agree that the area needs an alternative option, however would have a tendency to be vague on some of the questions like “what are the best qualities a nursery can have? ” simply because they might start to describe Assassins instead of giving their personal opinion. Some workplaces might agree to distribute your survey to their staff, but you should make some filters to who should take the survey. The only one I could come up with is age but any others that you feel are appropriate must be put in place.

As mentioned previously this method is unlikely to produce conclusive results, but will most likely give you an insight into the general opinion of the local public. Next you should take an in-depth look into census records for the area, allowing you to predict what sort of communal TTY homerun wall De In 5, II Ana even 15 years time. IT you Tina t Windborne is likely to increase its younger population then you can feel confident that the public will embrace a new nursery. After that do some specific search into the laws of running a nursery, running costs and what competition charge.