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Let's say that you and two partners want to start a company that specializes in special occasion gift baskets for individual and corporate clients. You want to have a storefront in the local shopping mall or shopping area, as well as a virtual storefront on the Internet. You each have $1000 to invest in this business, but you will need more start-up capital. One day you remember that you have a distant relative who might be willing to fund your gift basket business, so you decide to write a letter to your relative, explaining what type of store you want to open and request the financing for the additional start-up costs of your store.
Note: You will be using the scenario of this store for other projects in this course.
Since you intend to open a retail store in the local shopping area, you will need to visit that area to determine what degree of competition you will face in the immediate future. You will also need to consider the other environments in which a business must work (legal, social, and economic) and how these environments will impact the start up of your business.
In your letter to your relative, you must include the following:
- A description of the retail store you will open
- A summary of the competition and explanation of how your store will differentiate itself from the competition
- A summary of the demand for your product(s) in this location?
Why will your business be successful?
- A summary of the legal, social, and economic issues that will face your business.
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