2. AFRICAN CORNER
African corner will be a little grocery store with african goods in it.
The aim of the grocery store is so that we can bring a little bit of
home to Cyprus.
We will sell things like cereals, drinks and spices
3. MARKETING RESEARCH
We used questionnaires to evaluate what products and what prices
they were expecting in the store.
We also asked if they were willing to buy from our store.90% said
they would definitly buy from our store. 10% said they might stay
loyal to our competitors only because it is what they are familiar with.
4. MARKETING STRATEGY
Social media is good because it reaches a lot of people at once and
it is cheap.
Word of mouth is good because the people talking about the
product have used it before therefore they are more believable when
they tell others.
These will cost me close to nothing.
5. COMPETITION
Because it’s a new idea there is only one other shop that can be
called a competitor and that is A – Z.
A – Z gives me an advantage in that its prices are a bit steep for
students
6. METHODS OF PAYMENT
Payment will be cash, debit cards, credit cards and cheques.
Cash being the favourite because it doesn’t incur any other charges
unlike the debit and credit card
We will have a cash and carry policy.
8. Mont
h
Pre-
start 1 2 3 4 5 6 7 8 9 10 11 12 Total
A
Month
name
Jan Feb
Mar Apr May
Jun
Jul Aug Oct Sep Nov
Dec
Money
in (£)
B
Fundi
ng
from
The
Prince
’s
Trust
200
00
20000
Fundi
ng
from
other
sourc
es
500
0 5000
Own
funds
200
0
200
200
200 200
200
200
200 200 200
200 200
200
4800
Incom
es
from
Sales
451
50
301
00
65800 75250 45150
150
50
1505
0
15050 45150 60200 75250
903
00
577500
Other
C
Total
Money
in (£)
270
00 453
50
303
00
66000 75450 45350
152
50
1525
0
15250 45350 60400
75450 905
00
607300
Money
out (£)
D
Loan
repay
ments
The
Prince
’s
Trust
168
3
168
3
1683 1683 1683
168
3
1683 1683 1683 1683 1683
168
3
20196
Perso
nal
drawin
gs
tools
500 500 500
500 500 500
500
500 500 500 500 500
500
6500
materi
als
100
0
100
0
100
0
1000 1000 1000
100
0
1000
1000 1000 1000 1000
100
0
13000
Rent
250
0
250
0
250
0
2500 2500 2500
250
0
2500
2500 2500 2500 2500
250
0
32500
Heat/w
ater
100
0
100
0
100
0
1000 1000 1000
100
0
1000
1000 1000 1000 1000
100
0
13000
phone
500 500 500
500 500 500
500
500 500 500 500 500
500
6500
posta
ge
200 200 200
200 200 200
200
200 200 200 200 200
200
2600
insura
nce
150
0
150
0
150
0
1500 1500 1500
150
0
1500
1500 1500 1500 1500
150
0
19500
mainte
nce
100
0
100
0
100
0 1000
1000 1000
100
0
1000
1000 1000 1000 1000
100
0
13000
lightin
g
500
500 500
500 500 500
500
500 500 500 500 500
500
6500
9. BACK UP PLAN Short-term plan:
Develop a relationship with my shipping company so that as time goes on I may get discounts when some of my products are being shipped from Africa.
Make sure that our market share grows by continuously spreading the word of the products on social media.
Long-term plan:
My long time plan is to have an app for online shopping and also doing home deliveries. I would also want to have the store in different cities in North
Cyprus
Plan B:
If this business fails I will be forced to sell it to someone as I cannot see a way to revive it if it doesn’t take off. I will have to cut my losses.
Plan B continued...:
I have learnt that starting a business is a whole thinking process on its own. It has stages that are set and have to be tackled individually for the end result. If
one section is slacking, it may affect the rest of the plan. Everything is calculated well otherwise you risk running a loss.
