A report for a new business venture Essay Example | Topics and Well Written Essays - 750 words

A report for a new business venture - Essay Example This traditional practice of metal work or goldsmith has evolved into a multi- billion dollar industry that produces jewelry in common and rear objects and minerals (Erick, 1982). Currently in the UK there are very few companies that have venture into this business due to the professionalism and capital that is required. For one to successfully venture into this business he or she needs a strong capital base and a loyal customer of whom the products can be constantly sold to. In terms of competition, the industry has stiff competition since the products are not among basic commodities and therefore implies that the market is small because of the few number of people who can afford the product. However, for this particular business venture we will tend to use common materials and objects to create our product to limit on the cost of production as well as the price of the commodity. We intend to lower the price of our jewelry products to make them affordable to all our customers. There is a lot of competition in the jewelry business due to the limited amount of customers who are interested or can afford the jewelry products. In the UK most of this companies are large scale companies who mostly make their products from rare minerals such as gold and diamond. In order to beat the existing competition, our business will majorly focus on fabricating jewelry from common materials such as rocks and crystals that are easily available. This will reduce the cost of fabricating the jewelry and in turns lower the prices or our products which will enable our business to cover a large market including those consumers with very low purchasing power (Team, 2013). For a startup, the business will have just a few employees but with excellent skills of fabricating jewelry from the rocks and crystals (Erick, 1982). The rocks and crystals will be collected from farms and some of them will be bought from rock collection stores. The materials will then be fabricated