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Among the products of cart categories, the most high quality ones would include Mobile Test-Cart, Instrument-Towers, Instrumentation-Cart, Label Cart, HEPA Enclosure-Cart, and Controlled-Environment Parts Cart.
Moreover, the fund would engage for purchasing raw materials, fixture, fittings, furniture, and appliance.
In addition, appointing employees is a longer process as adverting for job position, listing selected applications, interviewing short listed candidates, and appointing potential staff as well as providing training for them.
At the same time, market research is another significant task to selection the location, assesses market risks, external business environment, attitude of the target customers, comparison the size of XYZ New Store with competitors, response of competitors, and to identifying other significant factors.
Finally, XYZ New Store intends to develop an e- commerce site in order to facilitate the customers for online order and payment opportunities, communicating with customer, advertises the company, and introduce home delivery services better than other competitors in the market.
All the entrepreneurs also arrange their 15% capital within this short period.
Additionally, they will contract with banks to know about initial documents, try to find out a rental premises near to selected location and secure the place by rent, contact with other suppliers, complete the procurements, employee selection and training and start operation as per following timeline and milestone which has also demonstrated in a Microsoft Project Gantt chart – Here, it is significant to argue that all the above functions are interconnected with each other, for instance, it would not be possible for XYZ New Store to submit the proposal for bank loan without preparing a business plan.
The business plan of XYZ New Store will be placed to the board of directors for review, and approval on January 2011, and design its timeframe to go into operation within three months (90 working days) that counted April12 2011.
As parent company Flex Mation has very strong credit line with several financial institutes, it will be less time consuming for the XYZ New Store to receive start up and working capital from bank.
However, new entrants may find it easy to penetrate if they concentrate on a niche market rather than mass market.
Just like many other commercial sectors, the biggest obstacle to come into this industry is the enormous expenses related to set-up and sustain the business in such a competitive market embraced by price wars.