Help with Business Studies coursework...
Discussion
Ok for my A-Level business studies coursework I need to set up a business, In theory.
So my plan is to have like a corporate days, or open to the public. Where I hire out a track, and have some formula fords or the like, all people to race, and give them some instruction. Then the two most improved drivers of the day get the chance to drive a F3 or summit.
Is this a good idea?
Is it viable?
Where can I find out info on costs?
What are the best cars to use to allow 'safe' racing?
Is there anything similar going?
cheers in advance
pwig
So my plan is to have like a corporate days, or open to the public. Where I hire out a track, and have some formula fords or the like, all people to race, and give them some instruction. Then the two most improved drivers of the day get the chance to drive a F3 or summit.
Is this a good idea?
Is it viable?
Where can I find out info on costs?
What are the best cars to use to allow 'safe' racing?
Is there anything similar going?
cheers in advance
pwig
Corporate "Track Days" are quite a popular form of Business Entertaining. Many businesses do such things to:
a) sweeten their customers and potential customers
b) sweeten their suppliers
c) reward employees
Most race tracks in the UK provide facilities for such events and would normally provide the usual pit, marshalling and food facilities. The cars will also be provided normally. Track days usually consist of a gradual progression from hot hatchbacks through open two seaters (Elises and Caterhams are popular) followed by a final session in a single seater - usually something like a Formula First.
Insurance also needs to be considered as on track driving does have a built in risk element (you don't want one of your best employees ending up in hospital).
From a business point of few, a cost/benefit exercise should be carried out before making a final decision as to whether your company will actually benefit business-ise from such a venture.
Finally, you should be aware that the Inland Revenue DOES NOT allow you to deduct Business Enterrtaining costs as a legitamate expense when calculating the tax on your busibess profits.
a) sweeten their customers and potential customers
b) sweeten their suppliers
c) reward employees
Most race tracks in the UK provide facilities for such events and would normally provide the usual pit, marshalling and food facilities. The cars will also be provided normally. Track days usually consist of a gradual progression from hot hatchbacks through open two seaters (Elises and Caterhams are popular) followed by a final session in a single seater - usually something like a Formula First.
Insurance also needs to be considered as on track driving does have a built in risk element (you don't want one of your best employees ending up in hospital).
From a business point of few, a cost/benefit exercise should be carried out before making a final decision as to whether your company will actually benefit business-ise from such a venture.
Finally, you should be aware that the Inland Revenue DOES NOT allow you to deduct Business Enterrtaining costs as a legitamate expense when calculating the tax on your busibess profits.
There was a company called First Time Racing who did pretty much that, but I am not sure if they are still around as it was a few years ago. They ran a rally team and a Formula Ford team and ran days where drivers who performed well were asked back to test for the team. The days were run at a site near Hull IIRC. Track instruction was in 16v Golf Mk2s and then into rev limited FFs.
I think they do something like this at Bruntingthorpe using Ariel Atoms. Talk to Neil Austin - he may be able to help. We use the Palmersport Motorsport Sensation days as company client days and they're fantastic - about £500 a pop but well worth it! www.motorsportsensation.com/
How realistic does this need to be? IIRC when I did my business studies A-level what they were looking for most was the actual theories being applied rather than whether the business was going to generate a lot of revenue or profit.
I'm not sure if it has changed at all in the last 5 years tho! I would concentrate more on what strategies you would consider applying, what marketing aspects etc etc. Just use approximate costs and revenue/profit figures otherwise you could find yourself being bogged down too much in detail and miss the point of the exercise.
Of course if the system has changed then just ignore what I have just said!!
Phil
I'm not sure if it has changed at all in the last 5 years tho! I would concentrate more on what strategies you would consider applying, what marketing aspects etc etc. Just use approximate costs and revenue/profit figures otherwise you could find yourself being bogged down too much in detail and miss the point of the exercise.
Of course if the system has changed then just ignore what I have just said!!
Phil
Just spoke to my teacher (In the lesson now)
He said we are looking at it, is bascially, Is the business phesasable? Will it make money? Will people buy/use it.
So marketing and everything is included too. Business plans are optional, thanks for the advice so far
so I need to get an Idea of costs etc etc
He said we are looking at it, is bascially, Is the business phesasable? Will it make money? Will people buy/use it.
So marketing and everything is included too. Business plans are optional, thanks for the advice so far
so I need to get an Idea of costs etc etc
Identifying your market, understanding pricing, marketing, your target population etc etc all is part of a business plan so it might be worth starting from scratch and generating a short one - a side or 2 of a4 would probably be enough. A business plan might cover the following:
- your mission statement
- a summary of your market
- the opportunity you want to take advantage of (might include details of current market problems)
- a summary of your offering (why is it different?)
- a summary of your competition
- your medium term objective (say next 3 years)
- your financial plan
- the reousrces you need
- the rewards from your business
- any other issues people might need to know about.
Sounds lot and it does not necessarily need to be so prescrptive but if you had a go at most of this I reckon you'd have a fair summary of what you want to do s well as an understanding of the risk of it being a success or not.
AF
- your mission statement
- a summary of your market
- the opportunity you want to take advantage of (might include details of current market problems)
- a summary of your offering (why is it different?)
- a summary of your competition
- your medium term objective (say next 3 years)
- your financial plan
- the reousrces you need
- the rewards from your business
- any other issues people might need to know about.
Sounds lot and it does not necessarily need to be so prescrptive but if you had a go at most of this I reckon you'd have a fair summary of what you want to do s well as an understanding of the risk of it being a success or not.
AF
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