Business Research Report Proposal Business Feasibility

Questions: 1. Identify a business research topic. 2. Define the research questions for the identified problem or opportunity. 3. Select the appropriate research methodologies and techniques to use for the research project. 4. Describe the research process. 5. Describe data collection and analysis methods. 6. Describe expected research outcomes. Answers: 1.0. Introduction This research proposal has tried to investigate the business feasibility of taking Jhilmil (Nepal based Candle Company) to Leichhardt Sydney. Jhilmil is one of the leading candle making companies in Nepal, capturing hearts with its alluring aroma across the country. What sets Jhilmil candles apart from its competitors is that their fragrances are purely natural. Some of the most popular fragrances are Sandalwood, Nardostachys jatamansi, Rhododendron anthopogon, Juniperus communis, Zingiber officinale The candles are made of Beeswax, which mostly appeal to the consumers who are fond of natural products (Cagle and Brown 2015). Taking ones business abroad comes with a distinctive set of opportunities and challenges. Going international means expanding ones market which would lead to greater sales but there are also a set of considerations that cannot be ignored. One has to be aware of the legal issues, culture, and trends prevalent in the proposed country (Sitkin and Brownen 2013).Opening a candle business in Leichhardt Sydney, an area that is celebrated for its rich European culture can prove to be a successful one if wise decisions are made at each step of the business endeavour. 2.0. Definition of the Research problem It is always a bright idea for a business enterprise or a company to look beyond ones boundary and comfort zone. There are always business opportunities waiting to be reaped if right business decisions are taken at the right time (Hair et al. 2015). Expanding one's business to a new country altogether can often leave the owner perplexed as to how should the business activities go about. Operating in an alien country with no previous knowledge about their political, economic and social norms can be a risky affair. The problem area of this research proposal is identifying the probable opportunities and threats that Jhilmil candles would be facing if it takes its candle business to Leichhardt Sydney. This will indicate the overall feasibility of the business idea. 2.1. Research questions What can be the probable demand for candles in Leichhardt Sydney? What is the level of competition for the candle making business in Leichhardt Sydney? What are the legality issues that can be faced in opening a candle business in the proposed area, Leichhardt Sydney? How will the candles be sold to the target groups (shops, tie-ups with event coordinations, etc.)? 2.2. Approach to the Problem As discussed above, Jhilmil candles (Nepal) will have to consider the strengths, opportunities, weakness, and threats before taking their business to the city of Sydney, Australia. If proper analysis of the situation is not undertaken, it might lead to huge losses for the company as taking ones business to a different country altogether involves many risks (Islam et al. 2014). This research proposal seeks to describe the research process to be conducted using appropriate research methodologies and techniques. This research proposal will make a genuine attempt to describe the data collection and analysis methods and accordingly give suggestions for the proposed business Endeavour. 3.0. Literature Review To evaluate the profitable prospects of business when it moves to new market segments, a thorough study of the strengths and weaknesses of the business should be conducted. This will help the business in evaluating its strong points so that they can take advantages of the plus points, which the business organization has. Keeping a track on weaknesses that the organization has will help the business work on its problem areas (Jacobs 2012). A close introspection is necessary when the business is planning to embark upon expanding its business because unless it does so, it will not be able to run its business successfully in a different territory altogether. It is also imperative on the business organization to study the opportunities that it can take advantage of, which will assist the business to function in the proposed new market segment smoothly. An opportunity could be a gap in the supply of the products, which is in huge demand among the target segment. It could also be in the form of availability of mergers and alliances with which the business can indulge in tie-ups (Okoro 2012).An analysis of threats should be considered before expanding one's business beyond the regional boundaries. Threats could be the legal issues that can be faced in the name of taxes or the competition from substitutes, better distribution facilities enjoyed by the competitors, etc. The Candle industry is one of the most booming industries that are prevalent in the present era. A major component of home dcors, it enhances the overall look of the rooms in which it kept as a piece of art. Scented candles have gained huge popularity among the consumers worldwide since the last decade and have almost become a trend in households and restaurants all the same (Hair et al. 2015). They not only give an elegant look to the rooms in which they are decorated in but also spread an alluring aroma all around. Jhilmil is a well-established candle business, which has its factory and warehouse in Katmandu, Nepal. They sell their candles all over the country and are a huge favorite among the masses. The company abides by the ASTM International candle safety standards and has all the safety guidelines mentioned on its label. Leichhardt is an area in Sydney which has rich European culture and is also known as little Italy of Sydney. It has a huge number of Italian restaurants, beautiful gardens, and open areas and is a home to a number of famous art galleries. Jhilmil candles have an opportunity to supply their candles in the restaurants in Leichhardt as elements of dcor (Nunan et al. 2013). Since it is a Nepal based company, it should be aware of the legal and cultural scenario in Sydney before establishing their business in the area. Issues regarding the warehouse facilities and the current competition in the area should also be considered. 4.0. Research methodology In this research proposal, quantitative research methodology is chosen to gather data, which represents the targeted population. To understand the business feasibility of a Nepal based Candle Company, planning to open a business in Sydney Australia, quantitative research methods are used. This quantifies the behavioral attributes like opinions, likes, dislikes, expectations, etc. (Sheng et al. 2016). Leichhardt is a major tourist attraction in Sydney and therefore quantitative interviews and surveys will be conducted among the tourists, locals and the owners of restaurants based in Leichhardt, Sydney. 4.1. Secondary Research Secondary data refers to the data that have already been collected by researchers while conducting their study survey as suggested by Segaran and Bougie. This can involve taking data from two previous primary research results and then decode a conclusion of their own. This saves time and energy and gives scope to concentrate on the study at hand. Help can be taken from other relevant sources and articles on the internet (Okoro 2012). 4.2. Primary Research According to Naresh, primary research can be considered as original research. They are the first-hand account of data collected concerning the topic of study. The methods of collecting primary data depend on the decision of the owner of the business enterprise. They can be questionnaires, which the respondents fill manually (Jacobs 2012). There will be quantitative interviews conducted among the restaurant owners, locals and the tourists of Leichardt, Sydney. 4.3. Research Process The research process will comprise of the collection of data and information among the locals, restaurant owners and the tourists through Quantitative interviews and surveys that will be conducted in person. This will give a better insight into the likes, dislikes opinions, and expectations about candles among the respondents (Sitkin and Browen 2013). The questions will be easy to understand and will be closed ended so that it is convenient for the respondents to answer. This will also ensure that the data is analyzed and evaluated without much hindrance. 4.4 Data Collection and Analysis The data collected through the quantitative interviews and surveys is evaluated in a tabular format for easy understanding of the facts and figures (Wong and Wright 2013). A statistical analysis will then be prepared based on the tabular data. Further, devising of graphs will help in anticipating the feasibility of opening up the candle business in the Leichhardt area of Sydney. 5.0. Expected Research Outcomes This research proposal has attempted to figure out the business prospects of Jhilmil Candles (Nepal) in Leichardt, Sydney. Since this area is famous all over the globe for its rich Italian culture and heritage and is renowned for its numerous Italian restaurants, which is a huge attraction for tourists, supplying designer and fragmented candles to the restaurants of Leichardt, might prove profitable for Jhilmil candles. The interviews and surveys conducted among the locals, tourists and the restaurant owners of Leichardt, Sydney, suggest that they are quiet enticed by the idea of candles as a major component of the dcor of the restaurants. Such an outcome will give a boost to the given company, Jhilmil Candles (Nepal) to carry out its business venture in the little Italy of Sydney, Leichardt. References: Cagle, J.E. and Brown, R.W., The Yankee Candle Company, Inc., 2015.System and method of manufacturing a composite candle wick. U.S. Patent 8,926,781. Hair Jr, J.F., Wolfinbarger, M., Money, A.H., Samouel, P. and Page, M.J., 2015. Essentials of business research methods. Routledge. 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