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Being a sole trader would mean I would have the freedom to choose how the business will be run and in fact, it is more simpler. The aim of my business is to provide the local and surrounding areas a fun and entertaining night out for over 18's,

Extracts from this document...

Introduction

Introduction For this coursework, I need to construct a business plan for a new product or service that I choose. The business plan will include a market analysis for my product or service, a marketing plan, a production and quality assurance plan, a financial plan, including a spreadsheet or similar document produced by using IT, and also an evaluation of all component of the plan. To do this, I will need to effectively use both secondary and primary sources to support the start up of the new business. The main aims and objectives for this coursework, is to come up with a business which can successfully operate within a legal framework, to have a successful running business which is realistic, affordable and can become profitable. From what I know already, I have decided to make my business a sole trader operation. Being a sole trader would mean I would have the freedom to choose how the business will be run and in fact, it is more simpler. The aim of my business is to provide the local and surrounding areas a fun and entertaining night out for over 18's, and a family venue during the day, providing both food and drinks. Action Plan Action What to do? Completed Research Primary and secondary research. Questionnaires, internet, magazines, newspaper research on existing businesses and from potential customers. Market Analysis Analyse the market for the product or service I will be operating in. SWOT analysis. Identify any competition. Analyse research. Marketing Plan Mission statement, objectives of the business. The marketing mix. Marketing strategy. Draw up sales budget and predicted sales chart. Production and Quality Assurance Plan Identify physical resources needed, staffing needed, the suppliers, and the quantity of goods to be produced. Show the different stages in the production process and how the quality of products will be assured. Identify any constraints. Draw up a production budget. ...read more.

Middle

As my business will be located in North London, it may only attract the people in the local area and the surrounding areas, as people may not be willing to travel far, and is not as convenient as Central London. Aims and objectives Mission statement This business aims to: * Provide quality products with a quality service for all customers * Establish a reputation for high quality and reliable service * Maximise profits * Make the business known in its market Objectives The objectives of the business are: * To accelerate the break-even point in the first six-months of opening * To survive * To provide friendly service and to host a enjoyable experience to customers Types of Ownership The type of business that I will be representing is a sole trader. The reason for this is because a sole trader is the simplest form of a business organisation. There are no legal requirements to it. Any income or profit that I earn will be mine and mine alone. However, there are a few legal constraints and also unlimited liability. So I will be responsible for any debts that I face. The reason why I have not set up a partnership is to avoid disorder or any confusion over the business if it was split. Also, to set up the business, there might be disagreements over how things should be done. Boston Matrix The Boston matrix will help me to identify the final outcome of the business and how it will do in the market against competitors. In the local area, the competition is limited to very few others. In the area, the major competitors are Eros located in Enfield, and KO which is located in Wood Green. My business would possibly not be able to compete with Eros and KO as they are more large scale based. So by placing my business on the Boston matrix, the market share would probably be low, as it won't take as many people as expected at first, but I expect the business to pick up on its market growth and have it continuously rising. ...read more.

Conclusion

The business will need a number of staff with different skills. The restaurant and bar will have two separate groups of staff. One group will be working for the restaurant and the other for the bar. The restaurant will have 3 fully trained chefs and 1 person to wash dishes which will all operate in the kitchen. It is important not to have the kitchen packed, as it can allow the workers more room and comfort for their work. The bar staff will consist of 3 people including myself, but will probably only need 2 during weekdays. There will be 3 waiters/waitresses operating on the actual floor of the bar and taking orders. Also, there will need to be a D.J. for the entertainment. The skills and qualification will be different for each job role, which are the following: * Chefs - fully trained with a known qualification in professional cookery and with background experience of working in restaurants and working specifically with Indian food with a minimum of 3-star rating. * Bar staff - previous experience would be needed, fluent English speaking, preferably with a GCSE in English. Knowledge of alcoholic drinks and Indian food would be ideal. * Waiters/waitresses - previous experience and fluent English speaking. Knowledge of Indian food and alcoholic drinks. * D.J - previous background and experience of working with music. All employees would have to be living near or around the surrounding area of the business. It makes it easier for travel especially when the bar will finish late at night. Physical resources will require a lot of equipment. For the main floor of the bar, tables and chairs, decorative objects, coloured lighting, sound systems and speakers would to be put around the entire bar. For the bar, a bar would need to be put in, followed by fridges for all the drinks, storage for the glasses, beer pumps, etc. ?? ?? ?? ?? Kajal Maisuria Unit 6 - Business Planning - 1 - ...read more.

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