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Business Planning - I have chosen to plan and set up a Mechanics garage dealing with car tuning and customizing cars.

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Introduction

BUSINESS ENTERPRISE Introduction In this coursework I will be planning on how to set up my own business. In part one I will be covering the attributes that I have to offer and the aims in setting up the business venture. I will also be explaining the reasons to my chose of business venture, the risks that I will be taking and the opportunities it offers. I will also be showing the proposed legal structure of the business explaining why it is appropriate. Finally for task one I will be showing potential sources of finance explaining how these fit with the legal structure and aims of the business venture. For the second task I have to aim to produce a plan that I could present to a bank manager, potential supplier or landlord to show that I am fully ready to operate the business. Doing this plan includes showing the documents related to realistic financial planning for the business. I will also have to produce details on how I would run the business addressing areas including: complying with legal requirements, key operational planning, making use of local networks and meeting my own development needs. I will also be showing a marketing strategy including information on product/services to be offered, market research and marketing activities proposed. ...read more.

Middle

I have decided to produce and open a customize car garage because there is a lack of professional fitting shops around and this would bring more a lot of profit as customers would come to me due to the number of shops around. Also it is a well profited industry as one project could bring you a lot of money and depending on quality of service and end product I may get a few projects from celebrities as there are contacts within the area. The main risk I have with this is it may not be a success, but in order to succeed I need to take risks. Although if this business is a success it would benefit hugely on customers as well as myself because customers would be satisfied of the job that has been done and I would make a reasonable profit meaning both customer and workers are happy. I will also have an opportunity to build up by expanding into a bigger area if the business goes successfully as there is an open area and buildings that could be bought or extended. This enterprise is a sole trading business because looking at the advantages and disadvantages below I have more of a chance being successful and I make all the decisions. ...read more.

Conclusion

This helps me see whether I should take the risk or not of opening this corner shop and whether it is worth it and if I am going to make a good amount of profit. An example of a cash flow analysis is shown below: BREAK-EVEN ANALYSIS This legal document needs to be produced because I will need to see and understand where the business breaks-even, during a certain period of time and whether I will be making a profit or a loss whilst I am running this business. An example of a break even analysis is shown below: CRITICAL PATH ANALYSIS This legal document needs to be produced in order to see the least time it takes to do a certain amount of tasks in managing the project. An example of this is shown below: PROFIT AND LOSS ANALYSIS This legal document needs to be produced in order to see whether the business is making a profit or a loss. All these documents will be checked regularly during a certain period in order to see whether I am succeeding and achieving what I had first planned before I started my own business. As in whether I have made the sales I planned to sell and whether I made more or less profit then I had predicted. ...read more.

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