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Discussing a business plan.

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Introduction

Discussing a business plan I have chosen a small corner shop as an example of a business. Which, I hope to relate to throughout this essay. Whilst discussing the importance of having a business plan. I will try and consider both the advantages and disadvantages of various issues about a business plan. One use of a business plan is that it states the legal description of the business. Outlining what type of business it is and if it is one of the following : sole trader, partnership, LTD or PLC. My corner shop, would be a sole trader. This is due to the fact that the business will be set up in my own name. I will be running the business and will be working for myself. Although in some cases, sole traders do hire other people to help them out but they remain responsible for the overall business and are actively involved in the running of it on a daily bases. ...read more.

Middle

Within a business plan I will also have to produce a Production plan. This will include a diagram of the inside layout of the shop as well as what machinery I will be using and the amount of people who will be working for me. Linked with my business the only pieces of machinery that I will be using will be a till, a computer and a hand gun (for pricing stock.) This is all that is necessary within the business. Although a car/van may have to be used to go and collect stock from various supermarkets etc. On the other-hand, the stock my be delivered to the shop. Also, within a business plan, there is a Financial plan. It should include any financial commitments. I will be having to pay a mortgage, repayments on the load, rent, wages and launch costs etc. ...read more.

Conclusion

For example if people start to use the inter-net more to read the news, they may not wish to purchase newspapers anymore, there for I go out of business. Although these external influences will be out of my control, I will still have to find a way to survive. In conclusion, a business plan is a useful document if you are hoping to raise money. Banks nearly always insist on seeing a business plan. If you have no idea where you want the business to go, it is unlikely you are going to succeed. Planning makes you look in some detail at the different aspects of the idea, and consider some of the potential problems. So a bank is therefore unlikely to lend to you. In comparison, someone who produces a well-thought-out and well researched plan of what they want to achieve and how they intend to achieve it, is more likely to be successful. As a result the bank is more likely to lend money. ...read more.

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