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Research into Business Plans

Extracts from this document...

Introduction

A Plan for a Business Entrepreneur A2 Applied Business Task 1 A Business plan is something which is created before any physical movement is done towards the process of setting up a business. It is known as a guide for managing the start-up and/or operations of a business. The process is in some cases split up into three parts; 1) Collating an estimate of the amount and sources needed for the start-up of the business and the operating capital needed. 2) A projection of the revenue and expenditures for a defined period of time. 3) The Identification of all requirements for any future operations. http://www.bplans.com/ The above is an example of a website where business plan material and software is available for purchase. Information within a business plan why a business plan is created (section ??Reasons for construction a business plan?) A business plan is made because it helps the person trying to establish and set up his company with a guide to go by. It helps initiate and plan out how the business will run and will show a cost and benefit analysis of how well the business will do and how sustainable its activity would be if it were to become an actual business. When you set up a business, it?s considered easier to concentrate on one thing at a time using a day-to-day scheme of running the business, rather than worrying about what is going to happen in the near or far future, which can, in a lot of cases, lead towards becoming bankrupt or generally struggling to manage finances. A business plan is a ?living document? which considers and formats into a written form of details about how the business is going to be run and what its prospects should be for the future. A business plan is affected by external factors too, going with the guidelines of ? if external factors change, so too does the business plan. ...read more.

Middle

I will travel to them, keeping to the mission statement ? having the luxury of henna in the comfort of your own home. Because the business will be run by me and only me, it will be a small sole trader business. The business will be a small independent company and will have goals and objectives which will help establish the business more and get the reputation of me and the company up high, making sure that my business is at the top of the range when comparing my business to my competitors. I have set up a website as a advertisement and promotion strategy. Although it is simple and doesn?t have many photos (http://mistrymehndi.webs.com/apps/photos/) to promote the service, it is just a small part of the strategy which will contribute to the advertisement and promotion of the business as a whole and the service I have to offer the community (at a price). http://mistrymehndi.webs.com/ Aims and Objectives: Gain customer base within first 5 years of running Maximise advertisement and promotion during first 6months-1year of business set up Increase price of service after 1 year ? at a competitive rate (after building up customer base and reputation) The goals above are good for the business I am setting up because it is a mobile business which needs to gain customer base and reputation before it can be successful. Task 3 (AO3) I will carry out my primary research to collate realistic ideas which may portray the potential of my business. My primary research will include a questionnaire and a further interview with a large player in my market. I hope to discover my target audience via the completion of my questionnaire, enabling me to guide my marketing strategy to bring the business up. I then plan to carry out a second questionnaire, purely directed at my target age range identified. The analysis of my questionnaire will aid me to find all the key points I need to focus on when setting up my business which will hopefully help me complete my business plan to a high standard. ...read more.

Conclusion

Having no one to confer with and satisfy when making decisions, and being flexible with timings and appointments, it will allow me to participate in charity type events which will boost my reputation and customer base. Threats Because there are so many similar businesses like mine in the area in which I want to set my business up, it will be hard to gain a loyal customer base who will keep to the same company when having Mehndi done. PEST Analysis Political The influences which relate to my business regarding the political sector refer to changes in government, tax policies, regulations and international/national trade agreements ? however in my case, my business is only aimed on a national scale at present. All these factors can influence the profitability of the product. Another aspect of the political sector would be Economical Social Technological PRODUCTION What equipment and machinery do my competitors use to produce their product/service? What equipment and machinery will I need to produce my product/service? How much will this cost? What are the different stages of production that I will need to complete in order to get my product/service to my customers? What methods are available to ensure my product/service is always top quality? What supplies to I need to produce my products, where will I get these from and how much will they cost? FINANCE What do my competitors charge for their product/service? What will my customers be prepared to pay for my product/service? How often will my customers buy my product/use my service? What are the different expenses that I will incur in the running of my enterprise? Where can I obtain finance? How much is this going to cost me? HUMAN RESOURCE What are the employment/unemployment levels in my local area? What is the average wage for my local area? Where are jobs advertised locally? How much does it cost to advertise a vacancy? How many people do I need to employ, how many hours will they work and how much will I pay them? ...read more.

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