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Business Plan. After putting a lot of thought into what kind of business we would set up we came up with a unique proposal of choosing a milkshake bar with a twist.

Extracts from this document...

Introduction

Introduction The purpose of the unit for this year is to create our own business plan. We could either work individually or in a group. The reason for making and managing our own business is to show us how companies manage their finances and other resources. The business has put a lot of thought into what kind of trade it wanted to create as there are many factors that would have to come into consideration. We wanted to design a business that would be unique and have something different to offer. When creating the business we decided it needed to have a unique selling point so that customers would choose us rather than our competitors. The aims and objectives that have been set for the business need to be met. For example we need to think about how much money would need to come in each month to keep the business standing, and then we would need to reach that target. One of the main goals would be to expand the business so that it would become successful. We need to decide what form of ownership we would want for the business, and take into consideration what the good points and bad points would be for the chosen ownership. If we want to create a business we would need quite a large amount of money to help us start off then we would have to think about stakeholders and what input that they would have in the business, also how they would affect it. With a lot of research we can find out what would be the right choice in what business we choose to create. We are researching and investigating the setting up of a small business, which provides a service to the local community. We need to come up with a realistic idea to achieve a successful business. The business activities need to be managed carefully such as measuring their financial performance and health. ...read more.

Middle

You need certain legal requirements to set up and run the company such as memorandum of association, articles of association and have to hold AGMs. Private Limited Company There are two types of limited company, private limited and public limited. Private Limited companies are somewhat smaller than public limited companies and tend to end their name with Ltd or private limited companies. All the share holders need to agree on all the transfers beforehand and all the shares are transferred privately. Ltd businesses are primarily family run and the firm directors are the share holders who are concerned in successively running the business. Advantages of private limited companies * People are willing to risk their money as they know shareholders have limited liability. * More capital can be raised as there is no limit to the amount of shareholders in the business. * The business will still continue if a partner dies, all that will happen is the shares will be transferred to the other owner(s). * Shares can only be sold to new members if all the other shareholders agree. This means that the control of the business will not be lost to the unknown. Disadvantages of private limited companies * Because there can be many members in the business, the shares may have to be split between many people. * There has to be a legal procedure to set up which costs a lot of time and money. * Shares are not allowed to be sold to the public so this can limit the amount of capital that could be raised. * If a shareholder decides to sell their shares, it may take a long time finding a buyer. Public limited company Public limited companies are considerable larger than private limited companies. All public limited companies end in PLC. In the UK there are roughly 1.2 million limited companies, but only one percent is public limited companies. ...read more.

Conclusion

It would not suit babies and toddlers as there is too much chocolate and ice cream in the milkshakes, it wouldn't attract the older generation as they are older and mostly like sitting in bars drinking coffee. I found out from my research that some restaurants are too high priced for milkshakes, such as Sandbanks; therefore I will charge my customers a cheaper price in order for my business to be successful. As there are not many restaurants that sell milkshakes in the area it is a good idea to set up a bar which specifically sells only milkshakes. Location Location is important in a business as it increases sales and can affect the businesses overall performance. Before a business sets up it needs to make decisions about size and location and this is not always an easy decision to make. A factory is different from a retail outlet so you wouldn't put a high street shop, for example Topshop in a Factory. Similarly you wouldn't put Asda in a deserted and isolated area with minimum people, you would put it in a built up area where there are lots of customers to increase your sales. The location of my milkshake bar is in a well known built up area where there are many tourist during peak seasons. I feel that I will gain many customers from being where I am. Price Pricing your product right is important because if the customers think that it is priced too high then it may generate low sales and this could impact on the business. Similarly, as there is a credit crunch at the moment people haven't got the amount of money that they use to have so they will be more carefully with their money. Similarly, if the product is priced to low customers will think that there is something wrong with the product. In this means, companies have to price the product right in order to get the right number of sales. Discounts The degree of competition that the business faces influences the price that it charges. ...read more.

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