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Business studies - Business Plan

Extracts from this document...

Introduction

Contents Introduction - Page 2 Planning Self-Assessment - Page 3 Skills and Talents - Page 6 Brainstorming - Page 8 Gaps in the Market - Page 10 Decision Time - Page 13 Findings Customers/Market Research - Page 15 Personnel - Page 23 Marketing - Page 25 Production - Page 30 Finance - Page 33 Evaluation - Page 36 Bibliography - Page 38 Introduction In this report I will be looking at all the needed sections in order to start up my business. I will begin with a self assessment of myself; this is in order to see if I have the needed skills in which to run a business and if I am capable to do so. I will then be looking at my skills and talents and how they help me in the running of my business and dealing with my customers. I will be making some brainstorm diagrams to give myself an idea of then type of business I would like to run and I shall also be looking at the advantages of my ideas. The final sections in my planning are looking at the gaps in the market, I will do this to see if there is a need for a one my business ideas in the city I wish to set up, I will also be able to see how much completion I would with each of the business ideas. After that is the decision time, I will be looking at all of my previous sections and using them I will decide the most suitable business for myself to start up, I shall list the reason I have chosen said business as well. After deciding my business I will be looking at who my potions customers are and the market I shall be looking to sell to, this is needed as it allows my to be specific as towards who my target market will be. ...read more.

Middle

This question will help to find out which sauce people most prefer so I know which to use and which to avoid since they are not as popular with the population. 3. What toppings do you prefer on a Hotdog? I need to know what kind of toppings if any people like on their hotdogs as by adding extras to my product will hopefully help me to sell more as they contain the topping which people enjoy the most. 4. How many times a week do you eat a Hotdog? This question will help me get an idea of how much people eat hotdogs every week, the more that do the better my business should be so by knowing this I could get a vague idea of how much business I could be doing. 5. How much would you be willing to pay for a Hotdog? This question will help to set a price that everyone would be willing to pay so I can ensure that my price is not too high which could discourage people from buying from me. 6. When you look for fast food does advertising affect your choice? I need to know if advertising affects people choice when they deicide to buy fast food, if it is I know to spend more money on it so as to get more business if not then I will not spend as much on advertising as it is not needed because it does not affect part of the population. Here are the results from question 1 from my questionnaire we can see everyone asked like hotdogs, this is good as now I know I have a market to sell my product too. This shows what sauce people prefer on their hotdog, the most popular being ketchup 56% and mustard 30% I now know to start of with these two and then if needed bring in a larger variety but to keeps costs down I will go with the favorite two. ...read more.

Conclusion

The advantages of that would be that I am able to focus on paper work and other matter and know that my business is being run; before I can do any of this though I must be sure I am able to bring in enough customers to cover all the costs I will have. One possible way for me to obtain a sum of money in order to expand, would be to become a partnership. If I were to do so I can then rotate shifts between me and my partner giving me much more free time but I would have to split the costs with them. There are of course factors which I am unable to control which may prevent my plans, one being the weather. On a day when it rains I have only a few customers if the rain persists throughout the day, this leads in to a very low income for that day. Laws passed by the government can also cause a problem when I wish to expand, laws may be put in place which could result in me having to spend more money to be sure my business meet the requirements set by the government. These things however are out of my control, where as I can control who my employees are and the way in which they behave with the customer. It is important that any employees are courteous to try and entice the customer to return to continually buy my product. From all of this I have learned that if I want to peruse this business I must be willing to put in long hours of work in order to reach my goals, the result has been that I am not only making a profit which most starting business do not tend to do, I am also able to repay my loan from the bank. If business keeps going the way in which it has it is highly likely my business will survive. ...read more.

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