Based on the business idea indicated in the SOI prepare a Business Plan to secure funding for your new business start-up.
Your Business Plan should include the following:
Introduction and Rationale:
- Business overview (business description, legal status, mission statement, general information, analysis of potential location)
- Product/Service Description
- Business choice justification
Self-Analysis: Explain why you are a good candidate for starting up your business. Ideas to ponder: reliability, creativity, teamwork skills, education (what you have done thus far: relevant courses such as Marketing and Business Management; also explain your future plans for education such as college etc.), list special talents such as computer skills, discuss success in sports or organizations.
Business Environment analysis based on the secondary and primary research:
- Analysis of general external environment using PESTEL
- Analysis of task external environment: suppliers, customers and competitors
- Internal environment analysis using SWOT
Marketing Plan based on the secondary and primary research:
- Proposed Product or Service Plan: Describe your business and your products in detail.
- For example, you will want to stress why your proposed products/services will be successful.
- What are you going to do that will set you apart from your competitors?
- Remember that successful product marketing goes beyond a list.
- What intangible product offerings will you be providing such as warranties and/or services?
- Proposed Pricing Policy:
- Relationship to competitors: below, above, the same
- Will you do any introductory discounting to attract customers?
- Are you going to drive profits through volume (small profit margins where you will sell a lot of product, or are you going for a prestige appeal?)
- Proposed Promotional Plan: Who will be doing the personal selling?Overall advertising strategy and short term promotional events to create enthusiasm.
- Place (distribution)
- Describe your location in detail: What will it look like? Include a description about the parking facilities and other amenities that will make your business outstanding.
- Distribution Plan: How will you get your product into your customer’s hands? Will you make and sell your products on site (direct distribution)or will you include other intermediaries such as manufacturers or producers (indirect distribution). Mostservice businesses will use direct distribution (think of a hair salon for example). Most retail businesses will use indirect distribution, as the business owner will need to rely on manufacturers and suppliers for his or her products.
Accounting and Finance:
- Start-up costs
- Revenue and expenses projections
- Cash flow forecast
Organisation and Personnel Plan
- Justification of ownership choice: sole trader, partnership or limited company
- Personnel needs: indicate expertise required and state who will do what and who will report to whom. If applicable, provide an organisational chart.
- Technology – Technology and application to be used.
Business process timeline:
- Steps of setting up the business from initiation to turning the key.
- Prepare the Gantt chart showing the steps discussed above.
References and Appendices:
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- Show all relevant research methods (secondary and primary) including data
- Clarity of presentation and appropriate use of tables and charts.
- Correct application of the Harvard referencing system.