he 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. The resources need to be considered in terms of quality control, quality assurance and total quality management. The understanding and importance of profitability in a business, the difference between assets, liabilities, expenses and revenues.
The business will have to consider how spreadsheets are used for cash flow and profit forecasting, budgeting and break-even analysis. We need to know how businesses use specialist software, how they use the internet as a source of information and email for communication and e-commerce as a method of trading. For the business we need to appreciate the main legal and corporate issues associated with using ICT in a business environment, such as data protection, confidentiality and health and safety factors.
These types of questions will give me a clearer understanding of my position when starting up a business and how I can improve to make myself a more determined person. Sandwiches on wheels: The idea is to sell sandwiches in a specialized van with a built in kitchen in the Vale Do Lobo area. By doing this people would eat a lot healthier as there are many fast food restaurants around and people are becoming overweight by the overwhelming amounts of food readily available to us. I am interested in this idea as there are not any sandwich vans around in the area and I think it would be a good business to create.
As healthier advertisements are becoming more popular, people are becoming aware of the dangers of being overweight. The only competition I have is that there are sandwich bars around which could possibly offer more than this business as they are all bigger sandwich bars. Golf Shop: The idea is to open a golf shop which sells a wide variety of golfing equipment at a cheap price. Most golf shops around do not sell a good choice of golf gear so I would sell everything in this business from golf clubs to golf buggies.
The only problem is that there are many golf shops around in the area and even though my business would offer more, it may fail which means that I would lose money. Portuguese Style Fish and Chip shop: This idea is to create an English fish and chip shop but in a Portuguese style. It would sell English food but with Portuguese ingredients. I think this business would work as there is nothing like it in the area but the only dilemma is that the Portuguese may not like it as it is not what they are familiar with so this could make this business fail.
A milkshake bar: I came up with this idea as there are no milkshake bars in the area. The only places that sell milkshakes are restaurants. I thought this was a good business to create as Portugal is a hot country so they are more likely to be bought than in England for example. I thought that if I set up in a good location, such as the beach then this business could really work. I didn’t see any downsides in creating this business. -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.
The milkshake business is unique in its market and the thing that makes it different is that the customers can select their favourite from a wide variety of chocolate bars, sweets, cereals, biscuits and toppings accustomed to their individual likes and dislikes. We would like the customer to walk into the bar, choose as much or as little ingredients as they would like and then for us to make it into a milkshake. After the product has been created, the customer can select from a variety of toppings such as syrup, extra chocolate, Oreos, etc.