The aim business
For this coursework, I need to construct a business plan for a new product or service that I choose. The business plan will include a market analysis for my product or service, a marketing plan, a production and quality assurance plan, a financial plan, including a spreadsheet or similar document produced by using IT, and also an evaluation of all component of the plan. To do this, I will need to effectively use both secondary and primary sources to support the start up of the new business.
The main aims and objectives for this coursework, is to come up with a business which can successfully operate within a legal framework, to have a successful running business which is realistic, affordable and can become profitable. From what I know already, I have decided to make my business a sole trader operation. Being a sole trader would mean I would have the freedom to choose how the business will be run and in fact, it is more simpler. The aim of my business is to provide the local and surrounding areas a fun and entertaining night out for over 18’s, and a family venue during the day, providing both food and drinks.
Primary and secondary research. Questionnaires, internet, magazines, newspaper research on existing businesses and from potential customers. Market Analysis Analyse the market for the product or service I will be operating in. SWOT analysis. Identify any competition. Analyse research. Marketing Plan Mission statement, objectives of the business. The marketing mix. Marketing strategy. Draw up sales budget and predicted sales chart. Production and Quality Assurance Plan Identify physical resources needed, staffing needed, the suppliers, and the quantity of goods to be produced.
Show the different stages in the production process and how the quality of products will be assured. Identify any constraints. Draw up a production budget. Financial Plan Draw up financial plan for the first year of business. Make financial estimates for producing and marketing your business. Evaluation Reflect and make judgements on the whole of the business plan. State advantages and disadvantages of my approach to the business plan. Identify any problems and consider alternative approaches.
From the following business ideas, I decided that I will under go the plan of running a bar, which will be targeted to all ethnics and racial backgrounds but the bar will have an Asian influence which will be the unique selling point, but mainly targeted at the younger audience, aged 18 and above because of illegal drinking. However, during the day, it will be open to all the public, to all ages, as a bar/cafi??. The type of organisation my business will be will depend on the success of the business, of the loyalty of customers, income and whether the property/business is affordable.
The business will definitely not be a limited company and will be privately owned either as a sole trader or partnership depending on how much money will need to be put into the business to start it up and how affordable it would be for me. Political – Factors that apply are environmental regulations and protections, taxation, consumer protection such as (smoking and non smoking areas), employment law (because of alcohol, all employees will have to be over the age of 18). Regulatory constraints such as quality and safety would comply.
When the business opens, I must make sure that the business complies with certain rules and regulations like safety hazards and a fire exit would have to be clearly marked so that customers can clear the building in the case of an emergency. Failure to do so then it may result in the business shutting down. Economical – economic growth, interest rates, government spending level, policy towards employment such as minimum wages and benefits, taxation (impact on consumer disposable income, corporation tax rates).
Inflation can affect my business in much the same way as changes in tax would. So if the changes in interest rates went down, so may the prices. Unemployment may affect sales because if the unemployment rate was to rise, this would mean that people would not be earning as much money and they might have to cut back on luxuries such as going out and other things that are beyond needs. Social – income distribution, attitudes to work and leisure can affect the business and different lifestyles of people.
The food and drink can affect the business a lot, as certain religions don’t eat certain foods. Such as Muslim’s only eat halal meat, so I need to make sure that halal food is being served. Technological – rapid development of technology is affecting the business as well, and it could also put back the business in its market. The main type of technology that the business could use is the internet. It is very accessible, and could contribute a lot to the business, as it could be used as a form of advertising.