Reference no: EM132229557
The hypothtical company I chose was Baumfalk's Bakery. I just need help getting started a business plan for a bakery that doesnt actually exsist.
Begin to develop the following sections of your business plan. Executive Summary Table of Contents Critical Risk Company Description Industry, Target Customer, and Competitor Analysis Product/Service Plan Marketing Plan Operations and Development Plan Management Team Description Financial Plan Offering
The following is what I have so far, I need help adding some more.
Business Plan for Baumfalk's Bakery
Description of the Company:
The company would be a part of food industry and a bakery serving freshly baked breads and biscuits to its customers falling under different segments of the market. The bakery will be centrally located, with skilled management and staff, opened from 9 in the morning till 8 in the evening.
Target Customers:
The target customers for the bakery would be:
Young people falling mainly under the age group of 12 till 40 years. As they are the ones who love eating outside the most.
Housewives who prefer freshly made stuff for their kids to be served. The bakery can offer products as per their customization needs as well.
Competitor Analysis:
It is very important to analyze the strategies and plans of the competitors the following ways:
Firstly conducting the SWOT analysis to understand the strengths, weaknesses, opportunities and threats faced by the company itself.
Then analyzing the opportunities available to the rivals and what threatens them from the external environment.
Studying the market captured by the rivals and getting feedback about their products from the customers will help in the analysis.
Keeping a close track on the decisions the rivals take to face contingent situations.
Studying the policies taken up to boost the sales and attract larger portion of the market share.
Marketing Plan:
The marketing of the products is very important to survive the competition, grab maximum customers and gain profits for long run. Following could be the marketing plan:
At the opening of the bakery, the promotional discounts and coupons could be offered to the customers who visit the bakery for the first time.
Advertisements in the local newspapers can be made so as to highlight the opening of the bakery and the products offered.
Pamphlets can be distributed to the people located in and around the target market so as to spread a word of mouth among the society.
Management Team Description:
In order to handle such a big bakery, good management is required to be handled by the management team. Following can be a part of the management team:
The head of the organization to whom all will report their workings and will receive orders from.
The manager of the bakery, who will be looking after the affairs of the bakery and workings of other members.
The employees who will be delegated work as per their specialization, such as the marketing manager, the finance manager, the customer relation manager etc.
A team of cooks who will be responsible to cook fresh bakery for the organization, to be served to the customers.
A team of staff members, waiters who will be responsible to take orders from and serve the customers who visit the bakery.
The cleaning team who will be responsible to clean the bakery on daily basis and take care of the cleanliness.
Financial Planning:
Finance/money is also an important aspect for any new venture to start up. Without finances, the working cannot be made successful and the business cannot run for longer period of time. Following can be done to plan the finances:
The need for both long term as well as short term finances must be understood beforehand by the managers.
A list of various sources to raise money from should be selected beforehand by analyzing the pros and cons of each alternative.
Proper budgeting must be done in advance to decide the portion of money to be spent on each activity.
Certain reserves must be kept aside by the management to meet contingent situations in future, due to external or internal forces.