Reference no: EM132470504 , Length: word count:3000
Prepare a Business Plan
Business Details
So, what's your business idea?
Outline briefly your idea, what is the business, what will your sell, why is it needed? (250 words)
What's the name of your business?
Remember to check that your business name isn't already being used. Take a look on the Internet or check the index of company names held at Companies House.
What's your strap line?
What date did your business start/will it start?
Where is your business located, why is this choice appropriate?
What are you selling? Why is your product or service in demand?
What type of business will you set up? Tick as appropriate
Sole trader
Partnership
Limited company
Other/Social Enterprise/CIC
Explain the structure and legal position of your set up supporting your answer with references.
Knowing Your Market (1000 words)
Use the questions as prompts to complete this section with full sentences and references etc
Your market is your area of business, like a "catering service" or "building contractors", as well as the people that make up your customers. You need to understand how your market behaves and what your customers want. To answer the following questions, you'll need to do some research. Your answers will help you to figure out whether you can realistically earn enough money from your business to live on. Support all of your findings with facts and make sure that you acknowledge sources.
• The number of customers available to my business is approximately:
• Who are these customers, what is their demographic profile, why does your product or service appeal to them?
Competitors
It's important to understand what your competitors are offering so that you can make your product/ service different, or better, than theirs.
If it is different or better, you might attract more customers, and you might also be able to charge more.
SWOT Analysis of your business:
Write in full sentences (600 words)
What will be your contingency plan?
How will you address any weaknesses identified?
What have you learnt about the following and is there any impact for your business idea
• Cocreation
• Social innovation
• Technological innovation
• Service innovation
Sustainability
What environmental credentials will embed in your business?
What will be your Corporate Social Responsibility?
(500 words)
Planning Your Business
What do you want to get out of owning your own business? It's important to set yourself short- and long-term goals, like whether you want to become a market leader or make a certain amount of money, right from the start.
Promotion
Being able to market and sell your product/ service cost-effectively is one of the most important aspects of running a business.
Promoting your business tells potential customers that you exist and entices them to buy more.
Part B - Persuasion and Securing Buy-in for your business idea:
In part B of the template you will reflect on how you could get support from key stakeholders to persuade them to help get your idea off the ground. Note whilst potential customers may feature as one of your stakeholders, this is not a marketing exercise, rather you are identifying who is key to helping you make your idea a reality.
You will write 1,500 words (plus or minus 10%) which will critically evaluate using the literature on you would persuade key stakeholders to support your idea. In other words, you will use appropriate theory to explain how you apply persuasion theory as to how you would convert the idea into reality.
We suggest that you divide this three component parts.
1) An assessment of your key stakeholders (250 words) which assesses a maximum of three stakeholders you need to reach to make your idea work (who and why they are important).
2) Outline and analyse the persuasion theory required to make your idea work (approximately 750 words). You should consider the persuasive characteristics of the message sender, the persuasive process and the messages.
3) Application of persuasion in practical terms, where you will apply persuasion theory throughout your discussion of this section to your stakeholders (500 words). So who will engage your stakeholders, how and what messages are the most appropriate?
Attachment:- Assessment Template - Business Plan.rar