Reference no: EM132849589
Business Idea
• Provide a short description of your business and outline the elements of your business canvas relevant for understanding what your business will do.
• These will include your value proposition and business model and the key activities that will take place within the business.
• You should also include a summary of your goals and clear objectives for the company.
• Your ideal word count for this section is 200 - 250 words.
Nature of the Business
What is the business offering (product/ service etc.)?
How is the business adding value to its potential customers?
Why is the business different from other existing ones?
In this section you should describe your proposed new venture, explain how the idea was created and provide convincing evidence to justify your rationale.
Why is your business different from your competitors?
Pick 3 competitors and tell us what they offer. Highlight what makes your business offering unique.
Some sections of your business canvas will be relevant here. They include key partners, key resources, revenue streams, cost structure and customer relationships. Also show how your idea addresses customer pain points and describe your value proposition in much more detail here than you did in the previous section to address 1.2 above.
In summary, explain why you believe that your company will be successful.
Market Analysis
What is your target market?
What marketing and distribution channels will the business use?
Who are your competitors?
In this section you are expected to demonstrate awareness of market segmentation providing demographic data e.g. age, gender, spending ability etc. Propose adequate strategies for attracting your target customers.
Include a comprehensive competitors' analysis that will acknowledge potential competitive threats and outline a clear and effective differentiation strategy.
Ensure you use the PEST and other analysis tools we have covered in class
In your competitor analysis section, provide a detailed SWOT table indicating your businesses strengths, weaknesses, opportunities and threats and include a competitor table comparing your business key offering with what the competition is offering
Supply Chain, Operations & Logistics
In this section you will provide details about how you will source your products. Is manufacturing required?
Explain how the business will distribute products and/or services to the customers.
How will the customer find out about the product and how will they pay for it? Additionally, issues related to corporate social responsibility and supply chain sustainability should be considered.
Include a PowerPoint screen print of a visual end to end image of how the supply chain process in your business will work.
Human Resource Planning
Who are the business owners?
What is the entrepreneurial team's background?
What staff does the business need?
This section should give details about you as the business owner. Provide a summary bio of yourself.
Provide a forecast of your company's human resource needs and outline a plan for recruiting, training and developing the right staff. Explain the process you will follow to achieve this in detail.
Which key roles will you need to fill ? What type of people will you need in your business? What will each person be doing? Will you be outsourcing any roles? Who will be on your team? Highlight your team's capability for ensuring the success of the business. As a minimum, you should have 4 team members.
The key resources section of your business canvas should provide you with details relevant here.
Legal & Regulatory Requirements
In this section you should address what legislation and regulations apply to your business.
Are there any specific licenses or qualifications required for you to operate the business either legally or for credibility? Do you need an office, a kitchen, insurance etc?
How does the current COVID-19 pandemic affect the legal requirements in your industry? What new rules and regulations will you need to consider due to this?
Risks & Challenges
This section should acknowledge potential risks and challenges that the business might face and detail a contingency plan.
Have any companies in this industry sector failed recently? Why did they fail? What can you learn from this? What steps will you take to mitigate these risks?
Thinking about yourself, your strengths and weaknesses, what challenges do you think you are likely to face as the leader of the company?
In your contingency plan, provide solutions to each of the risks you identify.
Finance
What are the company's financial needs?
How long until you break-even?
How is the business going to be funded?
In this section you should detail your expected expenses and include a financial forecast.
How much sales do you need to make to break even?
You should also present your approach to achieving the required funding to set up and run the business and justify their rationale.
The information you provided in the key resources, revenue streams and cost structure sections of your business canvas will be very relevant here
Key Milestones
In this section you should addresses what the next steps you need to take to successfully launch your business are. When do you need to complete them by and what is the cost associated at each stage?
Your business will launch in 12 months time. Provide a milestones table itemising what you are going to do within the first 3 months, between the 4th and 6th month and between the 6th and 12th month to enable you achieve your business objectives. Ensure you provide the expected dates of achieving each one and how much it will cost.
Bear in mind the objectives you highlighted previously in the business Idea section of your plan
Appendices
In this section you should include any additional supporting material for your business plan (i.e. primary market research, financial analysis, costing and pricing sheets etc.)
Attachment:- Business Plan Template Guide.rar