Essay
Unit 36: Starting a Small Business | Assignment 3 (P5, M3, D1)
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- Pearson (PEARSON)
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THIS WORK IS NOT TO BE COPIED, DISTRIBUTED OR USED IN ANYOTHER WAY WITHOUT CONSENT OF THE WRITER (DAYNA TYE)
UNIT 36, ASSIGNMENT 3
STARTING UP A SMALL
BUSINESS:
BUSINESS PLAN
BY DAYNA TYE
NAME OF BUSINESS:
DAYNA TYE | BTEC L3 EXTENDED DIPLOMA IN BUSINESS STUDIES | 36 – STARTING UP A SMALL BUSINESS:
BUSINESS PLAN
, THIS WORK IS NOT TO BE COPIED, DISTRIBUTED OR USED IN ANY
OTHER WAY WITHOUT CONSENT OF THE WRITER (DAYNA TYE)
Contents
Introduction................................................................................................................................................. 3
Business Proposal/Plan................................................................................................................................ 3
EXECUTIVE SUMMARY..............................................................................................................................3
MODELS................................................................................................................................................... 3
Personal skills audit.............................................................................................................................4
Personal development......................................................................................................................... 5
PURPOSE OF PLAN...................................................................................................................................5
THE BUSINESS AND ITS MANAGEMENT....................................................................................................5
PRODUCTS............................................................................................................................................... 5
MARKET AND COMPETITION RESEARCH...................................................................................................6
HUMAN RESOURCES................................................................................................................................ 6
Skills gap............................................................................................................................................. 6
Additional employees..........................................................................................................................7
Employment contracts.........................................................................................................................7
Discrimination policy........................................................................................................................... 7
PHYSICAL RESOURCES.............................................................................................................................7
Trading terms and conditions...............................................................................................................7
Trading standards................................................................................................................................ 7
Licences............................................................................................................................................... 7
Local and national legislations.............................................................................................................8
FINANCIAL RESOURCES............................................................................................................................8
Personal survival budget.....................................................................................................................8
FINANCIAL AND PROFIT FORECASTS......................................................................................................10
GROWTH AND DEVELOPMENT............................................................................................................... 11
CONTINGENCIES.................................................................................................................................... 11
Have a large amount of money.........................................................................................................11
Pay off debt........................................................................................................................................11
Know the options...............................................................................................................................11
Have a support system......................................................................................................................11
BUSINESS STRATEGY (OBJECTIVES).......................................................................................................11
OPERATIONS PLAN.................................................................................................................................12
Business Brief............................................................................................................................................ 13
INTRODUCTION...................................................................................................................................... 13
TARGET MARKET.................................................................................................................................... 13
GOALS....................................................................................................................................................13
PROBLEMS THAT COULD ARISE..............................................................................................................13
Bibliography............................................................................................................................................... 14
BOOKS................................................................................................................................................... 14
WEBSITES.............................................................................................................................................. 14
OTHER................................................................................................................................................... 14
DAYNA TYE | BTEC L3 EXTENDED DIPLOMA IN BUSINESS STUDIES | 36 – STARTING UP A SMALL BUSINESS:
BUSINESS PLAN
, THIS WORK IS NOT TO BE COPIED, DISTRIBUTED OR USED IN ANY
OTHER WAY WITHOUT CONSENT OF THE WRITER (DAYNA TYE)
Introduction
In this document I will be putting together a business proposal for a bank
manager who could provide me the funds to start up my business.
Business Proposal/Plan
A business proposal is something that helps to give an indication of the direction
the business is going and their future. It will help me to prepare for such things
as problems as well as focusing on key points, allocating resources and preparing
for different opportunities. There are several different business proposals (or
plan) templates.
EXECUTIVE SUMMARY
‘universidty’ is an online service (social media site) that will be provided for
university students, to communicate and receive help, and tutors/lectures to
communicate and help those in need of it. The site will be worldwide therefore
students from all over the world can communicate with one another and give
help. Universities will have to pay to have access to the site (once they have
paid, their university will appear and students can register; if the university does
not appear, the university has not paid for the service therefore their students
cannot register to use the site).
My business type is a new business, due to the fact there is more control over
the business as a whole; I can decide whereabouts the business is going to be
located, the customers the business will target, the actual product / service the
business will offer. I will be more financially rewarded if I am employed by myself
instead of being employed by someone else. I can be more creative will my
business ideas and I will have more say over which direction the business will go.
The USP of this new business would be that it will help students in University
have a social media site that is just for them and they can express their own
thoughts and fears within the site so other students and/or tutors can help them
overcome those. I believe this is a good idea because I do not know of a social
media site that is just for students (Facebook was a site just for students at
Harvard until it became international and more and more people decided to join
the site). Having a social networking site just for them may help other students
to talk about their feelings about University too; some people may not want to
talk to someone directly about the problems they are having with University life
but having a social networking site where several other people may be going
through the same problem could be comforting and then help them to open up
too. Some students may not want to go to their own tutors and ask for help
therefore they can get help for tutors at other Universities around the
country/world.
MODELS
There are 3 main types of models:
- PESTLE (political, economic, social, technological, legal, environmental)
and LoNGPESTLE (local, national, global, political, economic, social,
technological, legal, environmental) analysis
- SWOT (strengths, weaknesses, opportunities, threats) analysis
- Personal skills audit
DAYNA TYE | BTEC L3 EXTENDED DIPLOMA IN BUSINESS STUDIES | 36 – STARTING UP A SMALL BUSINESS:
BUSINESS PLAN
, THIS WORK IS NOT TO BE COPIED, DISTRIBUTED OR USED IN ANY
OTHER WAY WITHOUT CONSENT OF THE WRITER (DAYNA TYE)
The proposal will show the targets and goals of the business. For these, it is a
good idea to use SMART targets in order to make sure the business will be able to
reach them. The model I will be using for my business is a personal skills audit
because I feel it will portray the way I want to take my business better than any
other. With this business plan, I will be able to show what I want for the business
and how I feel it will go in the future. A person skills audit shows which skills I
personally have and then it shows how I can improve on those skills and what
needs to be done in order to go through with improving them.
Personal skills audit
List all skills you think are essential to open your business.
- Leadership
- Delegation
- Strategic Business Planning
- Marketing
- Sales and Customer Relationships
- Communication
- People Management and HR
- Finance and Accounting
These are some essential skills needed to open any business therefore they will
also be needed to open my business. Business owners will need to run
everything from serving customer to preparing financial accounts and this is
often a hard requirement for everyone. These skills will help to make the
business become successful and help progress it further.
What is your current skill situation?
What am I good at? (Strengths) What am I not good at? (Weaknesses)
I am good at leadership; I like to be in I am not very at sales and customer
control and I like to tell people what relationships as I have not worked in
they should be doing (delegation). I am that field before. I also have a down fall
a very confident person and I have on finance and accounting as I have
good communication skills. not had experience in this sector.
What do I need to work on? What might stop me?
I need to work on marketing as I do not Something that might stop me could be
feel I am very good at that; I believe I money and the fact I do not have any
need to find more ways in which I can experience in the management sector
market something; of course there are of a business.
the main ways in which I can do that
like social media, websites, posters,
banners, etc. but there are more way
and I would like to find out what those
are and how to be successful with
them. I would also like to improve on
people management and HR; this is
because owning a business can be hard
work and if that skill is not covered, it
may be harder.
How will I compensate for those weaknesses and what would be the time scale?
For my weaknesses, I would compensate them by hiring someone who has those
skills or I will try and gain those skills myself. The time scale for this could be 2
weeks to 2 months depending on how I want to go about finding those skills. If I
DAYNA TYE | BTEC L3 EXTENDED DIPLOMA IN BUSINESS STUDIES | 36 – STARTING UP A SMALL BUSINESS:
BUSINESS PLAN
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