Outline of business idea
- Description of service
- Reason for designing product/starting business?
- Anyone else involved with me in this venture?
- Who are my aiming the service at?
- Competitors?
- Customers?
An outline of myself and my background in business including experience.
An outline of how I intend to market and sell my idea.
An outline how I am going to price my service, and an indication of how I arrives at this price.
An outline of technical resources and skills needed to provide service.
Business Plan
La Perfection
Mayfair
London
London
07761504878
karina.moscicka@gmail.com
www.laperfection.co.uk
Contents
Page
1.
Summary................................................................................................................................. 4
2. Business
overview...................................................................................................................................... 5
Introduction
Competitive advantage
4.
Marketing................................................................................................................................. 6
SWOT and critical success factors
Market research
5. Team and management
structure.................................................................................................. 7
Skills, experience, training and retention
Advisors
Management systems
6. Financial budgets
and forecasts........................................................................................................8
Profit and loss forecast
Cash flow forecast
Break-even analysis
Summary
The
summary is the last part of the plan that you will write, but it should be
included at the beginning of the plan. Assume
you are using your plan to raise finance (i.e. start-up and working capital).
This summary needs to make the reader (e.g. a bank manager or a potential
investor) want to find out more.
Business overview
Introduction
My business will be to provide a service which includes designing and planning weddings. The reason for starting such business is because usually people during their weddings are stressed and find it difficult to plain their wedding the way they want it. My business will help them to make their big day an unforgettable one. I will work with vendors such as hair salons, bridal shops, flower shops, catering and photographer. The package will include service such as: media, transportation, decorations and entertainment service. My business will be located in Marylebone High Street. I think this is a good location for such business as well as many people passing around this place. There are many business as mine but they still opening and growing. So I think that my business will operate in growth industry.
Describe
your business objectives and goals. Make sure they are specific and measurable.
Competitive advantages
Explain
your competitive advantage(s) and the market niche(s) you have identified.
Marketing
SWOT and critical
success factors
My business provides full and partial service which customers can choose from and what is suitable for them at most. My services could compete with my competitors. My business does not have an office but I will be able to meet customers in my virtual office which I will be renting for business meetings. As I am new on the market my prices should not be high as my competitor so I take 10% of overall budget for partial service and 15% of overall budget of full service.
Strengths
- Value added service - by providing exeptional client service and adding value to the client's wedding. I can create a competetive advantage in the marketplace.
- High motiation level - having high motivated staff members will allow me to focus my efforts on more important tasks.
Weaknesses
- Lack of funds - I should think about my business plan and my expenses and ask for a loan from the bank.
- No market information - being relatively new there is no in-depth market information available to base the decisions.
Opportunities
- Strategic reletionships with hotel managersm catering managers etc. - these strategic relationships will lead to repeat business and sustained long term growth.
- Price strategy - lower prices, discounts, vouchers will help me to gain more customers.
Threats
- High competition - I am new on the market, my competitors are more experienced and they have got lots of money.
- Renting a property - I might not have enough money at the beggining to rent a property for my business.
Market research
I am aiming my service to people who are going to get married and want to make their day an unforgettable experience. My competitors are Absolute Perfection, Tigerlily Weddings and Sarah's Wedding Services. Customers will get free initial consultation whereby I and my customers could decide on timescale and budget. I am going to make sure that nothing is overlooked and every details is checked. I will spend time on building relationship with customers so they will know that they can trust me.
Promotion plan
The philosophy of my business is to create weddings that are not only visually stunning but unique and individual and completely tailored to each bride and groom. I have looked at websites, prices and philosophy of my competitors businesses. My primary research will be a survey. I will prepare 10 questions which people who are going to get married will be able to answer it. I am also going to use leaflets to advertise my company and give out my business cards. I will advertise my company in local newspapers and radio stations. I will sing up for search engines so people will have a quick access to my website. I will also advertise my business on Facebook.
Team and management
structure
Skills, experience,
and training
Describe
the skills and experience required of yourself and your employees.
The technical resources needed for my business include:
- The website of my company for promotion and to take orders from my customers;
- A car to drive to the client and to deliver my orders;
- Computers and telephone landline to contact clients and suppliers.
Excellent communication skills are needed to clearly understand client’s needs. Driving skills needed to drive to vendors and clients. Good I.C.T skills will help me to maintain updates on my website, as well as to manage my business. I am currently studying Business Enterprise and ICT. I studied Business Administration. I have cash handling and customers service experience. I have I.C.T, good communication, good Maths and English skills and driving skills. I am honest, hard-working and reliable person. Those skills and qualities will help me to run with my business.
Management and Legal
requirements
Briefly
outline the management structure of your business as well as any legal
(compliance) requirements: tax and VAT obligations, health & safety, etc.
Financial budgets and
forecasts
Attach the following
financial documents to the business plan, together with brief notes explaining
them:-
Profit
and loss forecast
Cash
flow forecast
Break-even
analysis
