Question

2. Construct a business plan for your proposed business in question 1, paying particular attention to: (18 marks)

 The Marketing plan

 The Financial plan

Answer 1

A business plan is important part in proposing any business as it can make or break the business. A well business plan must include mission statement, business and management structure, marketing plan and financial plan. Here we will discuss step-by-step business plan for our proposing business.

Executive summary: Here we explain the main focus of our business as well as product or service to offer and ownership structure.

Business goal: what is the goal of the business, and how to achieve the goal.

Structure of the business: what is the legal structure is it sole or partnership or corporation business. What will be the share of ownership.

Product or service: Explanation of product or services and how it works, its price, target customers, sales, and distributions strategies and how to fulfill consumer demand.

Marketing plan: what will be the marketing strategy, and how to execute it properly. How to motivate consumers to buy product/service, and how to make product/service unique as it will attract more consumers towards our brands. Highlights strength of our business and focus how to set our business superior from our competition

Financial Plan: Financial plays an important part in any business whether it is. a formation of new business, or existing ones. It will outline how our business will run and how will the business repay the loan as the starting of any business loan is taken so in this instance also loan was taken, and how to return for investor.Monthly and quarterly sales and expenses should be prepared, to see the financial status of business. Risk management should also be prepared in advance, and back up should be made beforehand.

Finally : Listing other information such as licensing, patent, equipment lease, personal, and business detail, etc.