BUS 362 Final exam
Business Plan
Leesa Holmes
BUS435
Instructor: Selena Smith
April 15, 2013
Business Plan
This is a plan for a completely different and unusual type of store not already in the area or in surrounding areas of Sheboygan County. This idea of a full maternity, unique clothing and baby supply items including, cribs, clothing, early toddler select toys, tethers’, bibs, diapers, strollers, car seats, bassinets, soaps, shampoos and seasonal specialty items for the mother and child are going to be the hit of the county. Since there is no other store in the county that carries specialty items, (only items that all retailers have on store shelves), I feel this store will not only take off the first year but I will have the potential for future growth carrying even more unusual and unique products. Starting out small to assess the area in the needs and competition, is part of the process of the first year to generate interest and gain the loyalty of the consumer with repeat visits and word of mouth advertising, (which is the best advertising of all), will help me to gain more of the market place acceptance to allow for my future growth. By keeping my business small at first will also help me to gain control of expenses and ordering practices. A business plan “allows entrepreneurs to replace sometimes-faulty assumptions with facts before making the decision to go into business. The planning process forces entrepreneurs to ask and then answer some difficult, challenging, and crucial questions” (Zimmerer, 2008 pg. 36, ph2). A business plan should state the purpose of the business, objectives; how financing options and how the business will become profitable. The business plan includes many key items to be successful. Some of these would include “1.Description of business, 2.Marketing, 3.Competition, 4.Operating procedures, 5.Personnel and 6.Business insurance” (SBA, 2012). Opening a new business focusing on specialty
Leesa Holmes
BUS435
Instructor: Selena Smith
April 15, 2013
Business Plan
This is a plan for a completely different and unusual type of store not already in the area or in surrounding areas of Sheboygan County. This idea of a full maternity, unique clothing and baby supply items including, cribs, clothing, early toddler select toys, tethers’, bibs, diapers, strollers, car seats, bassinets, soaps, shampoos and seasonal specialty items for the mother and child are going to be the hit of the county. Since there is no other store in the county that carries specialty items, (only items that all retailers have on store shelves), I feel this store will not only take off the first year but I will have the potential for future growth carrying even more unusual and unique products. Starting out small to assess the area in the needs and competition, is part of the process of the first year to generate interest and gain the loyalty of the consumer with repeat visits and word of mouth advertising, (which is the best advertising of all), will help me to gain more of the market place acceptance to allow for my future growth. By keeping my business small at first will also help me to gain control of expenses and ordering practices. A business plan “allows entrepreneurs to replace sometimes-faulty assumptions with facts before making the decision to go into business. The planning process forces entrepreneurs to ask and then answer some difficult, challenging, and crucial questions” (Zimmerer, 2008 pg. 36, ph2). A business plan should state the purpose of the business, objectives; how financing options and how the business will become profitable. The business plan includes many key items to be successful. Some of these would include “1.Description of business, 2.Marketing, 3.Competition, 4.Operating procedures, 5.Personnel and 6.Business insurance” (SBA, 2012). Opening a new business focusing on specialty
References: Hornsby, Kuratko &. New Venture Management: The Entrepreneur 's Roadmap (Entrepreneurship Series). Pearson Learning Solutions. . Staffing needs call for careful planning GET THE ANSWERS. (2011, December 5). The New Zealand Herald,B.11. Retrieved July 20, 2012, from Entrepreneurship. (Document ID: 2526139871). Zimmerer, T.W., Scarborough, N.M. & Wilson, D. (2008). Essentials of entrepreneurship and small business management (5th ed.). Upper Saddle River, NJ: Pearson Education. SBA. (2012). Essential Elements of a Good Business Plan.U.S. Small Business Administration. www.SBA.gov Marketing Plan How to write. (2012). Marketing made simple.com http://www.marketing-made-simple.com/articles/marketing-plan.htm What is a business environment? (2011). The Gemini Geek http://www.thegeminigeek.com/what-is-business-environment/ Small Businesses Need to Maximize Marketing Resources to Grow Their Business :SMB Expert, Denise O 'Berry, Outlines Ways for Businesses to Make the Most of Each Communication Channel. (2 November). PR Newswire Retrieved July 23, 2012, from Entrepreneurship. (Document ID: 2177856721).