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Assignment 2 – Individual Report
You are required to come up with an idea for a business which forms the basis of your work for the assignment. Once the idea has been established you are encouraged to develop a business model, this can be a simple roadmap for your business and it is only used for you to be able to carry out the following tasks:
Task 1 – Business Idea Development The business idea should be something new and your own development. It can be a totally new radical or an incremental innovation on an existing product/services, (Examples may include: Themed restaurants, Platform offering skilled workers for small tasks, online laundry service, News and information sharing app). The key thing to consider if using existing models is your competitive advantage and why customers would buy yours.
Task 2 – Business Plan Once you are happy with the idea and the model you wish to develop/ write a business plan highlighting the following:
Market Analysis: Clearly identify the customer need, or problem that your product or service addresses. Clearly identify the target market and specify its’ characteristics, i.e. size, value, geographic location and any demographic details. You should also indicate whether you expect this market to grow, remain stable, or shrink.
Industry Analysis: Outline the characteristics of the industry that your business will compete in. Who are the main competitors?
Operations Detail: Give details on the location of the premises, transport links (this is how your customers will get to you, or will facilitate the distribution of your products), general site information, external considerations, building, parks and premises details.
SWOT Analysis: Strengths: why will customers buy from you instead of your competitors? What does your business do better than your rivals? What makes you stand out from the competition – your unique selling point (USP)? Weaknesses: why would your customers buy from your competitors rather than you? What do your competitors do better than you do? Opportunities: What are the opportunities for you and how are you taking advantage of them? Threats: what are the potential changes that could threaten your business?
Financial Requirements: Provide a detailed breakdown of the financial requirements for your business. This should include the following: The start-up costs of the business to include costs such as any equipment; furniture; premises costs (including any building works required); opening stock, etc. Your estimated cost of sales, your expected selling price.
Word Count: 2,000 words
The business idea will be: a restaurant that will cook what the customer wants. He will need to call in advance to book a table and to place the order with what he wants to eat as well. A minimum of 3 days is required before to coming in to book. The name of the restaurant will be YourWishComesTrue.
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