Business Plan for Healthy Meals: BM564 Enterprise and Entrepreneurship
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This report outlines a business plan for a healthy meals company, including market analysis, financial projections, and resource management. Suitable sources of funding and future plans are also discussed.
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BM564 Enterprise and Entrepreneurship BM564 Enterprise and Entrepreneurship Business Plan Executive summary The overall purpose of this report, the research undertaken and a brief summary of your conclusion. 1|P a g e
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BM564 Enterprise and Entrepreneurship Table of contents Executive summary....................................................................................................................2 Table of contents………………………………………………………………………………………… ………………………………….3 Introduction................................................................................................................................4 Your Proposed Future Business.................................................................................................4 2|P a g e
BM564 Enterprise and Entrepreneurship Customers...................................................................................................................................5 Competitors................................................................................................................................6 Skills analysis.............................................................................................................................6 Projected 2- year profit and loss account and proposed 2 years cash flow forecasts including break-even..................................................................................................................................7 Finding, evaluating and selecting suitable sources of funding to grow the business opportunity.................................................................................................................................7 Your plans for obtaining your resources, both tangible and intangible between now and either 1-2 years ahead...........................................................................................................................8 The type of organisation and the management information systems required to effectively control the business....................................................................................................................9 Vision for your Business Idea....................................................................................................9 Conclusion..................................................................................................................................9 References................................................................................................................................10 Appendices...............................................................................................................................10 3|P a g e
BM564 Enterprise and Entrepreneurship Introduction Business plan is defined as a plan that helps in outlining the goals of the company and the ways to achieve them for instance from financial to marketing functions of the company (Ceruti, Williams and Bedford, 2019). The main purpose of the report is to provide detailed information related to marketing mix, PESTEL, SWOT analysis, porter's five forces, unique selling proposition, and STP. The business specializes in healthy meals for a healthy lifestyle and the report will project the idea of the hotel which will be involved into providing the healthy food to the customers(Jukova and et.al., 2019). Your Proposed Future Business The main target behind choosing this idea is to promote the healthy lifestyle of the people and individuals’ bad eating habits, as well as their drinking and smoking habits, have resulted in an unhealthy lifestyle and obese people as a result of technological advancements. The products of Sunset roast & herbs are nutritious foods and beverages(Paterson, 2019). By consuming the company's healthy drinks and meals will have a favourable impact on people, allowing the company to expand in the food sector and generate considerable revenues and sales in a short period of time. different advancements will also be implemented by the organisation. New items will be added to healthy and tasty drinks and soups, making it easier to consume nutritional foods for the customers. Chosen organisation will also employ copyrights, design rights, trademarks, and other forms of intellectual property., trademarking, designing, logos, branding, as well as patents, will be done in order to ensure about quality. Customers Chosen start-up will target both B2B and B2C customers and the company will sell its products directly to customers as well as to other businesses (Graesser, 2019). Consumers will be the ultimate users that is Gym owners, fitness clubs, and those who desire to live a healthier lifestyle and lose weight will bring the merchandise. The goods will also assist people in losing weight and providing a healthy physique and lifestyle. The main product's USP will be that healthy vegetables that people don't eat will be transformed into delightful and healthy drinks, making them more accessible to people. Newspapers, internet social media, and other forms of marketing will be used(Kreutzer, 2019). Competitors Because consumers are interested in fast food and junk food, cafes and junk fast food restaurants will be the competition as they serve a large market. People will be persuaded to 4|P a g e
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BM564 Enterprise and Entrepreneurship purchase to try the chosen company’s products because of the choice of live a healthy lifestyle. Further, Porter's five forces will be used to study competition. The following is an explanation: Chosen business will suffer a reduced threat from new entrants to the market, but it will experience a high threat from competitors and alternatives. Because strong relationships with vegetable vendors and other suppliers will be maintained, suppliers' bargaining power will be minimised(Barrow, Barrow and Brown, 2018).The bargaining power of buyers will also be boosted. Skills analysis In order to grow and expand in the health care, many skills are required. It will need effective and efficient employees as well as trained and skilled personnel to run its operations. Marketing, financial, operations, and other expertise will make up the team. The following skills are necessary: It will be necessary to manage a team, which will involve considerable communication between employees and other stakeholders of the company. Effective and qualified individuals must be hired for efficient working and operation. Time management is necessary for all procedures that must be completed on time (Gilbert, 2019). Projected 2-year profit and loss account and proposed 2 years cash flow forecasts including break-even Cash Flow forecast for 2 years ending as under: 2018 (£)2019 (£) CASH INFLOWS Investments1500012000 Loans50003000 Total inflows2000013000 CASH OUTFLOWS Marketing27852568 Material36843495 Wages52314965 5|P a g e
BM564 Enterprise and Entrepreneurship Other Expenses13481245 Total outflows1304812273 NET CASH FLOW£6952£727 . Projected Profit and loss statement for two years: 20182019 Sales (Revenue)£26000£31000 Less Cost of Sales Raw Materials78358300 Freight82298321 Total Cost of Sales1606416621 GROSS PROFIT£9936£14379 Less Expenses (Operating expenses) Wages20542096 Electricity12891239 Insurance14101410 Rent16521652 Depreciation950950 Office supplies15121752 Total Operating Expenses£8867£9099 Breakeven NET PROFIT£1069£5280 6|P a g e
BM564 Enterprise and Entrepreneurship Star-up resources needed (these will include operating resources) Costs Equipment£1200 Office Space£750 .Cash flow statement of the competitor Cash Received Cash from Operations Cash Sales£26,000£31,000 Subtotal Cash from Operations£26,000£31,000 Additional Cash Received Long-termLiabilitiesPrincipal Repayment £694£694 Subtotal Cash Spent£22,658£22,661 Net Cash Flow£3,342£8,339 7|P a g e
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BM564 Enterprise and Entrepreneurship Cash Balance£17,938£26,277 . Finding, evaluating and selecting suitable sources of funding to grow the business opportunity The business will be able to raise funds from a number of different sources that is personal saving, family and friends, as well as loan financing, are all options. The project will be financed by bank loans. Crowd fundraising will be a major source of money for the company’s growth and development in addition to these(Tipu, 2018). Your plans for obtaining your resources, both tangible and intangible between now and either 1-2 year ahead It is critical for the chosen company to have an effective plan for managing the organization's major resources. Professional operational management should be used by the company to strengthen its approach to managing tangible and intangible resources. The corporation will also focus on important suppliers and engage in cost-cutting negotiations with them. The entire amount of money required to get the business ready to make its first sale will be £25,000 GBP. In order to generate revenue from new company, the focus should be on anticipating capital purchases and operating expenses. The entire capital needed to start the new business is 150000 GBP. The firm will also assess critical techniques for maximising and successfully deploying the assets (Graesser, A., 2019). The type of organisation and the management information systems required to effectively control the business It is fundamental for the company to grow effectively in the marketplace in a short length of time with the help of critical tools and techniques. Information and technology-based initiatives will promote organisational growth. In order to succeed in the market, one of the most crucial jobs of a new company is to concentrate on IT applications. The following are the main prerequisites for the respective company- Management information system (MIS)- A management information system (MIS) is an important element for a company to implement best practises. Using a management information system to increase collaboration among team members and employees is a crucial responsibility of a company. A management information system can also help a small business set up a huge virtual office. 8|P a g e
BM564 Enterprise and Entrepreneurship Decision support system- The decision support system is a key approach to information and technology that supports in company development. This strategy will make decision-making easier for the company. One of a company's most important duties is to focus on decision support systems for large and critical decisions. Knowledge support system- A knowledge support system is a major approach that aids a corporation in attaining knowledge via the use of information and technology. This strategy covers essential components of a corporation related to decision making with the use of powerful computer systems and software. Business information systems- Business information systems are cutting-edge tools for defining the digital aspects of a company's growth. The business information system will be important to Care for Health's overall development. Top-level management and strategic management of the Care for Health business must focus on the construction of corporate information systems in order to gain a competitive advantage. Customer relationship management system- One of a company's most significant functions is the customer relationship management system. Customer connection management software is an important tool that will help Care for Health focus on maintaining positive relationships with key clients. Vision for your Business Idea Company’s future plans include expanding worldwide and expanding its franchise network. In the next three years, it has a vision to grow three franchisees and the major goal is to make people healthy and to encourage them to live a healthy lifestyle, both for themselves and indirectly for the economy. Conclusion According to the mentioned report, the company is an organisation that delivers nutritional food products. The vision, financial sources, and requisite competences are all discussed in this paper. Its cash flow as well as projected estimates are also presented. 9|P a g e
BM564 Enterprise and Entrepreneurship References Tipu, S.A.A., 2018. Business plan competitions in developed and emerging economies: What do we still need to know?.Journal of entrepreneurship in emerging economies. Barrow, C., Barrow, P. and Brown, R., 2018.The Business Plan Workbook: A Step-By-Step Guide to Creating and Developing a Successful Business. Kogan Page Publishers. Jukova, E.E., Ilina, I.Y., Gundarin, M.V., Potekhina, E.V., Misanova, I.N. and Zotova, A.I., 2019. Planning a new business: typical mistakes of a business plan in the service sector.Journal of Environmental Management & Tourism,10(3 (34)), pp.441-447. Paterson III, H., 2019. Archives: Features without a business plan. Kreutzer, R.T., 2019. Vision, Mission and goals. InToolbox for Marketing and Management(pp. 33-48). Springer, Cham. Ceruti, M., Williams, A. and Bedford, D., 2019. Creating a Vision of the Future. InTranslating Knowledge Management Visions into Strategies. Emerald Publishing Limited. Gilbert, R.M., 2019. Building a Vision for the Future: Design Strategies for Accessibility. InInclusive Design for a Digital World(pp. 83-98). Apress, Berkeley, CA. Appendices Please put financial statements in the appendices. Pie charts, graphs showing market size etc can go in this section. 10|P a g e