(Solution) Entrepreneurship & Business Plan– Assignment
Added on - 18 Dec 2019
Business Plan of Spa
This report is on "business plan of Spa". The present report has discussed a similar tact of an entrepreneur by depicting the way in which they are first required to plan a consistent business by together projecting the fiscal requirements for its constitution. Entrepreneurship is referred to be a tact of handling effective business operations with affluent skills and capabilities of an entrepreneur that usually differs from the other managerial personnel in an enterprise. We will discuss here the market opportunity, the gap in the market that the business fills, and the customer need. For a better understanding of the report, you can also check the resort and spa management.
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Entrepreneurship
TABLE OF CONTENTINTRODUCTION...........................................................................................................................3Part 1: Business Plan........................................................................................................................3Summary of the purpose and uniqueness of the business...........................................................3Market opportunity, the gap in the market that the business fills and the customer need..........4Products and/or services the business will offer (including the innovation the business bringsto the market) to meet the customer needs/solve the customer problem(s)................................5Sales and marketing strategy and activities, plus any role played by the brand to enable thebusiness to attract and retain customers......................................................................................5Competitor's analysis and competitive advantage(s) of the business..........................................7Operational structure and choices...............................................................................................8A profit and loss summary – incorporating a sales forecast and details of costs for the firstyear of operation.........................................................................................................................9Cash flow forecast for year 1....................................................................................................10Part 2: Funding Requirements(360)...............................................................................................11CONCLUSION..............................................................................................................................11REFERENCES..............................................................................................................................12
INTRODUCTIONEntrepreneurship is referred to be a tact of handling effective business operations withaffluent skills and capabilities of an entrepreneur that usually differs from the other managerialpersonnels in an enterprise. They often represents as individual bodies who believes to takeprompt risks to establish a structured business with well defined objectives along with aconcentrated goal to fulfil the vision and mission of an entrepreneur (Del Granado, Joyce-Monizand Ravizza, 2014). The present report have discussed about a similar tact of an entrepreneur bydepicting the way in which they are firstly required to plan a consistent business by togetherprojecting the fiscal requirements for its constitution. Although, it is composed of several otherrequirements needed to be considered by the entrepreneur referring to set up a new business byconducting a market research so as to understand its prevalent trends and targeting a pertinentsegment of customers. All these tactics are in turn apparent to give a prosperous future to thenewly established venture at the end with continual success and a directional path towardsdevelopment.Part 1: Business PlanSummary of the purpose and uniqueness of the businessThis is to introduce the business that will be launched by the entrepreneur over herewhere introduction of a Spa named Sanative Spa in the London area of UK has been decided. Itis based upon a prime consideration of most of the habitants of Bishopsgate who are unable toavail such relaxing services nearby them. It is where almost all individuals are nowadays leadinga hectic work schedule by often being unable to balance both their personal and professionallives (Council and Hawkins, 2015). Also, they are mostly concerned about the goodness of theirhealth where due to such a rushed agenda, they are frequently consuming fast foods purchasedoutside. This in turn is negatively impacting their health by significantly increasing their healthtraumas. As a result to which, there exists a large number of individuals who are duly associatingwith several number of diseases for leading such unhealthy lifestyles and are thus in need ofsome attention. By which, they can calmly lead a healthy lifestyle with some considerable habitsafter whose pursuance they will be able to balance both their personal and professional lives in awell composed manner.The present business have thus focussed upon a similar consideration of individuals whoduly believes in succeeding the evolutionary dimensions of today's progressive world where
leading a speedy life is common as well as an essential need of each one of them. However, theyare together required to get some sort of relaxation to compose themselves for such morechallenging phase of their life. On whose basis, the Sanative Spa will be hereby provisioningvaried Spa therapies to the consumers with some sort of medicinal property in each of theirservices (Kearins, Tregidga and Collins, 2015). The users will be however given a prior chanceto themselves choose from the accessible alternatives where all the services will involve distinctmedicative formula where they will be together educated about wellness by conducting particularsessions for it. This together links with the uniqueness of the business where this Spa willinclude a wide range of Ayurvedic therapies with dissimilar healthful benefit in each one ofthem. It is however referred to be a unique concept for a less existence of such old age conceptthese days where despite of searching for it, people are often unable to find this type of service inthis area.The above intended purpose of the business has in turn described some prompt aims andobjectives of Sanative Spa where they will be operating with a foremost aim of serving theclients in a greener way by adopting eco-friendly measures for the same. This interpretedpurpose is along with some well defined objectives as referred below-To use such ingredients that has most effective medicinal properties in it.To serve the users in the most reposeful environment with greater facilities and asound ambience.To fetch the interest of large number of customers with certain effective measures thatwill in turn enhance their brand recognition and profitability status as well.Market opportunity, the gap in the market that the business fills and the customer needThe Spa industry of UK is referred to be at a blooming position where there togetherexists a leading scope of enhancement in the London area. It is basically due to a growingconcern of today's consumers to become proactive and relieve themselves by looking good witha reduced stress level (Masetti-Zanetti, 2013). It is also on the basis of several researches that hasclearly indicated a consistent growth in this industrial sector in the last 15 years. As a result towhich, till now there exists near about 800 Spas all over UK. Also, this industrial sector isreferred to make a significant contribution of near about £39bn in nation's economy.However, there together exists a vital gap in the services that are usually being providedby most of these Spas where they are also concentrated in fewer areas of London and thus
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Operational Management of Spa
From the above report "operational management of Spa", we conclude that a well-defined business plan together indicating the way in which its financial requisitions are required to be fulfilled by the entrepreneurs. It has projected a business plan in the service sector industry of the UK that is mostly comprised of hotels and restaurants, etc. Such hospitality firm named Sanative Spa with a wide range of medicinal services for the upcoming clients and users. It is where the spending power of a large set of consumers is duly increasing day by day with greater progressions that are also, in turn, increasing their concern about their well-being. This plan is undertaken with a prime assessment of this particular area where it is constantly growing and is referred to develop more in the coming days. This report is based upon two pivotal parts where the first part has delineated the overall projection of the business with another section with a precise description of its funding requirements.