Individual Business Plan Report for Handmade Chocolates Business
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This report provides a detailed business proposal plan for starting a new handmade chocolates business, including industry analysis, product description, USP and competitor analysis, operations plan, sales and marketing strategy, financial projections, and management plan.
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Individual Business Plan
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Executive Summary The main objective of this report is to basically develop a deeper understanding of the entrepreneurship and the creation of the business enterprise. In the present report it comprises of business proposal plan in detailed manner with a proper structure that helps in attainment of the knowledge and taking into consideration various factors before starting a new business. It comprises of the various marketing strategies, industry analysis and competitive analysis along with various other factors.
Table of Contents INTRODUCTION...........................................................................................................................1 MAIN BODY...................................................................................................................................1 Business Details......................................................................................................................1 Vision of the business.............................................................................................................1 Mission and objectives...........................................................................................................2 Location..................................................................................................................................2 Product Description................................................................................................................2 Industry analysis.....................................................................................................................3 Outlook for the future.............................................................................................................4 USP and competitor analysis..................................................................................................5 Competitors in the Chocolate Industry...................................................................................6 Unique value proposition.......................................................................................................7 Operations plan.......................................................................................................................8 Risk and contingency plan......................................................................................................9 Sales and marketing strategy................................................................................................11 Finance and funding plans....................................................................................................12 Management Team...............................................................................................................13 CONCLUSION..............................................................................................................................14 REFERENCES..............................................................................................................................15
INTRODUCTION The Individual business plan basically relates to the process of construction of the idea in relation to provision of the services or goods for the purpose to provide value to the consumers. It is basically related to the process of the strategies and devising plans after having deep analysing and viability of the product in the market. In context to Business plan, it is basically a document that covers detailed information about the management and operations process of starting a new business that comprises of the vision, mission and objectives of the organisation. The report will cover a business proposal plan which is in relation to the start up of new handmade chocolates business. In this report, various factors that are to considered before establishing a start-up is discussed including industry analysis, product description, USP and competitors analysis, operations plan, sales and marketing strategy, financial projections etc.In addition to this, it also discuss the management plan and the ability of entrepreneur to manage the new business venture(Tokdemir, Erol and Dikmen, 2019). MAIN BODY Business Details The small sized business venture of the handmade chocolates would be operated and launched under the label of Dream Chocolates located in London, United Kingdom offering a range of handmade chocolates, sugar free chocolates, dark chocolates, protein chocolates etc. (Xu, 2020).The main motivation and objective behind choosing this idea is to fulfil the demand of individuals who are looking for best quality handmade chocolates. This is highly emerging among the individuals for the purpose to celebrate various occasions (Zulkornanand et.al., 2021). Vision of the business The vision of the start-up is to establish core values and operate ethically and induce a customer satisfaction with the help of offering best services. The chocolate business aims to attainengagementandwantstoattaintheirappreciationforthepurposetofulfiltheir requirements according to the specifications. The main objective is to build a brand image which is known for the finest services in the market. The business is focusing on adoption of the eco- 1
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friendly methods for the purpose to promote sustainable practices and to avoid of plastic packaging(Atanasiu, 2021). Mission and objectives The main mission of the start up is to serve the customers with the best qualities of the handmade chocolates and also focusing on creation of the value for them(Bhattacharyya and Fernandes, 2019).The main objective of the organisation is to attain a desired level of development and growth with the help of earning high profit margins through catering the wants and needs of the customers in the most responsible and ethical way. The business aims to establish good interpersonal relations and maintaining a reputed image with their loyal customers through offering them best quality deals and treating them in a right way. Location The chocolate business would be situated in the popular market which is highly central and busy are where the products and services of the business would be highly accessible and approachable for the people. The locality of the business venture is directly in link with the footfall and customers are likely to attract. The Dreamy Chocolates will ensure that the commercial location would be able to induce the large customer base through attracting them and focusing on grabbing their attention(Chen, Harncharnchai and Saeheaw, 2022). Product Description The range of products that would offered by the Dreamy chocolates would comprise the following: Handmade chocolates Sugar free chocolates Chocolate syrups White chocolate Dark Chocolate Couverture Chocolate Milk Chocolate 2
Baking Chocolate Chocolate Bar Chocolate Chips The products of the enterprise would be produced with the assistance of the skilled and highly experienced individuals and would be offering a range of varieties in the above mentioned categories of the items. The chocolate item will be able to attract the customers through offering them with the great taste while adoption of the specialisation and customisation in items designed as per the preferences of the customers. The chocolate business will buy the patents in relation to the logo and the packaging of the bakery for the purpose to reduce the threat of imitation of the same designs through somebody else(de Vries, Vee and de Vries, 2018). Industry analysis Size of the market In context to the Dreamy Chocolates, the chocolate industry is growing in a rapid manner with increase tendency of the individuals towards the consumption of variety of chocolates with increase in the tendency of the individuals. The United Kingdom has a potential market in the sector which basically offers a range of chocolates to the buyers. The chocolate industry of the UK is worth approximately £8.7bn and is accounted for the annual growth rate of 0.9%n in the years between 2017 and 2022. It is one of the most important sector involves the various business operating in offering the bakery products. Barriers to Entry The success and viability of the business venture in the long run is totally dependent upon the strategies and investment of the organisation to gain competitive edge. It also requires abundance of financial resources in order to offer the wide range of varieties to the consumers and offering best quality. The chocolate industry is full of potential rivals and thus it is important for the venture to devise constructive strategies in order to drive its long term growth. Threats to market The growing awareness of customers towards health issues has made them highly consciousregarding their consumption of patterns and thus trend of sugar free and gluten free products is increasing day by day. Thus it is created challenges for the new emerging businesses 3
to make healthy chocolates while maintaining great taste and thus it would be challenging for the chocolate industry to comply with the standards and changing preferences of the organisation. Outlook for the future Throughout the next five years from 2026-27, the revenue of the chocolate industry is ascertained decline from an annual compound rate of 0.6% to £8.4 billion. The growing trend among the individuals to consume healthy food is likely to influence the purchasing power of the customers through putting pressure on the consumption of the sugary products. However, the less certainty of the economic conditions which is due to expected recession in the current year implies the ease on inflationary pressures. Moreover, it is forecasted that disposal incomes of the customers will increase which would uplift their spending on purchase of the commodities of the chocolate industry. Pestle analysis Pestle analysis is a framework to analyse the factors of external business environment affecting a particular industry and it helps in evaluating various considerations that business has to focus upon. The pestle analysis of chocolate industry is discussed below: Political Factors: These are basically the factors which are related to the regulations and interruptions of the government who are likely to affect the operations of an enterprise in the indirect and direct manner. The trade, tariff and tax duties are considered to be the most important factor which is likely to influence the decision making of the Dreamy Chocolates. Economic Factors: The supply models and changing demand are considered to be the major factor which is related to the company operations and complying with the expectations of the customer. In addition to that, the disposable income level and inflation rates are considered to be the relevant economic factors in relation to the new venture of the chocolate industry(Gauthier, Cohen and Meyer, 2019). Social Factors: It basically relates to the demographic preferences and trends ofthe customers which determine the various operations and decisions of the company in various ways. The change in customer preferences and growing health consciousness are 4
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likely to increase their demand for the gluten free and sugar free produce or else results in decreasing their consumptions of the sugar products. Technological Factors: In context to these factors they are related to the technical advancements and any changes in the prices and techniques is likely to impact the production of the company. In context to Dreamy Delights, the technologies are required for the purpose to customise and bake chocolates. Moreover, the enterprise will use the digital technologies for marketing its commercial activities (Sun and et.al, 2021). Legal Factors: These are associated with the requirements and legal compliance of the organisation in order to avoid any kind of uncertain situations. In context to Dreamy Chocolates it has maintain strict adherence with the food and beverage standards of the hygiene and health. In addition to that protecting the intellectual property rights is another legal factor impacting the enterprise. Environmental Factors: The processing of the chocolates will impact the surroundings in different ways and in terms of carbon emissions and willpromote the wastage of the water and food as well. Thus the enterprise has to operate the activities in sustainable mannerforthepurposetoavoidanykindofnegativeobligationsfromvarious communities and general public for promoting harm to environment through their operations (Harrison and Clark, 2021). USP and competitor analysis Competitor analysis using porter's five forces Porter five forces helps the organisation in evaluating the factors which are significant to consider in order to know the position of the enterprise in the market and to devise strategies to gain competitive edge. The five forces are explained below: The threat of new entrants:This threat is low for in context to the Dreamy Chocolates as the enterprise will use economies of scale to sustain its competitive position. Thus the enterprise would not be affected to a great extent by the emergence of new businesses. Competitive rivalry:This threat is high in context to the new venture as the market of chocolates is full of potential rivals which would make it challenging for the enterprise to match their level as they are well-established and sustaining in the market from years (Inkon, K., 2019). 5
The threat of substitutes:This threat is high in context to the chocolatesas there are wide range of choices available to the customers due to high number of operators in the industry. The high availability of substitutes induces customers to shift their preferences and thus the enterprise has to devise constructive strategies to drive competitiveness. Bargainingpowerofconsumers:Thisthreatismoderateastherearevarious individuals of high level income groups who are price in-sensitive and are willing to purchase high quality products at demanded prices. Although perception of consumers varies according to their incomes and there are many individuals who make purchasing decisions considering their affordability to consume certain products. Bargaining power of suppliers:This threat is also moderate as the availability of suppliers is high in relation with providing inputs of chocolate produce. Thus the wide range of choices to source goods from enables the enterprise to negotiate prices. However suppliers negotiate to charge high and thus the chocolates has to consider their offerings through agreeing on their terms. Competitors in the Chocolate Industry There are various competitors when it comes to chocolate industry as there are huge number of chocolate stores located across London which results in increasing the competition level to a greater extent. Following are some of the competitors in context to the Dreamy Chocolates: Mars Wrigley Confectionery UK Ltd:It is one of the world’s leading manufacturer when it comes to mints, chocolate, chewing gum and fruity confections. The organisation is quite popular for providing a variety of products to the consumers. Mondelez International:It is one of the American multinational confectionery and snack food organisation offering a wide range of products to the consumers. Nestle UK:It is one of the world largest beverage and food organisation. The organisation is one of the leading UK based organisation offering wide range of confectionery and chocolates.It 6
has attained a large customer base and its central location in the busy street has helped the firm in gaining fame and popularity. Unique value proposition The unique value proposition of the Dreamy Chocolates will define its ability to induce customer base through offering them unique value differentiated from its competitors. The USP of the venture is discussed below: Highly customer oriented brand:The new business venture of Dreamy Chocolates would show extreme commitment towards providing consumers with maximum level of satisfaction. The owner of the firm would pay emphasis on delivering individuals with the quality and quantity they had demanded at best and affordable prices. The business would be able to attract large base of consumers through offering them with high customisation best suited to specifications of customers. Attractive ambience and display of products:This organisation would be designed in a aesthetic manner which would enable the organisation to induce large number of customers. The chocolate business will also offer aesthetic packaging. The display of customised orders would allow visiting customers to know about great services of the company and thus it will helps in increasing orders and sales of the firm. Reasonable prices:The pricing strategy of the firm would be designed considering the expectations and maximum satisfaction of consumers. Dreamy Chocolates is committed towards showing concern to their valuable consumers. Thus, it will provide great taste at affordable prices in initial phase in order to attract more consumers and offering them maximum utility. With economies of scale and sourcing raw material directly from the wholesalers in bulk, the firm would be able to take advantage of low cost strategy. Through providing goods at relatively lower prices, the companywould be able to increasefamiliarityofbrandamongconsumersandincreasesales.Afterraising significant brand awareness, the firm will start increasing its prices based on the more value added. 7
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Operations plan The operations plan of the organisation can be explained as the course of action that is formulated by the enterprise for ensuring the smooth flow of transitions and activities throughout the business. The operations of the business would be taking place in the company in various departments that will be organised to perform different functions(Giri, 2018).The function regarding the manufacturing and storing the produce will take place in the manufacturing department that will include the overall processes and operations for crushing the Coco beans, mixing it with raw chocolates and finally putting them in the chocolate frames to give final shapes. The other department will be cooling where the chocolates would be cooled down and extracted from the frames. The other operation will be packaging the chocolate with its unique labelling and packaging that will give it a unique name and fame. The next department will focus ondelivering the chocolates to be sold to the wholesalers, retailers and final customers. The company will focus on operations optimisation so that the extra chocolate can be reused in the manufacturing process and wastage is minimised. The other step and operation within the organisation that would be done by the research and development team is quality control and researching new tastes and flavours for the chocolate manufacturing. The operations of the organisation will focus on procuring the raw materials such as Cocoa beans, raw chocolate abstract, sugars, etc. for manufacturing the handmade chocolates. Major operations of the organisation includes the acquisition of raw materials, production and manufacturing process, quality control, storage and warehousing, delivery and sales and final customer services. Figure1: Pre Processing, Production and Distribution Operations Pre-processing operations 8
Acquisition of raw materials: This process is related with the procurement of raw materials that are required for yielding the output and further continuation of the manufacturing and processing operations. The raw materials within the Dreamy Chocolate Company would consist of acquiring Choco chips, cocoa beans, dry fruits and nuts, etc. that would be sourced from the suppliers and cultivators from places such as Ivory Coast, Nigeria or Ghana and across the globe. Dreamy Chocolate will have an agreed dealership with the suppliers so that they stay loyal with the organisation and smooth flow of production activities within the organisation can be obtained. It will help to maintain a desired level of stock and inventory of raw materials for containing the further operations within the organisation(Hoozée and et.al., 2020). Processing operations Manufacturing and packaging: The next operation within the organisation will be converting the Cocoa beans into chocolate. This will be done through the manufacturing and packaging process that will include the crushing of Cocoa beans, Choco chips, fruits and nuts and then mixing them with the traditional flavours. These mixes will be pumped through the mechanical systems and poured in the frames to give them a particular shape of the chocolate. In the end the chocolate will be cooled down and packed by unique labelling and packaging for the product. Distribution operations Delivery and sales: The finished chocolates of the Dreamy Chocolates will be delivered to the wholesalers and retailers for selling the chocolates into the market. It will develop a smooth supply chain that will help it to place its products into the supermarket, retail stores, general merchandise and grocery stores for selling their chocolates to everyone and gaining a larger amount of market coverage(Rodríguez-Mantilla and et. al., 2019). Risk and contingency plan The Dreamy Chocolate could develop risk evaluation and contingency plans for the organisation for tackling the uncertain conditions within the business for smooth flow of its operations. The business plan is prepared after evaluating the risks involved and various safety measures that are required to tackle the unwanted situations within the business(Ócsai, 2021). The risk and contingency plan are helpful in preventing the loss of resources and life so that 9
proper continuation of the organisational activities can be performed. The contingency plans are helpful for minimising the financial, operational and other risks related to the business activity. The chocolate industry is very huge and it consists of many risks and threats that may lower down the effectiveness and efficiency of the organisation. Dreamy Chocolate Company must focus on achieving the success and growth by attracting new customers and enjoying the growth and development of the company in effective ways. For the business of handmade chocolates, many risks, challenges and threats are present within the market such as competitors, diversified range of customers, changing customer taste and preferences etc. In order to identify the risks the Porter's 5 forces model can be utilised which is a framework for identifying the risks in a particular industry. Availability of competitors/Rivals (High): There are many companies that are involved in the production of chocolate and are highly competitive. Dreamy Chocolate Company will face a high level of competition due to the presence of many chocolate brands within the market across the UK. But the company is less likely to face any competition with its custom handmade chocolates that would attract a high number of customers for the company. Substitutes in the market (Low): There are many chocolate companies within the market but they are having different flavours and tastes for their products that make the low availability of substitutes for the company's products(Jeje, Naidoo and Verma, 2021). Threats of new entrants (Moderate): The chocolate industry has very few barriers to the entry in the chocolate manufacturing business. This is because of the less restrictions of government on the chocolate manufacturing industry as well as low barriers for new entrants by existing companies. Bargaining power of customers (Moderate): Customers are always focused towards lowering down the cost of products but the Dreamy Chocolate Company provides their products with reasonable costs that lower down the bargaining power of customers (Masciocchi, 2020). Bargaining power of suppliers (Low): There are many suppliers in the market that makes it easier for the company to switch to other suppliers and reduce their overall 10
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operational costs. But the company tries to make good relations with their suppliers so that the company can acquire raw materials at cheaper prices, thus increasing the profits. Sales and marketing strategy The sales and marketing function within an organisation is very important for interacting their products in services with the customers so that maximum sales can be derived from their activities. It is very important for the organisation to develop effective marketing, promotion and sales strategies for increasing the awareness of the brand. The marketing strategy of Dreamy Chocolate Company focuses on creating awareness among the customers about their delicacies and highly furnished products. The sales and marketing strategy of the organisation is elaborated below. Social media marketing: The Dreamy Chocolate Company focuses on utilising social media platforms for promoting their brand and increasing awareness among customers regarding their products and services. With the help of social media accounts and higher level of innovations the company focus is on attracting the attention of customers. The social media marketing strategy is very competitive in today's digital world and it creates very less costs for promoting as compared to the traditional methods of advertisement. With the help of promoting contents and social media platforms the company tries to interact with the customers and create additional sales. The company will promote its products and services initially by paying an influencer for promoting their products and services. The company will hire a social media manager for continuously upgrading their products and services over social media for gaining a higher number of customers. Referrals and word of mouth: The Company attempts to increase awareness among their customers by using word of mouth. It is a very effective method in which the customersoftheorganisationdirectlyorindirectlybecomethepromotersofthe company. The quality of the products and services will be designed in such a manner that it attracts a maximum number of customers(Lasisi-Balogun, 2020). These customers rise to share their experience about this chocolate with each other so that maximum number of people could know about their products and services from each other. This technique is very effective in promoting the Dreamy Chocolate Products because it is very effective in promoting the new companies in the market. 11
SEO and website marketing: The Dreamy Chocolates will also perform their marketing activities by search engine optimisation so that maximum number of customer traffic can be increased on their web page. The company will develop its own web page for creating effective marketing activities and promoting their products and services online. By search engine optimization and website marketing the organisation will be able to place various products of the organisation over the internet so that the maximum number of customers can know about them. Finance and funding plans The financial projection is a very important part while establishing a business and it helps to turn the objectives, aims, mission, plans and visions of the organisation into reality. The finance is the most crucial part for attaining the objectives of the organisation(Lin, 2019). Without proper finance and funding the organisation will not be able to establish their business or run it effectively and efficiently. The Dreamy Chocolate is focusing on starting their business by the process of depth financing of £65,000. The breakdown of start-up costs is stated below: Organisation build up and establishing the manufacturing unit - £40,000 Opening stock - £5,000 Working capital - £20,000 Budgeted cash flow statement 12
Management Team A Management Team is basically a group of high level associates which is basically hired by the business owner for the purpose to carry out business functions and taking essential responsibilities within the company. In reference to business plan, for starting up the handmade chocolates with a team of three members who will help in carrying out business operations in the organisation ( Xu, X., 2020). In reference to the business plan, the business functions of the company will be carried out by the owner and along with the support of other individuals will involve the staff who will be involved in production of chocolates, a marketing manager and finance manager. It is very important for every organisation to have a good management team which is single minded, fair and driven. It is crucial for the management team to know how to make the vision and mission of the owner a reality. It is significant for them to carry out effective strategies, strategic business plans,understandingtherealityofbalancingtheexpectationsandcarryingouteffective strategies. In relation to the business plan, the structure of the management team which is also known as operational team which is based on the division of team on the basis of functions. In reference to the company, it is very important to have a effective management team that will help 13
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inprovidingvariousadvantagessuchasimprovingproductivity,economicbenefitsand contributing towards the overall business growth. In relation to business plan, the management team is basically a section of the proposal that supports in indicating the credential and expertise of the team of the managers and also plays an important role in showing prospective investors that the professionals of the company are highly trained and experienced for the purpose to fulfil the leadership positions. In addition to that, it is very important to have team members who are dedicated in order to perform their functions in an efficient and effective way and also contributing towards the overall success of the company. CONCLUSION It has been concluded from the above report that the business start-up requires many strategies for achieving the success with a business plan. The report has been describing the establishment of an organisation and its overall evaluation for understanding the criteria for making it successful. It has been obtained from the above report that a new organisation can obtain success by detailing its business plan, developing its product description, performing competitor analysis, operational plans, risk analysis/evaluation, marketing strategy and finance etc. 14
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