Managing and Running a Small Business

Managing and Running a
Small Business

Table of Contents
INTRODUCTION...........................................................................................................................3
Range of resources required to launch a new venture.....................................................................3
New venture along with target market and competitive analysis................................................3
Tangible and intangible resources that would be required for the launch of a new venture.......5
Proposal to launch a new venture................................................................................................6
Skills and capabilities required and how these might be acquired or developed............................9
Skills and capabilities required to launch a new venture and how they are acquired or
developed.....................................................................................................................................9
Promotional activities to support the launch.................................................................................10
Promotional activities and Channels.........................................................................................10
Promotional activity plan for both launch and pre-launch........................................................10
Legal form and budget for launch.................................................................................................12
Monthly cash budget for the pre-launch phase..........................................................................12
Legal form for the venture.........................................................................................................13
CONCLUSION..............................................................................................................................13
REFERENCES..............................................................................................................................15

INTRODUCTION
Developing a business plan is process through which vision of the entrepreneurs are
presented in practical ideas that can be implemented in reality. Creating and developing a
business plan involves several elements that are likely to affect the implementation of the
business. This report will involve creating a business plan considering new product and target
market for the new products along with competitors of the business. Later tangible and intangible
resources will also be included and discussed in this report in order to ensure successful launch
of new venture. In order to make sure that objectives of new businesses are achieved effectively
as efficiently as they have been planed it is important all the skills that are required for the
business are analysed in advance along with the ways of developing them. This report and plan
will also involve promotional activities for pre and post launch followed by a cash budget for
pre-launch phase.
Range of resources required to launch a new venture
New venture along with target market and competitive analysis
Starting a new venture in present business environment requires undertaking several
aspects of the business. In this increasing attention of people towards innovation and associated
creativity essential for success of the business has enhanced difficulty for the businesses. for new
ventures difficulty get enhanced when the businesses are required to and expected to survive in
highly competitive business environment (Cosenz and Noto, 2018). In which businesses are of
several types including local and operating at small scale and those who are operating at big level
are multinational businesses. The new venture being included in this plan is of developing and
delivering product and service for Delivery Drones. This venture idea is based in present
situation where most of the people when expect a delivery are expecting a contactless delivery
and drones for delivery is perfect solution for that. Delivery Drones however is not a complete
new concept but n present times can be of significant uses for the companies to use in order to
bring back their business to track.
Delivery Drones are autonomous devices that are operated like Drones and used for delivering
packages. The venture will prepare delivery drones and will equip drones with GPS in order to

make domestic and regular business deliveries around the business and in a limited geographical
area. Characteristics of this product includes-
 Solar charging batteries that will enable drones to charge on the go when they are in solar
light
 GPS, which will enable drones to identify the address and make delivery
 Suitable for small businesses delivering around their place of business
 Available at affordable prices
Target Market
Developing products mainly requires considering the customers and targeting market.
Target market for this venture is small and medium size organisation requiring to deliver their
products to the customers (Yin and Ritter, 2019). However the product designed and product of
the venture is for businesses and this is why venture will target businesses as its customers. The
reason for targeting them is that the product has been designed to cater their needs. However, the
business is new and funds available are limited and this is why firstly geographically it will limit
customer range to those in London. The reason behind this is London potentially offers more
customers than any other city. Success in London will be utilised for further expansion of the
business.
Competition Analysis
Concerned with competition in this venture, this can be considered that though the
product is not completely new and innovative but still this is first of its kind (Cai and et.al.,
2017). This means that venture will be the first to provide a product with such characteristics to
the businesses to solve their problem.
But this does not ensure that there is no competition this means that traditional and conventional
ways of delivering packages create competition for the product and this requires to pay specific
attention on the promotional and price aspects of the products.