Starting a Business: Finance & Promotion
Added on 2020-03-02
7 Pages1347 Words50 Views
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Student NamePROPOSED BUSINESS IDEA – MOBILE FASTFOOD STALL
ContentsIntroduction.................................................................................................................................................2Provide comprehensive descriptions of your proposed business idea by highlighting.................................2Positive and Negative Macro environment factors......................................................................................2Flexible Competitiveness........................................................................................................................2Government Policies...............................................................................................................................2Social and cultural forces........................................................................................................................3Demographic factors...............................................................................................................................3Technological Advancement...................................................................................................................3Explain the different sources available for generating new business ideas and highlight the one you adopted........................................................................................................................................................3Describe any three forms of finance and their sources that you may consider using for your chosen business idea................................................................................................................................................3Personal Saving.......................................................................................................................................3Capital from Assets Sales........................................................................................................................4Credit Card/ Personal Finance.................................................................................................................4Identify any 5 elements of the promotional mix and discuss how your business can utilize them...............4Advertising..............................................................................................................................................4Public relations........................................................................................................................................4Social media marketing...........................................................................................................................4Direct marketing......................................................................................................................................4Customer recommendations....................................................................................................................4Five factors which will influence your businesses pricing...........................................................................5Overhead costs........................................................................................................................................5Staffing and labour..................................................................................................................................5Raw materials..........................................................................................................................................5Capital investment recovery....................................................................................................................5Target profit margins...............................................................................................................................5Conclusion...................................................................................................................................................5Bibliography................................................................................................................................................6
IntroductionFood is a basic necessity for every person and people are always ready to indulge in great foodand treats making it a lucrative business idea. This makes it the perfect business to considerstarting up and highly likely to succeed if the idea is well planned. Some of the major factorsleading to business failure are a high rental, labour and utility costs but the following businessproposal helps eliminate these added expenses and helps convert the business success rate from25% to over 70%. The proposal involved starting up a mobile fast food stall which wouldeliminate rental and utility costs allowing the venture to rapidly expand with lowcapital[ CITATION San12 \l 1033 ].Provide comprehensive descriptions of your proposed business idea by highlighting As opposed to traditional food stalls and restaurants, starting a mobile fast food stall helpseliminate monthly over heads costs like rental, labour and utility bills. In addition to cuttingcosts, the food van delivers incredible flexibility by allowing the business owner to set up shop atprime locations without needing to pay high rents. The business would target central businessand shopping districts consisting of high population densities and would be mobile thus allowingthe fast food stall to move to different locations, allowing the business to tap into a maximumnumber of clients[ CITATION Gag06 \l 1033 ]. There are already multiple mobile food stalls in mostmajor cities but the demand for good, tasty and hygienic food is still high leaving lots ofopportunities for new businesses to be established and expand.Positive and Negative Macro environment factorsSome external Macro environmental factors likely to influence the business include:Flexible CompetitivenessThe fast food stall would be capable to visit prime locations and events which maximize sales.Government PoliciesThe fast food vans require specialized and additional licensing such as a mobile food staffhygiene clearance certificate.
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