Report on New business Plan

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Added on 2019-10-09

Report on New business Plan

Added on 2019-10-09

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Report on New business planStudent NameRoll No:

1.What type of business are you thinking about creating? What are its mainproducts/services?I am planning to create a company which will be a technology driven. As everyorganization/business needs technology to assist their business in terms of:oTaking strategy decision based on various MIS;oApp, website, hardware, software to centralize the policy and update the database;oUpdate with the market and benchmark with the competitors.So, my company will basically have two wings:-Solutions: Where the company will sell software, hardware, IT services, Maintenance& service etc.-Software: Will develop software based on the requirement;2.List and briefly describe the types of financial information you may need to create yourbusiness and understand its the financial position.For my business set up I will require the below financial information:oCapital investment for the business;oMarket size/prices of the products/services offered through my business;oDirect cost related to the services offered;oIndirect cost related to the services;oOne time investment cost like: Registration cost, feasibility cost, oFixed Assets to be purchased;oEmployee payroll analysis, government policies and tax returns;oTaxes and compliance fees related informationoLease rent policies, Legal & professional charges to open my business;oVAT or service rates to be paid to government.3.Research and describe some “specialist services” that may assist you in operating thebusiness. (Hint: Describe what advice they can give you and how they help you). To open a company is not a mindset of an individual only. It will obviously requirelots of planning and guidelines. For this business, we will require special services interms of:oLiaoning service/ Contract dealers : As our company will serve the solutionbusiness, which will require lots of contacts and agreements. So, we will requiresome middle man or service of business Liaoning who will assist us to get theconnects from the market and we will be pay them commission on the basis ofcontacts received.oFreelancers: We will be in service to create software for the clients, so instead ofkeeping multiple of employees, we can get service from freelancers who canassist us to create the software on the basis of demand also to fulfill the demand asrequested by the client on time to time basis.4.For your chosen business prepare the following and include it in your report: Sales budget:

Software/Hardware salesVolume: 800 unitsPrice: $400 per unitExpected sales results for 1styear800 units x $400 per unit rate= $320,000Forecast price inflationIn year 2: 5 %In year 3: 5% = $420= $441Planned sales expansion 2ndyearPlanned sales expansion 3rdyear14% of Yr 116% of Yr 2= 912units= 1058unitsSales budget for year 2Sales budget for year 3Forecast price inflation 2nd year x Plannedsales expansion 2nd year Forecast price inflation 3rd year x Plannedsales expansion 3rd year= $ 383,040= $ 466,5781-year operating expense budget:

Operating ExpensesDescription$Rent $ 25000Telephone Expenses$1500Electricity Charges$1050Internet Charges$2500Salaries & Wages$6000Fuel & Diesel$1800Conveyance$1200Printing & Stationary$500Commission and Brokerage$1200Rates & taxes$9000Total Operating Expenses $49,750Produce a production budget for your organizationYear 1Year 2Year 3TotalExpected sales ($)$320,000$ 383,040$ 466,578$ 2,631,640Expected sales (U)+ Closing stock (U)- Opening stock (U)800500912205010583020

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Report on New business Plan