Turning a vision into action: Launching a new venture

This document discusses the process of launching a new venture, including identifying target markets, conducting competitive analysis, acquiring resources, and developing a promotional activity plan. It provides insights into the skills and capabilities required for a successful launch and offers strategies for effective promotion.

Turning a vision into action
launching a new venture

Table of Contents
Contents
INTRODUCTION...........................................................................................................................1
TASK1.............................................................................................................................................1
P1) Investigate and explain a new venture identifying specific target market and
understanding competitive analysis........................................................................................1
P2) Determine specific tangible and intangible resources that would be required for the launch
of new venture........................................................................................................................3
P3) Produce a credible proposal to launch a new venture......................................................4
TASK 2............................................................................................................................................5
P4) Assess the skills and capabilities required to launch a new venture and how they are
acquired or developed.............................................................................................................5
TASK 3............................................................................................................................................6
P5) Explain different promotional activities and channels that will support the launch and
justify their choice..................................................................................................................6
P6) Develop an appropriate promotional activity plan for both launch and pre-launch........6
TASK 4............................................................................................................................................7
P7) Produce an itemised monthly cash budget for the pre-launch phase of the venture and the
first 12-18 months preceding launch......................................................................................7
P8) Suggest an appropriate legal form for the venture stating why it has been chosen.......10
CONCLUSION..............................................................................................................................11
REFERENCES..............................................................................................................................12

INTRODUCTION
The launching of a new venture is directly based on the new idea and the creative
approach. It is the vision of an individual by which they could turn that into a new venture. It is
the set of ideas that are implemented within the business in a systematic manner in order to
achieve the better outcome in timely manner (Adomako, 2018). In this an initiative will be taken
out by an individual in order to manage the different sources by which they could gain the higher
competitive advantage in the highly competitive market. While introducing a new venture it
includes a lot of innovation and changes that will differentiate their services as from the already
present products and services of the market. The market research will also be conducted while
attaining the better outcomes and satisfy the need and requirement of the market. This report is
based on the new venture named as Kirosbeauty that has opened the new business of beauty
products that are completely organic products and established in UK. This report includes the
different aspect that covers the entire relatable requirement that has been utilised while opening a
new venture.
TASK1
P1) Investigate and explain a new venture identifying specific target market and understanding
competitive analysis.
The idea of new venture:
Kirosbeauty is the name of the new venture that will be established in UK and they are
working their operation with the aim to provide the better and the organic care products that suits
to all the skin tones and doesn’t have any side effects (Ahsan, 2018). They are trying to produce
the skin creams, lotions, sun protective creams, night creams, face pack that is more organics and
free from the chemicals, sunscreens and various other products that are more herbal as well. The
public also be very much comfortable with the skim tonnes products that are more organic and
gets attracted towards the products that are free from the chemicals. Kirosbeauty conducts the
market research and as from that they understand that there is the urgent need in the market and
people gets attractive towards the healthy products that free from any of the oxidants. Thus it is
very much in favour with the new venture and they get the better benefits from the market in
terms of higher sales and more profit.
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It is more important for the new business to get collect the relevant information from the
market in order to get more knowledge about the recent trends and the requirements if the market
(Anglin, 2018). An entrepreneur in this conditions try to collect all the relevant information as
from their friends and from the family, relative and other known one. It helps them to measure
the higher profit with more success and better development within the adequate period of time.
For this the entrepreneur acquires the land that is approximately 1802 feet and make an initial
investment of around 25-350000 pounds and this land is acquired in the market place of London.
Thus they required the appropriate amount of funds as well and for this they try to collect the
fund from all the relevant sources.
Objective: It is the major goal that is what an entrepreneur wants to achieve and for this
they develop the SMART objectives that are as defined below as:
 Specific: They have to open the large store in the London and have huge concentration to
attain the goals in effective manner (Auschra, 2019).
 Measurable: They have measured their growth while enhancing the growth as per 50%.
Achievable: The deals with the products that are more organic and didn’t use any of the
chemical products.
 Relevancy: They will try to make the franchisee of their store and different places of UK.
 Time bound: They have measured the growth within the period of 12 months.
Target market: The market will be targeted on the basis of different segments as like
demographic, geographic and behavioural but in this entrepreneur focus on the geographic
segmentation.
SWOT analysis of product:
Strength Opportunity
The major strength of the company is that
they have more connectivity with the market
as people have more concern about the
organic products (Baron, 2018).
The people are more aware about the skin
care products and try to use the natural and
the herbal products only that is the biggest
opportunity for an entrepreneur.
Weakness Threat
The organic and herbal products are quite
more costly as compare to the other chemical
mixed products it is the major weakness for
The mindset of the people is not in control of
the new venture and that keeps on changing
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the new venture. as people try new products more certainly.
P2) Determine specific tangible and intangible resources that would be required for the launch of
new venture
The resources as like tangible and non-tangible are the most basic requirements of the
new venture (Del Bosco, 2019). For this Kirosbeauty tries to collects the resources and manage
that in adequate manner that are as defined below as:
Tangible resources: These are the resources that could be touched by the new venture and it
has the huge benefit to the business in terms of development that is as explained below as:
 Human resources: It includes the different staff and the employees that are working
within the new venture. The recent objective of the Kirosbeauty is to develop the sales
with 50% and for that they select the validate candidates that make the better contribution
in the success of the company.
 Physical resources: These are the sources that are required to make the different
products that are offered by them in the market. It is directly related to the distribution
channel through which they further distribute products to the customers (Liu, 2018).
 Technological resources: It is the resources that could be used by the Kirosbeauty in
order to produce the different products and the services. It includes the machinery that is
used while making the various good and helps to reduce the production time and cost.
Intangible resources: These are the sources that are more favourable for the new venture
while it can’t be touched not is seen but it could be feel in term of success and growth that is
measured as per the appropriate time. There are some intangible resources of Kirosbeauty
that are as defined below as:
 Customer list and relationship: It is the most important and valuable aspect of the
business as better the relationship with the customer that much profit will be gained by
the business (McKelvie, 2018). For Kirosbeauty they need the large customer base that
could help to develop more capital and large market share as it provides the better image
of them in the market.
 Software: As from the software Kirosbeauty could know about the basic requirement of
the inventory and fulfil the need of the customer by maintaining the continuous supply
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chain. It helps to maintain the better position with the market and help to make effective
relationship with the customer as well.
P3) Produce a credible proposal to launch a new venture
The credible proposal plan for the Kirosbeauty is as explained below as:
Title: “Kirosbeauty” is the title that will be came from the different products that are
offered by them that are more organics and impart better care of all the skin tonnes (Mets, 2019).
Conquer from difficulty: As per the recent trends market doesn’t have much seller that
provides the organic products with reasonable prices and there is an urgent need as well. Thus to
work in this sector is very much affordable for the company and brings more attractiveness in the
market. Thus with this Kirosbeauty will target the customers that has more concern about their
skin.
Final designed new product/service: There a lot of companies that make the cosmetics
products and insert some chemicals as well in order to gain higher profit that may have adverse
effect on the human skin. Thus Kirosbeauty produces the product that is more organic and has
herbal ingredients as well that is favourable to all the tones of skin.
Time Planning for New Product Services: In order to develop the product with more
efficiency the better execution of all the plans is necessary and for that it is necessary that all the
strategies will be implemented in valuable manner. Thus they induce the better plan that helps to
gain the better advantage (Paul, 2019).
Pricing Planning: As the organic products are more costly thus Kirosbeauty has quite
more price as compare to other products of the market but always maintaining the quality.
Analysis of Competition: There are the lot of competitor in the market that produces the
cosmetics and beauty products thus Kirosbeauty analyse the market and produces the best quality
products that helps to differentiate their products with the other.
TASK 2
P4) Assess the skills and capabilities required to launch a new venture and how they are acquired
or developed
The unique skills and the creative capabilities is the mixture of an entrepreneur thus in
order to start the new venture it is more important that they have the better skills by which they
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implement their ideas in sufficient manner (Stayton, 2019). There are some skills that are
required to launch the new venture and are as follows as:
Managerial skills: It is the skills that are required to manage the different operation that
are performed within the new venture in order to make the better control of the production
process. Kirosbeauty has the employees that are more sufficient and manage the different
operations in regular manner.
Decision making skills: There are different decision that must be taken within the
execution time in order to develop more profit and this will taken at the most important times.
Thus Kirosbeauty induces the decision to emphasis the profitability of the business and it is the
skills that developed on continuous basis.
Leadership skills: It is the skills that are required to influence the behaviour of the
employees by which all the functions will be performed with more efficiency. Kirosbeauty uses
this while enhancing the better communication within the employees and to make the better
coordination by which they attain their objectives with more satisfactoriness.
Risk taking ability: In this the Kirosbeauty will take several risks by which in return
they get measure higher sales. It is not easy for them to entre in the new market and measure
maximise advantage thus they have to take the risk. With the help of this they could manage the
complex situation in easiest manner and takes long term success (Tracey, 2018).
Research skills: Kirosbeauty will make the complete analysis of the market in the form of
research and then try to fulfil the basic requirements of the customers. They conduct the online
survey and collect the feedback from the people and then understand their needs and demand.
TASK 3
P5) Explain different promotional activities and channels that will support the launch and justify
their choice
There are different promotional activities as from which Kirosbeauty spread more
awareness in the market about their products and services. There are some of the activities that
are used by the Kirosbeauty and these are as follows as:
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 Social media: It is the platform that is used by the Kirosbeauty in order to market their
products and the services. They are using the digital platforms as like social media apps
Face book and the online search engines etc.
 Mobile billboards: In this Kirosbeauty uses the logo that represent their products and
used to attracts the customers. It helps to differentiate the brand image of the company as
from the other certified companies (Villani, 2018).
 Personal promotions: It could be done by using the promotion as from the newspaper
pamphlets, performing debates, speeches etc. It is the form of self promotion in which
Kirosbeauty themselves promote their products.
 Hosting events: In this Kirosbeauty host different events and grabs the attention of the
customers and promote their products at larger scale and make effective interaction with
the customers.
 Developing relations: Kirosbeauty maintain the balanced relationship with the
customers by taking their feedbacks and induces the continuous development in the
different products and the services.
P6) Develop an appropriate promotional activity plan for both launch and pre-launch
The plan of promotional activity includes different basis and with the help of that
Kirosbeauty makes effective and efficient profit and it is for used at both the time as at launch
and pre-launch.
Pre-launch promotions:
It is the period when Kirosbeauty is able to launch their products and services in the
market and adopt different promotional activities. As in the starting they use different public
hoardings that are more attractive and influenced the buying behaviour of the large number of
customers. Kirosbeauty has its own tagline “Let’s make a change together” that shows the
behaviour of the venture.
Launch promotions:
In this the different activities will be performed within the business to make more
awareness in market by which more and more people start knowing about their services.
Kirosbeauty uses different methods as like launch the product by performing social media
marketing and to target the large number of customers (Younger, 2020). As from this they
gained the attention of the market and get better output of their inventions. There are more rivals
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in the market thus it is must that Kirosbeauty has chosen best and different strategy and maintain
long term sustainability.
TASK 4
P7) Produce an itemised monthly cash budget for the pre-launch phase of the venture and the
first 12-18 months preceding launch
Cash budget defines the total inflows and output of Kirosbeauty that has been used by
them in order to operated their business with more success. It helps to know about the total cash
that is presented at a time within the Kirosbeauty and this budget will allocate to the time period
of 12-18 months.
Pre launch cash
budget
Cash Flow
budget
Particulars Jan Feb Mar Apr May June
Cash inflows
Investment 8000
Credit sales 2000 3000 3000 4500 1500 3500
Total inflows 10000 3000 3000 4500 1500 3500
Cash outflows
Fixed :
Equipment’s 2000 2500 1500 2000 1200 1500
Variable :
Direct material 300 300 200 300 150 500
Total outflows 2300 2800 1700 2300 1350 2000
Net cash flow 7700 200 1300 2200 150 1500
Opening
balance 0 7700 7900 9200 11400 11500
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closing balance 7700 7900 9200 11400 11550 13000
Particulars July August September October
Novembe
r
Decembe
r
Cash inflows
Investment
Credit sales 4200 1000 2000 800 1200 1500
Total inflows 4200 1000 2000 800 1200 1500
Cash outflows
Fixed : Equipment’s 800 200 300 100 600 300
Variable : Direct
material 300 400 500 100 100 400
Total outflows 1100 600 800 200 700 700
Net cash flow 3100 400 1200 600 500 800
Opening balance 13000 16100 16500 17700 18300 18800
closing balance 16100 16500 17700 18300 18800 19600
Post launch cash
budget
Particulars Jan Feb Mar Apr May June
Cash inflows
Investment 8000
Credit sales 1200 2000 7500 3000 5000 6500
Total inflows 9200 2000 7500 3000 5000 6500
Cash outflows
Fixed : Equipment’s 2500 1200 1500 2500 1100 1500
Variable : Direct
material 350 300 250 150 100 500
Total outflows 2850 1500 1750 2650 1200 2000
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Net cash flow 6350 500 5750 350 3800 4500
Opening balance 0 6350 5850 11600 11950 15750
closing balance 6350 5850 11600 11950 15750 20250
Particulars July August
Septembe
r October
Novembe
r
Decembe
r
Cash inflows
Investment
Credit sales 1200 3200 1500 8200 1250 3210
Total inflows 1200 3200 1500 8200 1250 3210
Cash outflows
Fixed : Equipment’s 1200 600 500 500 1200 700
Variable : Direct
material 500 250 450 250 1300 500
Total outflows 1700 850 950 750 2500 1200
Net cash flow -500 2350 550 7450 -1250 2010
Opening balance 20250 19750 22100 22650 30100 28850
closing balance 19750 22100 22650 30100 28850 30860
Explanation of Outflow of Cash: It is the cash that is invested by the Kirosbeauty at the starting
period of time as in this they have purchased different machinery and the equipments. That is the
required products that are used to improvise the production of the Kirosbeauty and helps to
manufacture the products as with minimum period of time (Otubor, 2017).
P8) Suggest an appropriate legal form for the venture stating why it has been chosen
There are different legal forms that could be manage and followed by the Kirosbeauty in
order to operate all the function with more competence. It helps to earn more profit and supports
to meet the objectives of the new venture within the certain phase of time. The legal formalities
that are followed by the Kirosbeauty are as defined below as:
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Sole trader: In this the new venture is managed by the single person and they themselves
take the several decisions for the better profit of the company. Thus the intervention of the
government is also very less thus the all the rewards and the risk will be managed by the
company themselves.
Corporations: It includes that company that manages their operation on large scale and has the
higher number of profit. In this business didn’t have to take burden as they invest well while on
the other hand they manage their liabilities by themselves (Chernova, 2018). They will follow all
the different rules and regulations of the government and ordinate different function under that
rules.
Partnership firms: It is the firm that is managed by more than two numbers of parties and
they works efficiently by making the agreement that has all the different terms and conditions
that are followed by all the parties. It has been performed by sharing both the profit and the loss
in equal balance and works collectively to earn more market share.
It has been summarised that Kirosbeauty must uses the partnership firm as to get the better
outcomes in the starting. They make their collaboration with the already established businesses
by which they have to face the adequate amount of legalities and help to gain the better benefits
and long term development and success.
.
CONCLUSION
It has been concluded from the above report that while starting the new venture the
market analysis is necessary to know about the need and requirement of the market and the
customers. They have to analyse the different factors that affects the growth of the business and
the promotional activities that helps to maintain the sustainability within the new venture. The
different tangible and intangible resources that are used while operate the new venture and the
proposal plan that is needed to produce while launching new venture. Promotional activities that
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are used by the new venture and cash budget plan of 12-18 month by which the requirement of
the business will be fulfil in effectual manner.
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REFERENCES
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