Individual Business Plan for Baked with Love Bakery

Individual Business Plan

Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
1. Provide a concise summary relating to the business idea and perform an analysis for the risk
that the business might face. .......................................................................................................3
2. Give a brief outline related to costs along with discussion......................................................5
3. Prepare the profit forecast statement for the business year of the operations..........................6
4. Make a budgeted cash flow statement for the operational year of the firm.............................6
5. Computation of the break – even point and margin of safety..................................................6
6. Describe the KPIs that will be applied in the bakery business of Baked with Love...............7
7. Supply recommendations based on the above analysis of the business. .................................8
CONCLUSION ...............................................................................................................................9
REFERENCES..............................................................................................................................10

INTRODUCTION
Business plan is defined as a written document which comprises of the company's goals
and the procedure how it aims to achieve the goals for the business. It provides for a structure for
the marketing, financial, strategic and operational standpoints of the business. As the investors
put their funds at stake with a high risk as they make their investments in a new business plan
hence demand a good return in exchange of the investment they make (Agoas, 2020). In this
report, a business plan of a bakery business- Baked with Love which produces three different
products: cupcakes, festive cakes and doughnuts. It is setup keeping in mind the requirements of
the present competitive world. An analysis of the business plan and the costs involved has been
done in the report below. The cost and profit budgets for the business are also prepared while
ascertaining the break-even point and the margin of safety for the new business.
1 BUSINESS OVERVIEW
A business plan is a type of written document prepared by the business organisations
which involves a description of the company's goals and objectives and how the company plans
upon to achieve those objectives. A business plan provides a written roadmap of the plans
decided by the business, the methods and techniques which are needed to attain and achieve the
goals decided and the time frame required by the business for achieving those goals and
objectives. A business plan builds upon the entire structure of the plan containing information’s
regarding all the required essentials like the financing for the plan, marketing, the required
operations and the specialised management which will be responsible to deal and achieve the
plan and its objectives.
1.1 What does the business intend on selling? Or what service do the intend on providing?
The business idea is of the establishment of a bakery shop named Baked with Love which
is a sole proprietor business and has the owner Jack Williamson as a sole owner responsible for
all the business operations. The business plan establishes to build this bakery which will solely
produce vegan cakes of three different types: cupcakes, festive cakes and doughnuts for all the
occasions they are booked for (Ahmed, 2019). The idea of vegan bakery products came from the
present society preferences where most individuals are shifting their tastes and preference to
vegan products.

1.2 What market group do the intend on selling to?
The targeted customers of the bakery business are primarily the section of consumers
who are vegan, are shifting to veganism or are excited to try upon different tastes and hence
choose upon a vegan cake. The primarily targeted section is of children and youth who are
excited by the idea of veganism and re ready to give it a try.
1.3 What is the annual market size?
The market research for this plan shows that as it is a different idea it will attract upon a
good bunch if customers to their business. But the continuous entry of new firms in the market
may arise as a problem for the bakery business of Baked with Love. As many firms keep on
trying upon always something new to attract customers, according to the market research it
shows that the bakery will have to always keep o producing their best taste results and trying
new innovations to provide customer with something different so that they don't lose upon their
customers in any situation (Escolà Soldevila, 2018).
1.4 Who are the competitors?
The business does have its competitors who are already established in the market such as
Baltic Bake house, Miel Bakery and many more. So the competition and the success through that
competition solely depends upon how the business is able to attract more customers and retain
those who are already with the business. The efficiency and ability of the business to do so will
ascertain the success of this business.
1.5 What will make customers select the product over others?
The preference if the customers to choose the cakes of the business over its competitors
lies upon the USP of the business. The USP of the bakery is the use of only vegan products in the
entire process stating from their flour to the last step of the icing for the cake. This establishes
the bakery as a brand which will be highly preferred by the customers over their competitors
(Singh, Sontakke and Nayak, 2020).
1.6 Where will business be located?
The location for the bakery business is in Oxford street in London, UK. A very heavily
occupied, busiest and crowd-pleasing street area in London that has a constant hustle- bustle
running on its streets.