Comprehensive Business Plan: 'Best of All' Startup in Australia

This document presents a comprehensive business plan for a new baking business called "Best of All" in Australia, originating from an idea in Jordan. The plan details the business model, including customer segments and relationships, key activities and resources, and financial objectives. It includes a start-up cost analysis and funding requirements, emphasizing the experiences and values essential for success. The plan identifies core competencies and competitive advantages, such as cost competitiveness and niche strategy. A thorough market analysis covers demographics, segmentation, and competition. Opportunities in starting up a business are explored, along with potential challenges such as financing and time management. The plan concludes with key strategies for market entry and sustained success. Desklib offers a platform for students to access this and other solved assignments.

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Assignment writing of business management
Course
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Executive summary
The report purpose is to prepare a business plan of a new business idea that will be located in
Australia. This will target both resident and non-resident of Australia who are interested in this
business. The company appellation would be “Best of All”. This business idea originated from
Hashemite kingdom of Jordan, Australia intending on solving a problem on baking industry.
This business plan contains a well laid strategy to be used, budget of the all project, timelines,
and skill/experience involved in the setting up.

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Contents
1.1 Introduction................................................................................................................................4
2.0 Business model..........................................................................................................................5
3.0 Start-up costs and funding.........................................................................................................7
4.0 Experiences and values to the success.......................................................................................7
5.0 Core competencies and competitive advantages.......................................................................8
5.1 Cost competitive Advantage..................................................................................................8
5.2 Product/service differentiation...............................................................................................8
5.3 Niche strategy........................................................................................................................8
6.0 Market analysis..........................................................................................................................9
7.0 Opportunities in starting up a business......................................................................................9
8.0 Challenges..................................................................................................................................9
9.0 Conclusion...............................................................................................................................11
10.0 Reference...............................................................................................................................12

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1.1 Introduction
The business plan is a startup entrepreneur, in quest of funding for a new project in your selected
industry/company. It explains the strategy that can aid one to start a business and complete it
without any shortage. Every business most of the time it must concur a challenges and
opportunities which it may arise in setting up. The study gave a chance to figure out the budget
of the project, the skills of the participants, and the time it will take (Chen, Yao & Kotha, 2009).

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2.0 Business model
Customer segment –the potential customer or a group would targeted by this new business,
though the effort of sale and marketing company would be the main factor for pulling market
that will enable the customer to know about the exiting of a new product.
Customer Relationships – a customer relationship and loyalty is the key factors in the business.
You should build a long-term relationship between the “Best of All” company and the clients.
These need recurring basis interaction between the company and the customers.
Key activities -The objective of this business idea is to bring out a new service which will
satisfied the needs of the clients in the surroundings environment of Australia. Provide different
and unique product and services with an additional value more than what are provide by the
Australia
Key resources- the workers of this organization would be needed to proof credentials from food
industry skills. It needs skill personnel that will produce the best product. Company resources
would divide into intangible and tangible assets.
Tangible assets
1. The vehicle for transport
2. The computer and telephone
3. Boards, ranks and baking sheet
4. Chiller
5. Sinks
6. Freezers

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Objective of a new company
 To generate positive cash flow from the process at least a fair net profit that will
raise the status of the business.
 To attract a maximum of 100 consistent clients per day for the products and
ensure delivery of the products and services in the first year of operations.
 Require a flexible and convenient schedule.
 To have a desire to do what you like most or your hobby.
 To have self-esteem and personal gratification from building a business.
 Ensure there are adequate sources of money viable.
 Create a worthwhile business model which can generate a lot of profit.
Keys to success
1. Produce excellent product and services which will attract, build and sustain the
loyalty of the clients.
2. Well organized management with ability to magnificently run affiliated
business.
3. Commitment on how to maintain endless improvement and quality of the
services in general.
4. Location of the company must be visible to ensure accessibility by the
customer thus there will be high flow of the customers.

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3.0 Start-up costs and funding
After a long time of searching for an appropriate location, the vendors resolve to lease a space in
an area with a dense population of Jordan. The starting capital will be utilized for vanishing,
kitchen collection and equipment, insurance, business sign, rent, and other necessities.
The estimated cost is $430 500. This should bring out the funding tables and the figures in the
start-up business to reflect these approximations. Therefore, $410,500 will be the capital of the
company.
4.0 Experiences and values to the success
They lay out the vision of the future. Below are some of these values.
 Excellence performance. Taking the responsible of the owners ever seeking to attain the
goal or exceed.
 Integrity. Team must treat each other with self-respect and self-esteem. All business
conduct, for instances, honesty, integrity, and ethical behavior are the main key in the
business.
 Teamwork is a group bound by loyalty and trust committed to each other.
5.0 Core competencies and competitive advantages
There are two related factors which are closely related and they both aid the companies to attain
the best market share possible, higher profits, loyalty, and customer fulfillment. Competitive
advantage transpires if the company is capable of achieving a competitive edge with concerns to
ease a service, strategies, skills, and products than its contenders. While a core competency is a
specify know-how that helps to achieve a competitive advantage. For these to be effective, these

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standards must be met that is benefits consumers, accessibility of the market, distinct and hard to
imitate (Ibidunni, Peter & Ogbari, 2017).
Competitive advantage, they comprise of three various kinds of competitive advantages that can
be used in the company that’s products/service differentiation, niche strategy and cost.
5.1 Cost competitive Advantage
Cost competitive is a situation when the company can utilize its skilled personnel, low-cost raw
materials, efficient operations, and controlled costs to provide supreme value to the client. “Best
of All ” will use this criterion by obtaining a vast choice and fair prices through their retailer size
and strength. Valuable, loyalty and products/services variance can occur. With the introduction
of new technology, the cost competitive advantages will eventually disappear.
5.3 Niche strategy is a good and service market approach with characters which mandate to a
specific minority market subsection.

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6.0 Market analysis
Demographics and segmentation- for new company since it is a large business have to assess
the national level market.
Research results of the market revealed that it is necessary for you to divide it into segments.
These include volume and value, method of building an estimate, market value, competition, and
target market (Hafner, O'mara & Williamson).
Target market- this is the kind of clients you aim at within the marketplace. For instances, if
you are trading cakes you can either sell anywhere or concentrate on the lower end of the market
or high end. This can be effective if the market you are on has a clear segment with variable
demands’ drivers. So it is the salesperson to analysis and concentrates on qualitative area of the
market (McKenzie, 2017).
Market need – this is an essential section since your market demand will reveal to your
investors that you have to cope with the market. This time will be aware of the products and the
standard the potential customers are interested with. You will be needed to be detailed about the
demands’ drivers for your product and services (Wynne, 2016).
Competition- the purpose of this market analysis is to outline the better view the competitors
you are competing with. This will need you to explain the position of your competitors, their
strengths and weakness. Analyze and suggest that competitors' angle is the best way of getting
weakness which your company can utilize for positioning itself in the market (McKenzie, 2015).

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7.0 Opportunities in starting up a business
Buying a franchise- this allows one to use that name from the first day. One can use a well
created business idea and a steady arrangement.
Factoring in a dealership and distributorship- distributor is a person creating binding
agreement with other companies to market and sell their product and service at the market.
Dealer is a person whom only concentrates on selling a specific product and services (Ward,
2016).
Network marketing- this a chain develop when the business decide to distribute the head
company’s products and services by employing other intermediaries into the business (Campbell,
Ferraro & Sands, 2014).
Licensing- this is another universal opportunity present nowadays which can allow a
businessperson to be innovative. One can create a product or services take a license and
maintain the logo to that business hence increasing the percentage of sales (Pranathi, Noor &
Priyadarshini, 2016).
Find your niche and accomplish a need- This as a particular way you can get to evaluate your
abilities and strength. Acknowledge what product and service are in demand yet you can offers.
Then immediately act about it and offers that product/service to the clients. Due to advance
technology, it is easy to market your new product online globally. Thus it will increase
eventually increase your sales percentage (Boiko, 2016).

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8.0 Challenges
Despite of the promising future when starting new business financial and personal rewards, there
are number of challenges to be face. Time and enough money will be of great demand to ensure
there is a smooth goings can be a problem as concluded by researchers (Brinckmann, Dew
Mayer, Read & Grichnik, 2015).
Obtaining financing – tough economic conditions makes things difficult for an entrepreneur to
get a financial institution that easily lend money to start a business. For that reason it need
another financing sources that is utilizing personal saving, borrow friends or relatives. Using
personal saving can be disadvantageous since you have less saving and that will end up making
entrepreneur bankrupt (Burns & Dewhurst, 2016).
Managing time- the owners of a new business may feel like the can fix everything themselves.
For a new business, one should schedule which task to be eyed on personally and which one will
be given out to other outsources to perform (Ivanisevic, Katic, Buchmeister & Leber, 2016).
Obtaining knowledge quickly- this is where the owner may likely need to acquire knowledge a
short period of time. Though one can be well in product knowledge but he/she may be weak in
marketing areas or managing employees.
Lack of balance- most of the time owner concentrate on putting things in progress and
successfully that other areas remain unsatisfied finding one suffering. For examples factors like
overheating, stress, and lack of exercise can deteriorate personal health.

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9.0 Conclusion
This business plan has framework several factors that can be review and adhered when starting a
business. It has reveal market strategies, budget project, elaborating core competencies and
competitive advantages. This report revealed the market analysis of which you have to weigh
yourself when entering into the market (Hopp, Greene, Honig, Karlsson & Samuelsson, 2018).