Business Plan: A Children's Bookstore and Peer Reflection

This report outlines a business plan for a children's bookstore, focusing on a unique concept that allows children to read stories and create drawings inspired by them. The report utilizes the business model canvas to describe key partners, activities, value propositions, customer relationships, and revenue streams. It also includes a peer reflection using the Gibbs reflective model, analyzing the process of creating the business plan and incorporating feedback from peer members to improve the concept. The report discusses the bookstore's target audience, marketing strategies, and cost considerations. The business plan aims to create a learning platform for children and generate income through book sales and related activities. It also suggests potential future actions, such as further development of customer relationships and revenue streams, to enhance the bookstore's success.

Enterprise

Table of Contents
Business Concept.............................................................................................................................3
Peer Group Reflection......................................................................................................................4
Concept Improvement Reiteration...................................................................................................8
REFERENCES..............................................................................................................................11
.........................................................................................................................................................1

Business Concept
This report is based on starting a new business plan which is to open a book store to
provide facility to the children for reading stories and which allows them to create drawings
related to the stories they have read. Using the business model canvas, new proposal for opening
the book store is described as follows-
Business Canvas Model
Children's Book Store
Key partners
Merchants who
sells books
related to stories
for children.
Key activities
Story reading for
children's which allow
them to create drawings
based on the story they
have read.
Provide all type of story
books which are funny
as well as knowledgable.
Value
propositions
CUSTOMER
Can easily find
wanted story books
easier.
It creates a learning
platform for
children's and
allows them to be
creative.
SELLER
Can generate
source of income.
Trusted platform to
sell books easier.
Customer
relationships
Directly with the
children's to
attract them with
the new editions
of stories and
take feedback
accordingly.
Customer
segments
Children
who want
to read the
story
books.
Seller who
want to sell
their books
and earn
money.
Key resources
Merchants who want to
sell their books and earn
income.
Channels
Book -store
Cost structure
 Infrastructure set up and running cost.
 Salaries to permanent employees.
Revenue streams
 Advertisement on newspaper.
 Increase stores sales through providing
new and interesting story books.

The above canvas model describes the elements for opening a new venture of book stores
whose target customers are children's to provide them story books and creates drawing on the
basis of reading them. It is the Uniqueness of this book store which makes it different from other
book stores. They can aware the customers especially the children's by advertising in newspaper
through cartoon pictures as well as images which will attract them for visiting the book store. In
order to make the venture unique they can also provide gifts to the children's on the basis of
drawings made as well as competitions can also be held. This book store basically focuses on the
children's to make them creative as well a knowledgable which will help them to attract large
number of customers as well as act as a good source of income (Dijkman and et. al., 2015). The
major cost considerations for this new venture would be infrastructure cost which will have all
facilities to provide good facilities to children as well as they need to hire well knowledgable
staff members who would properly coordinate with the children to attract them for reading new
books. Distribution channels for this book store is directly the store itself where the children's
come and read books. It has no online presence, but with its unique presence in the market it will
help to have a stable business venture for long term period.
Peer Group Reflection
After submission of Business Canvas model my peers group members have provided me
feedback in order to improve my proficiency on the business plan of book store. In this regard, I
have used Gibbs reflection Model to reflect my overall experience which have been gained by
me from the procedure of making a good business plan to feedback received by peer members.
Gibbs reflection model have been described as below:
Gibbs reflection model
It is a systematic cycle which helps individual in reflective their overall phases which
have been experienced by me. This reflective model was given by Graham Gibbs in the year
1988. The professor personally believes that an individual can learn a lot from situations which
they are experiencing regular (Gibbs – Reflective Cycle Model, 2015). Gibbs have also stated
that learning can be done more effectively if an individual met with lots of wrong conduct or
things which does not resulted according to their wish. I have chosen this reflective model to
reflect my overall experience because it has five core stages which will be helpful for me to

clearly reflect my whole journey. Therefore, my journey have been defined below with the help
of all of these five stages.
Description: The first and foremost stage of this reflective cycle includes deep
description about the project which have been done by me. In this regard, I had worked on a new
business plan which was completely related to small children that means I had planned to open
up a book store for children. This book store was not a simple store but the idea behind this was
quite different (Dudin and et. al., 2015). This book store will going to be first book store where
children are completely free to follow their heart and enhance their creativity. The store will
allow children's to read books and draw their favourite imaginative character on the store only.
With the similar concept I had prepared an Business Canvas Model which contains all 9 main
key factors that are essentially required to be made before introducing new store at market.
Feelings: The another stage of Gibbs reflection model revolves around feeling and
experiences which have been faced by an individual while executing their project. In relation to
the idea of book store for children. My feeling for this can be defined step by step as before
working on business canvas model I was very excited about the concept and its working
activities but with the passing time, the actual work started it was quite difficult for me to
manage all tasks alone. As per my experience, it can be said that main reason behind this
Illustr
ation 1: Gibbs Reflective Model. 2018

difficulty was that the idea was very new and its quite impossible for the single person to collect
information on the same. I personally feels that had given my hundred percent efforts to
represent my idea properly with the medium of business canvas model. But, I also thinks that if
someone else would have been on my place. Then, the concept of this project might be
represented more effectively in front of my peer members. But now, if I compare my overall
experience with my excitement level then it was quite high at the starting stage in comparison to
present state of mind. The reason behind this is that now my peers will going to analyse it and
they might take out some weak factor of this project as every individual has different perception
on same topic. This has increased my nervousness as outcome of my project work is yet to come.
Evaluation: The third stage of this reflective model is completely based on evaluation on
overall experience that whether it was good or bad. It has been been analysed by me that my peer
members have examined my Business Canvas Model and they have further shared their point of
view with me on same in the form of feedback. In this, one of my peer member have told me that
my overall business model was good but as per his thought it is important for me to also focus on
building up strong relationship with parents of children. This help in enhancing sales of book
store and also attract more number of children. According to the thought of peer member, it can
be said that this concept is mainly based on small children. So, it is important for me to mention
parents as main person to whom I should focus on building customer relationship. It is because
this age group of children are highly dependent on parents. Thus, in order to grab more children
customers, it is essential to focus on developing smooth relationship with parents as well.
Another peer member, have told me that I should add one more option in revenue stream.
According to him, this option must be mini campaigns in school as it is the only place where
they can reach maximum number of children and persuade them towards book store with
innovative idea. At the time of evaluating feedback from my peer members, it can be said that
according to the one of my group it was highly important for me to approach school in order to
connect to maximum number of students. But, as per my views in practical terms its not right at
the initial stage because there are probable chances that school will not accept this concept or
permit an book store to use it as the promotional place. I also believes that increasing options for
revenue stream is an good suggestion as it will help me improving profitability ratio of business
plan. But here, instead of school I can add some private institutions of co-curricular activities

because these institutes will definitely support skill development business ideas. It can be said
that this idea will also enhance profitability of business model.
Conclusion: It is the fourth and second last stage of Gibbs reflective model in a
conclusion is formulated on overall experience. In context to my experience over formulation of
an business canvas model for the book store with innovative idea, it can be said that it was an
positive experience for me as well as my group members because we all have learned something
additional and new with it. I have observed that for me positive experience includes learning of
new skills, overcoming weak skills. I have also analysed that from overall experience of mine I
have improved my analytical skills as I have evaluated my factors to understand this concept and
how I can make this concept as worthy business plan. It has been analysed by me that that if in
case I have to formulate similar kind of business plan in future then I will initially discuss it with
my group members, evaluate the similar topic in new perspective and after doing this only I will
make a new business plan again because on the basis of my past experience it is important for me
to firstly collect maximum information on the topic as it will help me in making effective and
profit worthy business plan. In future, I will add new more options in revenue generating idea
and customer relationships as both of these are the common factor by which I can maximise
profitability ratio of business. Additionally, from overall experience of mine, I need to develop
my confidence level because it is the only skill which will help me dealing with the difficult
situations. Along with this, its important for me to improve business analytical skill as this will
going to help me in making a good business planner (Joyce and Paquin, 2016).
Action Plan: It is the final stage of Gibbs reflective model in which individual prepares
an future action plan on the basis of previous stages of this reflective model. According to the
overall analysis of mine, I will make sure to use all of feedback comments and advises which
have been given to me by my group members. It can be said that on the basis of my past
experience, I will make to sure to discuss my business plan with the group so that I can grab
maximum of information at the starting stage only. For this, it is important for me to strengthen
my relationship with the peer members in order to enhance level of comfortableness among us.
This will helps me out in communicating to them at every stage which will guide me in taking
right decisions that could maximise proficiency of my business plan. In addition to this, I will
also continue my habit of taking feedback regarding my business plan from group members as
well as other related people so that it could be modified at the earlier stage only. Further, another

action which should be taken by me include attending training sessions related to business. This
will help me out in improving my business skills and also enhance decision making skills which
will help me taking right decision that which strategy or decision is good for business idea or
which should be rectified to improve business profitability.
Concept Improvement Reiteration
Drawing back upon the feedback from peer members, a Business Canvas Model have
been formulated by me in order to enhance its efficiency. While modifying this model I have
considered all suggestions which have been provided to me by my peer members in the form of
feedback. Therefore, in relation to the book store of children with the new concept, the new
Business Canvas for this have defined as below:
Business Canvas Model
Children's Book Store
Key partners
Merchants who
sells story books
to children.
Key activities
Story reading activities
for small children's that
allows them to draw
pictures of their
favourite character
according to their
Value
propositions
Customer
can easily find
story books of their
choice in the store.
Customer
relationships
Relationship
with parents in
order to
influence their
perception for
Customer
segments
Children's
who are
more
interested
in reading

imagination.
Provide huge range of
story books which not
only includes cartoon
character but provides
knowledge to children
It will develop a
learning platform
for small children's
and also allows
them to become
more creative and
knowledgable.
SELLER
can raise income
from story books
Trusted platform to
sell books easier.
making their
children more
creative.
Directly with the
children's to
attract them with
the new editions
of stories and
take feedback
accordingly.
books
related to
cartoons
and ancient
stories.
Seller who
want to sell
their books
and earn
money.
Key resources
Merchants who want to
sell their story books and
earn revenue from it.
Channels
Book -store
Cost structure
 Salaries to permanent employees.
 Infrastructure set up and running cost.
Revenue streams
 Advertisement through newspaper.
 Campaign in institution of co-curricular
activities which promotes creativity and
skill development of students.
 Increase stores sales through providing
new and interesting story books.
The above specified Business Canvas Model is the modified version of previous Model.
In this, I have made some changes according to the feedback of peer mates. They have pointed
me out to add few more options in revenue stream in order to increase chances of profitability for
this business plan. In which I have now added some campaigns in institutes of co-curricular

activities which promotes creativity as well as skill development activities of small children's. It
can be said that it is the best option because these institutes will definitely support this concept
because they can also have some business ideas with this. Which can maximise their
profitability as well. Along with this, I have also done some modification in the section of
customer satisfaction as it is most centric part of business model which shows that whether
business plan will be successful or not. As per the suggestion of my group members I have added
parents as well in this section, as business idea is related to small children's. Therefore, it is
important to persuade parents first to bring children to the book store. It can be said that the main
reason behind this thinking is that parents are the one who takes decisions of this much small
children's.

REFERENCES
Books and Journals
Dijkman, R. M., and et. al., 2015. Business models for the Internet of Things. International
Journal of Information Management. 35(6). pp.672-678.
Dudin, M., and et. al., 2015. The innovative business model canvas in the system of effective
budgeting.
Joyce, A. and Paquin, R. L., 2016. The triple layered business model canvas: A tool to design
more sustainable business models. Journal of Cleaner Production. 135. pp.1474-1486.
Martin, B. and Tian, X., 2016. Books, bytes and business: the promise of digital publishing.
Routledge.
Toro-Jarrín, M. A., Ponce-Jaramillo, I. E. and Güemes-Castorena, D., 2016. Methodology for the
of building process integration of Business Model Canvas and Technological
Roadmap. Technological Forecasting and Social Change. 110. pp.213-225.
Online
Gibbs – Reflective Cycle Model. 2015. [Online]. Available Through:
<http://resources.eln.io/gibbs-reflective-cycle-model-1988/>

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