Introduction to Business: Start-Up Business Plan - Assessment 2 Report

This report presents a business plan for a start-up called Dream Wedding, a UK-based company specializing in wedding planning. The report includes a background of the company, different types of business structures, and an analysis of the macro and micro environments using PESTLE and Porter's Five Forces models. It examines the potential impacts of these factors on the business and concludes with recommendations for expansion and improvement, focusing on leveraging social media and strong search engine optimization to attract a larger customer base and build a solid online presence. This resource is available on Desklib, where students can find a variety of solved assignments and study materials.

Title Page
Introduction to Business
Assessment 2 – Individual Report
Start-up Business Type & Business Name
Student Name
Student ID number
Your Lecturer’s Name
Your Cohort /Batch number (class code)
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Table of Contents
Introduction...........................................................................................................................................3
Overview of the Report.....................................................................................................................3
Background of the Company.............................................................................................................3
Main Body (Business Plan).....................................................................................................................4
Different Types of Businesses............................................................................................................4
Your Business Structure....................................................................................................................4
Macro Environment...........................................................................................................................4
Micro Environment............................................................................................................................4
Impacts on your Business..................................................................................................................4
Conclusion.............................................................................................................................................5
Overall argument summary...............................................................................................................5
Recommendations.............................................................................................................................5
References List.......................................................................................................................................6
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Introduction
Overview of the Report
Business enterprise generally refers to the individual spotting any business
opportunity and setting up of a business. The business ideas and thoughts come about for
various reason. A business enterprise require to define that what specific capabi8klity and
resource they will must ensure that they are able to create and deliver their service and
product and also generate desired value for their target customers (Brito 2020). The firm
selected in this report is Dream wedding which mange the marriage functions. This report
will include the background of the organisation, different types of business, organisational
structure, PESTLE analysis, Porter five forces, impact of the macro and micro environmental
factor on the business.
Background of the Company
The respective company that is Dream wedding is UK based company and it is started
with only three employees. An initial investment of GBP 50k. It is a full service business
enterprise that prove it is dedicated and experienced professionals with many years of the
event planning experience. It will bring the equal style and detail to event coordination and
designing every thing from venue to theme. Target market of the respective company will
consist of the individual and families involved in events. This company will facilitate
wedding in different style according to its client's religion, rituals and other way. Dream
wedding has prestige among the bride and its other visitors. Main purpose of this enterprise is
to get company's feet off the ground and into always busy in the respective industry.
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Main Body (Business Plan)
Different Types of Businesses
There are several kind of the business to prefer from when forming a new enterprise,
each with their own legal structure and rules (Freundschuh, 2018). There are four types of the
business which are mentioned below:
 Limited liability companies- That type of business is very flexible an it is a combine
aspects of the both corporation and partnership. It benefit from a limited liability
status. In the, business enterprise exist as their own legal entity.
 Sole proprietorships- It is unincorporated firm and it is owned by only a single
individual. This business type is very simple and offer least amount of the legal and
financial protection for owners (Hazenberg and Bajwa-Patel, 2021). Under this type
of business, an entrepreneur has full control over the company. There are few legal
requirements for a sole proprietorships.
 Corporations- It come under a separate legal entity and create by the shareholder. In
this the owner is personal responsible for all the debt and legal dispute of the
company. This type of business contain three kind of the corporations such as S
corporation, C corporation and non profit corporation.
 Partnership- In this, the business enterprise is owned by more the one person which
are knows as partners. This of business is also able to take benefits if the flow through
taxation (Lin, 2018). It means that the earned income will be treated as income of the
owner so it is only taxed once. Partnership contain different types such as limited
partnership, general partnership and limited liability partnership.
Dream wedding is a partnership company in which three partners are involved with
unlimited liabilities. All of them are responsible for all the debts and liabilities. If the
firm will suffer form any loss, them all of three will be accountable for this loss and also
share the profit.
Macro Environment
Analysing the Dream wedding external competitive environmental for identifying
threats and opportunities. PESTLE analysis is very critical in order to understand external
opportunities and threats that are arising due to the development of macro environment
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(O’Kane and et. al., 2021). In context of the Dream wedding, its PESTLE analysis is
mentioned below:
 Political factor- It play vital role in not only the investment decision by a
transnational corporation by also by the enterprise like Dream wedding. The political
and other environmental factors may impact its long term sustainability of doing
business. Some political factors include democracy and institutions, governance
system, law and order in the market etc. Dream wedding enjoy the political stability in
country ans can make their strategies on the basis of a stable political environment.
 Economic factors- These factor of a region and country have direct effect on
potential attractiveness in given market. Some economic factor that Dream wedding
should measure both in present market and in which they want to enter are GDP,
disposal income, inflation rate, growth rate and other etc. as the country's government
run the deficit budget. Therefore, implication for Dream wedding is that it has
opportunity to boost sale of their product in a short run. This company can also hire a
skilled workforce at competitive salaries as the workforce productivity has grown in
UK.
 Social factors- These factors include, women participation in the workforce,
demographic trend and power structure within society etch that have an immense
effect over the country's economic and workforce talent ability and the level of
customer's demand. Dream wedding should analyse the power structure in society and
their its impact on demand in country. The respective company should consider the
demographic trend to introduce its new service. It should also analyse the attitude
towards the authority carefully before launching any marketing campaign for their
services.
 Technological factors- Dream wedding should analyse the areas where new
technology can empower the supply chain partners. It is very helpful for the
respective enterprise in order to bring some more transparency and also make the
supply chain very flexible. E Commerce is very critical for the Dream wedding,
therefore, it should analyse the technology infrastructure and e commerce
infrastructure before entering in new market. The company should assess level of
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internet and the mobile phone penetration in country to build requisite business model
on the basis of local needs. (Pereira, 2018).
 Environmental factors- The environmental regulation impacting Absolute Cost
Advantage Dynamics in industry. Dream wedding need to know level of the
consumer activism in related to environmental concern is. It make enable the
respective enterprise to develop the environmentally friendly services. The company
also get impacted by the environmental standard and regulation both at local and
national level.
 Legal factors- Before entering into new market, company should analyse the laws
and regulation which they need to comply. Dream wedding should assess level of the
protection that intellectual property rights get under the country's legal system. As a
new player in the market Dream wedding should be worried about monopoly and the
restrictive trade practise law. It need t know about consumer laws, rate of
enforcement, attitude of the authorities towards the consumer protection law and
many more.
Micro Environment
Porter five forces model he borrowed from traditional filed of the micro economics.
These five force determine industry structure of the organisation. In context of the Dream
wedding, porters five forces are mentioned below:
 Threats of new entrants- It consider that how it is easy or difficult for any
competitors to join marketplace. For a new competitors, it is very easy to enter in the
market. If there is a strong threat of the new entrants then Dream wedding will be
willing to earn a less profit for reducing profit. For example if the a new wedding
company enter into market then then it may impact the profitability of dream wedding
company. (Roldán Villanueva, 2020).
 Bargaining power of buyers- It examine the power of byers and their impact on the
quality and pricing. The buyers have high power when they have many option to shift
towards other company. If the customers have a strong bargaining power, then in this
case they usually tend to drive a price down which limiting potential of the Dream
wedding to earn a sustainable profits and revenue. For instance, if other organisation
is offering same service then the customer of dream wedding may shift towards the
other new company.
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 Bargaining power of suppliers- It analyse that how much power an enterprise 's
suppliers has and potential of control to raise the prices. if the suppliers have s strong
bargaining power, then in this situation suppliers will extract a higher price form the
Dream wedding. For example, if dream wedding company has low number of
suppliers then, it may impact the cost of respective company as its suppliers has high
bargaining power.
 Threat of the substitute- This force analyse that how easily a customer can switch
from one brand to another. It examine number of the rivals, how their quality and
price compare to business being examined. If threat of the substitute is high in the
market then Dream wedding has to either continuously invest in its research and
development or its risk losing out to the disruptors in industry. For instance, if other
wedding company provide same service with better quality and facilities then it
become a big threat for the dream wedding company.
 Rivalry- This force consider how many rivals are exist in the market place. This force
id high if there are only a few business. If the competition is intense then it will
become very difficult for the existing player such as Dream wedding to earn more
sustainable profit. For example wedding extravaganza is a big rival for the ream
wedding company. (Yahaya, 2020).
Impacts on your Business
The macro and micro factors analysis is very essential to implement a new business
plan. In this business plan of Dream wedding it may get impacted by the several factors such
as political factors, legal factors, economic factors and many more. All these elements have a
great impact on the respective company. There is high chance that new emerging companies
many impact the Dream wedding by adopting same method of promotion and many things.
The change in customer behaviour and attitude play a vital role in the operation of an
enterprise as the environment is changing very rapidly which may impact the preference of
the society. If there are more option of these type of companies then it will increase the
consumer's purchasing power due to which the company has to reduce its charging fee. Due
top this, the company may suffer from a heavy losses.
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Conclusion
Form the above report it is concluded that a business plan explain about the
company's operation, structure, legal status and many things. The business plan may get
impacted by the external and internal element vastly. They have a great impact on the
enterprise's operational activities. Therefore, it is recommanded to the new business that to
gain any competitive advantage the company should analyse all the factors that can influence
their business and formed some effective marketing strategies efficiently.
Recommendations
It is recommended to the Dream wedding, that its should expand its market in order
to attract new customers. The respective company should make its presence through social
media at a large area so that more people can engaged with it. It should focus on the multiple
platforms such as Facebook, Instagram, twitter and many more. If the company has its own
website then it become very easy for the buyers to visit there and obtain information for
there. By having a strong search engine optimization it can make its business more popular
and well known. The company need to target a large audience so that it can build a large
customer base.
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References List
Brito, Í.M.D., 2020. Business plan for travel with: a started-up company for a tourism social
platform (Doctoral dissertation).
Freundschuh, S., 2018. Micro-and macro-scale environments. In Cognitive mapping (pp. 125-
146). Routledge.
Hazenberg, R. and Bajwa-Patel, M., 2021. The Social Enterprise Ecosystem in England: An
Increasingly ‘Private-Macro’Social Economy Distorted by Policy. Management
international/International Management/Gestiòn Internacional, 25(4), pp.116-132.
Lin, O.C.C., 2018. Business Model And Business Plan (pp. 25-32). World Scientific
Publishing Co. Pte. Ltd..
O’Kane, C. and et. al., 2021. The brokering role of technology transfer offices within
entrepreneurial ecosystems: An investigation of macro–meso–micro factors. The
Journal of Technology Transfer, 46(6), pp.1814-1844.
Pereira, L.F.A., 2018. Business plan: Recycling plant of post-industrial waste of the textile
industry (Doctoral dissertation).
Roldán Villanueva, S., 2020. Anállisis de la oportunidad de negocio en la importación
productos holandeses. Business Plan de WinWafels SL (Doctoral dissertation,
Universitat Politècnica de València).
Yahaya, D.A., 2020. Individual Assignment: Business Plan Report Fundamentals of
Entrepreneurship (ENT300): Go-gurt Enterprise.
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