Whats Needed in a Business Plan - 1620 Words

In this task I will be talking about what is included in a business plan, things such as the finance, location, market research, human resource policy and much more. Budget This is the amount of money that can be spent on expenditure over a set period of time. For my business I will set a budget for the first six months as I need to keep an eye on how much money is going out, too much outgoing can lead to the business going in debt. Having a budget for a set period of time will help me control my expenditure and will ensure me not over spending. Therefore it is vital to keep a budget. I would also be losing out on a lot of money if I spent without having taken note of how much cash I am spending. Having a budget is a good way of†¦show more content†¦- After I calculated each fixed cost for every expense I then added them all together and divided it by the contribution (per unit). By doing this I got the breakeven point. Breakeven = Fixed Cost ( £1770) =  £590 Outlet Contribution-Per Unit ( £3) Market Research * Primary Information that I already knew and had together were things such as the target market, about having an online business as most people these days shop online rather than go out to a store * Secondary Researches I did on secondary research helped me with many things, such as competitors, what price I should sell it, who would buy my product and to send out questionnaires. For example, I found that selling my product online and in other popular fashionable clothing shops would be so much better for me to do rather than just set up a store for socks. Location I am going to set my business online as I am only selling waterproof socks so there’s no need to waste money on setting up a store just to sell different styles of waterproof socks, also when I found from my secondary research that people would be buying them from online more. I also found that selling my product in other popular fashionable clothing shops such as River Island, TK Max and many more shops would be really good for my business, I would be selling the sporty designed waterproof socks are mainly going to beShow MoreRelatedThe Key Elements Of A Successful Business1423 Words   |  6 Pagesin small business. I want to know what it takes to build a successful business. What are the skills needed to start a new business? What are some of the steps to building a business model and plan? I am working on getting my degree in business. I am a general manager and will be soon help the company expand in opening two new stores in the next few months. This is something that is exciting to be able to expand the brand. This experience will help me when I am ready to own my own business. I knowRead MoreInformation Resources Planning And Management1547 Words   |  7 Pagesinformation assets for the development of business. 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