Business Plan

Table of Content

Introduction1

Discussion2

Importance of Business Plan2

Comparison between Establishing a New Business and Buying an Existing One3

Business Plan of Coffee Shop3

Business Overview3

Objectives of the Business4

Mission of the coffee shop4

Keys to Success4

Ownership of the Coffee Shop5

Location of the Coffee Shop5

Products and Services5

Products and Services Description6

Market Analysis6

Marketing Strategy of the Recreative Coffee Temptations7

Management and Staffing8

Competition Analysis9

Conclusion9

References11

Business Plan

Introduction

Drafting a business plan holds a significant importance. Every business even business at a small level needs a formal business plan to raise and make profits. It assists a person to analyze the market, potential growth, associated risks and benefits. After deciding the nature of business to pursue, An entrepreneur requires to write all the ideas and goals in order to put profound insights on the business and analyze the market. This will result in improved analysis of the idea, and it will guide whether the business is viable or not.

If a person is planning to start a coffee shop business then the first thing he needs to do is to make plan first before he starts the business. In this way, the person can easily examine all the pros and cons of pursuing that business, and he will be better understand of what actually he needs to do to get a greater profit margin.

Discussion

Importance of Business Plan

Setting up a business serves as a journey. A business plan acts like a map that indicates the destiny and guides where to go. It serves as a systematic step by step process to help to reach the company goals. It makes each step clear which results in better understanding of your plan with the market. It helps the company to achieve the stability and maximize the profit margins.

Drafting a business plan helps to analyze the business as a whole. With the help of business plan, examination of business strengths, weaknesses, opportunities and threats have become easy. It helps in establishing a unique competitive advantage, because business plan carries out an in-depth market analysis and research. An entrepreneur can easily identify his current as well as potential competitors and their core competencies and competitive advantages.

Comparison between Establishing a New Business and Buying an Existing One

The acquisition of an established business eliminates the risk factors. Entrepreneurs do not have to put efforts on promotional activities as the entity already has established and gained the likelihood in the market. The products and services of the existing business is already been used by customers and so customers do not hesitate to buy things again from that company. The existing businesses have already well established relationships with customers, stake holders, business partners, and suppliers. Fixing a price for a new product is not a big deal to the existing companies as people already have exposed to their products and can buy their products because they have a high quality.

While on the other side, establishing a whole new setup of a business requires a lot of efforts. Entrepreneurs need to be careful at every step of the establishing stage. They have to go through aggressive ...