Reflection Report - Business Plan

[ID Number of the Writer]

Research Methods and Processes

The writing of an effective business plan is crucial because it is the main key to attract investors and strategic partners. Thus, it was made sure during the project that the correct method of conduction research is applied. The business plan of coffee shop was defined after considering many factors that can affect the business like market research and analysis, financial requirements and analysis of forecasted statements, assets and expenses created by implementation of business plan and the mission and goal of conducting the above mentioned methodologies (B2B International 2012, pp. 34).

In my research project, I looked at various possible options in developing a business plan. I analyzed the feasibility of using market surveys through questionnaires and found it the easiest way to assess market. The method is also cost effective. This method helped me in identifying the target market that will buy my services at the coffee shop. I made sure that the questions supplemented my research (Anonymous 2011, pp. 32).

I also assessed other possibilities like product testing by which my potential clients can test, see and use the product. However, the method was not feasible as the product was not fully finished version. Thus, this method had the possibility of deviation in results when real product is launched in the market. I have however made it priority to implement this method as it can help me in changing my product according to their needs and demands (B2B International 2012, pp. 57).

I also implemented SWOT analysis in the business planning procedure so that I am aware of latent potentials, strengths, weaknesses and threats of this business. This approach helped me in recognizing the core competencies as well as possible problems. Another option was to do competitive analysis to analyze the market. I listed all similar products and assessed the findings from these products by identifying the positives and negatives of these products (Anonymous 2010, p.10).

The business plan I formulated primarily was designed using qualitative research. After applying interview techniques, focus groups and pre analysed information of the coffee industry in UK, I generated my findings and outcomes (Burgess 2008, p.16). By using qualitative research, I was able to exactly identify the behaviours and demands of potential customers. It helped me in deciding what should be areas to study and what can be principal concerns in starting up a coffee business. Thus, the study unfolded naturally giving me detailed and comprehensive data. Qualitative analysis acts as a catalyst to produce a complete, detailed description (B2B International 2012, pp. 65).

The study however suffered from biasness due to my heavy involvement and judgement in the activity. It might have skewed the data. The method was also particularly time taking. The findings from this study an also not be applicable in any industry as they vary significantly. These findings were generated from a highly small sample and are not tested to be statically significant with the wider population with the same degree of ...