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Business Plan: Idea, Market Analysis, Human Resource Planning, Legal & Regulatory Requirements and F

Idea

1 What is the business offering (product/ service etc.)?

1.2 How is the business adding value to its potential customers? 

1.3 Why is the business different from other existing ones?

In this section you should describe your proposed new venture, explain how the idea was created and provide convincing evidence to justify your rationale.  Why is your business different from your competitors?  Pick 3 competitors and tell us what they offer. Highlight what makes your business offering unique.  Some sections of your business canvas will be relevant here. They include key partners, key resources, revenue streams, cost structure and customer relationships. Also show how your idea addresses customer pain points and describe your value proposition in much more detail here than you did in the previous section to address 1.2 above.

2.0 Market Analysis

2.1 What is your target market?

2.2 What marketing and distribution channels will the business use?

2.3 Who are your competitors? 

In this section you are expected to demonstrate awareness of market segmentation providing demographic data e.g. age, gender, spending ability etc. Propose adequate strategies for attracting your target customers. Include a comprehensive competitors’ analysis that will acknowledge potential competitive threats and outline a clear and effective differentiation strategy.  Ensure you use the PEST and other analysis tools we have covered in class  In your competitor analysis section, provide a detailed SWOT table indicating your businesses strengths, weaknesses, opportunities and threats and include a competitor table comparing your business key offering with what the competition is offering 

3.0 Human Resource Planning

1.1 Who are the business owners? 1.2 What is the entrepreneurial team’s background? 1.3 What staff does the business need?

This section should give details about you as the business owner. Provide a summary bio of yourself.  Provide a forecast of your company’s human resource needs and outline a plan for recruiting, training and developing the right staff. Explain the process you will follow to achieve this in detail.   Which key roles will you need to fill ? What type of people will you need in your business? What will each person be doing? Will you be outsourcing any roles?  Who will be on your team? Highlight your team’s capability for ensuring the success of the business. As a minimum, you should have 4 team members.  The key resources section of your business canvas should provide you with details relevant here. 

4.0 Legal & Regulatory Requirements 

In this section you should address what legislation and regulations apply to your business.  Are there any specific licenses or qualifications required for you to operate the business either legally or for credibility? Do you need an office, a kitchen, insurance etc?  How does the current COVID-19 pandemic affect the legal requirements in your industry? What new rules and regulations will you need to consider due to this? 

5.0 Finance

5.1 What are the company’s financial needs? 5.2 How long until you break-even?  5.3 How is the business going to be funded?
n this section you should detail your expected expenses and include a financial forecast.  How much sales do you need to make to break even?  You should also present your approach to achieving the required funding to set up and run the business and justify their rationale. The information you provided in the key resources, revenue streams and cost structure sections of your business canvas will be very relevant here

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