Paper

Running Head: BUSINESS PLAN 1

BUSINESS PLAN 7

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Business Plan

Business Name and Idea

With the increment in technological advancements as well as internet rise globally, a cyber café will be a suitable business that will help in attaining higher profitability rates and making the desired sales (Pride et al., 2016). An internet café is referred to as a café which offers interest access to the identified public. The fee for utilizing a computer at a café is usually charged as a type of time-based rate. The name of the cyber café will be WuhanC cafe. WuhanC is an exceptional café that will offer a unique forum for advanced communication as well as entertainment via the Internet medium. WuhanC will be the solution to the increment in communication and internet demands. The public in the current era wants to have efficiency in accessing the various methods of communication as well as volumes of data that are available in the internet. Nonetheless, they want to have friendly costs for using the internet in a manner that is not socially not economically straining. The goals and objectives of WuhanC café is to offer the community it will serve a social along with educational and entertaining type of atmosphere for the universe.

Competitors

Every business faces competition and so will WuhanC cyber café. After a market analysis, the key competitors for the business will be those in the retail coffee segment which are Café Paradisio as well as Full City. These businesses are closely located to one another and are located in the downtown area. Nonetheless, they also refer the same segment as that of WuhanC which is the educated as well as mobile student and the business people therefore making the completion stiff. The need to have a well articulated strategy to attain a higher competitive Advantage over this businesses is essential. Competition can also be felt from online service associated providers come from the locally owned companies and the national firms, however they do not matter a lot like the former two businesses. The other anticipated competition is from those businesses that will enter the market after us. Therefore, the business plan entails well thought strategies of countering the competition from the existing businesses and those that will be established later.

Strengths and weaknesses for the Competitors

Strengths

The strengths of these two businesses entail financial capabilities. These businesses have been in operation for long therefore they have the financial resources to run the business effectively from the finance they get from the operations of the business. Nonetheless, the skills is also a strength for both businesses. They have employees as well as management board that have the right and appropriate skills of running a business. Moreover, another strength is in regard to sales as well as marketing. They have been in operation for long therefore they have a higher market share which in turns translates to increased sales for the businesses. Furthermore, they are located in a busy area giving them an added advantage to attain attraction of potential clients.

Weaknesses

Every business has a weakness which can be used by the rivals to attain a higher competitive advantage over it. Most businesses do not reveal their internal weaknesses to save their businesses. However, there are a variety of external weaknesses that are easily observable. For these businesses, they are closely located to one another and they have a capped capacity regarding the business floor therefore they lack the floor to expand and my business can seize that weakness and use it as an opportunity to expand and offer enough space for more clientele base. Nonetheless, with the small working space in this businesses, there is little flexibility for such businesses therefore this is an opportunity to the business venture and will work well for the business in helping fight their highly competitive nature.

Mission Statement

The mission statement of the business is “ To be involved in the establishment of value based relationships with customers as well as stakeholders and adding value to the welfare of the community as a whole.” The objective of the business as depicted by the mission statement is to offer a response as well as trusted and a preferred internet along with communication solution to the community and eradicate the issues experienced in accessing affordable internet and cost efficient cyber café. Nonetheless, it aims at ensuring a well educated community that can use the internet to attain higher education through affordable rates that will be offered by the business. The aim of the business is to offer an essential platform for the community where they can interact with technology and be a part of it without having to strain their resources to access the internet. In the current era, technical comprehension along with knowledge is essential in enhancing a digitalized society and world (Geng & John Wiley & Sons, 2017).

Ownership form of the Business

When starting a business, it is essential to put into consideration a variety of aspects including the ownership form regarding the business. These aspects are essential in the planning of the business and in helping in effective actual representation of the business plan into actuality with ease and convenience. It helps in reconciling the various resources and capital for the business with the activities needed to be performed in the establishment of the business. In this case, the business will be formed on the basis of sole proprietorship (Pride et al., 2016).Sole proprietorship is considered to be the most basic as well as the most common type of business ownership. It is the simplest form of any business ownership. A sole proprietorship type of business is one that entails a single individual who is involved in the engagement of every business activity and practices without any kind of necessity associated with a formal organization.

The reason as to why the business chooses this ownership form is because it requires less requirements when beginning and operating therefore it will help in saving the cost of attaining licenses as well as legal documents for running the business. Moreover, the starting as well as working capital regarding a sole proprietorship is small and manageable therefore it does not strain any financial budgets in the establishment of the business. A sole proprietorship is usually not deemed to be a type of an entity that is Distinct from the owner and it is not owned by more than a single entity. The only disadvantage is in decision making whereby there is lack of expertise decision making due to a single entity as an owner. Moreover, a sole proprietorship is essential in regard to profitability rates since all the profit is identified as the income regarding the owner.

References

Geng, H., & John Wiley & Sons. (2017). Internet of things and data analytics handbook. Hoboken: Wiley.

Pride, W. M. (2016). Foundations of business.