Business Plan Summary

Business Venture Preparation MGT/465 Version 2

1

University of Phoenix Material Business Venture Preperation

Part One: Business Venture Preparation

The business our team chose is:

Bakery

Our justification for choosing this business is:

We choose a Bakery, because we have full creative control on the products we will be providing to the customers. Our bakery will have many options from pastries, cakes, brownies, pies, and breads.

 List each team member’s name and the role that they will be playing on the Business Start-up Team.

 Team member roles should accurately define the expertise each member contributes to the development of the business venture. Team members can possess more than one expertise.

Team Member

Team Membe r Name (insert here)

Team Member Name (insert

here)

Team Membe r Name (insert here)

Team Memb

er Name (insert here)

Team Memb

er Name (insert here)

Team Membe r Name (insert here)

Target Market

Kenneth William s

Damascus Johnson

Suppliers Van Boubek a

Damascus Johnson

Advertising Kenneth William s

Damascus Johnson

Location Van Boubek a

Damascus Johnson

Research and

Develop

Kenneth William s

Damascus Johnson

Business working hours

Van Boubek a

Damascus Johnson

Copyright © 2016 by University of Phoenix. All rights reserved.

Business Venture Preparation MGT/465 Version 2

2

Managers Kenneth William s

Damascus Johnson Van Boubek a

Respond to the following questions regarding team member commitment to the business venture:

1) Discuss and document if the business venture will be a full-time commitment or will start-up team members commit to part-time involvement.

The bakery business will be a full time commitment.

2) Discuss and document how the team members will get buy-in from family members to enter into this business venture.

Show the family how good the products are, and the demand the customers are asking for. Doing a small local presentation for future investors.

Copyright © 2016 by University of Phoenix. All rights reserved.

Business Venture Preparation MGT/465 Version 2

3

Part Two: Market Research Complete the following template based on the team’s marketing research results for your business venture:

Marketing Element Research Results Consumer Need for Product or Service

Creating jobs we love. Feeding locals. Creating local jobs.

Target Market Economy of Chosen Location/City/Region

Downtown/ San Diego, CA./ San Diego County

Consumer Demographics

Any and everybody.

Industry Research Barrier to Entry Are Low, obtain a license and will have to comply with health and safety standards,

According to bizfluent. Bakery Industry Analysis (bizfluent.com) Current Market Saturation

11,304 Bakery business according to IBISWorld. Bakery Cafes in the US - Industry Data, Trends, Stats | IBISWorld

Suppliers Standlee’s INC Home (standleesinc.com) Legal Business Structure to be used and justification for selection

Limited Liability Private Company, it limits responsibility of the companys debt or liabilities that the company may incur to the amount we invested as capital in the bakery. According to CHRON. How to Start a Private Bakery (chron.com)

Government regulations to be Considered-Local, State, and Federal Types of Insurance to Consider Workers’ compensation costs for bakeries, Business owner’s policy costs for bakeries,

General liability insurance costs for bakeries according to insureon. Bakery Business

Insurance Cost | Insureon

Competitor Data Pricing Model Donut Bar Business Model Business to Consumer Business Model Key

Customers Suppliers The Kilted Cake and Supply. ( The Kilted Cake & Supply - Home)

Business Size (Annual Revenue $ )

$577 Per Day, 150,000 annually Acoording to IBIS Bakery Cafes in the US - Industry Data, Trends, Stats | IBISWorld

Business Location San Diego, Temecula, Eastlake, Pacific Beach, Las Vegas, Riverside, Tucson

Copyright © 2016 by University of Phoenix. All rights reserved.

Business Venture Preparation MGT/465 Version 2

4

Copyright © 2016 by University of Phoenix. All rights reserved.

Business Venture Preparation MGT/465 Version 2

5

Part 3: Reflection and Observations

Answer the following questions:

1) What role did each team member provide to obtain business plan information?

Kenneth, Van, and Damascus each did there share of the work. Van taking on the market research. Kenneth will be writing the 350 word essay. Damascus going over everything wrapping it up.

2) What roadblocks did the team face when obtaining required information?

Nothing at all, the project was smooth sailing.

3) What lessons were learned during the week’s Learning Team assignment,which can be applied during the specific phase of business start-up?

Learning about the different phrases of the marketing research.

4) What is the team’s overall observations of this week’s assignment relative to the type of information needed to develop a comprehensive business plan?

The tram overall observation was looking at all of the detail, particular starting a business.

5) How does this week’s Learning Team assignment support the Learning Objectives?

Researching and developing a business, business trends, location, market, etc…

Copyright © 2016 by University of Phoenix. All rights reserved.

Business Venture Preparation MGT/465 Version 2

6

References

References Roe, J. (2019). Bizfluent. Bakery Industry Analysis. Retrieved From Bakery Industry Analysis

(bizfluent.com). (2020). IBISWorld. Bakery Cafes Industry In US Retrieved From Bakery Cafes in the US - Industry Data,

Trends, Stats | IBISWorld Merchant, P. Chrom. How To Start A Private Bakery Retrieved From How to Start a Private Bakery

(chron.com) Insureon. How Much Does Business Insurance Cost For Bakeries Retrieved From Bakery Business

Insurance Cost | Insureon.

Copyright © 2016 by University of Phoenix. All rights reserved.

Business Venture Preparation MGT/465 Version 2

7

Business Venture Preparation

Van Boubeka, Damascus Johnson, Kenneth Williams

University of Phoenix

Jan 25,2020

Copyright © 2016 by University of Phoenix. All rights reserved.

Business Venture Preparation MGT/465 Version 2

8

Business Venture Preparation

Selecting the right business can have a business in the right path to success. As the

investors into a startup, we need to decide what actions will make us stand out and bring in the

most profit. We will need to research the best area that is dire need of the field that we will be

getting into.

Market Research

The job we have decided to come go with is a bakery business. “Retail bakeries are the

most common type of bakery, and they are the bakeries that sell baked goods and breads directly to

customers” (2021, WebstaurantStore). The business is called “In the Mix”, located in Downtown,

San Diego, California. The downtown will have a great amount tourism that comes through San

Diego daily to get away for vacation. Establishing a good social media outlet will make it point for

them to visit and have something to look towards when coming into town. In the Mix business

model will be a business to consumer. The reasons why we decided to open a bakery business, is to

have full creative control, it is a lucrative business even during the Pandemic, and competing with

local bakeries. The business hours we will choose to go with will be 7:00am to 4:30pm to cover the

customers need for breakfast items and anything items they want at the end of the day when they

are heading home. Our business is a full-time commitment, with some family members being key

part of the staff. We got family to invest in our business venture, and provided them with

employment. The greatest part about our business is it’s for any and everybody that enjoy bakery

goods.

Getting into the bakery business is fairly easy. Bakery business can enter the business with

little to no capital, depending on if you are opening at a shop or at your home. We will do our

research to find multiple wholesalers to purchase the supplies needed such cases, displays,

Copyright © 2016 by University of Phoenix. All rights reserved.

Business Venture Preparation MGT/465 Version 2

9

ingredients, pans and baking tools. “A bakery can attract a wide variety of customers. Doughnut

chains like Dunkin’ Donuts and Krispy Kreme succeed by offering tasty treats that are affordable

for the general public” (2021, Howtostartnllc). According to bizfluent “The two main determinants

of a new company’s success is the leaders' ability to acquire sufficient distribution channels to

cover operating costs and their ability to build up brand recognition and loyalty.” Bakery business

have little to no negotiating power due to the market supply and demand. There are currently

11,304 Bakery business according to IBISWorld. To continue IBISWorld is expecting the bakery

industry to reach a saturation point towards the end of the period.

Conclusion

Customers are excited when they see a business that has the backing of military veterans

that are bring business to community that will fuel the local economy. There are many bakery

shops around, we are specifically competing with the donut bar. The Donut Bar is a popular

establishment around Southern California. We will make it a mission to stand out from our

competitors by have such things as free Wi-Fi, sampling, member perks and arts and

entertainment. “Sampling can immerse a small bakery into an entire community of small

businesses and can help establish lucrative professional relationships, such as becoming a regular

supplier of baked goods for large offices, schools and government institutions” (2021,

Smallbusiness.chron). An average bakery can make up $577 per day and 150,000 annually in a

popular location. The Donut Bar get there supplies from a local establishment The Kilted Cake and

Supply. We are competing with Donut Bar and are goal is to surpass them in a couple of years.

Copyright © 2016 by University of Phoenix. All rights reserved.

Business Venture Preparation MGT/465 Version 2

10

References

(2018). WebstaurantStore. How To Start A Bakery. Retrieved From How to Start a Bakery Business With Successful Results (webstaurantstore.com).

How To Start A Bakery. Retrieved From How to Start a Bakery (howtostartanllc.com)

Wallace, M. Chron. How To Get More Customers In A Bakery. Retrieved From How to Get More Customers in a Bakery (chron.com) .

Copyright © 2016 by University of Phoenix. All rights reserved.