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PrincesTrustBPabridgedforCW1DEM2021REFERTemplate.docx( Business name: Student number: Word count: ) ( The Business Plan )
Contents
2.1 Why do you want to run your own business? 3
2.2 Previous work experience: 3
2.3 Qualifications and education: 3
3.1 What are you going to sell? 4
3.2 Describe the product(s)/service(s) you are going to sell: 4
3.3 Opportunity map for your business idea 4
4.1 Who are your target customers: 5
4.3 Where are your customers based? 5
4.4 What factors influence customer demand for the product/service you intend to sell? 5
4.5 What factors influence which business your potential customers buy from? 5
5.1 Key findings from desk (secondary) research: 6
5.2 Key findings from field (primary) research – customer questionnaires: 6
7.2 SWOT analysis of your business in comparison to your main competitors 9
7.3 Unique Selling Point (USP): 9
8. Operations and logistics 10
8.7 Insurance requirements: 10
8.9 Additional information: 11
9. Costs and pricing strategy 11
Business owner details
Owner name: Not required for assessment purposes as the assessment is anonymous
Address: Not required for assessment purposes as the assessment is anonymous
Executive summary
1.1 Business summary:
1.2 Business aims:
1.3 Financial summary:
Owner’s background
2.1 Why do you want to run your own business?
2.2 Previous work experience:
2.3 Qualifications and education:
2.4 Training:
(completed and/or future training courses you want to complete)
2.5 Hobbies and interests:
Products and services
3.1 What are you going to sell?
3.2 Describe the product(s)/service(s) you are going to sell:
3.3 Opportunity map for your business idea
The market
4.1 Who are your target customers:
4.2 Describe your typical customer: (e.g. age, gender, occupational status, home owner/tenant etc. if a business – micro, small, medium, large; sector, type of business activity)
4.3 Where are your customers based?
4.4 What factors influence customer demand for the product/service you intend to sell?
4.5 What factors influence which business your potential customers buy from?
Market research
5.1 Key findings from desk (secondary) research:
(this can include an overview of the market/sector in general. Mintel and FAME are useful sources.)
5.2 Key findings from field (primary) research – customer questionnaires:
5.3 Additional information:
(e.g. PESTLE and how it may impact the success of your business idea)
6. Marketing Mix
Explain the 4 Ps for your product or service as a minimum (you may use the extended marketing mix if you wish)
Insert more rows if you wish
2
7. Competitor analysis
7.1 Table of competitors
(TWO competitors are required based on secondary research)
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Name, location and business size
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Product/service
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Price
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Strengths
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Weaknesses
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7.2 SWOT analysis of your business in comparison to your main competitors
(Strengths and weaknesses are internal; opportunities and threats are external)
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Strengths
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Weaknesses
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Opportunities
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Threats
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7.3 Unique Selling Point (USP):
(What makes your business stand out from the competition?)
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Unique Selling Point (USP)
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8. Operations and logistics
Are you making the product or buying it for resale
8.1 Production:
(If you are buying finished items for resale, leave this blank)
8.2 Suppliers:
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Name and location of supplier
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Items required and prices
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Payment arrangements
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Reasons for choosing supplier
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8.3 Premises:
(If you are working from your residency, state your premises as personal residence; if you are operating online, you still need to operate from premises, but you may not incur rent)
8.4 Equipment
(If you are operating an online business, you will need office equipment and IT equipment; if you are producing products you will need the equipment to make them)
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If being bought
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Item required
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Already owned?
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New or second hand?
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Purchased from
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Price
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8.5 Transport:
(Method of distribution, can include online distribution)
8.6 Legal requirements:
(You are a sole trader, provide details of how to set up as a sole trader)
8.7 Insurance requirements:
8.8 Management and staff:
8.9 Additional information:
(This is relevant if your business requires particular licences such as a food and beverage retailer etc.)
9. Costs and pricing strategy
Calculate the variable cost of one product or the one service (the variable cost = direct costs of production and not the overheads)
Cashflow forecast
