Business Plan Essay
By using this company it would give a clearer picture and nderstanding of the steps involved. The steps that are outlined in the report are as follows: Come up with a good business Idea Write a business plan (Approach lending Institution for funding) Decide on a winning name for your business Choose the form of business you are going to start Get a business License Register for taxes Prepare to have employees Buy other kinds of business Insurance Get your business records off to a good start There are different forms of business in todays society.
The group company Wadadli Jamz is owned by four individuals therefore the form of business being used is partnership. In this form of business the owners generally decides on the product, acquires the facilities, and brings together the labor force, capital, and production materials. If the business succeeds, the partners reap the reward of profits: If It falls, all the partners take the loss. A business must acquire a business license before they can operate legally within their country. In Antigua business licenses are issued by the high court of Justice.
Taxes are apart of every country, In Antigua a business must register to pay taxes.
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Getting business records off to a good start will make it easier to manage the accounting and payroll of the company. Business Idea Our business idea came from Mr. Lucien Pilgrim’s love for Jams. He developed this craving from his childhood years when eating crackers and home made Jam at his randmother’s house. As he grew older he looked for that special taste in Jams at the supermarket. During his visits to several supermarkets he realized that there were more imported Jams being sold than Jams made with local fruits. He then decided to conduct a feasibility study about Jams being sold and manufactured locally.
The results from his study showed that 10% of Jams on the market were made locally. On further investigation it was revealed that senior citizens made most of the local Jams. These are done on a small scale. The recipes from these Jams are not passed on to the younger generation. Mr. Pilgrim then became very concerned that the recipes of the Jams he loved since childhood would soon be “buried in the grave” along with our ancestors. He then decided to start a business where he would keep the recipe and his culture alive.
He approached five people from the community to develop his idea: Jonathan Gilkes – He supplied the fruit trees & Recipes for the Jams Kareem Aska – Accounting and management skills & Successful Business Lawyer Annwareen Ramdin – Marketing experience They were all interested in his idea and decided to invest by putting in shares into the business. ANALYSIS Company analysis: Our goal is to make a profit while marketing a product via the internet and also our focus is to produce the best tasting Jam there is on the market. We have developed a fully functional website that has enabled customers to view the various flavors of jams being offered.