Business planning Essay
Munchies Internet Cafi?? is an internet/cafeteria business which had been establish in 2007. This essentially means that customers can have the chance to surf the internet for the price of buying a chocolate muffin. I think I have the relevant skills and capabilities of opening a business, because I have business qualifications that are required and I have also achieved an actual A-level in business. I feel that I have a good business brain and I am willing to take on challenges.
With good business acumen, I feel that I should operate as a sole trader. The reason being is because it is the way many businesses begin. The requirements in intending to become self employed are relatively straight forward, and there are few restrictions about what I can do with the money I will earn. By starting up as a sole trader it is cost effective and the business is relatively cheap to establish and run. I will also have the added advantage that sole traders typically pay less tax than any other class of working people.
I am very convinced that if the right resources are used then the business will come together and grow, which alternatively leads to making
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I have recognised what changes and alteration I need to make to meet the needs of customers. In my youth I have visited and purchased from cafes myself, so I know what there is to do when it comes to customer satisfaction and to provide and excellent service. I feel that my service will benefit customers around the small area if Bingley, and in addition to those living in the rural part of Bingley, because according to past records most the people around my premise are less financed in terms of income. So for those who do not have access to the internet can benefit from my service.
I believe that I can offer the highest quality food that can be effective and efficient to internet users. However even though I am only opening the outlet, I feel that if my business is a success in the first or second year I want to open more branches around the UK. The business will be fully equipped with top range equipment and computer technology. I believe that by having the right physical resources, then the staff can work to an extent to provide that excellent service. Although this is costly, I have decided to take out a bank loan which is to be paid back in 2010.
I undertook this decision, after deciding that it will be more efficient and more effective in the long run from comparing to leasing out the equipment instead. I have previously worked in Ikea, so I have the relevant skills for interior designing aswel, so the work inside the cafeteria will be done by me. There is a capital of i?? 35,000 for start up costs and equipment. Running the business by me means I have to keep track of monthly income and expenditure, which means holding on to all invoices and receipts from clients and other traders.
This inject of capital had been saved from a long period of time in my working life. So therefore I have avoided any charges of any kind, because it is my own money and I do not have to pay it back. My main aim for the cafi?? is to achieve a money-making profitable business that has the capability of expanding in the years to come. I have predicted that the business can achieve atleast i?? 55-60,000 in 6 months, and that I have a good prospect in using the profit wisely as I have assess my current situation and I feel that my business that can be successful.
I have made decisions about excluding some of the profit, about 20% to a reserve fund, which can be used in future to help maintain the cafi??. The reason why I have excluded some of the profit is because if something was to occur, I will have some kind of finance to fall back on. As I am control of the business I have also decided to exclude another 20% of the profit for my own personal use. All of these exclusions will appear on the cash budget when financing the business, and I will be withdrawing them at the end of each month.