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Business Plan - Essay Example

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Mini’s Bakery Business Plan Name: University: Course: Instructor: Date: Executive summary Mini’s Bakery is an owner managed sole proprietorship business that is expected to be profitable in the first year of its operations. The business is expected to fill the need among low and middle income earners for bakery products in Chelsea…
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Business Plan

The business is expected to utilise technology as a driving force in the future development of its operations. Introduction Mini’s is a start-up bakery business that seeks to provide some of the most demanded bakery products in Chelsea. The business establishment is expected to attract the attention of the local customers through the provision of quality cupcakes and scones. The bakery is driven by the need to provide quality products and it is aspired that a strong market position will be built in the first six months of operations. It is expected that such position will be facilitated by the wide experience of the proprietor in this business and the seemingly low competition in the area. As such, Mini’s Bakery seeks to offer its products at the most competitive prices in the industry and will target both the low and middle income earners as well as tourists. The business The business will be established as a sole proprietorship with the owner having responsibility for operations with the assistance of employees. The sole proprietor has wide experience in both business management and bakery affairs and is therefore well suited to manage the affairs of the business as it seeks to establish a strong presence in the area. For a start, the proprietor will hire three full time bakers who are well versed in all types of breads and cakes in addition to seven other staff who shall handle the other operations within the business. The products to be offered will initially comprise of cupcakes and scones but new products will gradually be added to the line in response to market demand. In order to increase its turnover, the business will engage in both wholesale and retail business and will therefore sell directly to the consumers in addition to other retailers. The keys to a successful operation are quality products and competitive pricing (Finell, 2007, pp.45). Market The market for bakery products is booming in the Chelsea area. Across the country, the market for scones and other types of cakes has been increasing steadily, thus providing the perfect opportunity for the business to grow its market share effectively. The increased demand for these products has been necessitated by an increase in the consumption of hot beverages. The focus of Mini’s bakery is to establish a large customer base which will ensure its success. In this regard, an effective marketing campaign will be launched in the area in order to make the residents acquainted with our products (Park, 2006, pp.23). The residents in the locality will be the initial target market. In any case, the major focus of the proprietor is to establish a steady source of revenue for the business in order to ensure its stability. The area is normally frequented by tourists and it is expected that revenue from tourists will comprise approximately 30% of total revenue. Success is dependent on the production of quality products accompanied by good hospitality (Brown, 2004, pp.56-7). Financial consideration A total of ?200, 000 will be needed for the start-up operations of which ?160,000 will come from the personal savings of the sole proprietor. The rest of the capital will be borrowed from the bank and is payable over a five year period. It is hoped that this money will be sufficient to buy the initial machinery and equipment as well as provide working capital. It is anticipated ... Read More
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