Table of Contents
Part 1: Business Plans.
1.1 Purpose and uniqueness of “Peace Essentials”.
1.2 Market opportunity.
1.3 Products and/or services the Peace Essentials will offer
1.4 Sales and marketing strategy and activities.
1.5 Competitor analysis and competitive advantage(s) of the business.
1.6 Operational structure and choices.
1.7 Profit and loss summary for Peace Essentials- 2016.
1.8 Estimated Cash flows for Peace Essentials- 2017.
2.0 Funding Requirements.
2.1 Suitable sources of finance.
2.2 Optimum choices for Peace Essentials.
2.3 How investment capital will be used.
Small and medium-sized enterprises have huge opportunities in the current business world including the United Kingdom. Shane and Venkataramn (2014) define the term entrepreneurship as the process that explores and innovates opportunities for new products and services by focusing on a particular target market. Torrington et al. (2015) define entrepreneurship as the process that develops small and medium-size companies to attract new markets and introduce new products and services. Wright and Snell (2014) said entrepreneurship businesses must develop an appropriate plan for business growth and surviving in the market with competitive advantages. According to Britton and Gold (2013), small and medium entrepreneurship businesses to net develop several strategies to continue their business growth.
A business plan is developed in this paper for an entrepreneurship business, called “Peace Essentials”. This report is divided into two key sections: a) business plan and b) funding requirements. As part of business, the first purpose and uniqueness of “Peace Essentials” are discussed. Then, the market opportunities are defined along with defining gaps and potential solutions. Next, the products and services offered by “Peace Essentials” are discussed. Following these, the sales and marketing strategies are explained. Next, the competitive positions of “Peace Essentials” are outlined. Then, operational choices and the structure of “Peace Essentials” are discussed. Finally, a profit and loss summary along with a cash flow forecast for the first year is incorporated. In the second part of this report, several sources of finances are discussed. Then, an appropriate source of finances is defined for funding in “Peace Essentials”. Finally, how the investment will be used in the proposed business activities of “Peace Essentials”.
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Part 1: Business Plans
1.1 Purpose and uniqueness of “Peace Essentials”
1.1.1 Background and uniqueness of “Peace Essentials”
“Peace Essentials” is an entrepreneurship business. This is a small and medium business. This business has gained uniqueness in Islamic products and essentials. The key products these business sales are Islamic clothing such as Hijab, Scraps, Veils, Abaya, etc. In addition, it is selling alcohol-free perfumes and fragrances, Islamic books such as Holy Quran and Holy Hadid (Peace Essential, 2016).
1. 2.2 Location, structure and target audience
This business has now one branch and is now operating only in East London. However, the owners of the “Peace Essentials” are thinking to extend its branches and operations in other areas of London and outside London, mainly in Birmingham (Rahman, 2017). This is a private limited company. This was established in 2008 by two partners. “Peace Essentials” has now 8 dedicated and experienced staff who are serving about 2500 customers every week. This business is using a hierarchical business structure, whereas the director/owner makes all of the decisions that are followed by the managers and employees. The target customers of “Peace Essentials are all kinds of Muslim customers including children, men, women. Most importantly the key target customers are the women ages 15/16 to 65+ who are attracted by a variety of Islamic clothing and essentials (Ullah, 2017)
1.1.3 Peace Essentials’ vision and mission
The vision of a business refers to the key target point of the business. The business always wants to reach this point (Kotler et al., 2014). The mission of a business refers to the planned business made to reach the vision (Palmer, 2015). The vision of Pease Essentials is to be a leading retailer of Islamic essentials in the UK. The mission of Pease Essentials is to ensure quality products at reasonable prices and provide excellent customers to retain the existing customers and attract a new customer base (Ullah, 2017)………..