Consider the following scenario:
You have decided that you would like to formally start an entrepreneurial business. To ensure the success of your business, you will produce a business plan. The plan will assess, compare and contrast alternative schools of thought, cultural and political differences which impact the application of management activities within the broad notion of entrepreneurship. The plan that you submit should contain at least the following components:
Table of contents
Executive summary (Abstract)
Definition of the market
Custom Paper Writing Service by Allnursingtutors.com is rated 4.8/5 based on 27 customer reviews.
Have an assignment that you want help in?
Description of proposed products or services
Organization and management descriptions
References Page to align with internal citations
Your final submission should include all of the components described and should be submitted in an 8–10 page APA Word document. Use the class resources and research the Internet to help you in creating the plan. The links to Web resources provided in the unit material will also help you get a clearer picture of what is included in the business plan and what a finished business plan might look like.
The business plan should be researched and professionally written with all the components listed in the assignment description. Grammar, spelling, punctuation, and format are correct and professional. All sources should be cited and referenced using APA format.
The ETECH SOLUTIONS
Every business emerges because of an idea developed by an individual or a group of people. For any success of in a business, an idea must be identified, and then plan and finally implemented. The steps must be done in a chronological order to weigh the strength and weakness of a business to be set up. A clear picture must, therefore, be laid out for possible establishment and growth of an idea. Capital estimates need to be properly projected. This paper will thus describe and outline the features and operation of ETECH SOLUTIONS CAFÉ.
ETECH SOLUTIONS CAFÉ is a modern day based business, meant to best fit the youth in accordance with their lifestyle. It thus intends to bring into place the services and environment suitable with the young learning individuals and at the same time ensuring they offer internet service for exploration to news, current affairs, new ideas and even innovations from other parts of the world. It is a cool and cozy place to get refreshment after classes for students as well as for workers. The target group by ETECH SOLUTIONS is mainly the students and therefore, it will be strategically positioned just by or next to a learning institution. However, it is geared to promote unity, diversity and protection of our culture through organizing and conducting cultural events. It is bound to strictly ensure it provides the necessary and goes by the regulations of learning institution to make sure students remain focused on their core goal of education. The café will provide snacks and beverages as well as online services to its customers. It is planned to start and run in a period of three weeks after the school opens. The initial budget for the launch of the business is estimated to be 1,029,000 US dollars and the expected returns in the first three years are $480,000. However, these figures are bound to change due to internal and external factor that could arise in the process of business’s operations. It will set aside enough fields for basking and resting as students and workers intermingle. For our market, our café will be profitable and will be competitive with a noticeable growing margin every year. It will expand and become a big business in the future worth millions of monies. We intend to even move extra ahead and open in other countries in future. We also plan to integrate shares selling after a successful growth of our café. ETECH SOLUTIONS Industries will be in an excellent position to win government contracts. It is by any means a place for investment where exclusive returns are believed to be obtained (WARD, 2017).
TABLE OF CONTENTS
The ETECH SOLUTIONS will be an Internet cafe oriented primarily towards intellectual metropolitan youth meant to offer the customers both luxury plus a broad diversity of openings to share, as well as an entertain scene. The ETECH SOLUTIONS is thus a great rest point for spending one’s free time with acquaintances, surf the internet at the same time having one’s snack of choice, or just momentarily to drop in to check for a job email or an alert and at the same time cup of coffee. Customers shall distinguish The ETECH SOLUTIONS as a calm safe place, in the middle of a busy city, whereby a person could take a moment of refreshment and relaxation.
The ETECH SOLUTIONS will focus on two major gears:
The ambiance plus the quality of services offered, the inner part of the cafe is designed to stand-out as the most significant distinctive features of ETECH SOLUTIONS, compared to the other surrounding cafes in the town rendering same services, which include; e-Cafe, Hot-Spot Cafe as well as @-Coffee – that were identified to be the probable competitors’ to ETECH SOLUTIONS targeted audience. Both internal as well as external background shall mirror the Americans 1960s’ fashion and integrate rocking roll song, pop-art as well as the impression of a road-abode. Some other chief facets shall fall on quality of our services to our clients. We shall find our expressions by supplying our clients with trouble-free and complete access to Internet services such as emails and even any other application. Moreover, The ETECH SOLUTIONS will provide a range of well-liked, luscious coffee brews and light snacks. This will be made possible by setting up a bakery which will be operated by us. The coffee varieties will be purchased and ordered from the known reliable distributors in the world. Also, we have an intention of hiring a barista that shall be an added aspect in the favor of The ETECH SOLUTIONS. The targets group by cafe is young population the age of 35 years and below who are known to appreciate the typical guts of American customs of the twentieth century (Fischer, 2010).
Our Missions and Aspiration
Our mission as ETECH SOLUTIONS is being an outstanding ideal meeting point for work-group as well as entertainment to our customers. ETECH SOLUTIONS shall as well nurture and as well uphold a social setting conducive, in which active as well as creative young people will not only meet to spend or enjoy and have funs but too engage one another on ground of ordinary interests’ along with hobbies. The café wishes to be a place for all, a one-stop point for refreshments and relaxation. And a meeting point for new friends from various part of the country.
To ensure the success and survival within the market among our competitors, The ETECH SOLUTIONS will heavily in invest in the following areas and issues that best impact positively to its operations:
– Powerful computers, as well as high-speed Internet links, shall be used to ensure fast online or surfing services for our clients.
– Exceptional interior designs, creating the vivacious and comfy atmosphere for our visitors will be ensured to make the café remain unique and presentable place among many thus wedging out its competitors.
– Make use of welcoming and courteous personnel – constantly have fresh pastries for all taste making sure to have the most well-liked varieties of quality coffee beverages. Professionalism will be ensured when handling customer to make a good fast impression and thus win their loyalty.
– A social atmosphere favorable for sharing, pleasuring as well as making new friends will be ensured. These offer visitors a room to refresh from work ergonomics as well as class settings and feel more relieved from the routines.
– An extreme advertising campaign, both online and external, rigorous marketing strategies will be employed to boost the popularity of the business within the city (Aaker, 2001).
The advertising campaign for The ETECH SOLUTIONS will be laid out in three levels:
Level One: Luring the attention of the potential customers.
Sometime just before the launching of the, we shall introduce ad words all over the media in the popular marketing platforms. The technique of this ambient marketing is favorable, though with an intention of holding a large multitude on the opening date to ensure business popularity. News will be spread more widely to reach the target groups. This will ensure that the café starts at a high note and remarkably. The impact is increased customers due to influence from the already available ones.
Level Two: Making the opening date clearly known to potential customers.
At this level, publications shall be released on radios, TV and newspapers to reach out to many people and purposely on the radio station that specialize in the broadcast of rocks and jazzes music. Internet will also be a tool for advertisement whereby the announcements shall as well be made online by starting our own website and making accessible on social media like Facebook, WhatsApp and twitters handle. Considering the youth are more associated with social groups, it will therefore wise to use the media platforms to create awareness of the business to them (Dapena-Baron, 2013).
Level Three: Referrals and customer loyalty rewards.
And finally, an inconspicuous method to enhance customers’ loyalty to the introduced café, a reward system will be devised and set in place. For instance, for the period of the first three to four weeks, considerable price cut shall be ensured, referrals and other rewards shall be introduced. This will highly claim many constant and reliable clients in our business.
The money required for the start and drive of the café will be gotten from owner’s savings and credits from investors. The below is an estimation of the current economic situations which might change with time. Supplementary money is thus required in case of increased capital investment beyond our planned values. In as much, it’s an estimation a proper and detailed research has been conducted for easy start and running of our café.
Our Operating Expense (in form of U.S. dollars)
Consulting services – 31,000, this is the amount necessary for seeking advice and more knowledge on the operation and running of the business at present and in future in order to ensure its survival (Fuchs, 2013).
License and registration – 2,500, this is the finances needed for the business to meet the law requirement of the state for its legal existence.
Technological design – 44,000, this is the funds required to implement the strategies set according to the level of technology to cope with the existing world and the present nature surrounding the business environment (Olivas-Lujan & Bondarouk, 2014).
Engineering design – 56,000, this is the cash for evaluating the external and internal factors and issues surrounding for the success of the business in operation (Roubtsova, 2016).
Decoration expenses – 23,000, this is the required money for the outer image of the business meant to lure people towards the business.
Kitchen equipment – 102,000, this is the amount for buying cooking requirements for the staff in operation.
Computer equipment – 162,000, this is the amount necessary for the start of the operation and provision of the core services by the business.
Web domain registration – 500, this is the capital required to make the business available on the internet for access by the target customers.
Software – 38,000, this is the amount that ought to be put in place to purchase software for the management of the business appropriately.
Printing materials (menus, fliers, leaflets) – 12,000, this is the cash needed to produce all the materials necessary for the familiarization of the existence of business to the external world.
Personnel – 348,000, this is the much that the business needs to hire professional manpower to run it.
Promotion and advertising – 210,000, this is the amount required to sell out the name of the business, its product and services it has at hand.
Total expenditure – 1,029,000, this is the sum of the capital required to start the operation of the business.
The ETECH SOLUTIONS revenue shall be based on the interest earned from the provision of internet services and selling of coffee as well as pastries to our clients. Discounts shall be introduced and awarded to the regular or loyal customers. Moreover, all our customers shall get 5 per cent discount on the use of internet in the time between 12.00 am midnight to 6.00 am in the early morning. The expected number of frequent customers’ in year one of business operation is around 800. The number is projected to go even higher to about 1500 in the second year and even rise further to probably 5000 in the third year. It is thus expected that the café shall bring an income revenue of 800 x 300 = $24,000 in the first year; 1500 x 300 = $450,000 in the second year; and 5000 x 300 = $1,500,000 in the third year. If all shall be well, the net earned revenue by year three shall be 1,500,000 – 1,029,000 = $480,000. The suggest figures may not match and therefore may differ from the possible seasonality arising in the activities of the café that are too contemplated. From the reality that The ETECH SOLUTIONS is youth-oriented, predominantly students, hence its positioning is proposed to be next to an educational society, in the phase from August to January, a reasonable income growth is anticipated. On the contrary, a reduced return is forecasted in the summer period as school is believed to on vacation. Future forecast starting from a single cafe, The ETECH SOLUTIONS will progressively turn out to be a set-up of cafes transversely the country. It will mainly be identified for its commercial distinctiveness and hospitality to their customers. We have it in mind to broaden our horizons and spread out the capacity of the cafes’ actions, by using a small amount of our business revenues, for example, to conduct a variety of cultural proceedings, or reveal works of fashionable artists. This will make us even more popular and be promising to our client and the surrounding society (Counelis, 2013).
Aaker, D. A. (2001). Developing business strategies, sixth edition. New York : John Wiley & Sons.
Counelis, J. S. (2013). Estimates in futures : projections, planning and the university budget. San Francisco: University of San Francisco Office of Institutional Studies.
Dapena-Baron, M. (2013). The strategic learning organization : connecting company capabilities and customer loyalties. University of Pennsylvania : Penn dissertations.
Fischer, C. S. (2010). Made in America:A Social History of American Culture and Character. University of Chicago.: ISBN.
Fuchs, J. H. (2013). Making the most of management consulting services. New York: Amacom.
Olivas-Lujan, M. R., & Bondarouk, T. (2014). Human resource management, social innovation and technology. Emerald: Bingley, U.K.
Roubtsova, E. (2016). Interactive modeling and simulation in business system design. Cham, switerzland: Springer.
WARD, S. (2017). Executive Summary of the Business Plan. thebalancesmb .