Developing a business plan is an important step as it helps in considering important factors and future course of action for the business.
When I was given the assignment I had two business ideas. One was event management for weddings and the second idea was setting up a cake shop selling designed theme cakes.
Both these ideas are something I want to set up in future. I decided to use the Cake Shop idea for my business plan as I thought it would be easier doing this for assignment purposes than doing event management. I have always wanted to set up a cake shop because from personal experience I have seen this is a money making business and my sister and cousin are exceptionally good bakers and I have always asked them to set this as a business and sell cakes for all kinds of events not just birthdays.
Plus, I love the creativity side. Coming up with the idea was the easiest part but anyone can come up with an idea, how it will all come together and how you move forward with the idea and make a business out of it is the challenging part.
I did this by completing my market research as it was very important to understand the market, the trends, what the customer wants, who my competitors are.
I have understood the way you market your product and have learnt about the important process of understanding your target market, and completing your market research and being aware of your competitors.
It is easier pointing out the unique selling points but I have learnt how to use the uniqueness to promote my business. I have learnt the importance of setting the pricing strategy right. It felt like I was working on a real business covering every little detail. I enjoyed talking to consumers during my market research getting ideas from them learning about the consumer behaviour what they want.
I found a gap in the market where client did not know who to trust and where to buy cakes from. It is all about having the right product and how you sell the product to the consumers.
I used the social media platform for Market research purposes. I believe that customers should buy these cakes because they are fun tasty treats, something that every customer can relate to, share the treats with their family and friends and every customer will feel happy about their purchase.
I have learnt the importance of using the up to date trends to reach out to the public. This helps you create awareness of the product and also is a good source of getting feedback. I am not a baker but during working on this task, looking for suppliers and looking at what things I would need for my business I have learnt basics about the essentials needed for bakers.
I have made a check list of what I need to do for my business, which I found useful and I believe this can be useful to others who are interested in setting up a business. This assignment was using your own initiative. I got many tips from them which I have covered in my previous posts.
I found to be amending my business plan every time I learnt something new, about partnerships, overheads, licenses need and health and safety.
I have understood the importance of partnership and how having partnership can help you share tasks. I first made a brainstorm of all things I needed to find out. I thoroughly enjoyed working on this business assignment. For example meeting Helen Grant Business Officer I came aware of all the things I would need to cover as my business involves food and how getting the food rating scheme would be an incentive for my business and what training qualifications I would need.
I got a lot of confidence from feedback I received from speakers I met and my lecturer. I got confidence from the Kirklees Business Conference where I got the opportunity to speak to different people from different organisations.
I have enjoyed finding the solutions to problems. I believe working on a business plan requires a lot of patience and the only way you get information is through research.Jennifer's Business Plan Friday, 3 June Reflection I am very pleased that I have managed to do this and feel that it is a really good reflection on my personal and professional abilities at coping under real life strains in the future.
Dec 07, · Business Planning has been a very challenging but fun and learning experience from me. When I was given the assignment I had two business ideas. One was event management for weddings and the second idea was setting up a cake shop selling designed theme cakes.
Both these ideas are something I want to set up. Planning, Startups, Stories Tim Berry on business planning, starting and growing your business, and having a life in the meantime.
10 Reflections On 2 Business Plan Competitions. Researchers Giada Di Stefano, Francesca Gino, Gary Pisano, and Bradley Staats focus on the reflective dimension of the learning process and propose that learning can be augmented by deliberately focusing on thinking about what one has been doing.
Reflective Report On Business Plan. Business Plan Report Format: Executive Summary Business Background The Organization Vision As a game company, the Fredom United stand as one in the quest to produce the best products and provide the best services available.
We are committed to bring customers only products of the best quality and treat the customers with respect, attention and care. Reflection- business Plan. 1. State how the essentials components of a business plan and financial statements aid in a company’s success.
2. Explain why you believe a company will be more successful if they complete a business plan. It only needs to be words and it has to be done in the next hours.