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Assignment 2: Expanding Your Business 
Due Week 8 and wort


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Assignment 2: Expanding Your Business 
Due Week 8 and worth 240 points

Referring to the same business you either started or purchased in the first assignment, write a 6-8 page paper in which you:

  • Outline a financial plan for your small business.
  • Develop a guerrilla marketing strategy for your small business.
  • Discuss the most appropriate location for a second store (an actual street address). Explain your reasoning.
  • Outline a plan for securing sources of debt financing for your second store.
  • Include at least two (2) references outside the textbook.

Your assignment must follow these formatting requirements:

  • Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; references must follow APA or school-specific format. Check with your professor for any additional instructions.
  • Include a cover page containing the title of the assignment, the student?s name, the professor?s name, the course title, and the date. The cover page and the reference page are not included in the required page length.

The specific course learning outcomes associated with this assignment are:

  • Describe and analyze the necessary activities and key decisions to start a small business.
  • Analyze the key financial management considerations in operating a small business.
  • Develop a guerrilla marketing strategy for a small business.
  • Analyze the role of pricing, credit, and equity financing in defining a business strategy.
  • Use technology and information resources to research issues in small business management.
  • Write clearly and concisely about small business management using proper writing mechanics.

Grading for this assignment will be based on answer quality, logic/organization of the paper, and language and writing skills.




Running head: BUSINESS DECISION Assignment 1: To Build or Buy

 

Benjamin Beltran

 

Professor Angela Harris

 

Bus 402: Small Business Management

 

31 October 2016 TO BUILD OR BUY 1

 

Introduction A small venture begins with a thought, and more often than not an extremely energized

 

specialist who endeavors to transform their fantasy into reality. Programming organization

 

Atlassian is one such business. Fellow benefactors, companions Scott Farquhar and Mike

 

Cannon-Brookes, began their business in 2002 as college drop-outs, working in a carport with a

 

few servers and $10 000 on a charge card. Offering programming utilized by a portion of the

 

world's biggest organizations, this young innovation group has developed from two to more than

 

800 representatives. It is right now esteem at $3.5 billion [But12]. There are also some of the

 

other small businesses which are around a person such as shopping malls, bakery, coffee shops,

 

etc.

 

Selection of Business

 

One of the significant choices that a private company proprietor must make is picking a

 

proper location for his or her business. Building up a Bakery as a counter business with a

 

focused technique to explore through boundaries set up by existing Bakeries is the current

 

arrangement [Ada13]. The underlying pastry shop has managed cakes, bread, croissants and

 

espresso, teas and different refreshments.

 

Business Strategy for Bakery Business

 

Once the owner decides the name for the bakery is chosen, and the sorts of things that

 

will be offered, the time has come to find a way to open the bakery. It is a procedure that takes

 

careful planning, however; when done accurately; it can yield significant returns and personal

 

satisfaction for that individual as a pastry shop proprietor. Notwithstanding arranging, finding a

 

specialty item, for example, veggie lover pastries, tasty bread or heated breakfast products can TO BUILD OR BUY 2 help the business succeed. This new business procedure includes a similar menu with other

 

cooked sustenance served at breakfast and lunch. The floor plan will incorporate a rail like a

 

pioneer to control the general population through the nourishment requesting line [Joh01]. The

 

pickup counter will be situated far from the requesting line to give clients fast access to sitting if

 

they have not picked their seating. The sustenance menu will rest on the divider over the

 

requesting counter in huge letters simple to peruse among an excellent foundation to include a

 

peaceful touch of solace while the clients make the most of their breakfast or lunch. The

 

refreshment counter will situate in a range far from eating clients yet close by to permit access to

 

water, espresso, and different beverages.

 

The area of the business will be in the inward city in a high thickness territory, all around

 

lit, with road stopping and clear walkways. The building outside will crisply paint with naturally

 

introduced windows permitting both clients within to see out and individuals going by the

 

unmistakable perspective of seeing inside. Expansive, bright neon lights will promote the

 

business around early morning and day. It will focus on the both serve and go customer?s and sit

 

down and take my time customers while also making the bakery dog friendly. The owner will be

 

interested in the likelihood of offering elements for those clients who might be intrigued [Liz13].

 

The point is to give an at home environment with a touch of fast food accommodation.

 

Decision Regarding Buying or Starting Business

 

Figure out whether you would want to buy an existing business or start new. Clarify your

 

reasoning. The choice of purchasing the existing business has some benefit like, having an

 

existing menu, all kitchen equipment, tables chairs, etc. But some questions need to be asked.

 

Would the brief changes lose cash for the new proprietors while the renovating is done or could

 

normal operations proceed? Then again would it be important to change the present type of TO BUILD OR BUY 3 ownership? Could purchasing the current business be changed over to the new dining floor

 

arrangements while still meeting fire codes? There are different types of options in the bakery,

 

and that also affect the decision of the buying an existing bakery or starting a new one. New

 

bakery-cafe franchisees regularly measure the contrasts between purchasing a contemporary

 

pastry kitchen and beginning another pastry shop bistro. Instead of one being superior to the

 

other, it is about which is the best match for the person that is looking to start the business.

 

Again, location will be one of the key elements to success. Easy access to the bakery will be a

 

must. Now, once a location is decided or buying an existing business, competition must be

 

evaluated. Checking what the surrounding bakeries or similar business are offering will be a

 

smart thing to do. That way you can determine how you can compete or provide something new.

 

Or, take a survey and see what the local demand is. Will purchasing an existing business be

 

cheaper than starting new? Will the existing business need any renovations, new equipment, new

 

image, etc? How are the sales of the existing business? With a new business, sales might start

 

off very slow and is that something you are ok with? The answer to these questions will help in

 

deciding whether to start a new business or buying an existing business [Joh01].

 

More proprietors are attempting to profit by taking a seat and feast choice. It is a

 

developing pattern in the bakery industry at this moment. These meal kitchens have a zone to

 

arrange heated merchandise and appreciate them in a little restaurant. With a small business

 

space, clients can stroll in and get prepared products. For the most part, bakeries offer various

 

distinctive items, from breakfast vanishes and doughnuts to treats, cakes, and pies. A few pastry

 

shops have practical experience in one particular item obliged a particular target gathering of

 

people. Decide business qualities and experience, and then survey the commercial center when

 

settling on what things to offer [But12]. For example, you wanted to open a cupcake pastry TO BUILD OR BUY 4 kitchen, however, there are various contenders offering cakes in the immediate area, how

 

determine how your cupcakes will be different than the rest. You may offer planner cupcakes

 

and suit unusual requests, or he could make Goliath cupcakes to separate yourself from the

 

competition. Staying ahead of the competition will be an on-going thing. Also, keeping up with

 

the customer demand.

 

Financing of Bakery Business

 

New bakeries have various startup costs that contrast from those of other independent

 

ventures. Coolers, stoves and a very much supplied kitchen can require a significant

 

introductory investment. There are additionally potential business licenses for the planning of

 

sustenance, and advertising expenses. The proprietor wish to buy a new business, measures

 

these startup costs versus the expense of an existing business purchase. With a specific end goal

 

to make that assurance, survey private resources that can be added to the shop and figure out if

 

the proprietor can bear the underlying budgetary weight. Make a rundown of all advantages,

 

including checking, reserve funds, and speculation accounts, and also different resources, for

 

example, vehicles and land value. These are all contemplation of financial position. If the

 

proprietor cannot fund the business alone, maybe sales of outside speculators or application for

 

companies advance financing [But12].

 

Outside financing may constrain administration control or make long haul money related

 

commitments yet might be required to get the bakery up and running. As a significant aspect of

 

commercial strategy, the proprietor will plunge into funds. One of the numbers that need to be

 

looked at first is the startup cost. The proprietor should aggregate a rundown of hardware that is

 

needed to make prepared products. From machines; like, boilers and coolers to littler things like TO BUILD OR BUY 5 utensils and dish, ensuring to makes a full rundown of all that will be needed. All those items

 

will be a one-time hit; however, the proprietor will require cash to live on while the business gets

 

built up. The business will not make profits overnight. This will take some time. So, the

 

proprietor will need to be patient and plan accordingly. Possibly build a timeline that will help in

 

determining how much will be needed to sustain the business and when it will start seeing

 

profits. [Joh01].

 

Business Plan

 

The mission of the bakery is filling the need and changing the world one stomach at a time. The

 

vision is to open multiple shops and providing the best atmosphere and service. The bakery

 

started in my kitchen making small cakes that ended up turning into pastries and other baked

 

good. It continued growing and now is the time to move forward and start a business with an

 

ideal location being a downtown area where there is heavy foot traffic and focusing breakfast,

 

brunch, and lunch. Along with cakes, pastries, and other baked good there will be a full

 

breakfast to lunch menu.

 

The goal is to be the number one bakery in the area by providing the best breakfast,

 

brunch, and lunch menu with the best service. The objective is to meet the need of the customer

 

to the T. Along the way adjust the menu to meet the customer?s needs. Service will be one of

 

the most important aspects of the business and hiring the right people with certain people skills

 

will be key.

 

The target market will be everyone downtown. The bakery will provide a sit down area

 

and a grab-n-go counter. Also, Wi-Fi will be provided for those that want to relax for a bit and TO BUILD OR BUY 6 surf the web or for those that need to do work during breakfast or lunch. Providing a

 

comfortable atmosphere will be extremely important.

 

Baked goods will be made on a daily basis and will be made first thing. Only a certain

 

amount of donuts, pastries, cookies, and muffins will be made and will be sold until it is all gone.

 

This will help in making customers come early the baked goods. On-top of all the baked goods,

 

there will be a full breakfast, brunch, and lunch menu using the freshest ingredients from the

 

local farms and markets. The menu will constantly be adjusted to meet the customer needs and

 

to keep them wanting more.

 

The majority of the sales will be put back into the business. Making sure the equipment

 

is up to date, the décor is the best it can be, and ensuring happy employee will be one of the

 

goals of the bakery. This will help in making sure the customer gets the best experience. Once

 

the business is self-efficient and showing signs of profits, then the next step will be to expand.

 

Advertising will be mainly on social media. Having a social media page on different

 

sights will help get the world out quickly. But, ideally, word of mouth will help get the word out

 

even faster. The first 50 people will get free baked good on opening day. To start, on top of

 

social media, there will be a radio ad for the first month prior to opening and a month after

 

opening. There will also be flyers being passed out around the local area.

 

Conclusion

 

The goal is to be a sole proprietor. Saving up as much as possible and taking out little to

 

no loans to start the business. Buying an existing business will be ideal for me. I would make

 

sure all the equipment is in great working order and I would update whatever needs to be

 

updated. Being in a family of restaurant owners, I would have access to all their contacts and TO BUILD OR BUY

 

discounts. Also, some kitchen equipment will be donated if needed. I will also have a template

 

to go off of and it will help get the business on the right foot. 7 TO BUILD OR BUY 8 References

 

Butler, D. (2012). Business Development: A Guide to Small Business Strategy. Routledge.

 

John C. Palmer, R. E. (2001). Innovation and Competitive Advantage in Small Businesses:

 

Effects of Environments and Business Strategy. Journal of Small Business Strategy.

 

Liz Doherty, A. N. (2013). Making and measuring ?good? HR practice in an SME: the case of a

 

Yorkshire bakery. Employee Relations.

 

Werbach, A. (2013 ). Strategy for Sustainability: A Business Manifesto. Harvard Business Press.

 


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