Whats Needed in a Business Plan

1620 Words Oct 12th, 2012 7 Pages
In this task I will be talking about what is included in a business plan, things such as the finance, location, market research, human resource policy and much more.

Budget
This is the amount of money that can be spent on expenditure over a set period of time. For my business I will set a budget for the first six months as I need to keep an eye on how much money is going out, too much outgoing can lead to the business going in debt. Having a budget for a set period of time will help me control my expenditure and will ensure me not over spending. Therefore it is vital to keep a budget. I would also be losing out on a lot of money if I spent without having taken note of how much cash I am spending. Having a budget is a good way of
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- After I calculated each fixed cost for every expense I then added them all together and divided it by the contribution (per unit). By doing this I got the breakeven point.

Breakeven = Fixed Cost (£1770) = £590 Outlet Contribution-Per Unit (£3)

Market Research
* Primary
Information that I already knew and had together were things such as the target market, about having an online business as most people these days shop online rather than go out to a store
* Secondary
Researches I did on secondary research helped me with many things, such as competitors, what price I should sell it, who would buy my product and to send out questionnaires. For example, I found that selling my product online and in other popular fashionable clothing shops would be so much better for me to do rather than just set up a store for socks.

Location
I am going to set my business online as I am only selling waterproof socks so there’s no need to waste money on setting up a store just to sell different styles of waterproof socks, also when I found from my secondary research that people would be buying them from online more.
I also found that selling my product in other popular fashionable clothing shops

such as River Island, TK Max and many more shops would be really good for my business, I would be selling the sporty designed waterproof socks are mainly going to be
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