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Enterprise and Entrepreneurship

University: Bucks New University

  • Unit No: 15
  • Level: High school
  • Pages: 19 / Words 4748
  • Paper Type: Business Plan
  • Course Code: BM564
  • Downloads: 244
Question :
This sample will let you know about:

  • What is Enterprise?
  • What is Proposed future business?
  • Explain Plans for acquiring resources.

Answer :
Organization Selected : N/A

Proposed future business

The main service which the company is gong to launch is gym for the people. This gym will be mainly opened in the residential complex of London and thus will encompass the different equipment along with world-class services. This gym will offer the friendly environment and thus will consist of all kinds of equipment. This gym is not only about the regular fitness class built is beyond that. Here the gym has bought a highly innovative concept for the people which is group dynamic (Chambers and Humble, 2017). This group dynamic will be highly beneficial for the people where the main idea is that the group mainly energizes their members and thus pushes them. The main IP which will be used for protecting the business idea is patent. Company will protect its business idea of gym by acquiring the patent over it. This will provide the legal rights to gym to sue other competitor who will use this idea.

Customers

This gym service will mainly target the B2C customers that is business to customers. Here the main ed users will be youth between the age group of 18 to 30 as well as adults between the age group of 31 to 40. Majorly the gym service will be targets to both males and females belonging to this age group & will mainly target the upper class individuals along with people living in residential complex (McKeever, 2016). The major USP of this service is to provide the expert advice from the major experts on transforming the body shape as well as changing the health behavior of large number of people to lead a healthy life. The major customer needs which this gym will focus is providing the healthy life to people. Nowadays, health has become one of the major concern thus in this modern era, this innovative gym will prove to be an effective way and it will provide all the mixture of facilities in a single gym.

Competitors

The major competitors of this gym are the big gyms providing variety of services like basketball courts, polls etc. Besides this, other competitors of the gym are the large dance classes as well as yoga centers which are highly dedicated towards the providing a healthier life to the people through numerous means like Zumba, aerobics, dance etc. These all competitors mainly provides the similar services which are directed towards changing the health behaviour of people. These competitors due to their high brand name and brand awareness captures a great market share (Burns and Dewhurst, 2016). The large gym having various services and products mainly acquires around 30% of the market share while the big yoga centers have a market grasp of nearly 21.4%. On the other hand, the local dance classes does not have much share in the market as these are not promoted on the wide platform. Although these competitors have large market share and great brand in the market, but the main rationale which makes this gym different from the other ones is the blend of all services in a single room. Most of the well-known gyms and yoga centers focuses on the single service like either they provide cardiovascular activities or they address exercises for mental health. This gym is a single room of variety of activities where customers will get all the services ranging from Zumba to cardio training. Not only this, gym will have a series of expert which will guide on various dietary requirements according to their health, age,etc. Customers will encounter free dietary charts and can have free checkups. The mixture of all the services at single place makes this gym different from others.

Skill analysis

The major skills which the organization have in order to take this business idea of gym to another reveal is communication skills. This is one of the most important skill which is required which is required for engaging the customers as well as attracting them. This effective communication skill will help to interact with people and entice them. The major skills which are not well-developed and needs to be developed are time management as well as problem solving skills. Due to the lack of time management skills, there remains the lack of proper management of the activities as well as tasks (Ekanem, 2017). Due to lack of problem solving skill, it will become difficult to analyze the issues which this business idea might face from various perspectives. In order to address this skill gap, the most effective way is to attain the various training programs and seek the help of technology. Where on one hand, the training sessions will help to know that how to manage time and prioritize the work on the other hand, use of online resources like problem solving quiz etc will help to evaluate issues from different ways and generate feasible solution. Need Assignment Help Contanct Us!

Profit and loss account

Cash flow

Year 1

Particulars

January

February

March

April

May

June

July

August

September

October

November

December

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash inflows

 

 

 

 

 

 

 

 

 

 

 

 

Opening cash inflow

4000

4100

5462

6886.44

8373.737

9924.282

11538.44

13216.55

14958.92

16765.81

18637.47

20574.1

Sales revenue

6000

6120

6242.4

6367

6495

6624

6756.975

6892.114

7030

7171

7314

7460

Other income

1500

1500

1500

1500

1500

1500

1500

1500

1500

1500

1500

1500

 

 

 

 

 

 

 

 

 

 

 

 

 

Total cash inflows

11500

11720

13204.4

14753.69

16368.33

18048.77

19795.42

21608.66

23488.87

25436.37

27451.44

29534.34

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash outflows

 

 

 

 

 

 

 

 

 

 

 

 

Material

2100

918

936.36

955.0872

974.1889

993.6727

1013.546

1033.817

1054.493

1075.583

1097.095

1119.037

Labour

1800

1800

1800

1800

1800

1800

1800

1800

1800

1800

1800

1800

Other expenses

1000

1040

1082

1125

1170

1217

1265.319

1316

1369

1423

1480

1539

Administration expenses

2500

2500

2500

2500

2500

2500

2500

2500

2500

2500

2500

2500

 

 

 

 

 

 

 

 

 

 

 

 

 

Total cash outflows

7400

6258

6317.96

6379.951

6444.048

6510.326

6578.865

6649.749

6723.062

6798.895

6877.339

6958.491

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash deficit / surplus or closing cash balance

4100

5462

6886

8374

9924

11538

13216.55

14959

16766

18637

20574

22576

Year 2

Particulars

January

February

March

April

May

June

July

August

September

October

November

December

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash inflows

 

 

 

 

 

 

 

 

 

 

 

 

Opening cash inflow

5000

4300

5109

5976.98

6903.872

7889.555

8933.857

10036.54

11197.33

12415.85

13691.68

15024.33

Sales revenue

7000

7140

7282.8

7428

7577

7729

7883.137

8040.8

8202

8366

8533

8704

Other income

1800

1800

1800

1800

1800

1800

1800

1800

1800

1800

1800

1800

 

 

 

 

 

 

 

 

 

 

 

 

 

Total cash inflows

13800

13240

14191.8

15205.44

16280.9

17418.12

18616.99

19877.34

21198.94

22581.49

24024.64

25527.95

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash outflows

 

 

 

 

 

 

 

 

 

 

 

 

Material

2500

1071

1092.42

1114.268

1136.554

1159.285

1182.471

1206.12

1230.242

1254.847

1279.944

1305.543

Labour

2500

2500

2500

2500

2500

2500

2500

2500

2500

2500

2500

2500

Other expenses

1500

1560

1622

1687

1755

1825

1897.979

1974

2053

2135

2220

2309

Administration expenses

3000

3000

3000

3000

3000

3000

3000

3000

3000

3000

3000

3000

 

 

 

 

 

 

 

 

 

 

 

 

 

Total cash outflows

9500

8131

8214.82

8301.564

8391.342

8484.264

8580.449

8680.018

8783.096

8889.815

9000.311

9114.724

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash deficit / surplus or closing cash balance

4300

5109

5977

6904

7890

8934

10036.54

11197

12416

13692

15024

16413

P&L

 

Year 1

Year 2

Particulars

 

 

 

 

 

Cash inflows

 

 

Opening cash inflow

134437.744

106478.989

Sales revenue

80472.5384

93884.6281

Other income

18000

21600

 

 

 

Total cash inflows

232910.282

221963.617

 

 

 

Cash outflows

 

 

Material

13270.8808

15532.6942

Labour

21600

30000

Other expenses

15025.8055

22538.7082

Administration expenses

30000

36000

Total expenses

79896.6862

104071.402

 

 

 

P/L

153013.596

117892.215

Breakeven

Break-Even analysis

 

 

 

 

Particulars

Formula

Figures

 

 

 

Selling price per unit

 

10

Variable cost per unit

 

6

Contribution per unit

Selling price per unit - variable cost per unit

4

 

 

 

Fixed cost

 

25000

 

 

 

BEP (in units)

Fixed cost / contribution per unit

6250

BEP (in value or monetary terms)

BEP (in units) * selling price per unit

62500

 

 

 

 

 

 

Units need to sell for attaining desired profit margin

 

 

 

 

Particulars

Formula

Figures

 

 

 

Fixed cost or expenses

 

25000

Desired profit

 

4000

Contribution per unit

 

4

Number of units required to sell

Fixed cost + desired profit margin / contribution per unit

7250

       

Sources of funding

The most suitable source of funding which will be used for making this business idea a successful will be bank loan and business angels. The main rationale behind seeking the support of bank loans for growing the business opportunity is that the interest rates are generally low as compared to the sources which also becomes its one of the greatest advantage. Besides this, another source of funding which will help to grow the business as well as will help to take the brand to wider audience are the business angels (Berbegal-Mirabent, Gil-Doménech and Alegre, 2016). Besides seeking the help of banks for loans, the major objective of selecting business angels as the main entity in flourishing business idea is that there is no need for any collateral which are the personal assets in case of business angels. Without keeping the personal asset as collateral, loan is approved and thus there is no interest changed in this. for Marketing Essay Help Contact Our Experts!

Plans for acquiring resources

The various tangible resource like equipment, machineries, inventory for the business, gym will be obtained through various means. The first will be taking the loan from bank. In order to acquire these resources, the bank loans will be helpful for the current year. In order to acquire these for the upcoming years various other financial institutions will be reached. The major objective of taking help of financial institution for upcoming years is that it will be re-payed within the given period of time in form of installments to them (Grit, 2019). Apart from this, the another source which will go for acquiring these tangible as well as intangible resources for the extended period of time will be contract from the other organizations. As contract generally exists for the long term thus in order to make use of the various tangible and intangible resources for upcoming 2 years, contract with the organizations and agencies will be made for supplying these in exchange of money.

Management information system

The most important management information system which will be required for effectively controlling the operations as well as activities of organization are database management system and decisions support system. The database management system mainly helps to store all the information about customers and thus helps to retrieve the data. This database management system will be used in the gym in order to track the detains of customers and hence store their overall data like their name, date of joining gym, their health status etc. Besides this, the decisions support system will also be used in gym which will help to effectively take the proper decisions (Blackwell, 2017). Through the tons of data as well as information about customers, this system will help the management of gym to take effective decisions. Apart from this, this system by gathering the various information like customer trend, competitors, market trend will help to generate the comprehensive report and thus will help in reliable decision-making.

Vision

The vision of this business idea is to provide a high quality experience to the customers by working towards the interest of customers and thus transforming their health through healthy products. This business idea will help the organization to achieve competitive advantage through their innovative services and products. Besides this, as this gym is the integration of natural as well as technological facets thus in future this will help the gym to expand their business in wider geographies (Chambers and Humble, 2017).

For More - Impact of Entrepreneurship and Small Business Management

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