Description
Select a small business that you visit often (e.g., coffee shop, bookstore, sporting goods store, etc.). Write a 6-8 page paper in which you:
- Craft a brief (1-2 pages) strategy for a business concept that would directly compete with the small business you selected. Explain the rationale for the strategy in detail.
- Determine if it would make more sense to open the new business you describe or to purchase the existing business you selected. Explain your reasoning.
- Discuss the most appropriate form of ownership for your new business (assuming your current financial situation).
- Outline a business plan for your business. Visit http://www.sba.gov for tools and templates.
- 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; citations and 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 assignment page length.
Explanation & Answer
Attached.
OUTLINE
1. INTRODUCTION
2. BODY
3. CONCLUSION
4. REFERENCES
BUSINESS
1
BUSINESS CONCEPT
STUDENT’S NAME
PROFESSOR’S NAME
COURSE TITLE
DATE
BUSINESS
2
COFFEE SHOP BUSINESS CONCEPT
The small business I have chosen is a coffee shop. It is a tiny corner coffee shop that has
operated for many years, serving customers with about seven types of coffee. The business concept
is to offer over twelve unique, both local and foreign blends of coffee, coupled with different
flavors to coffee customers. When there is need to compete efficiently with Lee’s, there is the
necessity for strategic planning for every aspect of the startup. The strategy is to take advantage of
the existing, new and potential customer base made of the young population due to the opening of
a new community college in the area. That shall be done by strategically coming up with new
menus for coffee and accompaniments that appeal to the young generation who are looking for
new and fun flavors in their everyday beverages.
The financial strategy involves finding capital to cover the startup costs which include
equipment, furniture, physical space and starting cash. The funding would be sourced from
personal savings to cover 60% while the investor will give the capital to cover 40% with no rights
to run the day-to-day activities of the shop. The next step is to have a working revenue model
where the purchase per customer over a particular period will give the projection of the sales and
overall profit (Burns, 2016). The working capital will be used to cater for the supplies, utilities and
total cost of goods. The earned revenues shall be plowed back into the business to keep good cash
flows that would make sure there is more capacity to serve a broader customer base and make
more profits.
The aesthetic settings of the c...
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