Assignment 2: Expanding Your Business Due Week 8 and worth 240 pointsReferring to the same business you either started or purchased in the first assignment, write a 6-8 page paper in which you:(I have attached paper 1)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 studentâ??s name, the professorâ??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
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April 27, 2018
I believe a coffee shop is one of the greatest significant choices that can offer vast profits
in forthcoming since of her desires in the market place when starting a small business. Coffee
shops take a small amount of assets and it needs little days to complete.
An idea policy that would rightly strive with the coffee shop would need to be a strategy
to distinguish whether or not the knowledge is practicable. So, a coffee shop can deliberate
subsequent feature as an approach for an idea after a period of investigation and growth. The
results can be precisely forecast for longer time frames.
The first phase of the coffee shop would be to begin by defining the vision in order to
establish a motivating strength of the coffee shop and explain the vision. The business would
essentially revolve around the consumer, the commercial, and goods/services to create a
consecutive development. Furthermore, it is important to think about strategy for development
and opportunity to gain key competitive benefits in the marketplace.
The coffee shop would generate a list of objectives through a brief explanation of
activities. In this, the key objective of it would be to be top in the market within like business.
Additionally, the other goal of this shop would be to gain customers by providing quality coffee
that is affordable. The coffee shopâ??s main concern would be about consumer needs and wants
since they are basis of commercial development. The consumers are the main reason for the
existence of business.
Coffee shop will frequently practice a product diversification approach when they have a
competitive benefit, such as superior quality or service. Coffee shop uses a product
differentiation strategy to set themselves apart from key competitors. However, a product
diversification approach can also aid a business to build market loyalty.
A price-skimming approach includes arraigning high values for a product, chiefly during
the preliminary stage. Coffee shop will use a price-skimming policy to speedily mend its creation
and marketing charges. Though, there must be something distinct about the manufactured goods
for customers to wage the inflated price. A coffee shop will put additional money in the market.
This might be used as an achievement approach to increase a competitive benefit. An
achievement approach involves acquiring another product lines.
There are many benefits of buying a business instead of starting one. Purchasing a
recognized commercial is less uncertain â?? as a purchaser you already distinguish the process or
idea works. Funding an acquisition is frequently easier than safeguarding funding for a start-up
business for that very motiveâ??the business has a pathway record. An existing business already
has an established brand. Youâ??re purchasing a brand name. The on-going welfares of any
advertising or networking the previous proprietor has done will transmit to you. When you have
a recognized name in the public, itâ??s easier to place cold calls and attract fresh customers than
with an unverified start up. There is always the benefit of having a clientele built up already. You
will be also purchasing a current client base and seller base that took years to build. Itâ??s common
for the retailer to stay on and changeover with the b business for a little time to transmit those
associations to the purchaser.
When you purchase a business, you can start operating directly and emphasis on
enlightening and increasing the business immediately. The vendor has already placed the basis
and taken care of the time-consuming, boring start-up work. Initializing a fresh business means
spending a lot of time and money on basic items like computers, telephones, furniture and
policies that donâ??t directly produce cash flow. In an acquisition, one of the greatest appreciated
and significant possessions youâ??re buying is the people. It took the seller time to find those
employees, develop them and assimilate them into the business philosophy. With the correct
squad in place, anything is possible and you will have an easier time executing evolution plans.
Plus, with skilled persons in place you will have extra right to take break, spend time with
family, or work on other business ventures.
Classically, a sale is planned so that you can be in charge of the duty service, take a
workable pay, and have certain things done to take the business to the subsequent level. Startup
proprietors, on the other hand, often start at begging. Certain specialists say start-ups arenâ??t
predictable to brand currency for the first three years. Even with all these compensations, certain
businesspersons trust it is economical, and so less perilous, to start a commercial than to
purchase one. Nonetheless risk is relative
Sole Proprietorships would be the most appropriate form of ownership. The massive
common of minor businesses start out as sole proprietorships. These businesses remain
possessed by single individual, frequently the manager who has daily duty of running the
business. Sole proprietors own all the possessions of the business and the incomes produced by
it. They also undertake the main duties for several of its liabilities. In the judgments of the rule
and the civic, you are one in the identical with the business.
Advantages of a Sole Proprietorship are:
Easiest and minimum exclusive system of proprietorship to establish same to the coffee
shop which is much easier to establish and run
Single owners are in whole control, and within the limits of the rule, may create
conclusions as they perceive right.
Single owners obtain all pay produced by the commercial to retain or invest.
Incomes from the commercial flow-through rightly to the ownerâ??s individual tax return.
The commercial is informal to dissolve, if desired.
Coffee shops are strong-minded to develop a day-to-day obligation for coffee shop addicts, a
place to vision of as you attempt to escape the day-to-day pressures. This offers a place to just
relaxed and to encounter your groups or to recite a book, altogether in one. With the rising
demand for good epicurean coffee and countless service, coffee shops will exploit on its nearness
to build a essential collection of repeat consumers. Coffee shop will offer its consumers the best
ready coffee in the zone that will be praised with tartlets, as well as free books that its consumers
can recite to love their official visit.
Coffee shop objectives for the first time of processes are:
To become selected as the “Top Coffee shop in the zone” by the local restaurant guide.
Turn in incomes from the first month of processes.
Maintain a 65% gross
Keys to Success:
The keys to achievement will be:
Store enterprise that will be together visually nice-looking to consumers and deliberated
for fast and effective processes.
Worker training to assure the greatest coffee groundwork methods.
Advertising plans meant to shape a solid base of reliable consumers, as well as exploiting
the sales of great margin goods.
A coffee shop will brand its greatest exertion to make a sole place wherever consumers can mix
with others in a contented and comforting surroundings although relishing the greatest prepared
coffee in town. We will be in the business of serving our consumers to release their day-to-day
pressures by providing portion of attention over great atmosphere, suitable site, welcoming
consumer provision, and goods of reliably high quality. A coffee shop will capitalize incomes to
intensify the worker gratification while providing steady return to its stakeholders.
The coffee shop is a sole proprietorship corporation which sells coffee, beverages and snacks in
its 2,200 square feet premium coffee shop. The coffee shop is listed as a sole proprietorship in
the state of Oregon. Arthur Garfield owns 50% of the company. His cousin, James Polk, as well
as Megan Flannigan and Todd Barkley hold minority stakes in Coffee shop.
Chilton, K. W. and Weidenbaum, M. L. Government regulation: The small business burden.
Journal of Small Business Management, 1982, 20(1), 4â??10.
David, L. E. Characteristics of small business founders in Texas and Georgia. Athens, Ga.:
Bureau of Business Research. University of Georgia, June 1963.
Gasse, Y. Entrepreneurial characteristics and practices. A study of the dynamics of small
business organizations and their effectiveness in different environments. Sherbrooke,
Quebec: Rene Prince, 1977.
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