Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please write in serial wise and with proper headings and my business group idea is on Nail salon and spa. Make sure it's on my

please write in serial wise and with proper headings and my business group idea is on Nail salon and spa. Make sure it's on my group idea.

image text in transcribed
image text in transcribed
1. Business Model - What are your main products/services? (1-3 sentences) - Who are your target customers? (1-3 sentences) - What is the current business climate in your chosen market, and what is the opportunity that you see for your business idea? (2-4 sentences) - What is the legal form of your business? (1-3 sentences) 2. Feasibility - What is the location for your business? Why did you choose this location? (24 sentences) - Who is your competition? Both Primary and secondary? (2-4 sentences) - What is the market potential (total market size in dollars)? How much of it do you expect to capture? (1-4 sentences) - Present a sales forecast for the next 2 years. What are the assumptions and estimates you made in calculating these numbers? (2-5 sentences) - What type(s) of insurance will your business need? What are the possible scenarios that could arise that you would need protection from? (24 sentences) - How will you protect your business from different types of theft, vandalism, crime, etc.? (1-3 sentences) - Will you have any intellectual property? Explain. (1-3 sentences) 3. Marketing - What is the brand image you hope to project to the public? (1-3 sentences) - What will your business name be? Why did you choose it? (1-3 sentences) - What is your service/product mix (aside from your main products/services mentioned in section 1, what else will you be selling to complement them)? (1-3 sentences) - What is the pricing for your products/services? Explain how you came up with it. ( 13 sentences) - Explain your planned distribution strategy, Will you sell your products online, in-store, etc.? (1-3 sentences) - What are some promotional strategies you plan to implement to attract customers and build sales volume? (1-4 sentences) 4. Operations - What are the space and equipment requirements of your business? Describe in detail the layout of your premises (a drawing or illustration would be preferred). (2-5 sentences plus any illustrations) - What are some of the methods/processes that will be integral to your business? For example, if you run a restaurant, you will need a routine for preparing food and managing stock daily, as well as efficient cooking routines. Outline one of your main procedures using a sequential list, bar graph, flow chart, or continuity chart (see Chapter 4 Operations slides). - What are the software systems your business will require? (1-4 sentences) - What is your organizational structure (See chapter 4 Operations slides - slide 20)? Map out the different roles in your company or list them out with a description of each (role, responsibilities, authority) and who will fill them. Include at least one full job description document. (3-8 sentences plus any illustrations and the job description) - What are the government regulations your business will need to follow? Permits/licenses, tax, etc.? (1-3 sentences) 5. Finances - What are the start-up needs and finances your business requires? Do not just mention a total. Break out the different requirements and the amount needed for each (machinery, rent, payroll, advertising, consultation, etc.). (2-8 sentences/lines) - How will you attain this capital? Who will be investing and lending you the money? (2-8 sentences/lines) - Produce a projected balance sheet, dated at the end of your first year of operations. (You may prefer to use a spreadsheet for this section and can screenshot it and paste it into your report). Be sure to include all assets, liabilities, and equity amounts. - What will be your main expenses? Be sure to mention and distinguish between your fixed and variable costs. (2-5 sentences)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these General Management questions