Assessment: Business Plan
Marks Allocated: 40%
Word Limit: 3500 (+/-10%)
Submission: The assignment must be submitted electronically via myRMIT Studies/Canvas using the Turnitin assignment e-Submission procedure. Turnitin will review your submitted work and provide an originality report for you and your facilitator.
Due: October 14, 23:59
Feedback: Will be provided through Canvas
Restaurant business plan in Bali
Description of Assessment:
For a start-up business, business plan creation is just like developing a game plan in sports. The business plan is the blueprint for the formation, operation, and success of a start-up enterprise. You need to scout out all the information to create a winning strategy for the competition. It is imperative for a start-up to collect and vigilantly evaluate all the available critical information to figure out possible strategic and operational moves before getting into the market. With a thoughtfully developed business plan you will enter the business world prepared and ready to compete.
In this assessment, you are required to write a well-thought-out, actionable, and solid business plan for your new Venture. Your business plan must present what a banker, venture capitalist, and an investor expects to see.Your complete business plan of new start-up enterprise must be best organised according to the logical development of the business and comprised of at least the following components.
Executive Summary: This section should briefly summarise each section of the business plan. The executive summary should provide an overview of the business and should outline and describe key points and issues. Although the executive summary comes as the first thing in a business plan, I would recommend you to write it after everything else is done. Keep things as brief as possible and entice your audience to learn more about your company.
Sample Executive Summary
Business Description: This section should provide a description of the business or idea, and should incorporate the following elements:
• Company’s Mission, Vision, Goals, and Objectives
• Summary of Overall Strategic Direction
• Reasons for Starting the Business
• Business Model
• Company’s Value Proposition
Opportunity: Describe the problem that you solve for your customers and the solution that you are selling. It is always a good idea to think in terms of customer needs and customer benefits as you define your product offerings, rather than thinking of your side of the equation (how much the product or service costs, and how you deliver it to the customer). Validation of Problem and Solution must be covered here in this part.
• Following the process, testing assumptions especially priority ones, following the evidence, documenting and making needed changes (pivoting), and proven validation
• Getting out of the building & talking to customers (how many, what type of interaction)
Products or Services: Describe your products or services and how they meet functional and non-functional needs/wants of target customers.
Industry Analysis: This section should provide a description and analysis of (i) the industry in which the company will be operating, (ii) the target market, and (iii) the company’s major competitors. The section should incorporate descriptions and analyses of the following elements:
• Industry Size, Segments, and Maturity
• Opportunities and Threats in the Industry, including Barriers to Entry
• Major Competitors, including their Market Shares, Markets Served, Strategies Employed, and Expected Response to Entry
• Overall Trends and Outlook for the Industry
• Target Market and Consumer Demographics, including Market Niche in which the Company Will Operate
• The Company’s Competitive Advantages and their Likely Impacts on its Success
Management Plan: This section should provide a description of the proposed organizational structure of the company and the ways in which the company will be managed. The description should incorporate the following elements:
• Form of Ownership and Reasons for Choice of Ownership Form
• Organizational Structure/Chart
• Qualifications, Experience, Expertise, and Roles of Members of the Management Team
• Other Stakeholders (e.g., Board of Directors, Advisory Boards, etc.)
• Professional Service Firms Providing Management Support (e.g., accounting, customer service, legal counsel, etc.)
Marketing Plan: This section should provide a description of the ways in which the company will market its good or service. The description should incorporate the following elements:
• Overall Marketing Strategy
• Marketing Mix (Product, Pricing, Place, Promotion, Advertising, Distribution Channels, Media Usage, Public Relations, Web/Social Media Presence, etc.)
• Sales Management, including Sales Planning, Sales Approach, and Sales Force
• Marketing Plan Budget
Operational Plan: This section should provide a description of the resources and processes needed (i) for the day-to-day functioning of the company and (ii) in order to support the company’s strategic goals and objectives. The description should incorporate the following elements:
• Human Resource Needs
• Physical Facilities Requirements
• Technological Resource Needs
• Logistics and Supply Chain Management Plan
• Implementation Timetables
• Processes for Monitoring Progress
Financial Plan: This section should provide a description and analysis of both the initial and ongoing financing and financial management of the company. The section should incorporate descriptions and analyses of the following elements:
• Possible Sources of Initial Financing
• Revenue/Sales Forecasts
• Income Projections
• Pro-Forma Financial Statements (i.e. Projected Profit and Loss, Cash Flow, Balance Sheet)
• Break-Even Analysis
• Capital Budget
Legal Considerations Plan: This section should provide details about the Identification of all important legal considerations and requisite plan of action to deal with them.
Important Points to Remember
• Avoid placing templates, unless inevitable, in the business plan report that were given during the course. Those templates were to collect information. In the business plan you should report your critical thinking and professional judgement to interpret and use the collected information through templates. So, in short, don't place templates straight in the report to fill it up.
• Must provide authentic reference where any information such as facts, figure, table, or argument are taken from external sources. References have to be from authentic academic and industry sources.
• Always include a cover letter with your business plan, because it may get passed on to other colleague who may not know your venture.
• Make sure the layout of each page is balanced and artistically pleasing.
• Have your figures checked for accuracy and the text proofread before submitting. Grammarly (free online software) is helpful to fix grammatical issues. An accurate, easy-to-read, and well-organized business plan conveys professionalism and credibility.
• You improve your odds for making a favourable first impression by using the latest and most professional-looking, high-tech materials available.
• Don't necessarily try to balance the material from section to section. Place your emphasis in the proper perspective and accent the features that are most important for your business.
Sample business plan
https://www.bplans.com/sample_business_plans.php?_ga=2.198362287.1229251650.1536675177-1748568947.1536675177 (Links to an external site.)Links to an external site.
Open the rubric link below to see the criteria to get a good mark for the assignment
Here you can find material and templates related to different important components of your business plan. This material is very important for the development of an effective and impressive business plan for a new start up.
Business Plan Evaluation Sheet
Segmentation, Targeting, and Positioning (STP Marketing)
Product Pricing Strategy Template
Marketing Strategy Template
Developing Branding Strategy for your business
Product Placement Strategy (Distribution)
Promotion Strategy Template
Manufacturing Plan for New Product Development
Roles and Responsibilities of Personnel (Organisation Structure)
Risk Identification and Management
Financial Statement Template
The Essential Launch Checklist for Web Apps and Mobile Apps.
A Sample Business Plan