Business Plan:

Objective/ Overview

The objective of this major assignment is to devise, formulate and write up a comprehensive business plan to set up and operate a new small local retail or service business - a partnership or private company set up in Melbourne/Victoria not interstate or overseas in the near future. Public companies or Manufacturing businesses should not be considered. Do NOT base your business plan on an already existing business.

Small and medium size enterprises and therefore takes a practical approach on "how to" set up and operate a business in the near future.

Requirements:

Phase 1:

Group members must decide on the business you would like to set up. You may choose from the list of suggested businesses (on page 5 of this assignment), or you may have a particular area of interest you wish to pursue. If you wish to choose a business outside the list, please liaise with your lecturer as to the suitability of the business you have in mind. You will then need to decide on the business structure - for example a partnership or a private company, and explain why you believe your choice to be appropriate.

Phase 2:

Your group will need to research the business sector you have chosen. This will include preferred locations and why, industry background, competitors in the market and how you plan to compete successfully - what will be your point of difference. Your research will also need to include all the sections of your business plan such as your strategic plan, business premises (buy or rent), start up costs and resources, staffing (skills and expertise required), wages costs, marketing, advertising and customers (target market). You may wish to allocate or divide up the research areas across your group, but keep in mind that you must come together regularly to share your findings with your team members.

Phase 3:

Write up your business plan. Your formal report should include all the results from Phase 2 as well as your financial plan, operating budgets, budgeted reports and preliminary financial requirements. The report template of what to include and how to formulate your business plan is provided on the student portal under ‘Moodle', ‘Weekly Outline', ‘Week 1', however you may include additional information relevant to your business and success strategy.

Suggested Businesses:

The following is a list of businesses you may select from. As stated above, if you already have a particular area of interest or business idea you would like to use, please check with your lecturer as to its suitability for your assignment.

- Health provider - any health services area. This could include home nursing, chiropractor, osteopath, dietician etc.
- Retail - physical located shop (bricks and mortar)
- Retail - on line
- Professional services firm - may include accountant, legal practitioner, property services, financial planning
- Winery (may include retail not the production/manufacturing of wine)