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1. Appreciate the significance of accounting and finance in small business enterprises.
2. Apply appropriate accounting and finance techniques in the planning and management of small business enterprises.
3. Understand the impact of the external environment on the financial performance of small business enterprises.
You are required to prepare an outline business plan (using a new business than previously used) (approximately 1,500 words, excluding financial forecasts, calculations and any tables) for setting up a business in a sector of your choice.
Assume you have savings of £25,000 and your bank is willing to lend you a further £20,000 to be repaid over a period of ten years. You may also be eligible for a Princes Youth Trust business loan and grant of up to £10,000 (£4,000 grant, £6,000 loan).
Your business plan as a minimum should:
1) Explain your business idea and justify why you have chosen this particular project. Discuss the legal structure of your proposed project.
2) Establish set up costs by category and identify appropriate sources of funding.
3) Estimate the overheads for the first year of trading.
4) Estimate and justify your monthly drawings.
5) Establish the cost of the product or service you will offer to your customer.
6) Produce a brief marketing plan addressing
a) Details of products/services you will be offering.
b) The pricing policy you will adopt and the reasons thereof. The impact of external environment on the pricing strategy.
c) Demographic characteristics of potential customers.
d) The area/location where you plan to set up.
e) Methods you will employ to promote your business and the level of promotion budget for the first year.
f) The timing of setting up.
7) Produce the first year’s cash flow forecast on a monthly basis.
8) Produce the first year’s forecast profit and loss account.
9) Produce the first year’s forecast balance sheet.
10) Assess the viability of the project via the use of break-even analysis and financial ratios.
11) Identify the strengths and weaknesses of your proposed project.
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