Capital Contribution = $. 3,000 Business Plan Sample
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Business plan for Kent Family Practice
Business plan for Kent Family Practice
Business plan can be described as the most important document that an entrepreneur needs when starting a new business. The business plan should be well designed and presented to enable the investor to present the intended goal in a documented manner and hence secure the financial future of the business. (Honig, 2004). Though, the business plan has several definitions the most relevant one is the one that sates that business plan is a document that describe and determine the business future. Additionally business plan is a strategic tool that a businessman draft so as to know the steps that the business will undertake so as to reach the desired future (Mason, 2004). The plan will also mention the resources needed for the business, talents necessitated and abilities that the business will need so as to meet the set goals. The paper intends to write a business plan that encompasses the Kent Family Practice.
Introduction to Kent business practice
Kent business is a chicken keeping business that will focus on broiler; this is a type of chicken that need delicate care hence the plan should cater for the all the requirements. Kent broilers business is a business planned to be renowned all over the world as the perfect chicken suppliers and keepers. Apart from keeping and supplying the company also plans to open restaurants that will specifically deal with chicken related food so as enlarge the business base. Kent chicken suppliers and keepers who will be the name will, therefore, focus on all chicken related ventures (Honig, 2004). The plan will ensure that after ten years Kent chickens brands will be known all over the world as the top chicken products producers and suppliers. The plan also incorporates the expansions plans which will include other birds that are edible and marketable.
The business will be strategically located in the suburbs of New York since it will be targeting the vast population of New York town. The population provides easily accessible market for chicken products; the location will also cut the transportation cost that could be incurred if the business were situated on further remote areas. Gaining access to equipment and chicken food will also be enhanced since New York is a commercial town that has all the needed tools and services. The facility will make of cheap available wood and iron sheet at the start before the business gain stability after which it will be improved to word-class standards (Mason, 2004). The land that has been bought for the business will be used extensively and intensively to make sure that all fit at the start of the business. Makeshift structures will also be availed for brooding and keeping broilers with a special condition or testing new variety that could be more profitable.
Human resource is an important external function of a business plan. Regardless of the principle that a majority of employees are not interested in viewing the business plan, but their earning at the end of payday. Human resources are still very vital to any business plan that the owner intend to succeed. Kent chicken suppliers and keepers business plans to keep as little effective human resource as possible so as to minimize the operational cost and maximize on output (Honig, 2004). The key personnel in the business will be the founder, the founder will act as both the senior supervisor and the general manager, and the plan will create ease in management from the start. Recruitment of more employees will be determined by growth and expansion of the business. For the start, twenty employees will be fit for the entire operation of the business (Mason, 2004). As a distributor company, the main focus will be on how it relates to its customers and the society as a whole. Thus, employee's workers with adequate skills in consumer relation and marketing will be of great essence.
Apart from its main employees, the Kent Chicken Suppliers and Keepers will also need others services such as lawyer services, auditing, and billing. Such services as per the business plan will be called for when needed so as to satisfy the government regulations of regulations (Zimmerer, 2002). Such services are drafted for because they serve a great purpose just in case the business faces a law suit or tax problems. The other part that also important that is included in the business plan is social security part. The social security will cater for employees at their old age thus keeping the business free from such cost and hence its sustainability. A business that caters for its employees’ future caters for its future and that why social security for its employees is very fundamental and the business plan must have it. All employees social security scheme will be paid by the business on a monthly basis. 70% of the money will be from the business while the rest will be from the employee's salary; this ensures that the cost is well distributed to all the partakers and the business as well (Mason, 2004). Employee’s salary increment will depend on various factors like performance, profitability and another cost that the business will incur in its operation. Compensation money is another important slot while dealing with business finances. Also the vacation and holiday allowance are some of the finances that the business will always handle in a professional manner so that can ma maintain employees morale at par.
Dealing with federal unemployment tax will be specifically left for the contracted specialist in the tax field to handle the tax issues in a professional manner (Mason, 2004). Other benefits and miscellaneous cost in the business will be calculated and if it is a benefits employees rewarded as deserved while on the other hand if it a loss the pay cuts distributed where necessary. Auditing and accounting will be beneficial for the future sustenance of the business
The company will always make sure that all its assets are insured against all the risk. All the vehicles that will be used for supply must be insured appropriately before they start the whole supply operation. Company’s structures will also get a proper cover from all the risk associated with building and structures (Honig, 2004). The most important insurance is the liability; this will save the business financially since at a time the business might run out of finances due to either poor market or poor management practices.
The major capital of the business, as discussed earlier, will come entirely from the Kent family. Major business assets like furniture’s, equipment and other facilities necessary for the start of the business will entirely come from the family. However, the family had saved that will enable the start of the business and its sustenance at the begging before the business begins to sustain itself. The other part that is also important is how the company will handle it disposable biological waste and other waste. Waste management will be done through collective action of the employees, management, and government agencies. The employee’s parts will include placing the waste in the provided waste cans. The Kents, on the other hand, are mandated to provide the waste management cans and connect the company with waste management authorities (Honig, 2004). The authorities on the hand are obligated to remove the waste from company premises and ensure that hygiene is maintained since this is a food business.
Some of the major goals of the Kent Chicken Company include giving consumers the best chicken quality ever, gain market share through quality performance, command consumer loyalty and confidence as the business progresses. The above goals will enable the company to strive and achieve a great growth potential. This is why the plan must include the above-mentioned goals.
Analyzing the industry in which the business plan intends to venture on, it is obvious that fewer chicken farms are situated in New York suburbs. However, chicken supply is always at maximum in New York all year round due to the continuous supply from foreign nations and remote interior areas of the state. The advantage that the company will enjoy is that it is closer to the market and hence can sell at cheaper prices than the competitors and still make a tangible profit for sustenance and growth of the company. The market size is also good for business; New York is a big town with massive population (Mason, 2004). The traditions of the residents also support the business idea since resident have the culture of consuming fast food like chicken hence Kent chicken already have a market that awaits their products.
Financial planning is a greater part of the business plan since the business plan acts like a major key that open ways for financers or donors to enable start of a business. Financial planning part of it should be satisfactory. The financial plan includes the feasibility study and planning. Feasibility Plan
FIXED COST PALN:
Transport(means of carriage
Sum of Total
One-year plan to three years plan
Salaries on Employees
Maintenance of the chicken facility
Utilities of the company
Loan Requirement Plan
This is the forecasted financial plan of the Kent Chicken Company.
Business plan is a perfect platform for entrepreneurs to communicate their ideas so that the potential investors or donors can aid them by finances so as to start their ventures. Looking at Kent family business we understand that the food business is the only business that when one targets the right audience and situate it the right place then success is guaranteed. Additionally, the starting capital for the business which $ 3000 is not that big amount even the family itself can afford it. Hence, it is always crucial to prepare a business plan before starting any business.
Chen, X. P., Yao, X., & Kotha, S. (2009). Entrepreneur passion and preparedness in the business plan presentations: a persuasion analysis of venture capitalists' funding decisions. Academy of Management Journal, 52(1), 199-214.
Honig, B., & Karlsson, T. (2004). Institutional forces and the written business plan. Journal of Management, 30(1), 29-48.
MacMillan, I. C., Siegel, R., & Narasimha, P. S. (1986). Criteria used by venture capitalists to evaluate new venture proposals. Journal of Business Venturing, 1(1), 119-128.
Mason, C., & Stark, M. (2004). What do investors look for in a business plan? A comparison of the investment criteria of bankers, venture capitalists, and business angels. International Small Business Journal, 22(3), 227-248.
Zimmerer, T., Scarborough, N. M., & Wilson, D. (2002). Essentials of entrepreneurship and small business management. Upper Saddle River, NJ: Prentice Hall.
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