Length: 1,500 words
For the purposes of this assessments it is assumed that you have graduated have decided to set up your own business in your area of study. The business plan outlines the main features of your business – where it will be located, its business structure and its products or services. Part 2 requires you to develop and analyse cash flow projections for your business to determine whether it is financially viable.
Develop a start-up plan for a new private practice you might set up in your profession once qualified. Specifically you need to address the following issues:
1. Outline the main advantages and disadvantages of setting up your own practice.
2. Describe the business and its products or services, including its proposed name, location, hours of opening, type of business structure – eg sole trader, partnership - and any registration requirements.
3. Explain why you have decided on your particular business structure.
4. What is the likely demand for your business? Identify the size and composition of the target market for the business services – ie what age group are your services going to target?
5. List the main existing competitors of your proposed business and outline any competitive advantages or disadvantages of your business in relation to these competitors.
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