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Sample of My Business Plan For Learning Sake

Updated on July 11, 2015

The Unique Shito Adventure

EXECUTIVE BUSINESS SUMMARY

Unique Shito Limited was adopted as the company name after prolonged deliberations. It is a new shito producing company that aims at producing quality shito for its customers. Shito is a pepper sauce on high demand in various market places.

It is a partnership business planned and purposed to be implemented by five individuals of high intellect in their various field of expertise. Initial capital contribution from these five individuals, makes them the owners as well as shareholders of the business.

The company would be sited at Penkwase, a suburb of the Sunyani municipality.

The business is to be registered under the private incorporated partnership of the Ghana company code following subsequent approval by the Food and Drugs Board, Internal Revenue Service (IRS) as well as the Environmental Protection Agency.

For our marketing strategy, we shall use price penetration strategy as our price structure, that is, initially; our products will be sold for low or cheap price. A market research would be conducted on the target markets by visiting those places. This will help us to know how to prepare and package our shito, know the type of price strategy to adopt and the quantity to supply at a particular time.

We hope to maximize profit by increasing sales revenue and doing our possible best to reduce overheads. Upon rough estimates, the total cost of production arrived at was GH¢ 111,657. Therefore each of the five business partners has been tasked to contribute an estimated amount of GH¢ 22,331.4. An estimated net profit of GH¢ 34.50 is expected to be made per production.

Materials that would be needed for effective production would be purchased from the reliable market.

For our business milestone, all logistics are expected to be appropriately assigned to the business plan to ensure that full business operation begins exactly at the time scheduled. Depending on the viability of the business, we hope to consider and implement other food processing ideas to this current one in three (3) years time so as to expand the business to provide other quality services. We hope to merge with another food processing company which shares similar dreams with ours after operating for about fifteen (15) years and that would serve as an exit strategy for our company.

The Introduction

Unique Shito Limited is a is a new shito producing company that aims at producing the most delicious and long lasting shito for its customers. Its targeted customers are students, restaurants and food venders. It also aims at providing high customer satisfaction by rendering excellent service and quality products at an acceptable and affordable price.

It is our aim to maintain a friendly environment which respects diversity, ideas and hard work among our customers.

Description, Analysis and The Ring Leaders

DESCRIPTION AND ANALYSIS OF PROPOSED BUSINESS PLAN

We intend entering into the production of shito. The reason why we chose this product is that, the product is being demanded by all people including restaurants, food venders and especially second cycle schools (students), hence there would be high demand for the product chosen. After we’ve finished making the product, we want to supply to the various institutions and establishment for the potential customers to buy. The business would be run by a group of five experienced partners on partnership basis with equal capital contribution.

There will be no need for training, because most of the members involve have knowledge with regards to the production of the said product.

Initially, our activities will be concentrated within the Sunyani Municipality but we intend to extend our product gradually to other municipalities or districts within the Brong Ahafo in two or three years to come. We hope to increase sales right from the first year through to the other years.

The business is to be registered under the private incorporated partnership of the Ghana company code following subsequent approval by the Food and Drugs Board, Internal Revenue Service (IRS) as well as the Environmental Protection Agency.

KEY PEOPLE

The business would involve the following people:

Miss Vivian Esi Arthur - General Manager

Mr. James Attigah - General Secretary

Mr. Austin Asare - Financial officer

Mr. Michael Annan - Production supervisor

Mr. John Arthur - Marketing Manager

Management Sited

DESCRIPTION OF MANAGEMENT

The name of the general manager is Miss Vivian Esi Arthur. She had her Masters Degree in Management from the University of Ghana Legon and has three years working experience with Pomo Tomato Paste.

The secretary is in the person of Mr. James Attigah. He had his first degree in management from the University of Education in Winneba, Kumasi. He was formally working for Kings Production as a secretary.

The Financial Officer is in the person of Mr. Austin Asare. He completed Kwame Nkrumah University of Science and Technology with a Degree in Accounting, has ICA 1 (one) certificate and has three years working experience with Perfect Construction.

Mr. Michael Annan, the Production Supervisor has a Degree in Food and Nutrition from the University Of Cape Coast. He was a senior chef at Eusbett Hotel in Sunyani for five (5) years.

The Marketing Manager is in the person of Mr. John Arthur. He holds a Degree in Marketing from the University of Ghana, Legon. He also holds a Masters Degree in Purchasing from Yale University, USA.

Reason For Business

WHY WE WANT TO START THE BUSINESS

We have decided to enter into the production of shito because we have discovered that there is gab in the market for the demand of delicious and a shito that does not spoil easily.

We have realized that though there are many shito producing companies in the municipality, their supply is not able to meet the demand of customers effectively.

This idea came when one of our group members, due to her inability to prepare stew needed shito urgently to eat her kenkey but could not find some and had to eat her kenkey raw on that day. This helped us to uncover that, there was a high demand for shito. This helped us to realize the gab in the market for the production of shito ourselves. Also, our shito production would include soya bean shito production to cater for the vegetarians in our community, hence making it a whole new product for the market. This idea of catering for vegetarians came up when a business associate from the USA who had a taste for vegetarian pepper sauce (shito as known in Ghana) could not get one in our country hence the need to include this aspect of the business.

Market Plans and Research

MARKET OUTLINE

We intend to sell the product to the general public including restaurants and food vendors but our major target market for the start would be second cycle students. We have also targeted the low- to mid-income consumers who want to have a high quality shito. It would be sold to both sexes with ages ranging from 15 years upwards. Initially, our activities will be restricted to the in Sunyani Municipality only.

We shall use price penetration strategy as our price structure, that is, initially; our products will be sold for low or cheap price. We want to use this strategy in other to have easy asses into the market and encourage high patronage and also as competitive advantage over our already existing competitors within Sunyani Municipality. Since we are bound to meet a lot of competitors, we opted for the penetration in order to capture the market within the shortest possible time by reducing the price of our product.

MARKET RESEARCH

Our research would be conducted based on primary research or data by visiting the targeted markets. The market research would be done based on personal interview, thus by having one-on-one or face to face conversation with the targeted market.

For instance, we will visit second cycle schools in Sunyani Municipality to ascertain as to how they would want their shito to be prepared, taste and packaged and also to put before them how we intend to prepare ours in other to see how they react to our idea.

We would first ask students where and how they get their shito when coming to school, and the amount they pay. We will then inquire of them the changes they would like to see pertaining to packaging, taste, and price and how frequently would they expect us to supply them. We will also inquire from the store owners on the various campuses to know the attitude of students towards the purchasing of shito. That is;

1. How often they buy.

2. Complains from students.

The Research Result

RESULT OF MARKET RESEARCH

This market research will enable us to determine the cost of the said production, how much we will sell it, the quality of the product, type of packaging and the various institutions that are likely to buy our products. This will help us to know how to prepare and package our shito, know the type of price strategy to adopt and the quantity to supply at a particular time.

The findings of our research will help us in producing to meet demand of the target market. This will prevent us from producing in excess or below target.

The result from our research will help us increase the competitive advantage over our competitors.

Business Competitors

COMPETITORS

Since we know we have competitors like Perfect taste, Western flavor and Kings Shito, we intend to investigate them with regards to where the business is situated, the price of their product and possibly where they sell their products and how customers feel about their products.

This information would enable us to map up strategies to outwit them in the market with respect to the taste of our products, providing reliable or better products to new and existing customers at a cheaper price and at a convenient place. This would distinguish our product from that of our competitors and gradually increase our market share.

Product Promotion

SELLING THE PRODUCT/SERVICE - PROMOTION

We shall adapt direct and indirect selling method to distribute our products. With direct selling, we will be visiting customers in their shops to let them know about the uniqueness of the products. With indirect method of selling, we intend to use agents to distribute our products to our customers and retailers.

We will also visit the various second cycle institutions within Sunyani Municipality to officially introduce our goods to them and even perform little promotion in respect to our product by giving out some of our shito freely to the students and inform them about the various shops where they can get our product. Competent sales agents would also be contracted to help us sell the product at the various second cycle institutions.

As part of promotional package, we have targeted two radio stations in the region that is Dinpa and Space Fm to help us with the promotion of our products. 20 minutes of air time will be bought from each of the radio station to help us talk about our product on air.

A float would be organized to officially launch the product in the Sunyani Municipality.

Our products would be on display at the food fair yet to be organized on campuses of various tertiary institutions.

Our main aim is to be able to reach out to all our potential customers in the municipality and the region as a whole in other to increase our market share.

Production Cost, Equipment and Supplies

COST OF PRODUCTION

We intend to incur the following expenses.

Cost of materials = US$ 22,000

Cost of labor = US$ 36,453

Overhead expenses = US$ 53,204

Total cost of production = US$ 111,657



STOCK OF MATERIALS


With regards to our raw materials for the production of the shito, we shall buy them in bulk to enable us attract a discount from the market and will helps us avoid the problem of price fluctuation in the market.


SUPPLIERS


We intend to visit Techiman market or other villages around to get suppliers who will be reliable in terms of discount, delivery and in terms of payment. All this shall be considered before we get our suppliers.


EQUIPMENTS


We want to get leaflets from Domod and contact MOFA for high quality utensils and machines respectively. Whilst we get into contact with the various suppliers with regards to price terms offered and after sales service before we finally make our purchase.


PREMISES


We intend to construct a workshop where our production would take place. Fortunately, one of the members has a land already at Penkwase which we intend to buy, for the construction of our factory.


Sample of Trades For First Year

 
US$
US$
US$
Expected Sales
 
1500.00
 
Less Inward Returns
 
2.50
1497.50
Less Cost of Sales
 
 
 
Opening Stock
 
150.00
 
Add Purchases
1230.00
 
 
Less Returns
5.00
1225.00
 
 
 
1375.00
 
Less Closing Stock
 
145.00
1230.00
Gross Profit
 
 
267.00
Less Expenses
 
 
 
General Expenses
 
43.00
 
LIght and Heating
 
6.40
 
Wages and Salaries
 
134.60
 
Bad Debts
 
12.00
 
Motor Expenses
 
14.70
 
Selling Expenses
 
8.30
 
Insurance
 
14.00
233.00
Net Profit
 
 
34.50

Sample Milestone

MILESTONE

  • JANUARY – Research about the product and how to market it.
  • FEBRUARY – Drawing of business plan and registration of business.
  • MARCH – Acquisition of business assets
  • APRIL – Business takes off.
  • Depending on the viability of the business, we hope to consider and implement other food processing ideas to this current one.



Sample of the Table of Content For Plan

Introduction

Description and analysis of proposed business plan

Description of management

Why we want to start business

Market outline

Market research

Result of market research

Competitors

Selling of product

Cost of production and materials

Trading, profit and loss account

Balance sheet

MILESTONE


I hope this goes a long way to serve as a helpful business plan sample for all my fellow writers and visitors of the site.

Sample of Trades For First Year

 
US$
US$
US$
Expected Sales
 
1500.00
 
Less Inward Returns
 
2.50
1497.50
LESS COST OF SALES
 
 
 
Opening Stock
 
150.00
 
Add Purchases
1230.00
 
 
Less Returns
5.00
1225.00
 
 
 
1375.00
 
 
 
 
 
Less Closing Stock
 
145.00
1230.00
Gross Profit
 
 
267.50
LESS EXPENSES
 
 
 
General Expenses
 
43.00
 
Light and Heating
 
6.40
 
Wages and Salaries
 
134.60
 
Bad Debts
 
12.00
 
Motor Expenses
 
14.70
 
Selling Expenses
 
8.30
 
Insurance
 
14.00
233.00
Net Profit
 
 
34.50

Sample of Balance Sheet For First Year

 
COST (US$)
DEPRECIATION (US$)
NET (US$)
FIXED ASSETS
 
 
 
Land and Building
76.50
 
76.50
 
 
 
 
CURRENT ASSETS
 
 
 
Stock
 
145.00
 
Debtors
 
160.00
 
Bank
 
20.00
 
 
 
-325.00
 
 
 
 
 
LESS CURRENT LIABILITIES
 
 
 
Creditors
 
130.00
 
Working Capital
 
 
195.00
Net Worth
 
 
271.50
 
 
 
 
FINANCED BY
 
 
 
Capital
 
 
200.00
Add Net Profit
 
 
34.50
 
 
 
234.50
 
 
 
 
Less Drawing
 
 
43.00
 
 
 
191.50
LONG TERM LIABILITY
 
 
 
Bank Loan
 
 
80.00
Capital Employed
 
 
271.50
 
 
 
 
Capital
 
 
200.00
Motor/Vehicle
 
76.50
 
Purchases
 
1230.00
 
Expected Sales
 
 
1500.00
Drawing
 
43.00
 
Opening Stock
 
150.00
 
Debtors and Creditors
 
160.00
130.00
Returns Inward and Outward
 
2.50
5.00
General Expenses
 
43.00
 
Lighting and Heating
 
6.40
 
Wages and Salaries
 
134.60
 
Bad Debts
 
12.00
 
Distribution Expenses
 
8.00
 
Motor Expenses
 
14.00
 
Insurance
 
14.00
 
Bank Loan
 
 
80.00
 
 
1915.00
1915.00
 
 
 
 
Expected Closing Stock
 
40.00
 

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