There are no competitors that you are aware of in the immediate area. However, there are many similar establishments in the State, and you have researched and know that this type of place is very popular, with backpackers, older travellers and families, particularly from overseas. You need to check tourism statistics to confirm that this type of tourism attraction will continue to grow, as the market is continually changing. Tasks Stage One: Developing the business plan 1. You first need to meet with your business partners to confirm the exact type of business, the location and the products and services you will be offering. Conduct research into other businesses similar to your proposed business and the location. You should also look at examples of strategic, business and operational plans of similar businesses from the website to get some ideas. Make notes as you do your research as you will be needing this for your business plan. 2. Meet with your partners to discuss and analyse the business vision, mission, values, goals and objectives of your planned business. Write these up as clear statements. (You may need to change these as you continue with your planning.) 3. Decide who your business stakeholders will be and write a list of those you need to consult with in doing your planning and research. Consult with key stakeholders such as potential suppliers, local business owners, council or regulatory bodies. Make notes and take records of your meetings, emails and phone calls. Note: Your trainer/assessor will observe you on at least one occasion when you are consulting and will assess your communication skills. 4. You now need to review the market requirements for the product or service. Decide on the product and services, product type, market position, pricing strategy, value to customer, growth potential. 5. Profile the market. Include: profile of your intended customers customer demographics who are your competitors? the various pricing options your marketing approaches. Student Assessment Guide v 1 January 2019 Page 14 of 34
BSBMGT617 Develop and implement a business plan You may need to do some research to position this well. Describe the research you did and cite any sources you used. 6. Conduct a SWOT analysis to look at the strengths, weaknesses, threats and opportunities for your business, together with your business partners. 7. Identify the planned operations: suppliers, plant and equipment, technology, trading hours, communication channels, payment type 8. expansion 9. Identify the staffing requirements. Include required staff, recruitment options, training programs, proposed organisational structure, management arrangements 10. Identify the physical and financial resource requirements for the business. Develop a start-up budget. 11. Identify any permits or licences that may be required for your new business and any legal requirements.
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