Business Plan in BD
Business Plan in BD
Business Plan in BD
Introduction
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This term paper focuses on Business Plan in Bangladesh and it defines all of the procedure of business plan. In this term paper has reflected the new idea of business plan in Bangladeshi prospective. The new business plan is important for the every entrepreneurs of any economy. Business activity and the resultant financial gain provide benefit to a country. If you want to make a effective business plan then you will recognize a genuine opportunity when you come across one.
1.': Met$"(")"*+
To accomplish this assignment we took help the secondary source( that is the market survey of the people ) we also help from the book ) internet to accumulate the data as a primary source.
1.,: Li-it.ti"/!
*ompleting this assignment( we face lots of problem with scope limitation. These are+
Relevant future plan identity is too much critical. Various restrictions of the areas. Lacking of primary sources & important information.
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Company Description
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In competitive business world( we want to be a strong brand of trust. To the business viewpoints our one and only vision is to earn profit. .owever( we are determining to follow the business ethics in our business and we should try to maintain the environment and social responsibility. Mi!!i"/
/ur mission is to provide the ,uality goods and services to our customers with reasonable price. 6e understand the customer demand that is why we are going match the consumer demand by ,uality goods. 6e are trying to formulate our product to solve the customer5s hair related problem. G".)
/ur goal is to spread our business and e%pand several branches all over Bangladesh ) want to globalize our product. Se& ice O&ie/t.ti"/
6e are committed to serve our customers to fulfill their needs by focusing efforts on discovering and thereby meeting stated and unstated re,uirements.
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be on utilizing all of its resources effectively and efficiently to continually serve its customers with satisfaction through producing best ,uality product. /ur marketing research department found the opportunity to provide our customers a new facility using 7hampoo and hair color. The industry already contains some products. But we found that there is no 7hampoo product containing the smell of the .enna flavors. /ur marketing research department surveyed the market and found that there are many potential buyers for our product which will satisfy their needs. 7o( we have the opportunity to enter the market and fulfill the gap. 6e are going to offer the smell of .enna to 7hampoo and hair color with a very reasonable price so that customer can easily select it to use.
/ur factory will be establishing around $9 decimal spaces which price will be around Tk. &(999(999. 2or the office purpose we choose shyamoli which outlet will be "999 s, feet. 6e will allocate the space to decorate with the product shelves( freezes( beverage vending machines( cash counter in a specific manner that portrays the commitment( and delicacy of our shop. 6e will have an office and a store keep our stock inventories along with outlet. The total rental e%pense for the whole business will be around Tk. $9(999 per month. .owever( for the business our prime concern will be the security because at night in Bangladesh the crime rate is very high. Therefore( we have decided to have **T: surveillance and security lock. F.ct"&+:
6e select our factory location in 7avar( 8haka. 7avar is the part of 8haka district where we can get the best transportation facilities as well as cheap land for our factory place. There we should get the available labor force with lower price. In 7avar local area we should get a huge market for our product and that5s why we don5t have to hire any distributor for that area. /ther hand we should get the local political support from that area as a Bangladeshi company and as a native of that area. O##ice:
6e select our head office in ;7hymoli( <upayan Tower5 =hilji road( 7hymoli( 8haka. It is very good location for our office. 6e select our office in & th 2loor of 7hymoli <upayan Tower. /ur office space is "999 s,uare feet and its monthly rental e%pense is $9(999.99Tk.
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Industry ANALYSES
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Strengths:
We will strong relationship with suppliers that offer credit arrangements, flexi ility and response for any new product of our company. We take excellent, sta le and trained staff for customer service. !killed employee in marketing department for the promoting the product. "otally new feature in the shampoo industry. We have total #uality management for our product. $ood relationship with company%s suppliers, partners and customers. &igh #uality machineries and raw materials.
Weaknesses:
'ew environment for the company as ecause first time lunching product in the market. Lack of community support so far ecause we have not had any formal and informal communication with any political leader of the community. Less product classification.
Page 10 of 48 'o existing product, that%s why we cannot e used existing channels
Opportunities:
(ompletely new strength in !hampoo and hair color market. &igh growth rate in our target market. (ontinuous opportunities ahead through strategic alliances and market activities. )ttractive packets can e our opportunity. *+mail and mo ile communication will make our order and supply much easier for the product.
,ncreasing market share may increase the sales of the product eyond our expectation.
Threats:
6hen we started new business then we faces some threats. This are
-ther competitors of shampoo and hair color companies have a high market share in the shampoo and hair color market. "his company may e a le to ecome threat for us y introducing new product like ours.
*conomic, political and technological factors of the country may e threatening for our product.
'ew entry of similar shampoo and hair color company after the lunch of our product and can offer shampoo and hair color product extra feature with very little price to eat our price.
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Keys to Success
The key to success of this product are @%perienced and eye catching advertisement on most of the areas of the country. Proper channel distribution. Proper *ustomer <elationship Aanagement >*<A?. Proper 7upply *hain Aanagement >7*A? Benerating average sales in e%cess of Tk. "($!("&C per business day. /nline News and #dvertisement.
Political actors
In Bangladesh( our political situation is not so good suffers. This is a major drawback for starting new business in our country. 7o( we trying to keep a good relationship with the government and political person. @mployment laws will definitely be favorable in terms of dealing with the employees. Political instability of our country might be a serious problem as far as the supply transportation is concerned. 7o( we will cared about this.
!cono"ic actors
Bangladesh is started as newly emerging economy. Now a day Aany new venture are emerging with high potentiality. /ur target customers will very much appreciate such new venture. 7o( it will be challenge for me. #s we have decided to take loan( so we need to be concerned about the interest rate. It will be help to earn more profit to our company. #s the fluctuation of inflation rate is high in our country so it could cause negative effect on our business. 7o( we are concern about this.
Social actors
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#s Bangladesh is turning into a very fast paced life style( people wish to have a store around the corner where will find this product. That5s why( we will distrributed our product in largely and also for the mass people. Aoreover the new generation intends to buy new product with new feature in the markety. 7o this new type of products will created a new hype among them.
Technological actors
Basically we are using most modern technology to ensure ,uality service to our customers. .owever( in case of cash processing and inventory we would be depending on technology4 so further improvement in these sectors might increase our efficiency and profitability as well.
8emonstrating product features reveals a limited market driven functionality after scaling product production. Acti"/ P)./:
.evelop production prototype. .etermine production process !elect e#uipment .esign field support system
8emo product features
&arket %isk
The reality of the market is rarely as planned. Aarket acceptance and competitor response may be different than anticipated. 0imited repeat business can cause uncertainty Acti"/ P)./:
'usiness %isk
0ack of focus as the company moves from a emerging environment to a true business mode of operations. Acti"/ P)./:
inance %isk
The burn rate e%ceeds capital and management tends to focus on safes rather than profits. Acti"/ P)./:
Both the shampoo and hair color product is the new and innovative idea for the market. 7o that the company has to consider some critical issues( which are as follows The products sales growth will be slow for first si% months in the very first year of their operation. Thus the company has to hold the product5s position for first D month( which is admirable.
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#s the product is new in the market( it will take too much time to stay in the heart of the consumer and the beginning consumers will be innovators. Thus attractive and effective marketing will be needed to attract( grow( and retain the customers. The marketing objectives will be to create product awareness and trial. The company must use heavy sales promotion to entice trial that is matter of investing huge amount of money. The products cost per customer will be high( as the product is lunching initially. 2or sustaining in the market( we will less profit in the first time.
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Market ANALYSIS
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#ll *lear Aen is the dominating this sector. It is a product of U/i)e. e& B./*).(e!$ Lt(. *ompany. It used by &9E people of total market in the basis on our survey. This competitor does spend much money in advertising activities but it lacks the ,uality and they have no all the feature of customer demand. #ll *lear is a synthetic 7hampoo product. It produced by 6ater( sodium( laureth sulfate( menthol( 8A8A hydraulic( sodium hydro%ide( ammonium lauryl sulfet( carmbola fruit e%tra( dimethicone( guar hydro%ypropyltrimonium chloride( zinc sulfate( seed oil( lysine .*I( *I &"9F9( *I&G99'. It can clean hair and cool hair very well but it does that very roughly. The target market of the all clear shampoo is the middle class people.
)o*e:
It is another product of U/i)e e& B./*).(e!$ Lt(. 8ove shampoo has a very small market share in the market. It is trying to achieve a good market share. It has a positioning statement that it produced by 6ater( #mmonium 0aureth 7ulfate( #mmonium 0auryl 7ulfate( 8imethicone( 8A8A hydraulic( sodium hydro%ide(*ocamide A@#( 2ragrance( 8isodium @8T#( #verrhoa *arambola 2ruit @%tract( *arica Papaya 2ruit @%tract( Trimethylolpropane *I !'FC'( *I !F!&9. It used by 'E people of total market in the basis on our survey. The target market of the 8ove shampoo is the higher class people. 6e hope that our product will
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draw the attention of the user of the product and it will have distinctive advantage in our customers mind.
Sunsilk1
7unsilk also a product of U/i)e e& B./*).(e!$ Lt(. It is trying to achieve a good market share. This competitor does spend little money in advertising activities because the target market of the sunsilk shampoo is the low and middle class people. It used by "9E people of total market in the basis on our survey. 6e will take a good competitive advantage by providing e%tra features and conveying the massage to the customers.
Pantene:
Pantene Pro vitamin shampoo has a very significant market share in our shampoo market. It used by $9E people of total market in the basis on our survey. The target market of the Pantene pro vitamin shampoo is the all class people especially for the women people. @ven then( we will be careful about every competitor that e%ists in the market.
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+arnier:
Barnier is the dominating this sector. It used by '9E people of total market in the basis on our survey. This competitor does spend much money in advertising activities. They offering high ,uality( easy to use hair color products with the most beautiful color results possible( Barnier hair color formulas are enriched with pure( natural ingredients to help protect and nourish your hair. 6e combine true color creativity with uni,ue( cutting edge technology. Intense( natural( subtle or bright( Barnier hair colors will satisfy your every coloring wish. But it has some ,uality problem with high price and they have no all the feature of customer demand. Barnier is a synthetic hair color product. The target market of the Barnier hair color is the middle class and higher class people.
Super Spee$:
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7uper 7peed hair color is a very significant market share in our hair color market. It used by "9E people of total market in the basis on our survey. The target market of the 7uper 7peed hair color is the all class people especially for the hair salon. In this product will not our market competitor but we will be careful about every competitor that e%ists in the market.
Spee$,3:
7peed $ hair color is trying to achieve a good market share. This competitor does not spend more money in advertising activities because the target market of the 7peed $ hair color is the low class people. It used by !9E people of total market in the basis on our survey. 6e will take a good competitive advantage by providing e%tra features and conveying the massage to the customers.
Table !.$ 7elected *ompetitors and its price for *olor Name Barnier 7uper 7peed 7peed $ .enna Natural &99ml>Tk.? "G9 $"9 ""' "&9 "99ml>Tk.? !'9 !G9 !&9 !$9 !99ml>Tk.? C' F' G9 G9
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MARKETING PLAN
P&"(1ct De!c&i%ti"/ He//. N.t1&.) S$.-%"" He//. N.t1&.) H.i& C")"& A( e&ti!i/* ./( P&"-"ti"/ P&ice Dete&-i/.ti"/ Di!t&ib1ti"/ St&.te*+ T.&*et C1!t"-e&!
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P&ici/* St&.te*+ Di!t&ib1ti"/ St&.te*+ M.&7eti/* C"--1/ic.ti"/ St&.te*+ M.&7eti/* Mi8 P&"(1ct -.&7eti/* P&ici/* P&"-"ti"/ Se& ice M.&7eti/* Re!e.&c$
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we will hold a sport event for the young generation to promote the product. Aay be( we can use cellular operator in our marketing through their push sms service.
The most successful advertising and promotion has been through the following+
!ales Promoters recruit 'ewspaper )dvertisement1 "he Prothom+)lo, the 2anokantho, the 2ugantor, the .aily !tar, the ,ndependent etc.
"elevision )dvertisement1, *"V, 3"V, '"V, )"' etc. Radio1 3angladesh 3eter, Radio 0urti, Radio "oday, Radio )mar etc. Leaflets1 .istri ution a out the product in different areas.
We distri ute our product through seven of our representative in seven divisions. We will have 45 sells agent in sixteen different districts. We will uy an own delivery van to transport the product.
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7ome cases we will use the railroad and the river to transport our product.
-ur sales agent will distri ute the product to the retailers. We keep it in some mega shops like )gora, 6eena 3a/er, 'andon, 6ega consumer !hop, P7! etc.
We plan to distri ute our product according to demand of the product. ,n the first year we emphasi/e trade sales promotion.
-pper,class: 8pper+class is a portion of the population. )ccording to our marketing investigators, 8pper+class is the ma9or consumer of oth the shampoo & hair color. "hey like different kind of shampoo and hair color. "hey want good #uality product whatever price.
-pper,"i$$le class: "here is a large portion of the population occupied y the achelor people. 8pper+ middle class people are our one of our potential customer to serve. "hey want good #uality product with low price.
&i$$le,lo.er class: 6iddle+lower class is another portion of the population. 6iddle+ lower class is most careful and sophisticated consumer ut most concern a out the price and the #uality. !o, targeting the middle+lower class is also one of our effective decisions.
/o.er class: Lower class is a portion of the population. "hey are most concern a out the price. "hey don%t given more emphasi/e on the utility of the product.
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G&"5t$+ In this stage( both sales and profits of our product are e%pected to rise rapidly. To penetrate the market( we will try to reduce cost per unit by producing more units. Browing number of both customers and competitors are e%pected in this stage. 6e will try to ma%imize our market share by building intensive distribution. In this stage( we will reduce the promotional activities and will conduct market survey research to know consumer demand.
M.t1&it++ 6e e%pect to have our highest profit in this stage. Peak sales will occur as a result of low cost per customer. Aajority of the target consumers are e%pected to use our shampoo and hair color in this stage. /ur objective will be ma%imizing profits while defending market share. In this stage( we will start to introduce our other brand that is @Acti e (ete&*e/t %"5e&A with feature of <itha. 6e will set the price to match or beat competitors. 8istribution
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strategy will be more intensive( that is consumers will be getting our product more easily in nearby stores. #dvertising activities will stress brand differences and benefits. 2inally we will increase promotional activities to encourage brand switching. Dec)i/e+ In this stage of our product life cycle( both sales and profits will be declining. *ost per customer will be low( as we will reduce our e%penditures. 6e will also phase out weak items that are unprofitable. Price will be cut off and promotional activities will be reduced to a minimal level. In this stage( we will again go for selective distribution. 2inally( advertising activities will be reduced to level needed to retain loyal.
;.1B:
P&ici/* St&.te*+
The *ompany established the price of its new product 1 He//. N.t1&.) S$.-%"" 9 H.i& C")"&3 with the concept from cost based pricing. #ccording to our calculation the cost of shampoo is 'ml Tk ".$$( !99ml Tk D9( "99ml Tk !!F( &99ml Tk "$9 and we set our selling price 'ml Tk $( !99ml Tk C'( "99ml Tk !D9( &99ml Tk $99.
;.11:
Di!t&ib1ti"/ St&.te*+
6e will primarily use our own distributors for distributing our new product 1 He//. N.t1&.) S$.-%"" 9 H.i& C")"&3. Then( we will make some new channels and assign some new distributors to promote our new product to all over the county.
;.1':
2or the 1.enna Natural 7hampoo and hair color3 we will choose most successful advertising channel which will be through NT:( *hannel I( #TN Bangla and <T:( which are the most popular television channels in the country. 6e will also use some bill boards and leaflets and we will hold a sport event for the young generation to promote the product. Aay be( we can use Brameen Phone in our marketing through their sms service.
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;.1,:
follows+
M.&7eti/* Mi8
/ur marketing mi% for the new product @He//. N.t1&.) S$.-%"" ./( $.i& c")"&A is as
;.10:
P&"(1ct -.&7eti/*
/ur product will enable our customers to have a different e%perience to test in using 7hampoo and hair color. They will be able to differentiate our product in ,uality which is uni,ue in the 7hampoo and hair color market. They will not be able to feel the same way for the other 7hampoo and hair color in the market.
;.1;:
P&ici/*
In the current market of Bangladesh( there is a number of 7hampoo and hair color products e%ist. Through the market research we have revealed that most of the shampoo products5 price is Tk!&9 to Tk!G9 for the "99ml e%cept Barnier which price is Tk!C'.
;.1<:
P&"-"ti"/
The most successful advertising and promotion has been trhough the following+ Ne5!%.%e& A( e&ti!e-e/t: The Prothom #lo( the Janokantho( the Jugantor( the 8aily 7tar( the Independent etc. Te)e i!i"/ A( e&ti!e-e/t: *hannel I( @T:( BT:( NT:( #TN T: ) *hanel ! etc. R.(i": Bangladesh Beter( <adio 2urti( <adio Today( <adio #mar etc. Le.#)et!: 8istribution about the product in different areas.
;.1=:
Se& ice
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The first goal is to recognize everyone as they come into the store. If they are a repeat customer( they are referred to by name. /ur store will be staffed with high energetic sales persons who will dedicate their most of the time to customers that want assistance when they need it. The store is designed so a customer can look at our products.
;.1>:
M.&7eti/* Re!e.&c$
/ur company offers best ,uality 7hampoo and hair color with different packages to customers at a very reasonable price. By using our 7hampoo and hair color they can easily find out the basic differences of the ,uality of the 7hampoo and hair colors comparing with other companies. 8epending on the market researcher5s information and considering the growing demand of detergent powder( we are going to launch a new product 1.enna Natural3 7hampoo and hair color in the market. The marketing strategy of our company will be based on a cost effective and ,uality service to each of its target segment. /ur main focus will be on utilizing all of its resources effectively and efficiently to continually serve its customers with satisfaction through producing best ,uality product. /ur marketing research department found the opportunity to provide our customers a new facility using 7hampoo and hair color. The industry already contains some products. But we found that there is no 7hampoo product containing the smell of the .enna flavors. /ur marketing research department surveyed the market and found that there are many potential buyers for our product which will satisfy their needs. 7o( we have the opportunity to enter the market and fulfill the gap. 6e are going to offer the smell of .enna to 7hampoo and hair color with a very reasonable price so that customer can easily select it to use.
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Aarketing ) 7ales
No.
No.
! F !' $' ;;
No ! $ "9 '0
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(ccounting 2 inance: "he .irector for )ccounting & 0inance is responsi le for all the key issues of finance. &e takes all the financial decisions of the company. &e has one assistant director to help him to make the financial reports and decisions. "here is some finance executive to gather information and analy/ing. !alaries and schemes of the company are descri ed in the financial part of the plan. onus
&arketing 2 Sales: "he .irector for marketing and sales department is the main man for the marketing and sales of our company. &is first 9o is to promote the shop in the initial period. )s we will not have that much of marketing campaign in the first three years, therefore at present his first concern is to ac#uire sales contract with the manufacturers for the management. &e has an assistant director to assist him and designated marketing and sales manager and sales and marketing executives to help him.
3u"an %esource &anage"ent: &uman resource director controls the manpower of the company. &is duty is to operate the store manager of the shops responsi le for recruitment of new employees.
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accomplishment of the specific task to managing .irector as well as they will have good relationship with upper and lower level employees.
#s others organization( we will follow the organizational hierarchy as follows
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Production PLAN
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E1.)it+ c"/t&")
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Financial Projections
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/i0ui$it7 %atios
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Page 46 of 48
CONCLUSION
In conclusion( we can see that( the product the company is going to launch has a bright future in its market. #s the product is innovative( the consumers are going to appreciate it and according to the <)8 ><esearch and 8evelopment? department this product will be a strong product mi% for our company and once our 1Dete&*e/t P"5(e&A will reach to the hand of every of our targeted customers. 6e can say that /ur business will be a profitable for us as well as for our
customers when we can organize it very carefully. The whole credit depends on the performance by us and the performance of the teacher. The main thing is that in this plan we consider only a few students for the first month as well as for the first year. It depends on the management and the operation planning that how will they increase the feasibility. The advertising is here a big factor if we fail to attract the customer at the first time then it may be a problem. It is very sensitive issue so we must continue the ,uality of the teaching. 6e have the plan to increase the business with other area of 8haka city.
6e will provide service in a way that no other competitive retail store can touch. It is one of our greatest assets and points of differentiation. Insight( ideas( inspiration( and fun are the goal. <epeat( high dollar purchases from loyal customers are the desired end product.
Page 47 of 48
Reference
:. ) din, 6. 2 ;<:<, 'ew Venture & 3usiness ,deas to .evelop in an ,nnovative Way, !6* 0oundation, viewed ;5 2uly ;<:=, > http1??www.hennaforhair.com?science?index.html @ ;. Ro ert . &isrich. A;<<5B. *nterpreneurship, !ix *dition, Vol. 18 (No. 2), pp. ===+=54.
=. 3erg, )., &edrich, !., Cempf, !. & "ochtermann, " ;<::, &er al Products !olutions to .evelop , viewed ;D 2uly ;<:=, > http1??www.yea i/.com?pdfs?,mportanceE;<ofE;<*ntrepreneurshipE;<+ E;<2ustinE;<3arker.pdf@ 5. *ntrepreneurship, !mall 3usiness and Lives of !uccessful *ntrepreneurs, !econd *dition, .r. ) R Chan.
F. .onald *. Cieso. :GG<, H)ccounting Principles, *ight *dition, Coht )nd 'or ye AedsB.
Page 48 of 48
Appendix
T&.(e .!!"ci.ti"/ -.te&i.)! /ffice 8esign+