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Whats Needed in a Business Plan

In: Business and Management

Submitted By swin
Words 1634
Pages 7
In this task I will be talking about what is included in a business plan, things such as the finance, location, market research, human resource policy and much more.

Budget
This is the amount of money that can be spent on expenditure over a set period of time. For my business I will set a budget for the first six months as I need to keep an eye on how much money is going out, too much outgoing can lead to the business going in debt. Having a budget for a set period of time will help me control my expenditure and will ensure me not over spending. Therefore it is vital to keep a budget. I would also be losing out on a lot of money if I spent without having taken note of how much cash I am spending. Having a budget is a good way of helping me save money because I could then spend the money I saved on something which is useful for the business such as equipment or material for manufacturing the sock. This would avoid me from spending the money on things which are not really needed for the business.

Wages for employees (£6.10 an hour, 6hours in total, 6days a week): £219.60 a week The other types of cost are called fixed costs. This is where the cost of the business paying something to someone does not vary or change. It stays the same. An example of this could be the staff’s wage. When a business pays their staff, the cost does not change. It stays the same throughout the cash flow forecast. Below is the fixed cost for my business.

Opening Balance: £4000
Total Expenses from £1411 - £2556, these expenses include0
* Online Expenses
* Material Expenses
* Warehouse Costs
* Telephone
* Gas & Electricity
* Wages
* Delivery Expenses
* Advertisements

The targeted market for my product are both males and female & for most ages of different people, as socks are a type of clothing product that everyone uses and that would need on a daily basis… such as

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