M5 - BTEC Business course work to help others from m1-d1 and also other work PDF

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BTEC Business course work to help others from m1-d1 and also other work...

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Almas Hussen

M5- Explain how the format and the business model will enable it to carry out its activities successfully

A business model is the account of how I will manage my business and also how my business will work. It also describes who will use my gym and also see how much profit I will make and it will also tell me if I am making a loss. It is necessary to plan how my business will run and also it will give me an estimation of how much money I will need for a start-up of my business. The business model will help me answer 2 important questions: who are your customers? And what facilities what they expect? I know that my business will succeed if I make a business model. I have found out this quotation “A business model describes the rationale of how an organization creates, delivers, and captures value” I have found out this quotation at https://www.goodreads.com. To make the business succeed I need to keep the model easy and simple. Having a plan set for the business will help you manage the business more easily. Also you can just write down some notes about the business so then you do not forget them. This is also an advantage because you do not have to memorise everything and you can just use your notes. Also having everything done on paper will help the business because it allows the business to keep within the guideline. 

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Because it sets out exactly what your strategies are and how you are planning to run your business, a well-written business plan containing relevant figures will help you convince investors your business is a reliable proposition. A well-researched business plan which includes the right figures and realistic forecasts will also reassure potential investors you are a sensible investment opportunity. Even if you're not planning to raise money, a business plan will allow you to map the future of your business. By putting your thoughts down on paper, it will allow you to come up with a comprehensive strategy on how you will deal with various scenarios. Your business plan gives you a place to list specific goals and objectives for your business, helping you to set out clearly how you plan to meet these goals and on what sort of timescale, and forcing you to commit to that course of action. Because you include detailed financial and market forecasts in your business plan, it will help. Business plans you manage cash flow by showing in detail exactly what you expect your incomings and outgoings to be within given periods of time

Almas Hussen

I had found out this information at www.smarta.com/advice/businessplanning/business-plans/why-you-need-a-business-plan/

Owners/stakeholders have a big say in how the aims of the business are decided, but other groups also have an influence over decision making. For example, the directors who manage the day-to-day affairs of a company may decide to make higher sales a top priority rather than profits. also a stakeholder is usually an investor in your company whose actions determine the outcome of your business decisions.

From my point of view, I would need my customers satisfied because these are going to be the people who will regularly use my gym and also this will help me to keep my business running and also to make it succeed. I know that no business would succeed without out any customers and also if my business does not attract any customers then that will mean that my business will have to shut down and it can probably lead to getting bankrupt. And I do not want this to happen to my business and therefore I will need to keep my customers happy and satisfied. And also I would have to keep the residents near me happy therefore, I will also have to build a car park for my business so that my customers do not disturb people or take their parking spots or park in front of their properties which means that they could cause problems and then I might lose my customers because there might not be any space for parking.

To maintain a good reputation and to sustain quality I will do some research on how to my business can satisfy customers. I can do this by looking at the differences and the similarities of other businesses. I did some research on how to maintain a reputation and this is what I had found;

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Do what you say you’ll do – customers would want to feel valued and happy and I can offer them excellent customer service. Be consistent – I would treat everyone the same with respect and make sure that all my customers get the service. Make other people look good – I will tell my customers that they look good and healthy and I will also praise them. Look the part – I would make sure that my staffs uniform is clean and tidy and mae them look like professionals

I will be making questionnaires because this will allow me to see what my customers think and to see if I need to improve my business and also to see if they are satisfied. And also listen to their feedbacks and look at what they think. I know that If I do not respond to

Almas Hussen

feedbacks and improve my businesses then my business would fail and that it would also get shut down because I will have no customers. A small business named snow drops got shut down because they did not respond to any of their feedbacks and therefore, the business had to close down because they were not making any profit and that they were not attracting other customers in. Being a sole trader will also help my business as I know that I can keep all my profits to myself and also work for any hours I want to and no one can tell me off. This is a very good idea as it gives me more freedom and I could also change anything I want. I know there are a lot of sole traders out there because in the “guardian” it said that here were more than 200,000 sole traders who started a business last year. Features My business will provide a unique service that will hopefully access the £13 billion a year in the health and fitness industry. My business will provide chip and pin, apple pay and android pay as more people are using them. and also my business will be in an area where there is lots of parking space or they can park in my car park so I can attract more customers in and they do not have to worry about parking or paying for parking. Also I will set up an online website where people can book their session in from home and I will also be open 13 hours a day and 7 days a week so there will be plenty of time for my customers to work out and have fun. I have rejected the idea of being in a partnership as I know that I will not have that much freedom as I would have compared to being sole trader. Also I could fall into a lot of debt if a partner could take out a lot of money in my name. also I cannot go on holidays whenever I want to because I might not get permission to do so from my partners....