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Based on your own idea for a new and innovative business that you developed and presented in assignment 1 (your business concept) you now need to develop your idea and write a full business plan for this new entrepreneurial business undertaking. The business plan is required to be a realistic assessment of the full developmental process for a new and innovative enterprise, as applied to your business concept.
It is important that the business plan should attempt to integrate as much content from across the whole unit as possible. Use the weekly lecture topics as a guide as to the elements you should include in your business plan, e.g. building the new enterprise team, legal and financing issues (for detailed financial plan requirement please refer to WEEK 7 LECTURE materials including the spreadsheet), and managing the innovation process.
Please note the plan is 3700 WORDS long and may include some or all of the content of your business concept which you can use as a basis for your business plan (i.e. include as part of your 3700 words). You might like to revise your business concept using the feedback you receive from the marker. Any of the material you use from your business concept should be integrated it into your plan; you may need to extend/add/delete some parts of the concept and use it in different sections of the plan. But please note YOU SHOULD NOT ATTACH YOUR FIRST ASSIGNMENT INTO YOUR BUSINESS PLAN. It is entirely up to you to decide how to integrate and expand your business concept into a business plan.
There are several business plan templates that you may use that will guide you as to the content and structure of your plan. For more information about the key elements of a business plan please refer to the examples that have been uploaded in their own folder under Assessment 2 on Blackboard; see also the WEEK 5 LECTURE SLIDES. These examples provide detailed information on the sections you need to include and what you need to cover in each section. Please use any structure that you may think best fits with your business idea. Some may not be relevant to your particular idea but they are just given as a guideline. The important thing is that you cover all the key elements in a business plan and that you tailor it to suit your particular idea.
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Tourism being the main industry of Australia and Sydney Harbour being the most famous beaches where tourists both local and international do visit, Snack-N-Sail would be a unique boat restaurant that will cater to the need of visitors by providing them one of a kind experience along with delicious food being served in a unique manner.
Snack-N-Sail will target all the fun-loving and sophisticated diners who love adventure dining and good food being served in a completely fascinating atmosphere.
Snack-N-Sail will aim at earning a gross margin of around 85% through its innovative idea of a boat seating restaurant, a wonderful menu along with an experienced restaurateur.
2.1 Economic Development
The Snack-n-Sail would be helpful in creating many business opportunities for the local people as it will provide jobs for the young entrepreneurs, who have been in search of a job. The restaurant will provide job to the boat operators, cooks, vegetable growers, etc. Several jobs would be created through the opening of this exclusive restaurant that plans to serve snacks and food to the visitors on the boat. Purchasing boats, food items, and creating an ambiance on the boat will certainly prove beneficial for local carpenter business, grocery stores, fishermen, and farmers.
2.2 Community Development
The community will certainly thrive with the thriving business of Snack-n-Sail as the earning potential of the local people will improve as they will get opportunities to earn more thus the whole community will grow financially as well as socially. The local people will start educating their kids as they will think that better education can provide them better jobs.