Executive Summary

1.     Business Type

The business type (legal entity) I have chosen is a sole trader is the simplest form of business organization.

2.     Aims and objectives

The overall aim of my firm is to be the market leader of online selling of mobile phones. I think this will be a very tricky aim however with good customer service and perseverance I can achieve this. To achieve this aim I will pursue the following objectives:

3.     Unique Selling Point

The organisation which I am establishing is a second hand mobile phone retailer, I intend to create a friendly, welcome and comfortable atmosphere which will encourage the customers to purchase from the website. My competition I will have will be from organisations such as UsedPhonesUK and Secondhand-Mobiles, what I have acknowledged from viewing their websites are that the simplicity is not a factor of their website.


 See More: http://ahmedc49795.blogspot.com/2011/09/1-type-of-business.html

1.      PESTLE analysis

·   A political subject which may affect my firm is the Ecological/environmental issues which a new government may implement. Take for example the growing concern for global warming the government may place restrictions on electricity usage.

·         A social factor which may affect my operation is the growth of the unemployment rate. The unemployment rise has left people without jobs and being more careful with their expenses, therefore the consumers may opt for second hand mobiles which I sell.

·         Technology is ever changing in this world especially in the mobile phone market where the industry is constantly evolving. My company will have to acknowledge this change and keep up to date with the change. Current mobile phone generation is at 4G which are charged approximately at £200+ for a new handset. This has opened many opportunities for me as the 3G handsets have depreciated in value therefore my target market are more able to purchase to the lower technical mobile phones.

·         Economic factors which affect my company is the tax increase due to change of political power. The income tax has increased and the nations which are low earners are still affected. The current economic status is that we are recovering from a recession, however the mobile phone market is not affected as mobile phones are considered to be necessity therefore the market is constantly growing.

4.      Estimated: potential profitability.

Gross profit = (TSR) Total Sales Revenue – cost of sales

Assume: Total Sales Revenue = £110,000 per year

Cost of sales = 10% of Sales Revenue

Number of customers = TSR / Revenue per sale

Therefore: Gross profit = £110,000 - £60,000 = £50,000

Net profit = Gross profit – Expenses

Assume: Expenses = 50% of Gross profit

Therefore: Net profit = £50,000 - £25,000 = £25,000

Target Market

See More: http://ahmedc49795.blogspot.com/2011/09/2-target-market.html

Key Skills

Skills	Do I have them?
English Language	GCSE B grade
ICT	GCSE A grade
Marketing, Finance and Human Resources	BTEC Level 3
Maths	GCSE C grade
Communication	BTEC grade Merit
Team Working	Supervisor at workplace
Confidence	Sports team Captain
Interpersonal	Very Social and outgoing

My personal strengths	My personal weaknesses	Skills and abilities I do not have
Motivated, problem solving, good interpersonal skills, management skills, and punctual	impatient, lack of life experience	Patience, Experience of running a business

   

3. Skills and Gap development needs

Objective	Short Term	Long Term
Marketing	Hire a MBA level 7 to set up a short term strategy and plan to increase profit and awareness	Send an employee 1 day a week over a 2 year period on a DMS post graduate scheme http://www.staffs.ac.uk/courses_and_study/courses/management-studies-dms-tcm4214159.jsp
Accounting	Hire a part time Accountant from an external firm to help on my short term finances	Send another employee to a AAT course in order for them to become a qualified accountanthttp://www.aat.org.uk/
ICT	it would be pointless to keep training employees as ICT is ever changing ,therefore I would externally hire an IT consultant	Hire an external IT consultant with the skills required to handle software and hardware

See More: http://ahmedc49795.blogspot.co.uk/2011/09/3-human-resources.html

Key Legal

Legal Aspects                  

§  Legal status
§  Legal Liability
§  Trading terms & conditions
§  Trading standards
Legal aspects 2

§ Employers Liability
§ Product Liability
§ Contents Insurance
§  Record keeping

See More: http://ahmedc49795.blogspot.co.uk/2011/09/4-legal-and-physical-resources.html

Profit and Loss

See more: http://ahmedc49795.blogspot.co.uk/2011/09/5-financial-resources.html

Contingency

Financial Constingencvy involves my organisation MusaMobiles to raise more finance both internally and externally

The internal sources of finance will include the following,

I will accumulate £10,000 from my own personal savings to invest into the organisation
I will also raise £5,000 from friends and family which will help create more source of finance.

The external sources of finance will mainly come from grants and sponsorship schemes which the government have emplaced to assist young entrepreneurs to achieve their business ideas and create them into sucessful companies.

I will apply for a princes trust fund for young people aged 18-30 this will help me achieve the following
 

Business skills training

Business planning support

Start-up loan funding

Ongoing support from a volunteer business mentor

Access to specialist support, including our free legal helpline supported by DLA Piper

And, if you start a business, access to a wide range of free and discounted products and services
http://www.princes-trust.org.uk/need_help/enterprise_programme.aspx