Financial risks include not being able to achieve projected sales in given time. Since partners are involved the risk of total loss is lesser, mortgaging property or vehicles for raising funds is another financial risk that poses for building investment.
As the name of the company will become more popular, shareholders will invest in the company which can make the brand come across as bigger and more popular. This will bring greater opportunities for the company to establish its fame and worth.
The most crucial aspect, as discussed above, is finding experienced bakers. This can be achieved by visiting leading bakeries and trying to hire the bakers who have a large experience and are experts at this. Though it means a higher wage right from the beginning, it will ensure great taste which is the most important and a foundation step towards building higher customer satisfaction. Similarly, experienced marketing personnel are required for a wider approach in stores and shops. The employees will become more aware of taking care of ensuring proper hygiene upon discovering the motto of the business (Fields, 2011). Hence, this will keep them devoted and motivated. Since there is abundant information available on the internet, the partners will try to ensure that every idea from across the globe comes into execution and a different product can be launched.
The company will work towards complete quality control and all necessary steps will be taken from time to time to ensure that the standards are lived up to. Quality control will be looked after by one of the partners directly. With time, managers and department heads will be employed who will only ensure that everything is delivered as promised. Transparency with customers is going to be the company’s motto (Nankervis et al., 2013). The employees will get more information and training as the company will be ready to try open ideas for trying different varieties of breads and cookies. The marketing personnel will be serving the crucial task of assessing what product is a hit with the customers based on their reviews and suggestions.
It can be concluded that, starting a business requires analysis of different factors that affect business operations. Business plan shall include analysis of different situation and deeper analysis. It can be concluded that, first of all, product which is to be produce is to be decided. Next step in making business plan is to analyse market or testing market feasibility. Technical feasibility is more important since it analysis basic business operations of the business plan. It supports legal framework of the business plan. It is concluded that financial feasibility is most important among other feasibilities. It includes forecasting of expenses, different costs, assets, liabilities and capital budgeting information. At last, human resource feasibility is required to be undertaken.
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