Developing the business plan You will need to begin by developing a business plan for the start-up of your new micro-business. You may work in a small group (up to 4) to conduct the research required to inform
Task 1
Developing the business plan
You will need to begin by developing a business plan for the start-up of your new micro-business. You may work in a small group (up to 4) to conduct the research required to inform the plan for the micro business, but the plan that you submit will be your own individual work and should demonstrate that you fully understand what is involved in setting up your micro- business. Your plan should include the following key aspects:
⦁ Market analysis and planning
⦁ The consideration of any legal requirements on the business
⦁ Consideration of any financial aspects such as pricing policy, sales forecasts, projected costs, break even and cash flow forecasts, forecasted opening and closing statements of financial position and capital structure, and a forecasted income statement for the trading period
Evidence: Individual business plan documentation for the micro-business.
B.P4 Explain how legal and financial aspects will affect the start-up of the business.
Comprising key sections, including legal and financial, supported with research
Tell me how legal aspects will affect your start up business – look at legal B2 slides and mention how these legislations below will impact your business in a positive and a negative way: Right now, I will be describing the legal aspects of my startup business. Then I will talk about the advantages and disadvantages if these legislations.
A consumer protection act given in 1986 according to BYJU protects and motivates customers to speak against insufficiency and problems in product and services. This act takes care of their rights if a trader or manufacturer engage in any illegal trade (Admin, 2021). Admin (2021) What is consumer protection act? meaning, definition, rights and responsibilities, BYJUS. Available at: https://byjus.com/commerce/what-is-the-consumer-protection-act/ (Accessed: 05 March 2024)