Posted: May 17th, 2022

Create a short business plan for opening your own optical practice

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You will create a short business plan for opening your own optical practice. You will base your business plan choices you make from the following information:
PLEASE USE THE FOLLOW OPTICAL STORE NAME AS ELITE OPTICAL
Savings: $60 000
Type of business structure: Sole proprietorship or incorporated
Location of business: Guildford Mall in Surrey or a strip mall in downtown Langley
Size of store: 600 sq feet or 1000 sq feet
Lease rate: Mall rate is $60 per square foot, Strip Mall rate is $35 plus common area maintenance charges (CAM) for five years.
Product Selection: Value-based or Brand Name based
You have found an optometrist that is willing to contract her services twice a week.
In your business plan you will include the following:
Executive summary
An Introduction/Synopsis
The Venture/ Business idea
Business Strategy
Market Research/ Competition
Marketing Plan
Products and Services
Management and Human Resource Plan
Financing Plan
Projections
Grading criteria
Executive Summary
• Maximum one page
• Outlines the intent of the proposal
• Clear and concise
• Maximum one page
• Outlines the intent of the proposal
• Clear and concise
Maximum score
5
Business Concept
Should include but not limited to:
• Introduction
• What is the business?
• Who is the writer?
• Discusses what will be included in the business plan
• Intended audience
• Business idea
• Proposed financing method
• Information on the industry
• Industry trends – is it growing? Is it stable?
• Structure of the business
• Types of products and services being offered
• Informs reader on the type of ownership
• Informs on lease details
• Current position of the business e.g. Existing or new
• Location
• Identify competitive advantage
• Identify competitors
Maximum score
10
Business Strategy
• Writer identifies how the plan and specific actions will be implemented
• Business Goals
• How the business goals will be reached
Maximum score
5
Marketing Plan
Identifies:
• The customers
• Demographic audience
• Plan for retaining and attracting clients
Answers the following questions:
• How does your product or service meet the needs of your target market?
• How much will you charge for your product or service and why?
• How are you going to get your product to your customers?
• How will you connect with your target market?
Maximum score
5
Products and Services
• Details about the product and services offered
• Able to explain why customers will purchase the product and services
• Why the product and service offered is preferred over the competitors
Maximum score
5
Financing Needs
• Explains the different sources of funding needed
• How much funding is the borrower looking for?
• Identifies the money he or she is putting into the business
• Provides a basic financial plan with projections
• Identifies the cash needed to run day to day operations
Maximum score
10
Formatting, spelling, grammar, punctuation, and citation
• Document is well-laid out and properly formatted (page breaks are logical, font is consistent, styles are applied)
• Document is free of spelling errors and typos
• All published material referenced is properly cited
Maximum score
5

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