The paper "Steps in Starting a Business" is a good example of a case study on business. Creating a business plan is regarded as a major step in starting a business. A lot of research needs to be done and this is where the success of the proposed business will be portrayed. In accordance with this, MONMEX business plan has been thoroughly researched and has exclusive information on the requirements for the success of the project. First, the plan explains the presence of a great business opportunity because of the absence of a casual food restaurant with a Mexican gastronomical offer in the area.
This is the first important aspect of a business plan. In addition to this, the demand for fast food in France has increased drastically over the years. As a result, there is the availability of a ready market in the area which is also an important aspect of a business proposal. Other than a ready market, there should also be a target market that will help increase the sales. The proposal explains the target market as the people working in the area who have limited time to cook for themselves as there are very busy working.
Import-export of the specific ethnic products needed from Mexico has also been incorporated in the plan thus, expressing how the raw materials will be acquired. Departmentalization and specialization denoted in the management sector is a key element in business management thus, portraying the effectiveness of the proposal. This proposal has conducted detailed market research that clearly identifies its competitors. It has been written in a formal format and style. Lastly, there is the issue of the business life span.
The proposal indicates the future of the company is at least five years. This is clearly a good business proposal that will ensure the future success of the business for a long time. Despite, the advantages and the advanced research on the business proposal, some of the important issues have been overlooked. The proposal has disregarded the fact that this is a new product and a new business brand thus, a different approach to competition is required. For example, what will happen when the surrounding restaurants also start providing Mexican first foods before MONMEX becomes stable?
The big restaurants will eventually have a competitive advantage over it. They will gain control of cost, pricing, and channel since they are well recognized widely. Before listing the competitive advantages, one has to first reach the starting line of competition (Porter 58). This are the standards set up by the other nearby restaurants. With reference to this, I would suggest a proposal to include one or two very common fast foods. The main intention will be providing this food restaurant with a Mexican gastronomical offer to help in having a better competitive advantage.
This will increase the number of customers accessing the restaurant which will help in building customer loyalty. As a result of this, MONMEX will get more recognition and attract more customers as compared to its only selling Mexican foods. The sector of financial planning has many assumptions. The main assumption is that the business will start generating profit as soon as it has been set up. A good business proposal should state the amount required to run the business before the profit bar is achieved (Toten 89).
This is the amount required to run the business before the business starts making its profits. The proposal does not include an approximate of amount of money required to start the business. This is very important since it sets a target for the methods used in funding the project. If the above two disadvantages are corrected, the proposal will be a perfect piece of writing.