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Midterm Assignment: Career Strategic Plan
Dominic Jaquez
BMCC
Abstract
Career vision is a fundamental part of our lives. Achieving our ambitions and missions of life is the main goal of every individual. A person needs strategic planning and models to follow to achieve business goals. I am planning to build my career as a businesswoman by starting my own home-based bakery. Strategic models that I am going to use for initial stages is Cash Machine Model. Later on, I am going to use Franchise model also. Equipment required to start a home-based bakery are in my budget and beside this I can also invest on advertisements and packaging. It is quite easy to start a business but difficult to remain committed and consistent with the ups and down. So, I hope that I will remain firm and strong during the ups and downs of my business matters.
Introduction (Career vision and mission)
My career plan is that I do not want to become an employee. I want to start my own business and build myself to become a successful businesswoman. My mission is to one day create my own Spa/Bakery. I am working on my business plan and also taking guidelines from the people who are in the same business. I am specifically interested in those people who started their business on their own and know the got their own shops and also selling the franchises as well.
Methodology
Strategic planning model utilized and why?
I am planning to start my business on my own. It is tough but I believe that I can do this. After a lot of research and meeting many people, I came to this point that I am going to start my business from my own investment.
Strategic model that I am going to use for my business is named as Cash Machine Business Model. This model is also known as Cash Conversion Cycle (CCC). This model works on the phenomenon that how quickly a company converts cash into products, goods and services and then again into cash. Cash Conversion Cycle works as: Cash=>Product and Services=>Cash. This type of business model is best suitable for the self-inventory type of businesses. Because a person can start a business from very low investment and can grow on it.
After getting a start by using this model, my plan is to grow and expand my business. First of all, I am going to launch my own bakery shop in some central market. I will set the standards and will provide quality products with good quantity and reasonable price. Here quantity matters a lot because when it comes to baking products people like to get more for less. We can take the example of cupcakes. If someone is selling 2 for $5 so I will give 3 for $5. Never going to compromise on quality. This strategy is very important to make reputation in the market and to attract customers.
Second model that I would be using for my business expansion is going to be the Franchise Model. This model is best for the company’s expansion, franchising allow the franchisor to license its resources, brand name. intellectual property and rights for a franchise to sell its products and services in exchange for a wealth and royalty.
Achieving my business plan is my first ambition. I am working mentally and financially to make it a successful one.
Plan that I have made in my mind is not a very complicated one. It needs hard work and pure commitment. I am going to start it from my home and with time and progress I am going to expand it further as mentioned in the above section. To start this business, I do not need a very big amount to invest. Equipment’s which are necessary can be bought easily. As it is home based bakery so at home, we do have kitchen utensils and ovens for daily use. Following is the list of items needed at home to start baking:
Electric mixer
Cooling racks
Refrigerator
Special oven for baking
Furthermore, Advertising my business is something that needs much attention and investment also. I am going to do the advertisement by using social media platforms like Facebook and Instagram. Secondly, I will take help of my relatives and friends to spread the word for me. I will request them to spread the name of my business in their social circle. I will also look for a local ad making company to make an attractive ad for me and play it on the local TV.
Packaging of the bakery items is something that the customers admires. I will invest a good amount of money for the preparation of packaging material for my bakery items. Because packing boxes and bags are what also helps in the advertisement of a company’s name.
Conclusion
After doing research about how to start a home-based bakery business, I came to know that it is easy to start but difficult to maintain. It needs commitment and time. My plan looks simple and ready to go but it is not that easy. For starting a business, a person needs to be patient and hard working. They should have the capability to manage things alone. They should have the ability to work under tough conditions.
References
50 Types of Business Models (2021) – The Best Examples of Companies Using It
https://smallbusiness.chron.com/supplies-needed-start-bakery-12848.html
How to Write a Business Plan in 2021 — Comprehensive Guide
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