Submit “Memo Final Draft” from Module 2/Chapter 10 after incorporating peer feedback. Files must be in Word or PDF. Please give it a serious revision.
ORIGINAL MEMO THAT NEEDS REVISED IS BELOW
MEMO
To: Klaus Michaelson
Director, Truth Industries
From: Jack Sparrow
CPA-K, Bachelor of Commerce- Birmingham University
Date: December 4, 2020
Subject: Financial Support.
I have been studying in Birmingham for the last four years. I plan to use the knowledge and skills learned in raising the standards of living of the people living within the university area. I have decided to start a fast-food business at the university grounds and I seek your financial aid. The information provided below will highlight some of the analysis I have carried out and my basis for starting a business.
Market Trends
The university hosts several students who greatly depend on fast foods as they move from one class to another. Moreover, there is a great demand from the staff members of the university as well as the localities for the students. This is because there is no fast-food business along with the university campus, which is a market gap. This means that the business has a vast market scope for its products. Students also prefer sweet delicacies that are affordable and therefore the cash cow for this business will be Chips and soda.
Requirements
This means that I will require some inventories like cooker systems, chopping machines, peeling machines, point of sale system, display unit, packaging tools, fridge among others. I will also need to rent two buildings which be near the university area. One of the buildings will be the warehouse where I store the potatoes and the other building will be the shop. I will also require to get trade permits for conducting my business. this means that the business will have a lot of costs as it starts.
Opportunities and staffing
The fast-food business will operate on weekdays. It will be opened at 10:00 a.m. and be closed by 9:00 p.m. I will also employ some of the students who will be working on shifts in the periods that they have no classes. Some students will form part of delivery as others will work to ensure that all orders have been sold. One of the advantages of this business is that it will help some of the students become active and even pay for some of their utilities independently. It will also allow me to become an entrepreneur as I look forward to expanding the business and selling other products.
Challenges expected
The business will only operate during the academic months. This means that the business will be closed during the long holidays as there will be little sales. Part of my strategy is to maximize the profits during the high season and ensure optimization of resources during the period. Moreover, students prefer affordable products. This means that the prices will be lower. As part of my strategy, I will maximize in making more sales. The more sales I make, the higher the margin. This means that the costs and profits per unit will be very low.
Your support and guidelines will be of much help.
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