A. What is Business Plan? Discuss the different elements of a Business Plan.

A business plan is a written document that describes in detail how a business—usually a new one
—is going to achieve its goals. A business plan lays out a written plan from a marketing,
financial and operational viewpoint.
1. Executive Summary
Your executive summary should appear first in your business plan. It should summarize what
you expect your business to accomplish. Since it’s meant to highlight what you intend to discuss
in the rest of the plan, the Small Business Administration suggests that you write this section last.
A good executive summary is compelling. It reveals the company’s mission statement, along
with a short description of its products and services. It might also be a good idea to briefly
explain why you’re starting your company and include details about your experience in the
industry you’re entering.
2. Company Description
The next section that should appear in your business plan is a company description. It’s best to
include key information about your business, your goals and the customers you plan to serve.
Your company description should also discuss how your business will stand out from others in
the industry and how the products and services you’re providing will be helpful to your target
audience.
3. Market Analysis
Ideally, your market analysis will show that you know the ins and outs of the industry and the
specific market you’re planning to enter. In that section, you’ll need to use data and statistics to
talk about where the market has been, where it’s expected to go and how your company will fit
into it. In addition, you’ll have to provide details about the consumers you’ll be marketing to,
such as their income levels.
4. Competitive Analysis
A good business plan will present a clear comparison of your business to your direct and indirect
competitors. You’ll need to show that you know their strengths and weaknesses and you know
how your business will stack up. If there are any issues that could prevent you from jumping into
the market, like high upfront costs, it’s best to say so. This information will go in your market
analysis section.
5. Description of Management and Organization
Following your market analysis, your business plan will outline the way that your organization
will be set up. You’ll introduce your company managers and summarize their skills and primary
job responsibilities. If you want to, you can create a diagram that maps out your chain of
command.
Don’t forget to indicate whether your business will operate as a partnership, a sole proprietorship
or a business with a different ownership structure. If you have a board of directors, you’ll need to
identify the members.
6. Breakdown of Your Products and Services
If you didn’t incorporate enough facts about your products and services into your company
description (since that section is meant to be an overview), it might be a good idea to include
extra information about them in a separate section. Whoever’s reading this portion of your
business plan should know exactly what you’re planning to create and sell, how long your
products are supposed to last and how they’ll meet an existing need.
It’s a good idea to mention your suppliers, too. If you know how much it’ll cost to make your
products and how much money you’re hoping to bring in, those are great details to add. You’ll
need to list anything related to patents and copyright concerns as well.
7. Marketing Plan
In your business plan, it’s important to describe how you intend to get your products and services
in front of potential clients. That’s what marketing is all about. As you pinpoint the steps you’re
going to take to promote your products, you’ll need to mention the budget you’ll need to
implement your strategies.
8. Sales Strategy
How will you sell the products you’re building? That’s the most important question you’ll
answer when you discuss your sales strategy. It’s best to be as specific as possible. It’s a good
idea to throw in the number of sales reps you’re planning to hire and how you’ll go about finding
them and bringing them on board. You can also include sales targets.
9. Request for Funding
If you need funding, you can devote an entire section to talking about the amount of money you
need and how you plan to use the capital you’re trying to raise. If you’ll need extra cash in a year
or two to complete a certain project, that’s something that’s important to disclose.
10. Financial Projections
In the final section of your business plan, you’ll reveal the financial goals and expectations that
you’ve set based on market research. You’ll report your anticipated revenue for the first 12
months and your annual projected earnings for the second, third, fourth and fifth years of
business.
If you’re trying to apply for a personal loan or a small business loan, you can always add an
appendix or another section that provides additional financial or background information.
B. Suppose you are going to start a small business. Prepare a business plan for your
proposed business in your own area.

A Business plan for my proposed Business in my own area are given below-
Executive Summary
“Style Boutique” Shop is a new apparel store that caters to the Bangladeshi people. As our name
suggests our focus is to provide customized wear apparel and accessories, and position ourselves
as the top retail store servicing this particular market.
Our intentions are to obtain market share and become a central hub of shopping activity for the
local population.
“Style Boutique” Shop will be located at Agrabad. “Style Boutique” Shop has centralized itself
directly in position to the residential location and social activities of our target market. We
believe that this is critical to our initial success and long-term growth.
Highlights
Objectives
1. To create a shopping environment that caters to the apparel needs of the local people as well as
NRBs.
2. To receive a 50% profit margin within the first year.
3. To have a customer base of 1,000 by the end of the first operating year.
4. Create employment opportunity.
5. To conserve and uphold culture and values by providing domestic products to NRBs.
6. To generate scope for enhancement for related industries like those who provide the raw
material.
Mission
“Style Boutique” Shop’s mission is to offer quality, name brand accessories and clothing in an
assortment of sizes and styles to accommodate varying styles and shapes.
Keys to Success
In order to succeed in the boutique industry “Style Boutique” Shop must:
• Provide customers with top notch personalized customer service in an atmosphere of
Bengali hospitality.
• Carry an assortment of sizes to fit the more ample frames of their target customer base.
• Advertise and promote in areas that target customer base will learn about the store.
• Continuously review sales and adjust inventory levels accordingly.
Company Summary
“Style Boutique” Shop is organized as a partnership among the three partners of Nadia Islam,
Sadia Islam, Mohammad Ashraf Hossain.
We will be located at 3rd floor, Akhtaruzzaman Center, Agrabad, Chattogram.
The hours of operation will be Saturday - Thursday 9 a.m. - 9 p.m. and Friday 10 a.m. - 12 p.m.
There will be extended special hours designated during The Festivals like Eid-Ul-Fitr and Eid-
Ul-Azha, and New Year.
All merchandise will be purchased according to the company's mission and customer focus of
outfitting all sizes.
Company Ownership
“Style Boutique” Shop is organized as a partnership among the three partners of
Nadia Islam,
Sadia Islam,
Mohammad Ashraf Hossain.
Everyone will handle the administrative and managerial duties on rotation.
Start-up Summary
“Style Boutique” Shop’s incorporation costs are listed below. The company will start with three
months inventory on hand for apparel and accessories as this are the main revenue generator. The
majority of the company's assets will reside in inventory.
Start-up Requirements
Start-up Expenses
Trade License
Tk.1, 000
Grand Opening Event
Tk.10,000
Telephone & Utilities (3 months)
Tk.1,500
Infrastructure Development
Store Fixtures/ Decorations
Factory
Tk.150,000
Tk 20,000
Staffing and Recruitment
Tk.20,000
Advertising & Promotion
Tk.15,000
Raw material collection
Tk.70,000
Purchase of Machinery
Tk.90,000
Installation Cost
Tk.10,000
Business/Office Supplies/Stationary
Tk. 1,000
Accessories (Dices, Frames)
Tk.10,000
Total Start-up Expenses
Tk.398,500
Note: It will take 8 weeks to prepare for and start the venture. Three partners will equally
contribute the Total capital which they will need for this Business.
Company Locations and Facilities
Style Boutique Shop will be located at Agrabad in Chattogram. This space has 1,200 square feet
and has been rented for two years. We feel it is essential to our initial and ongoing success that
we locate ourselves in the heartbeat of the community. We also strive to create an atmosphere of
acceptance and community, as well as a retail environment where individuals can identify and
bond with their culture.
All business deliveries will be handled through the showroom. The factory is near by the
showroom so no extra transportation cost will be needed to bring the products from the Factory
to showroom.
Products
Style Boutique Shop will carry traditional wear brands. The greatest percentage of merchandise
will be in apparel, followed by accessories, and gifts.
Management will rely on customer feedback, suggestions, and sales reports to introduce or
eliminate certain brands, styles and sizes.
Saree
Salwar Kameez
Kids' Item
Bed cover
Cushion cover
Curtain
Others
Competitive Comparison
Style Boutique Shop has a number of advantages that will allow us to build our brand identity,
add value to our merchandise and build a loyal customer base while standing apart from our
competitors.
• Style Shopper Card' will entitle customers to a 15% discount after ten purchases.
• We will offer clothing to fit plus size for all.
• We will create a sense of culture and bonding with the community by offering products
that combine both the culture and innovation.
• Our location is central to our target customer base.
• We will maintain a detailed record on each customer, logging addresses, their purchases,
size, and brand for customer follow-up and in-house promotional purposes.
Commercial Viability
• The plan is a sound one because it will create employment opportunities as well as
providing scope for related industries.
• There is a huge demand for clothing, as these items reflect one’s personality and status.
• The plan is acceptable as there will be no environmental degradation.
• The investment cost is comparatively lower.
• The employees required for the project are few in number and available.
• As the investment is lower the risk associated with the plan is also low.
Sales Literature
Style Boutique Shop will use a targeted advertising and sales program to generate publicity and
build a customer base.
• 500 full-color postcard flyers with a 10% coupon will be distributed throughout
Chattogram two weeks prior to the grand opening event.
• 100 grand opening invites will be mailed to potential new customers two weeks before
the grand opening in June, 2020. The invitation will also include a promotional 10%
coupon off a customer's first purchase. The customer mailing list has been compiled from
contacts the owners have made while in the community.
Sourcing
We will shop for our merchandise as outlined below:
• With renowned fashion houses like Aarong who have regional representative and
showroom located at the Center, we will place our weekly and monthly reorders with
them and review new materials.
• August 2020 is the Eid-Ul-Fitr, the largest festival for Bengali people and apparel
featuring the latest collections of all brands will be presented. All orders will be placed
bearing Eid in mind.
We will also work to solidify our relationships with sales representatives and vendors so that we
may achieve decreased cost of goods. Our competitors, (both direct and indirect) purchase from
the same sources and we believe that through marketing programs and strategic alliances we will
begin to gain a competitive advantage.
Technology
Retail apparel establishments have a tendency to have a high number of SKU's because of the
level of inventory. It is imperative that an advanced inventory and point of sales program be
utilized to maintain stock levels and track sales.
Our business plan will be generated and reviewed on a bi-annual basis and reviewed quarterly to
ensure all financial goals and objectives are being reached. It will allow us to make the most of
our limited marketing budget by focusing our communications on our target markets and
enhancing our marketing knowledge.
Future Products
As we achieve and exceed our sales and profitability goals, Style Boutique Shop will add other
products to the product line and our own personal in-house label of clothing that will include
Alpona-shirts for women and shirts for men. We will expand our line of brands with those that
have been repeatedly requested by our customers. An e-commerce website will also be created to
increase our distribution channels and expand our customer base to a national level.
Market Analysis Summary
The primary target customer of Style Boutique Shop will be the local people in the Chattogram
region. As we are situated in the epi-center of the residential community we believe they will
make up the largest percentage of our customer base.
The secondary target customers are the NRBS. As the Nonresident population continues to grow
rapidly in various parts of the world we expect to receive the patronage of them as they are very
loyal to Bengali apparel.
The last target customer of Style Boutique Shop is listed as other. As popularity about the store
increases we expect to see an assortment of curiosity seekers as well as seasonal purchasers
during festival season.
SWOT Analysis
Strength
1. Premium price charged to reflect innovation and creativity.
2. High quality raw materials are collected from renowned fashion house.
3. Timely delivery for ordered products.
4. The location of the shop is very much favorable.
Weakness
1. Being a new entrant is one of the weaknesses of the boutique shop.
Opportunity
1. A partially fulfilled customer need is a great opportunity for the shop.
Threat
1. Increasing market price of raw materials and labor.

C. What are the challenges of starting a new business in Bangladesh? How do you face
those challenges to start a new business in your area?

There are some challenges of starting a new business in Bangladesh. These are given below-
Abandoning another career
If you’re going to dedicate yourself to starting and nurturing a business to success, it’s going to
be nearly impossible to simultaneously manage another career. You might be able to manage the
infancy of your business on the side, during weeknights and weekends, but if you want a chance
of growing significantly, invariably you’ll have to quit your day job.
Walking away from a promising, steady long-term opportunity for something unpredictable is
scary -- especially if you’ve never run a business before. Unfortunately, there’s no easy way to
address this. Just think through your decision logically, and don’t ignore your instincts.
Funding
Sourcing for funds is a major challenge when starting a business. It can be hard for entrepreneurs
to source for funds, especially from a financial institution. You might decide to borrow money
from friends or take out from your personal savings.
Starting a business can be exciting. It’s common to find some entrepreneurs diving into it without
having a financial plan. A common mistake young business owners make is starting a business
with the aim of making money and forgetting that it takes money to make more money. You can’t
make money if you fail to fund the business from the onset. You need some amount of money to
register the business, design logos, build a team and grow the business.
Geographical Disadvantage
Geographically Bangladesh is away from more lucrative market of world like USA, Europe. The
geographical disadvantage of being farther away from its North American and EU markets
compared to many other competitors. Inefficient and corrupt ports and inland transportation
increase the cost of production substantially.
Rule-Making
It’s fun to be the boss until you have to enforce something. Sooner or later, you’ll have to come
up with the rules your business follows, from how many vacation days your workers get to what
the proper protocol is when filing a complaint about a coworker. These details aren’t fun to
create, and they aren’t fun to think about, but they are necessary for every business.
Decision-Making
Believe it or not, this is probably the most stressful challenge on this list. New entrepreneurs are
forced to make hundreds of decisions a day, from big, company-impacting decisions, to tiny,
hour-affecting ones. Decision fatigue is a real phenomenon, and most new entrepreneurs will
experience it if they aren’t prepared for the new level of stress.
If you can work your way past these major obstacles, you’ll be well on your way to establishing
yourself as an entrepreneur. That isn’t to say they won’t continue to nag at you as the years go
on, or that new and varied challenges won’t arise to take their place, but you’ll be prepared to
handle yourself in those most volatile and impactful first few months -- and that puts you far
ahead of the competition.
Teambuilding
This is especially hard if you’ve never run or managed a team before, but even if you have
management experience, picking the right team for a startup is stressful and difficult. It’s not
enough to find candidates who fill certain roles -- you also need to consider their cost to the
business, their culture fit and how they’ll work as part of your overall team. Such considerations
are exceptionally hard when you’re under the pressure of filling those positions as soon as
possible.
Transport Costs
In some recent survey finds that transport to be a bigger problem in Bangladesh than in some
comparator countries.
Shortage of Skilled Workers
Although Bangladesh is a labor abundant country, shortage of skilled workforce is perceived to
be a major constraint for manufacturing production. This problem is particularly acute for
medium scale export oriented enterprises.
Competition
As a start-up, you will have to compete for your brand to stand out. Mind you, there are
companies in similar industries like yours. Some have been around for some time, gained some
knowledge, adapted to the current marketing trends and have managed to attract a large
audience. As a newbie, you’ll have to compete with all that.

I will face above challenges to start a new business in Bangladesh in my own ways. These
are given below-
Abandoning another career
It will not possible to start a business with a existing job for me. So I will set my mind to quit the
job and think positive for the business.
Funding
Funding is a major challenge also for me. I don't have enough balance to start a business. I will
borrow money from my friends, family and Bank.
Geographical Disadvantage
I will try to collect raw materials from local resource and also I will try to reduce costs.
Rule-Making
For this challenge I will follow Bangladesh Labour Law. According to this I will make rules for
my employees and workers.
Decision-Making
To start a business many decision will be taken. I will take advice from the expert of similar field
and also I will Consider my employees suggetions.
Teambuilding
I will build several team to run my business. I will make a captain/leader for each team who have
leadership skill and good knowledge about his/her team work.
Transport Costs
For reducing transport cost I will buy small truck and I will also recruit a driver.
Shortage of Skilled Workers
I will give training to make expert or to make skilled workers.
Competition
I will try to collect data of customers behaviour towards similar products which already exist in
the market. I will try to make quality product with reasonable price.

D. What will be the impact of COVID-19 on small business in Bangladesh?

A novel coronavirus is a new strain of coronavirus that has not been previously identified in
humans. Coronaviruses are a large group of viruses that can cause illness in animals and humans.
Coronaviruses like COVID-19 are most often spread through the air by coughing or sneezing,
through close personal contact (including touching and shaking hands) or through touching your
nose, mouth or eyes before washing your hands.
For above reason Bangladesh Govt. take some actions. Govt. declared lockdown in whole
country, Govt. advising people to stay home as the situation may continue for a while. While
some companies are open to remote operation of their employees, others can not. Small
businesses would also be negatively affected as consumers can not go out like earlier because of
lockdown.
From my point of view I'm trying to highlight Some impacts of COVID-19 on small business in
Bangladesh. Those are mentioned below:
• Millions of small businesses will be at great risk of closing permanently if the crisis
continues for several months.
• COVID-19 has had a devastating impact on small business revenue and millions of
people employed by our nation’s smallest businesses are at risk of unemployment as
a result.
• In COVID-19 situation many small businesses can not earn profit like earlier, some
businesses are totally stopped. But in this situation business owner are giving salary
to its employee. For this reason loss margin are increasing and it will be a great risk
for some small businesses.
• In future small businesses can face liquidity crisis.
• There are some small businesses that are not affected by COVID-19 that much. As
example - Pharmacy, Vegetable Shop, Fish Shop, Grocery Shop etc. We can say that
they are in a safe position then other small businesses and they will continue their
 business.
So, I think that in future some small businesses need financial assistance from govt. or Business
owners will take loan from Banks or other financial institutions to run their businesses.