Shamrock Convenient Store on Lake Wee - Assignment Example

Shamrock Convenient Store on Lake Wee ID Shamrock Convenient Store on Lake Wee A business concept that would directly compete with the convenient store at Lake Wee is the bait and tackles shop that deals in gas, snacks and provides a view of the Lake Wee. This will ensure the goods are provided close to the customer and the laws of the place are considered. Changing the commodities of trade based on the seasonal aspects that will have the farmers and fishermen catered for, camping customers provided for and family recreation.

Purchasing the existing business would make more sense. Blending it with the idea of bait and tackles shop would make it better. The existing business already has a good number of customers and the presence on site alone has an impact to the business. Having to deal with customer orders, provide more services through the bait, and tackle shop would simplify the shopping experience and increase the margin of operation of the business through which the development is easier. Buying the existing business also cuts on competition leaving monopoly to advantage the business owners (Lussier & Corman, 2014).

Buying the existing business also saves the buyers time and resources that would be channeled into the starting up of a new business. The stress of finding suppliers and ensuring that all goods are supplied on time and meet the standards are all responsibilities that the buyer saves on once they buy the already existing business. The fact that the convenience store already exists saves the buyer the costs and challenges of getting the business approved by the state environmental agency. For such a business operating it as a sole proprietor would provide better advantage compared to the other forms of business ownership but the limitation of the capital required to run this business makes it close to impossible to run it that way.

Due to this, the ownership of the business will run as a limited partnership with two partners that will contribute $125000 and $75000 each. The sharing of profits will rely on the proportions of capital contribution as stated above and the liability shared that each partner owns also spreads as per their capital contribution (Schneeman, 2007). As the general partner, one carries most of the responsibilities and risk of the business. They also perform roles in the business directly reaching to an employment level where they serve as employees to the business.

Based on the nature of the agreement that the partners draw, the working arrangement would attract a salary to the partner sacrificing time to work while the investing partner only deals with the financial aspects and waits for their returns. A business plan contains the following: An executive summary that summarizes the business: Weeville is a small town with a population of 1400 full-time residence. Located on rural GA Highway 241, the town is 40 miles west of Atlanta and 50 miles south of Birmingham.

GA Highway 241 connects these two cities in the middle of combined state parks along the Georgia and Alabama state lines. The highway is used by thousands of commuters daily that want to escape the demands of interstate highway driving, for a more relaxed commute between Atlanta and Birmingham. During the 90 mile trip most commuters will stop in Weeville, Georgia to visit the shamrock convenient store/bait and tackle to rest, purchase fuel, and snacks or just to admire the lakes scenic views to for relaxation.

The aim is to increase business during the hunting and fishing season’s mid-September until April by offering commuters a better quality and selection of products. Objectives --To capture and increased his share of community traffic passing through Weeville, GA. --To offer customers a variety of superior products at an affordable price. --Provide customer service that is second to none.Background and the objectives.The business environment.The products and or services handled by the businessPresent marketCompetition marketing plansManagement and organizationsBusiness resources The financial plan and the contract support targets (Business Plan. SBA.gov, n.d). These steps indicate the necessary items for a business plan and if followed would lead to a successful business with well-organized management.

References8(a) Business Plan | The U.S. Small Business Administration | SBA.gov. Retrieved October 21, 2014, from http://www.sba.gov/content/8a-business-planLussier, R. N., & Corman, J. (2014). Entrepreneurial New Venture Skills (3rd ed.). Hoboken: Taylor and Francis.Schneeman, A. (2007). The law of corporations and other business organizations (4th ed.). Clifton Park, NY: West Legal Studies/Thomson Delmar Learning.