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Introduction and a brief description of venture

Introduction of the venture

Buster’s is quite a small retailing business in an office building’s lobby. It sells all those products which are generally needed by the occupants of that office building, including packets of snacks, variety of pre-wrapped sandwiches, canned drinks or bottled beverages, variety of greeting cards, daily newspapers and magazines, some small and regular gift items and hampers as well. Basically, it contains all those things and articles which anyone needs in daily routine. This store has been open for more than three years and with increasing revenue. 

As the business is growing with quite good revenue and also now the reputation of Buster's is also quite good in the area, therefore Buster's is now thinking of expanding its one-store operation to a different level, i.e. two-store operation (McKeever, 2016). Now Buster's is planning to target a new store, which is at another building, which is totally now and is just two blocks away from the building in which the current store is. For doing this, there is a need of a proper business plan, and in order to make this business plan work, there is a detailed description of the existing business in this business plan and also a proper plan, explaining how the second store will also work efficiently. Further, there is also some analysis on the plans on how to further expand this brand name Buster's by making the chain of such stores (Zokaei, et. al, 2016).

Description of the business

Currently, Buster's is operating in one of the busiest as well as the largest and famously known business center and is in the main and metro area. According to the record, more than hundreds of companies are currently operating in the city and further many are under process, so there are like thousands of people in this city of every kind from worker to manager, sweepers as well as clerks, executives etc. And the building in which the current store is also quite a busy one, so there is no issue of customers in this building. The current store occupies quite a good space of 1000 square feet. The store opens for 6 days a week, i.e. from Monday to Saturday and targets each and every people walking in the corridor of the business building. Also, Buster's is the only store which has all the product which is needed by a person in the working hours and also which people needs to fulfill their day to day needs (Museum Store Association (Ed.),2016).

Mainly in the lunch timings, the store always is full as there are very few restaurants in this commercial area, but still, everyone wants to have something which is quick to grab as no one wants to spare their lunch hours and wants to have rest. In this situation, Butler's is the best available option for everyone, as the store keeps a variety of pre-packed sandwiches, beverages, packet food et cetera. While the lunch hours, it is not just a store, but it serves as a café to the customers where they can have their lunch and such sort of food and drinks.

Not only this store is full in the lunchtime only, but also in the hours when all the people are leaving the office and the building, in those hours also, the store remains full because before going home, people buy their stuff which is needed at home from there only (Alliance, 2016). Like some people prefer very light lunch, so they usually pick that from Buster's in order to save their time. Meanwhile in the morning times also, the store remains with the crowd as the store always keeps daily newspapers as well as magazines. Also, there are gift items as well in the store, so in case if there is someone's special day in office, people usually buy that from Buster's only, as in the store along with the gifts and all sort of hampers, even all sort of greeting cards are also available (Armstrong, et al. 2015). 

Currently, the store is dealt with by three members, in which two are staff members. These three members manage the store very well, as the employees work for 30 hours weekly (Both of them individually) and the owner, Marsha Jones herself spends 50 hours weekly at the store. Along with this entire busy schedule, the store has its main sales on Fridays and Saturdays. As on these days, people buy all the stuff which will be needed on the weekends (Asiedu, 2016). 

Business aspirations

As with the current store, Buster’s is earning quite good revenue between $150,000 to $300,000 yearly which is really good. Now the store is working on full profit part within 1000 sq. feet of area. According to the news, there is an opening of a new office building which is just two blocks away from the current building, so now the owner of the Buster’s is thinking to expand its store business. Jones wants that there must also be one branch in that new office building as well. Because according to the current situation, Jones can clearly see that this is the best business one could have in this city and with this perfect location she can rock (Dalton, et. al, 2018). So, he's planning to open a branch of Buster's in that building also, and not only in that building, he is planning further something big. He's is dreaming of establishing a proper chain of these stores in such large office buildings in the downtown. And because he's already running one store with such a good revenue, so she knows that this dream of her is not that big that no to be achieved. It can easily be achieved with proper planning and its implementation (Verbos, et. al, 2017). But currently, her focus is to aim that new office building which is just two blocks away from the current store. Also, it will be easy for her as well to manage both the stores because the distance between the stores is not that much (Burns, 2016).

In her further planning of having a chain of such stores, he is planning for around 10 to 15 stores in different locations. As there is no such thrill which is in running a great and successful business, therefore Jones is now very much interested in expanding her business. But on the other hand, it is a fact that no failure is more painful than failing at business expansion plans. And in order to not to go through any sort of failure, Joness has thoroughly studied everything from the study on current business to the research of the market and its need (Burns, & Dewhurst, 2016).

Organization of the business and key players

The store is basically run by Ms. Marsha Jones, who is the owner as well as the principal manager of the store. According to the needs and requirements of the store which is based on the average number of customers, she is employing two individuals. As it is not possible for her to manage everything alone, so she decided to keep two employers who work for 30 hours weekly, and she herself gives 50 hours weekly to the store. The time of the employees is bound with heavy hours. Like their working hours is only when the store is always full like if one comes in lunchtime, on the other hand, another one comes at the evening timings. On Sundays, store is always off for the maintenance and stock refilling and all (Farmer, 2017). Both of them spend an exact 5 hours daily at the store, one comes and serves at the lunch timings, and the other one's duty is at the evening timings. And Jones herself spends almost 8 hours daily in the store. And rest of the time she's always busy in stock checking, maintenance, refilling, bill payments, system check and updates and all (Pisano, et. al, 2015). 

a) Owner – Jones plays quite an important role in establishing the Buster's. With all her efforts and qualification, she established such a store and that too in a very prime location. The store of hers is filled with every article that a person can need in daily life. And the plus point of the store is that the location of the store is a big office building (Burns & Dewhurst, 2016). In that building, there are like numerous offices, so there are like hundreds of people working in that office and that two of every kind. From the executive manager of the companies to the clerks and all the other types of employees daily walk through the lobby, where the store is. Therefore, Jones dedicated herself to the work for like 8 hours in the store and spends the rest of her time for the betterment and maintenance of the store.  

b) Company Legal Structure –There are various types of structures of business like Sole Proprietorship, General Partnership, Limited Partnership, Limited Liability Partnership (LLP), Corporation, Non-profit Corporation, Limited Liability Company (LLC), Massachusetts Trust, Trust, Joint Venture, Tenants in Common, Municipality, Association, S-corporation, C-corporation et cetera. All these types of businesses are designed according to the needs of every individual (Wierzbicka&Niklińska, 2016).

Sole Proprietorship is quite a common sort of a business structure as in the type of business structure the business is run by a single person or a married couple alone because this type of business is quite common and simple to operate and form as well. Also, in such type, there is quite a good sort of flexibility, no such mental pressure by the higher authorities, because there are no such higher authorities. Also, there are very less legal controls as well as taxes. But yes, if there is any sort of loss or debts on the company, then that single individual has to face it alone because it will all be because of that person only (Zhang, 2017).

In General Partnership, there are usually 2 or more than two partners involved in the business (a married couple will not be considered, in a business scenario, a couple is considered as a single entity). The partners contribute money and the required skills as well as labor to the company or the business. Whatever the profit or loss the company suffers, all the partners have to deal with it equally. Also, everyone is equally responsible for the management of the business and each and every partner is equally as well as personally liable for whatever the debts of the company occur. And all the formalities of the legal documentation are done on a written partnership agreement. Whereas, in Limited Partnership, there is one or more than one general partner and one or more limited partners. The partners who generally have to manage the business and have a right on the share in profits and losses fully. And on the other hand, the limited partners have all the rights on the profits, but they do not share the loss equally, their losses are totally limited to the amount of their investment (Cihelková, et. al, 2017).

All types of investments are totally different. The type of business which Buster's is running is a Sole Proprietorship, as Jones is the only owner of the firm and the only principal manager as well. Although she has kept two employees as well, there is no role of those employees in the investment and profit or loss sharing of the firm.

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