Forming a business plan marked the final task of the Bio Enterprise and Employability module (available at the bottom of the page).
This task drew on a series of lectures by Dr. Chris Walker and the previous Dragon’s Den workshop.
The format of the business plan was similar to that of the group plans during the Dragon’s Den workshop, except with the plan being designed solitarily, and with the added sections of a SWAT analysis and Cash Flow and Profit-Loss tables.
I drew upon my group’s idea for converting Treborth Botanic Garden into a nature park with animals, called the Treborth North Wales Wildlife Experience.
The park’s USP (Unique Selling Point) was that it focussed on species endemic to North Wales, especially those of conservation value.
Costs were greatly reduced by having the business in partnership with Bangor University, who in return for paying £40,000 for start-up costs and monthly £500 payments could perform research at the park using the organisms on display, and also use the park for field trips and work experience.
Costs were further reduced by having a limited amount of paid staff, and many volunteers from the local area and university, and offering internships for university students to get some experience at working in animal parks.
The business plan also took into consideration grants from various councils for research and Conde action projects, which helped reduce profit loss.
Business costs were calculated using real life tariffs and costs from similar businesses.
Likewise, income is as determined by factoring ticket prices with tourism and business statistics if North Wales over the past three years.
Cash flow and profit-loss calculations determined that losses and profits would vary over the year, but towards the end of the business year profits would cease declining as our visitor base increases in size, showing that the business is profitable.
YouTube Playlist with videos about setting up and running a business used in lectures
I found this assignment to be the least tricky of the module, as I was able to complete it based on expanding previous work.
I also found this assignment beneficial to my business skills, as it solidified what I was taught in lectures and gave me some experience at actualising business plans on my own.
How this affected my career decisions:
While this assignment did not affect my primary career decisions, it has emboldened me to pursue the potential of starting my own business in case applying for a job fails.
I now also see the possibility of starting my own business even if I already am successful in my primary career choices, provided I can acquire the time and the capital.
However, I would leave creating a business low on the list of career options, as I do not find it personally appealing.