Committing financial and personal resources to owning and operating a franchise or independent business is a serious undertaking. The success of the enterprise will depend on how diligent you are at each of the five phases of being in business, namely (a) Deciding on self-employment or employment, (b) Getting ready for business, (c) Starting the business, (d) Growing the business and (e) Exiting the business.

For this assignment, you have decided to go into business. You have a choice of buying a new franchise from an existing franchise brand or establish a new independent business. Each mode of entry requires a different approach before, during and at the end of the business life cycle.

You are required to prepare a Market Entry Blueprint that addresses and defends the following:

1. Reason for choosing self-employment
2. choice of industry – retail goods, wholesale goods or service industry
3. choice of participating in business- buy an existing business, buy shares in an existing business, and establish a new business
4. choice of channel to market – physical, online and omni channel
5. choice of business model – franchise or independent small business
6. choice of legal structure – sole trader, partnership, company or trust
7. decision regarding contracts and agreements, tax registrations, insurance, human resource, corporate image, marketing, digital presence/SEO, licenses and banking arrangements
8. choice of financing the business
9. revenue and cost budget
10. plans for resource management, staff training and incentives and customer relationship management (CRM)
11. key performance indicators (KPIs) to monitor business performance
12. local area marketing, advertising, promotion and resourcing plans
13. plan to exit the business