You have been provided with an opportunity to develop a business concept with the view of starting operations on September 1, 2021

Business concept chosen: Cosmetic business

 

Required:

In developing and delivering your presentation, your stakeholder would like (at the very least) to know the following:

• Details of your proposed business, in particular:
  • Is it service-based, retail, manufacturing, or a combination?
  • Entity type (e.g. sole proprietor, corporation, LLC, partnership, etc.)
  • Whether it will run online or at a location, or both?
  • How much money you require to start up?
  • Your short-term and long-term plans?
• A proposed budget for your first year of operations.
• Projected financial statement information for your first year of operations. A key stakeholder likes Excel, and would like to you create Financial Statement Templates to use in your first year of operations.
• Calculate your profit margin and break-even point(s).
• How you will account for property, plant and equipment (PPE).
• A flow-chart of how the accounting cycle will apply and be implemented in your business.
• Appropriate internal control measures that you will adopt.
• How you will mitigate or otherwise embrace the present economic environment to facilitate your business’s ongoing sustainability.