Let's say that you and two partners want to start a company that specializes in special occasion gift baskets for individuals and corporate clients. You want to have a storefront in the local shopping mall or shopping area, as well as a vertual starfont on the internet. you each have $1000 to invest in the business, but you will need more start-up capital. One day you rember that you have a distant reletive who might be willing to fund your basket business, so you decided to write a letter to your relative, explaining what type of store you want to open and request the financial for the additional start-up cost of your store.
In your letter to your reletive, you must include the following: 1. a discription of the store you will open 2. a summary of the compitition and explanation of how your will differentiate itself from the compitition 3. a summary of the demand for your product(s) in the location- why will your business be successful? 4. a summary of the legal social and economic issues that will face your business. APA FORMAT IS NESSARY WHEN CITING REFERENCES
And what is the question? We will be happy to critique your letter...
I cant imagine writing a letter in APA format to a relative....but assignments are assignments.
Dear [Relative's Name],
I hope this letter finds you in good health and high spirits. I am writing to you with an exciting business opportunity that my partners and I have been considering, and we believe your support would greatly contribute to its success.
We are planning to start a company specializing in special occasion gift baskets for both individuals and corporate clients. Our vision is to have a physical storefront in the local shopping mall or shopping area, as well as a virtual storefront on the internet. The physical storefront will provide a convenient and accessible location for customers to browse and purchase our beautifully curated gift baskets, while the online presence will allow us to reach a wider audience and facilitate online sales.
Now, let me walk you through some key points that we would like to present in our business plan:
1. Description of the Store:
Our store will offer a wide range of special occasion gift baskets that cater to various tastes, preferences, and budgetary considerations. Each basket will be thoughtfully designed and filled with high-quality products, ensuring that our customers receive a remarkable and memorable gifting experience. We will also offer customization options, allowing customers to personalize their gift baskets to suit their specific needs.
2. Summary of the Competition and Differentiation:
As with any business, there will be competition in the market. However, we have identified several ways to differentiate ourselves and stand out from our competitors. Firstly, our focus on special occasion gift baskets will enable us to cater to the specific needs and preferences of our target market. Additionally, we will emphasize the use of premium products and unique packaging designs to create a luxurious and exclusive feel in our baskets. Moreover, we will provide exceptional customer service, going the extra mile to ensure customer satisfaction and foster long-term relationships.
3. Summary of the Demand in the Location and Business Potential:
Extensive market research conducted in our chosen location indicates a significant demand for special occasion gift baskets. As a popular shopping destination with a diverse population, there is a widespread need for convenient and high-quality gifting solutions. Furthermore, our ability to serve both individuals and corporate clients positions us to tap into a wide customer base. We believe that by fulfilling this demand and differentiating ourselves from competitors, our business has great potential for success in this location.
4. Summary of Legal, Social, and Economic Issues:
Operating any business requires addressing various legal, social, and economic considerations. We plan to adhere to all local, state, and federal regulations and obtain any necessary permits or licenses for our store. Additionally, we will implement marketing strategies that align with social trends and ethical standards. Economic factors such as pricing, cost management, and financial stability will also be carefully monitored to ensure long-term sustainability.
Please note that the above information is based on our initial research. As we move forward, we will conduct more in-depth analysis and consult professionals in each relevant field to ensure the accuracy and viability of our business plan.
In conclusion, we are genuinely excited about the prospects of our gift basket business and believe it has the potential to thrive in the chosen location. With your support in providing additional start-up capital, we can turn this dream into a reality. Your investment will not only contribute to the success of our business but also create new employment opportunities and foster economic growth.
Thank you for considering our proposal. We eagerly await your response and the possibility of collaborating on this exciting venture. Please let us know if you have any questions or require further information.
Sincerely,
[Your Name]
References:
(Acknowledge and cite any sources or references consulted for the research and planning of the business. Use APA format for proper citation.)