Elements of a Business Plan | Business Strategy - Entrepreneur
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Added on 2020-01-23
Elements of a Business Plan | Business Strategy - Entrepreneur
Added on 2020-01-23
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Business Plan1
Table of ContentsCompany Introduction.....................................................................................................................3Business aims and objectives...........................................................................................................3Description of product or services...................................................................................................3Marketing research and identification of potential growth..............................................................3Gap analysis.....................................................................................................................................4Analysis of competitors...................................................................................................................4Marketing strategies ........................................................................................................................5Segmentation, Targeting and Positioning.......................................................................................6Operational structure .......................................................................................................................6Feasibility analysis of feasibility ....................................................................................................7Sources of finance............................................................................................................................8References..........................................................................................................................................102
Company IntroductionEntrepreneur will start a Food time restaurant which will offer number of food varieties tothe customers. By opening Indian restaurant business entity can serve both British and Indianpeople. Entrepreneur will provide Indian food with British touch or taste which helps them inattracting the residents of London which is one the main uniqueness of this restaurant. Further, Foodtime will offer home and late night delivery of the food products or services. Through this,entrepreneur will also serve the students which helps them in enhance their profitability aspects.Sole proprietor will also select the most suitable source by taking into account their feasibility.Strategies of the competitors will also be analyzed by the entrepreneur which helps in makingsuitable decisions. Business aims and objectivesEntrepreneur has following goals and objectives behind the opening of Food Time are asfollows: To offer pure Indian food to the people.To serve the Indian food with British flavours to the people of London. To provide the home and late night delivery of the product or services at cost effectiveprices.Description of product or servicesBusiness entity will offer breakfast, lunch or dinner according to the taste of customersnamely vegetarian and non-vegetarian. Besides this, entrepreneur will offer breakfast from 10 am to12 pm. Thereafter, sole proprietor will start to offer lunch to the customers up to at 6 pm. After thistime frame business entity will serve dinner to the guests. Further, restaurant will also offer seasonalproduct or services to the customers which helps then in attracting the large number of customers.Further, pure Indian and this food with British touch is the speciality of the food products which areoffered by the restaurant. Besides this, entrepreneur will give home delivery of the food productswhich will offer convenience to the customers. Food time will open till 12 pm in night whichenables them to offer the late night food products or services to the customers. This restaurant willprovide services to the customers 365 days in a year. Attractive ambiance, infrastructure, lesswaiting time, luxurious and comfortable seating arrangements, packaging and services etc. are themost effectual aspect which will be included by the business entity in Food time. Marketing research and identification of potential growthBy conducting investigation it has been assessed that UK market is expected to reach on £523
in the year of 2017. the annual growth of Indian restaurant in UK is 15% which attractsentrepreneur to open up new restaurant and thereby enjoys the benefits of health growth in thissector (Michel, 2016). Growth and profitability aspect would be double in the upcoming threeyears. Besides this, disposable income of the people of UK is high. Thus, they prefer to spend onthe dining facilities which are offered by the restaurant. Furthermore, customers also have desire toraise the standard of living to the significant level. Busy life is also one the main aspects whichinfluence customers to make use of the dinning facilities (Wentzensen and Wacholder, 2013). Trendtowards working women is increased with the very high pace. In addition to this, people prefer tolive in the nuclear families rather than joint families. Thus, on weekend and other days peoplevwant to take dinner outside in against to home. Thus, all these factors influence business entity toopen Food time restaurant in Manchester. Thus, by offering the quality food at cost effective pricesbusiness unit is able to attain success in the new market. Gap analysisFrom the secondary research it has been identifying that existing Indian restaurant onlyoffers specific food. Moreover, taste and culture of British people is highly differs from Indianpeople (Han, Bonn and Cho, 2016). Thus, British people do not prefer to visit the Indian restaurant.Besides this, Food time which are situated at Manchester open for the limited time period (Kim,2012). Besides this, most of the restaurant does not offer home delivery services to their customers.In the present time, customers give high level of preference to the convenience due to the lack oftime. In this, entrepreneur has decided to open the restaurant which will offer both Indian and Asiancountry's food with the British taste. By this, restaurant is able to serve the large number ofcustomers and thereby become able to take strategic advantage over others. In addition to this,entrepreneur will open the Food Time at late night till 12pm.Thus, by offering the dinning facility atlate night business entity can enhance its revenue. Further, by providing the home delivery servicesrestaurant is to build distinct image in the mind of target market. It will provide assistance to theFood time in enhancing the sales and profitability aspects. Analysis of competitorsStrategies and policies of the competitors would also be analyzed by the sole proprietorwhich helps him in assessing the strengths and weaknesses. Further, by making thorough analysis ofthe opportunities and weaknesses entrepreneur can make cost effectual strategies and policies whichhelp them in attaining success. Food Time will be compared by the business entity with RoyalNawaab and Alberts shed which helps them in taking strategic action. Competitor analysis of Food Time are as follows:4
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