Business Plan for Homemade Pancakes

This business plan outlines the establishment of a homemade pancake business in Oxford Circus, London. The plan includes details on the value proposition, target consumers, marketing analysis, competitor analysis, operations analysis, and stakeholder analysis.

Running head: BUSINESS PLAN FOR HOMEMADE PANCAKES
Business Plan for Homemade Pancakes
Name of the University:
Name of the Student:
Authors Note:

1BUSINESS PLAN FOR HOMEMADE PANCAKES
Executive Summary
Establishing the business of selling homemade pancakes in Oxford Circus in London is
estimated to be highly sustainable and effective business idea as the business will offer pancakes
of various flavors and varieties and at a cheaper cost than its competitors in the area. The
objective of the report was to develop a business plan of homemade pancakes that is derived
from Bulgaria and producing them in United Kingdom. To offer unique experience of enjoying
freshly made pancakes the new business will set up a tent at the circus for selling its offerings
that will be themed based on the major entertainment attractions of the circus.

2BUSINESS PLAN FOR HOMEMADE PANCAKES
Table of Contents
Introduction......................................................................................................................................3
1. Business Concept.........................................................................................................................3
1.1. Business Overview...............................................................................................................3
1.1.1. Value Proposition of Business.......................................................................................3
1.1.2. Confirmation of Business Need.....................................................................................4
2. Marketing Analysis......................................................................................................................4
2.1. Target Consumers and Reaching Them................................................................................4
2.2. Competitor Analysis and Ways to Beat Them.....................................................................7
3. Operations Analysis...................................................................................................................10
3.1. Production of Product and Conducting Services................................................................10
3.2. Cost Details.........................................................................................................................10
3.3. Stakeholder Analysis..........................................................................................................11
3.4. Pricing Strategy..................................................................................................................12
3.5. Sales and Quantity Analysis...............................................................................................14
4. Legal, Regulatory and Insurance Matters200............................................................................15
5. Financial Summary....................................................................................................................17
Conclusion.....................................................................................................................................19
References......................................................................................................................................20

3BUSINESS PLAN FOR HOMEMADE PANCAKES

4BUSINESS PLAN FOR HOMEMADE PANCAKES
Introduction
The new business of selling pancakes will be based at Oxford Circus in London. The
objective of the report is to develop a business plan of homemade pancakes that is derived from
Bulgaria and producing them in United Kingdom. In developing the product within the business
plan it will be considered that the difference between the Bulgarian pancakes and the ones made
in UK is the size (Barrow, Barrow and Brown 2015). In Bulgaria the size of packages range from
40-50 cm are usually crispy and tasty and in UK the size ranges from 10-15 cm. Sikh
assumptions will be considered while developing the successful business plan.
1. Business Concept
1.1. Business Overview
1.1.1. Value Proposition of Business
Establishing the business of selling homemade pancakes in Oxford Circus in London is
estimated to be highly sustainable and effective business idea as the business will offer pancakes
of various flavors and varieties and at a cheaper cost than its competitors in the area. Moreover,
another value proposition that will be offered by the new business is that the pancakes that will
be offered to the consumers will be homemade and free of any artificial flavor and color variants
in comparison to its competitors (Burns and Dewhurst 2016). To offer unique experience of
enjoying freshly made pancakes the new business will set up a tent at the circus for selling its
offerings that will be themed based on the major entertainment attractions of the circus. This will
provide an enjoying experience for its consumers to attain relaxation and dining. Moreover, all
the pancake variants will be of innovative flavors with high quality and exceptional service

5BUSINESS PLAN FOR HOMEMADE PANCAKES
environment that can attract huge target consumer base. Such exceptional value proposition of
selling daily made fresh pancakes in the circus is expected to attain high profits and sales with
the growing years (Burns 2016).
1.1.2. Confirmation of Business Need
The potential size of the home made food business in the UK market is observed to be
huge as there are numerous major homemade food selling businesses in UK. The major players
in the market are observed to be Moe’s and Brindia those sell exceptional homemade Spanish
foods in the Oxford circus in London (Clinton and Whisnant 2019). Moreover, in order to
anticipate the success of the new homemade pancakes selling business an extensive focused
research has been carried out on existing consumer surveys and sample texting. It was revealed
from such market analysis that there is a huge market of consumers those prefer consuming
homemade foods in the circuses as they perceive those are healthy and hygienic than the ones
prepared in the location. Increasing demand for homemade food in UK is enhancing the business
prospects of this business in the nation as freshly prepared meals free of preservatives is
observed to be an additive option for the consumers within cheaper price ranges (Davis et al.
2018).
2. Marketing Analysis
2.1. Target Consumers and Reaching Them
Customer
Profile
Reasons
for
targeting
them
Ways to get
their
attention
Ways to
convince
them to buy
from the new
Specific
activities
need to be
Approximate
level of
spending on

6BUSINESS PLAN FOR HOMEMADE PANCAKES
business done each activity
1. Young
students and
professionals
living nearby
the location
with average
income range
and
belonging to
the age
group of 18
to 25 years
(Watson and
McGowan
2018)
This target
market
prefer
visiting
circus
during
holidays
and are
attracted
towards
innovative
flavour
variants of
food
offered
This target
media is
highly active
on social
media so to
grab their
attention the
homemade
pancakes
worth flavour
variants will
be advertised
through
social media
promotion
(Watson and
McGowan
2018)
As this target
consumers
are of low
income
group,
offering
special
discounts and
setting
competitive
pricing for
unique
flavours of
pancakes will
grab their
attention
Invitations
will be
provided
with leaflets
having
discount
coupons or
social media
pages with
discount
coupons to
the people
residing in
the nearby
locations
(Watson and
McGowan
2018)
££ 1200
2. Adults of
both person
income
families
They are
generally
busy to
cook food
This target
market can
be attracted
through
Competitive
pricing and
promotional
campaigns
In the
publicity
event at the
circus,
££ 1300

7BUSINESS PLAN FOR HOMEMADE PANCAKES
having
children,
busy life
schedule
with no time
to cook and
are shoppers
those
patronize the
nearby high
rent stores
(Watson and
McGowan
2018)
at home and
prefer
having
readymade
food at their
visiting
places
(Watson and
McGowan
2018)
publicity
events where
value added
benefits of
homemade
pancakes will
be promoted
featuring the
health
benefits of
consuming
homemade
product will
convince
them to
purchase
them as a
healthy snack
option
(Watson and
McGowan
2018)
caterers will
be arranged
those will
offer free
samples of
pancake
flavour
variants to
consumers
in
promoting
the products
3. Children
from the age
group of 5 to
14 years
those have
parents
belonging to
average
income
They are
generally
attracted
towards
different
flavour
variants of
pancakes
and the
Advertising
the pancakes
on TV
channels
featuring
kids show
will grab
their
attention
Advertising
pancake
variants using
cartoon
characters
along with
offering free
toys will
attract
A venue will
be booked
for the
children to
visits
cartoon
shows
where
people
££ 1100

8BUSINESS PLAN FOR HOMEMADE PANCAKES
group and
pay regular
visits to the
circus
uniquely
themed
tents
towards the
product at the
circus
(Watson and
McGowan
2018)
children to
the shop
disguised as
cartoon
characters
will promote
pancakes of
various
flavours
(Watson and
McGowan
2018).
2.2. Competitor Analysis and Ways to Beat Them
Competitor
profile
Aspects
considered
for
competing
with them
Reasons for
customers
buy from
them
Reasons for
customers
willingness
to switch to
new
business
Specific
activities
needed to do
Approximate
level of spending
on each activity
1. Moe’s The new
business of
homemade
pancakes
will compete
Consumers
prefer
buying from
this
competitor
The
consumers
are expected
to shift to the
new pancake
To attract a
huge target
consumer
base the new
pancake
££ 220

9BUSINESS PLAN FOR HOMEMADE PANCAKES
with this
competitor
based on the
competitors’
price and
quality
offered
(Gartner and
Teague
2017). The
prices set by
this
competitor
are observed
too is less in
comparison
to
exceptional
quality
offered.
as they feel
the
company is
a long
established
company
and
consumers
trust the
offerings of
the joint.
shop as it
will offer
high quality
homemade
pancakes at
a
competitive
price than
this
competitor
(Watson and
McGowan
2018)
business will
have to
invest in
advertising
its offerings
and its value
added
features
(Hopp and
Greene 2018).
4. Brindia The new
pancake
business will
compete
The target
consumers
prefer
purchasing
The
consumers
are
anticipated
The activities
that will be
followed by
the new
££ 290

10BUSINESS PLAN FOR HOMEMADE PANCAKES
with this
company
based on
these
competitors’
quality
aspects. The
products
offered by
this
competitor
are fresh and
made from
seasonal
fresh fruits
(McKeever
2016).
from the
company as
they find
the
company to
offer
constantly
changing
flavour
variant of
pancakes
along with
several
value added
offers
to shift to
new pancake
shop as it
will offer
unique
flavour
variants
those are not
existing in
the market
with no
additional
preservatives
which makes
them quite
healthy to
consume
(Milani 2019)
business in
attracting
new
consumer
base will be
to offer
samples to
visitors in the
circus of the
new flavour
variants and
regular
providing
with
introductory
discount
offers to grab
their
attention
(Watson and
McGowan
2018).

11BUSINESS PLAN FOR HOMEMADE PANCAKES
3. Operations Analysis
3.1. Production of Product and Conducting Services
3.2. Cost Details
COST DETAILS ESTIMATED COSTS
Product(s)/service(s) delivered to the customer and
related costs: In Oxford circus of London, the homemade
pancakes prepared by the new business will be offered from a
tent that will be themed based on the major entertainment
attractions of the circus (Na 2016). The products will be
pancakes with flavour variants of lemon berry twist, cinnamon
apple and red velvet cheesecake flavoured.
££ 280
Quality: Quality control process:
To make sure that the pancakes product and service is
produced and delivered to required standard, the new
business will ensure maintaining sustainable raw materials
selection, storage, distribution and through developing a
regular food quality inspection plan (Simón-Moya and
Revuelto-Taboada 2016). Moreover, for maintaining quality of
homemade pancakes it will be ensured that food additives
and stabilizers are not added in the food products.
££ 340
Payment processing: Accepted payments mode: The new ££ 1100

12BUSINESS PLAN FOR HOMEMADE PANCAKES
business of selling homemade pancakes will accept cash,
credit cards and PayPal for making payment process simpler
for consumers. Installation charges of digital payment options
will incur estimated costs.
3.3. Stakeholder Analysis
List the stakeholders Any issues which may arise and ways
to manage them
Costs associated
(££)
1. Employees The employees these will be recruited
will be new and might work inefficiently
due to lack of experience. Necessary
training will be provided to make them
proficient (Tipu 2019).
220
5. Investors The investors might not be willing to
invest in the business as they might be
doubtful regarding success of the
business. They will be convinced
regarding the business prospects through
making them regularly informed.
250
6. Suppliers The suppliers might charge high prices
for supplying products or might deliver
poor quality raw materials (Tokarski,
Tokarski and Wójcik 2017). To deal with
260

13BUSINESS PLAN FOR HOMEMADE PANCAKES
such issue, relationship building, regular
communication and information sharing
will be maintained by suppliers.
7. Consumers The consumers might not prefer trying
new flavour variants offered by the
business as they might not trust the
quality of new products. To deal with
those effective advertising campaigns
will be launched in promoting new
pancake flavours offered (Uhl and
Gollenia 2016).
320
3.4. Pricing Strategy
Product or Service Price Charged (££) Justification of price
set at this level
Price comparison
with the new
business competition
1. Lemon berry twist
flavoured pancakes
2.50 The process set for
this pancake flavour
variant is justified as it
will be prepared from
freshly sourced fruits
with no artificial
flavouring substances
The prices of pancake
variants of similar
flavours from Moe’s
are observed to be
higher.

14BUSINESS PLAN FOR HOMEMADE PANCAKES
(Volker and Phillips
2018).
8. Cinnamon apple
flavoured pancakes
4.50 The process set for
this pancake flavour
variant is justified as
preparation of this
product will be made
with exceptional
quality matching with
likings of UK
consumers (Ward
2016).
The competitors of the
company does not
offer this flavour
variant so there will
be no price based
competition for this
product offering
(Watson and McGowan
2018)
9. Red velvet
cheesecake
flavoured pancakes
5.50 The process set for
this pancake flavour
variant is justified as it
is based on
competitive pricing
policy which is
cheaper than its
competitors and can
make the business to
attain competitive
advantage.
The price set by its
competitor Brindia for
pancake o this flavour
is quite premium.

15BUSINESS PLAN FOR HOMEMADE PANCAKES
3.5. Sales and Quantity Analysis
Product or Service Predicted
sales (££)
Timeframe Notes:
1. Lemon berry twist
flavoured pancakes
1100 Within 6
months of this
product launch
The estimated cost and the
selected timeframe is based
on the market analysis that
revealed in the UK market the
food products with unique
flavour variants are in great
demand among consumers
(Watson and McGowan 2018).
2. Cinnamon apple
flavoured pancakes
1250 Within 6
weeks of this
product
introduction in
the Circus
The projected timeframe and
sales generated will be based
on the assumption that this
flavour variant is seasonal as
fresh fruits will be used for
maintaining quality of
pancakes that will be easily
available doing the timeframe
(Williams, Cloke, May and
Goodwina 2016).
3. Red velvet cheesecake 1400 Within 6 The sales and timeframe is

16BUSINESS PLAN FOR HOMEMADE PANCAKES
flavoured pancakes weeks of
product
introduction in
the market
decided for this pancake
flavour variants is based on
the consumer surveys and
pre-advertisement of the
product based on which
consumers are observed to
line-up for buying such
products (Zhang 2019).
4. Legal, Regulatory and Insurance Matters200
Needs Associated costs
Licences to operate your business: food business
license with attaining FSSAI license. The
business will also attain licence in the form of
employee identification number with attaining
seller’s permit (Zokaei et al. 2016)
(££) 240
Legal requirements applicability to business
(food hygiene and safety, child safeguarding,
copyright, data protection, health and safety etc.).
These legal requirements include attaining
hygiene requirements for pancakes preparation.
Certain other legal requirements for the home
based pancake business will be through attaining
(££) 350

17BUSINESS PLAN FOR HOMEMADE PANCAKES
registration of the business under shops and
establishments act (Zokaei et al. 2016).
Insurance needed to cover business (health and
safety, professional indemnity, incapacity, 3rd
party property damage etc.). The necessary
insurance needed will also cover food insurance
that is necessary to protect against physical
damage to food business property and equipment
breakdown while preparing food.
(££) 420
Intellectual property protection, trademarks and
copyright will be attained by the new pancake
business through attaining trademark for the
business name, logo, menu items names and food
designs protected by trademark law (Watson and
McGowan 2018).
(££) 280
5. Financial Summary
Over the 6 months period the projected costs and turnover for the new business of selling
homemade pancakes are examined in the table below in three sections including set-up,
operational and projected turnover. The projected overall costs over six months for the new
business are indicated in the financial summary.

18BUSINESS PLAN FOR HOMEMADE PANCAKES
Set- Up (List of Activities Below) Monthly Costs (££) Total Costs
over 6 months
1 2 3 4 5 6
Furniture’s and fixtures 222
0
233
0
244
0
255
0
266
0
277
0
14970
Advertising and promo expenses 210
0
220
0
230
0
240
0
250
0
260
0
14100
Opening inventory 150
0
160
0
170
0
180
0
190
0
200
0
10500
Capital equipment 175
0
185
0
195
0
205
0
215
0
225
0
12000
Location and admin expenses 550 680 810 940 107
0
120
0
5250
Total for Set-
Up (££)
56820
Operational (List of Activities
Below)
1 2 3 4 5 6 Total Costs
over 6 months
Sales and marketing 600 700 800 900 100
0
110
0
5100
Payroll and payroll taxes 750 850 950 105
0
115
0
125
0
6000
Depreciation 120 140 160 180 200 220 1020
Maintenance, repair and overhaul 200 210 220 230 240 250 1350

19BUSINESS PLAN FOR HOMEMADE PANCAKES
Pre-opening salaries 110
0
120
0
130
0
140
0
150
0
160
0
8100
Legal and accounting fees 550 560 570 580 590 600 3450
Total for Operational (££)
25020
Grand Total set up + Operational over 6
months
Projected turnover (List of
activities below)
1 2 3 4 5 6 Total Turnover
over 6 months
Gain in sales of pancakes 120
00
130
00
140
00
150
00
160
00
170
00
87000
Interest expense on long term debt 500
0
700
0
900
0
110
00
130
00
150
00
60000
Total projected turnover
147000
Grand Total : projected turnover - (set up + operational) =
65160
Conclusion
The objective of the report was to develop a business plan of homemade pancakes that is
derived from Bulgaria and producing them in United Kingdom. It was gathered from the report
that Increasing demand for homemade food in UK is enhancing the business prospects of this

20BUSINESS PLAN FOR HOMEMADE PANCAKES
new homemade pancakes business in the nation as freshly prepared meals free of preservatives is
observed to be an additive option for the consumers within cheaper price ranges. It was also
gathered that to attract a huge target consumer base the new pancake business will have to invest
in advertising its offerings and its value added features.

21BUSINESS PLAN FOR HOMEMADE PANCAKES
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Sustainable Business (pp. 467-507). Springer, Dordrecht.
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23BUSINESS PLAN FOR HOMEMADE PANCAKES
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