Business Plan Development and Market Research

This assignment provides a comprehensive guide to developing a business plan, including market research, budget estimation, and employment policies. It emphasizes the importance of planning for long-term survival in the market and earning maximum profits. The report concludes that establishing a business requires effective planning, which can be achieved through market research and adherence to laws of equality and diversity.

BUSINESS

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
Setting up a small business plan.............................................................................................1
TASK 2............................................................................................................................................2
Conduct market research which develop the business...........................................................2
TASK 3............................................................................................................................................4
Discuss about ethical dilemma...............................................................................................4
TASK 4............................................................................................................................................5
Equality and diversity law......................................................................................................5
TASK 5............................................................................................................................................6
Complete the business task.....................................................................................................6
CONCLUSION................................................................................................................................7
REFERENCES................................................................................................................................8

INTRODUCTION
A business plan is a written document that describes a new business and its products or
services. It concise the financial and operational objectives of a company and include the
detailed plans and budgets showing how the objectives are to be accomplished (Simón-Moya and
Revuelto-Taboada, 2016). The aim of the report is to develop small business plan to achieve
organisational goals and objectives. In this report develop small business Softico hub which
provides food facility to the consumers who visit the cafe. This report covers following topics
like as industry, location, target customers, business model, visual identity, values for promote
business. There is conduct market research that is based on qualitative and quantitative.
TASK 1
Setting up a small business plan
A business plan helps as a road map for business and there is outline objectives and
goals of business plan. Softico hub are used to effective business plan for attract various
investors and other companies for invest in their business.
Business plan and name – Softico hub is provides the facility of drinks, snacks to its
customers. The unique interior of cafe based on stars and moons that can attract to friends to visit
the cafe. It belongs to Food & beverage industry and located in London. The cafe famous for
top quality coffee and pastries in different flavour. Softico hub provides unique menu style
according to different age group friends like as coffee, pastries in different flavour, in snacks like
Manchurian, noodles, garlic bread and Mozarella stick, in mega breakfast like eggs, wheat bread,
ham, sausage and bacon. The cafe also provide special menu on Sunday and on festive season to
attract more customers and they are provide special drinks and different type of coffees
according to days. The target customers to of the cafe is the age group between 10 to 30 years of
friends, youngsters because they like to spent quality time with friends (Jones and et. al., 2013) .
Business model
The business model presents a cafe and any other firm can do their businesses in effective
way. It is explain the strategy, various methods of business, infrastructure, improvement and
development of related products and services. For present business there is various business
model but Softico hub apply direct sales model. It is following as -
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 Direct sales – The business model of direct sales, is provided products and services to
their customers through direct sales. It will help to cafe of create more revenues and they
has to present and promote their products and services in more efficient way. Softico hub
apply this model to sells their products like coffee and pastries in different flavour
through the cafe without any mediator and retailers.
 Logo of cafe
 Create the values to promote business
Softico hub creates values to promote its business on the basis of following things such as:
Equality – There are creating values regarding to equality for promote business. It is friends
oriented cafe so there are coming different age group people including boys and girls.
Environmental – To protect the environmental it is require for a cafe should focus to protect the
environment and its values (Ward, J., 2016). There is need to protect natural resources like air,
water. The Softico hub follow the act of environment, 1990 and also follow the environment
standards. It helps to cafe to increase reputation in market and create goodwill.
TASK 2
Conduct market research which develop the business
For develop of the business firstly need to market research that provide facility to know
market segmentation and about target customers.
Primary research – The primary research is defined as a methodology which is used by
researcher to collect data, monitor on competitors activities, online mails & surveys and
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questionnaires (Blackburn, Hart and Wainwright, 2013). To conduct primary research involved
face interviews, questionnaire, focus on group and monitor to competitor's location and online
survey. Softico hub has conducted primary research to know the interest and demands of
customer about the products and services of cafe. There are collect information regarding to cafe
through questionnaire, they are as follows -
Questionnaire -
1. Do you like to chill out with friends?
A) Yes
B) No
2. Do you like theme based cafe?
A) Yes
B) No
3. Do you like coffee in cafe ?
A) Yes
B) No
4. Which kind of activities mostly like in cafe?
A) Games
B) Entertainment
Secondary research –
It is a type of research that has already find out by a person or specific organisation for
specific topic. For small business with limited budgets, the secondary research can be obtained
faster and more affordably than primary research. In secondary research involves news articles,
books, websites, news paper and magazines. With the help of secondary research the Softico hub
find out the interest of customers, market trends, taste of customers, preference to customers on
particular location where organisation establish.
Quantitative research –
It is the systematic investigation of gathering quantifiable data, performing graphical and
statical data and mathematical techniques. This research refers the sampling technique whose
helping to find out and analysed numerical regarding to organisation. The softico hub conduct
quantitative research to know about no of already exist cafe numbers in particular location. The
research provide help to cafe to know mathematics techniques and numericals regrading to
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competitors and know about future growth in this particular business (Bell, Bryman and Harley,
2018).
Qualitative research -
It is defined as a market research method that provides help to collect information with
the help of conversational and open ended- communication. The qualitative research provides
help to know insights problems of particular cafe. The Softico hub has conducted this research to
focus societies, individuals, cultures and language and communication. It helps to study of
human phenomena and provides benefits to cafe.
The market research provides help the cafe to know the market trends likes and dislikes
of customers.
TASK 3
Discuss about ethical dilemma
Ethical dilemma describe to a situation where an individual has to select options from
several options for solve problems. There is not easy to select one particular option from
different alternatives. The dilemma create situation in front of company to which one select for
better result and it provides advantage to business.
Case -
As per the situation of company has been given opportunity to be promoted of business
through a popular site with discount rate. But the company has to accused their employees in
badly way. The case has been based on discrimination, harassment and bullying by the
management. If the company select option so websites increasing popularity of business and
increased number of targeted employees in thousands of people. And there is create risk
regarding to company image and damage brand popularity.
Conclusion -
The Softico hub should not take the help of that websites for promotion because they are
behave badly with their employees. The management involves in discriminations, harassment
and bullying activities. The cafe has to search another company which can promotes websites at
a discounted rate to build good image in market. It solves the situation of ethical dilemma and
help the cafe in improve their brand popularity. The social values of company not allows to deal
with this company which are not treat good behaviour with employees. If the cafe has adopt
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given opportunity so it is against to their social values because for promotion regarding to
impact as negative way like employee demotivate, brand image and customer feedback.
TASK 4
Equality and diversity law
For a cafe it is essential to follow the equality and diversity law while selecting the
applicants (Galbraith, and et. Al 2013). It is responsibility of management to follow the rules
and regulations of equality and diversity law so that staffs can get equal pay. If cafe maintains
equality and diversity in their organisation without any discrimination then will easily able to
attain success and achieve their motive effectively. Here in Softico hub is hiring its employees
and staff so that time follow law of equality and diversity. The law is provided equality in
employees and they are motivate to play their role and responsibilities in effective way. The cafe
follow Zero contract hours, in this refers to those hours of employment, where they can work
according their own wish. In future if the cafe hire applicants so they follow equality and
diversity law and provide all rights those are provided to existing employees. As per the rules
and regulations provided statuary annual leave and nominal wages to their staff. Government of
united Kingdom has presented equality and diversity law for employees for their security, they
are as follow -
1. A cafe has not create differentiation between both employees regarding to salary and
working hours.
2. The Softico hub has to treat equal of both employees.
Equality and diversity law has been followed by Softico hub to providing appropriate
atmosphere regarding to working hours and they are feeling equality regarding their roles. On the
basis of salary and leaves there is not pretend discrimination between both employees and
provide facilities according to their roles and responsibilities.
Right for New Employees
Softico hub is providing certain rights to its new employees. Such as providing them with
with various employment benefits, assessable working hours and a effective work place. This
help an employee to feel comfortable, safe and secure and carry out their works without any
difficulty. Moreover, here softico hub are providing certain new rights for its new employees
such as -
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 The employees has to right to get salary on time and also wages.
 Provide equality between employees and right to opportunity.
 Right to file case against to employer for discrimination activities.
 Provide safe working atmosphere so they have to right of security.
Eventually, ensuring each and every employees with equally opportunities of incentives and
promotion with their better performance (Fernández-Guerrero, Revuelto-Taboada, and Simón-
Moya, 2012).
The above mentions are some of the rights which softico hub is providing to its new
employees. As this is helpful for employees and organisation to attain their goals and objective
respectively. Moreover, this rights of new employees enable them to feel comfortable in new
working environment and carry out their work with ease.
TASK 5
Complete the business task
Softico hub is engage in the business of cafe which requires following assets, liabilities,
expenses and gains Assets: Softico hub have building, furniture, machinery, computer etc. as its long term
assets and cash, inventories, account receivable, short term investments, prepaid expenses
as its short term assets. Liabilities: Softico hub have liabilities for running of its business like long term
borrowings, term loans etc. as non current liabilities and accounts payable, bank
overdraft, short term borrowings, tax payable etc. as its current liabilities. Expenses: Softico hub have expense for running its cafe business like staff salaries,
lighting expenses, food material expenses, maintenance expenses, rent expense, music
expense, marketing etc (Jones, and Penaluna, 2013).
 Gains: Softico hub have gains from its business like revenue from customers, interest
income from investment etc.
Cash flow budget of Softico hub with £20000 as budget for the business are:
Particulars Amount(£)
Receipts from customer 28000
Interest income from investment 2000
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Total cash inflows 30000
Staff salaries -8000
Lighting expenses -8000
Material purchase -4000
Music expense -4000
Marketing Expenses -2000
Net cash inflows of Sparkle 2000
Cash flow means flowing of cash inward and outward. Softico hub have £20000 budget
for its business, following account will be considered for avoiding cash flow problems: Forecasting sales and outgoings accurately: If Softico hub is accurately forecast its sales
and its outgoing of cash by way of expenses then it will become easier for Softico hub to
ascertain its cash flows and according they can do their business with £20000. This
include calculation of cost of production and other expenses and revenue estimation
(McKeever, 2016) . Preparation of more than one cash flow projection: By preparing more than one cash
flow projections, Softico hub can protect itself against any unpleasant surprises. If they
prepare three projection of cash flow that is for a best case scenario, a worst case
scenario, and a middle of the road scenario, then they can easily protect themselves from
undesired events. Considering discount for early payment: By giving discount option to the customer if
they make early payment, cash inflows can be generated quickly.
 Managing stock carefully: By managing stock carefully, dead stock situation can be
avoided and unnecessary cash outflow can be removed (Shelton, 2017) .
CONCLUSION
As per the above report it has been concluded that for start or develop business plan need
to effective plan for survive in market for long time. With the help of plan earns maximum
profits in market. For establishing business need to market research regarding to select business
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because it helps to know market trends, customer interest, demand of product and preference of
coffee habits in consumers. Law of equality and diversity follow by the company related to
employment. The estimated budget provides help to cop-ration to maintain unwanted expenses.
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