This business plan for Delicious Food Truck discusses the concept, market analysis, competition, product, marketing strategies, sales and operations, and financial projections. It aims to provide nutritious and healthy food to customers in London, UK.
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Enterprise and Entrepreneurship-Task 1
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Table of Contents INTRODUCTION...........................................................................................................................1 Main Body.......................................................................................................................................1 Executive summary.........................................................................................................................1 The concept/Business Model..........................................................................................................1 You and your team’s entrepreneurial competences.........................................................................2 The Market: PESTEL factors..........................................................................................................3 Competition (Porter's five forces)....................................................................................................4 The product......................................................................................................................................5 Marketing the business:...................................................................................................................6 Sales and operations.......................................................................................................................6 Sales forecast..................................................................................................................................7 Financial projections.......................................................................................................................7 Strengths and risks of the business.................................................................................................7 Closing summary............................................................................................................................8 REFERENCE...................................................................................................................................9 APPENDIX 1 – POWER POINT (Pitch)......................................................................................11
INTRODUCTION A business plan is considered as road map and structure which is used by management in order to operate a manage a business. The plan states what are the objectives and how they can be achieved in certain period of time. The management should analysis business performance and activities which are important and implement the plans that can help to attain the business goals(Katz and Green, 2018). The plan which is formulated by a person or entrepreneur should be accurate, up to date and feasible that can help to operate and increase the performance. This report is based on idea of that is newly venture that isDelicious Food Truck, will provide best quality of food anywhere within different meal time. The management of such organisation will formulate a business plan by involving all activities and financial performance that can help to operate a business effectively. The aim of business is to fill the needs of customers and become a leader in food industry. This report involves business model, team's entrepreneurial competence, objectives, Market, competition, product, segmentation, sales and operation, sales and forecast, financial projection and risk that arises in business activities. Main Body Executive summary Forrunningabusinesssuccessfully,planandstrategiesareimportantwhichis formulated by a person and helps to increase the organisational profitability. This is a kind of roadmap which states how activities and functions will be operated and how to attain the goals. is a newly business venture idea that is going to be operate in London, UK. This plan will help to fill the needs of customers specially for those who wants different taste and healthy food. This venture will manage and operate the all functions appropriately and would fill the customers demand. This will provide morning breakfast, lunch and dinner at different places for making satisfied to customers. The concept/Business Model Business model is a description of how a business can help to make money and deliver the value of organization for the purpose of increasing profitability. Every businessmanwho have decided to establish a newly venture and make plans must be use business model that support to increase the performance and profitability(Biech, 2019). The reason behind 1
launching ispeople who loves travelling and students who studies are not getting qualitative and healthy foodso they have demand to such types of food. This idea knocked in mind and decided to open a medium size restaurant in England. The business model which are used in business plan that are as defined: Advertising:This is major and old business model that will be use by marketing person of by creating content and food blogs that attracts viewers and readers. The aim of using model is to satisfy the two customer group such as viewer and reader that can help to make right buying decision. The management of chosen organisation will use advertisement in order to inform customers and selling them products(O’Donnell and Dahl-Popolizio, 2018). Crowdsourcing:The another business model is crowdsourcing in where large number of people contribute in organisational activities and functions which are important. In context to Delicious Food Truck, management will source the crowd by offering variety of food and taste that will attracts customers more(Hacklin, Björkdahl and Wallin, 2018). You and your team’s entrepreneurial competences To operate and manage the business, important thing is to have good team and skilled workers who are playing an important role sand responsibilities in organisation for the purpose of increase profitability. Team is important in every organisation that can help to understand the goals and perform their roles and responsibilities effectively. In context to Delicious Food Truck, entrepreneur is playing an important role strategist, performance evaluator, risk taker, organiser and controller that can help to establish and operate a business. As me and my team member have personal and workplace competencies that supports me to launch business. I am good in risk taking, deceive thinking, and self motivated. My team is well in working collectively, performing their roles and responsibilities and good in implementing the plans. In chosen business, number of people are working as a team where management will be liable to assign the role and and responsibilities as per their skills and experienced that will support to become a good entrepreneur and would help to manage a business(Priem, Wenzel and Koch, 2018). Objectives expressed in SMART terms The objectives of are defined by entrepreneur as; To provide the best quality and variety of foods in breakfast, lunch and dinner. To capture the market share by 10% in 2021. To attracts the huge number to customers by expanding at number of location. 2
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To attain the 40% profitability after paying all expenses. The Market: PESTEL factors For starting and establishing a new business venture there is need to analyse the market that can help to know which factor can affect the business operation. Therefore, PESTLE analysis in context to are as defined: PESTLEDESCRIPTION Political:This factor involves government regulation such as political stability, tax rates, fiscal policy, import and export policy etc. In UK, government is stable and supportive that provide proper assistance to business venture to establish their business that become an opportunity for Delicious Food Truck to launch their business in London. As it will get support of government and manage the all functions properly(Müller, Buliga and Voigt, 2018). Economical:When a business is going to establish, need is to analyse the economical condition of country that can help to set the prices and getting ideas to operate a business. Due to Pandemic (Covid- 19), economical condition of UK and other countries has been reduced where number of people are unemployment. Toimprovetheeconomicconditionandincreasing employment rate SME businesses are contributingin high range. Therefore, it can be opportunity for Delicious Food Truck to establish their new venture by maintaining hygiene, organic food and safety(Turner and Gianiodis, 2018). Social:The current trend is changing and people are becoming more healthconsciousness.ArisingPandemicin2019become challenging task for business man to operate their business by considering customers changed demands. Therefore, this can be strong tapping idea for Delicious Food Truck in UK to offering better quality and healthy food to customers as they wants that 3
will help to manage a business effectively. Technological:In today's modern era, technology is becoming part of people's lifethatenhancethedevelopment.Thismakeeasierall complex activities that become opportunity for to launch the businessandreachthetargetaudiencebyusingonline marketing. Moreover, it will provide home delivery and digital payment services that will attract customers to buy products. Legal:For running a business in particular country, important is to understand their laws and regulation which can support and assist in operation. By following UK's laws Delicious Food Truck can operate and manage their new venture. Environmental:This is the major factor that supports whole idea to establish new organisation. By considering all environmental aspects that protects from harm is providing variety of food products as comparative to others. Moreover, Delicious Food Truck will focus on reducing wastage of raw material and carbon effects (Easterby-Smith, Thorpe, Jackson and Jaspersen, 2018). Competition (Porter's five forces) For launching a new venture, is important to analyse the competitor who exist in the market that can help to make further plans to beat them. By using Porter's five force model entrepreneurs of gets competitive picture of market as: FIVE FORCESDESCRIPTION Existing RivalryThis force states the competitors who are exists in market. In UK,therearemanyrestaurantsandhotelswhoarealso providing food products and services. Therefore, a high threat of competitor can face by Delicious Food Truck that can be challenging point to run business. Threat of SubstitutesThis means substitutes are those similar products that are 4
competitive and can be replace with original products. The threat of substitution is low in context to Delicious Food Truck as no other organisation is available in market who provides nutritious and healthy foods such innovative products at any time(Snihur and Tarzijan, 2018). Threat of New EntrantThis means entrance of new businesses in market that can be affect the existing operations. In UK, there is high threat of new entrance that become opportunity for Delicious Food Truck to comes up with innovative idea of nutritious and healthy food in London, then no similar business will allowed toentereasily.Thus,thiscanbesupportivefeaturefor Delicious Food Truck to operate and manage the business. Bargaining Power of Suppliers For providing and manufacturing better quality of products thereisneedofqualitymaterialwhichareprovidedby suppliers. In UK, there are many suppliers who sales their product at different prices. Therefore, there is moderate threat of bargaining power of suppliers for Delicious Food Truck because may have other option to buy raw material at low price(Gonzalez-Uribe and Leatherbee, 2018). Bargaining Power of Customers Consumer's power to bargain is the last factor that will be low in UK's market as is single one organisation that will provide nutritiousandhealthyfoodstotravellingcustomersand student that keep them healthy and satisfied. This happiness assist Delicious Food Truck not to compromise with health and quality that encourage customers to buy such innovative food. The product This means item and services which is going to launch by company at different location after understand needs and wants. This research is important for entrepreneur because this assist 5
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to bring a innovative products and services which has not come yet in the market. The idea behind this new venture by offering nutritious, protein, and healthy food is increasing diseases, unhealthy people, facing problem in travelling and today's youth as they are consuming fast foods and other items that make them unhealthy, fatty and stressed person(Götz, 2020). The name of product is Delicious Food Truck that significant a healthy, organic, nutritious and tasty food, which will be cook for all ages people and mainly for teenagers who are consuming fast food and inorganic food on regular basis. This product will attracts number of customers as they will consume better quality and taste of food. Marketing the business: Marketing is the activity that uses by business entrepreneur in order inform customers and launch the new products as well services. For this, STP is best tool that can helps in spreading awareness in market. The STP of is defined below: Segmentation:This the first step of market division where in whole population is divided in to tiny groups by considering some characteristics and preference. In case of new venture that is Delicious Food Truck have decided to segment the market on the basis of psycho-graphic that covers interested people. The entrepreneur have evaluated market and get people wants and interest that they are demanding health and organic food such organisation will be launch that will help to operate a business successfully(BRuth-Islas, 2018). Targeting:This step of marketing is uses to know its exactly targets that can help to increase the organisational profitability. For organisation it is mandatory to know their potential buyers and how to increase sales. Therefore, entrepreneur of Delicious Food Truck has identified the target audience that is teenagers belonging to age group 15-60 years old who wants to get healthy food(Matović, 2020). Positioning:The final stage of segmentation is position that means placement of product in existing market and new market that can help to increase sales. Therefore, Delicious Food Truck is using social media, online marketing and other activities that can help to target the audience and increase the performance(Azam, 2020). Sales and operations In business environment, sales and operation are considered as important activities that vary from size and scope of business. For Delicious Food Truck, it can be challenging point to 6
increase the sales and operation so management will use new technology and innovative process in their organisation. This technology will help to reach the target audience and aware the number of people regarding its its unique food that will help to increase sales and operation. Apart from this management will offer online service other than physical which will attracts the huge number of customers by offering them better quality and nutritious food(Heikkilä, Bouwman and Heikkilä, 2018). Sales forecast This a tool which will use by in order to estimate the future sales. This can help company tomakeinformedbusinessdecisionandpredictshorttermandlongtermperformance (Skrypnik, 2020). The sales forecast of chosen organisation shows a projection of£ 100,000. Financial projections This is the activity and project which will be use by entrepreneur to manage their task and activity according to budget which is set by manager by evaluating the performance. In other words, an estimation of future financial outcome for a company or project, usually applied in budgeting, capital budgeting and valuation which can help to operate a business. The Financial projection of Delicious Food Truck is defined below: ParticularsAmount£ Rent£ 10000 Operational activities£ 20000 Raw material and other items£ 10000 Employees salary£ 50000 Technical services£ 5000 Management activities£ 5000 Total£ 100000 Strengths and risks of the business Strength and Risk in businesses 7
SWOTDESCRIPTION StrengthProvidingbetterquality,nutritious,and organic food No existing competitor having in the market Usingbetterqualityandquantityofraw material Having attractive and peacefully environment. No chemicals product will be use. WeaknessUncertaintyaboutcustomerinterestand product effectiveness. Complex process to managing all functions. Lack of distributional channel. Lack of customer trust(Giri and Shrestha, 2020). OpportunitiesMaintaining proper hygiene, safety and clean environment to cook and serve food. Using new technology and process to deliver better quality of food. Having skilled and talented team members. Considering taste of all age people. ThreatsChangesingovernmentregulationsand political environment. Continuous changes in customer's demand and taste. Arising problem in environmental factors. Closing summary This is ending stage of business plan that covers a conclusion from the above discussion which states business plan is a roadmap which formulated by a person in order to operate and 8
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mange their business. The idea of business plan introduce a pitch of new venture that can help to launch a new product and service in the market. This plan covers environment analysis by using PESTLE, competition by using porter's 5 forces, risk and strength by using SWOT, budget estimation by considering financial projection and segmentation that can help to launch and operate a business successfully. 9
REFERENCE Books and Journal Katz, J. A. and Green, R. P., 2018.Entrepreneurial small business. McGraw-Hill Education,. Biech, E., 2019.The New Business of Consulting: The Basics and Beyond. John Wiley & Sons. O’Donnell,R.andDahl-Popolizio,S.,2018.BusinessEntrepreneurship:TheIntegrated Behavioral Health Business Plan. InTraining to Deliver Integrated Care(pp. 143-159). Springer, Cham. Hacklin, F., Björkdahl, J. and Wallin, M. W., 2018. Strategies for business model innovation: How firms reel in migrating value.Long range planning.51(1). pp.82-110. Priem, R. L., Wenzel, M. and Koch, J., 2018. Demand-side strategy and business models: Putting value creation for consumers center stage.Long range planning.51(1). pp.22- 31. Müller, J. M., Buliga, O. and Voigt, K. I., 2018. Fortune favors the prepared: How SMEs approach business model innovations in Industry 4.0.Technological Forecasting and Social Change.132.pp.2-17. Turner, T. and Gianiodis, P., 2018. Entrepreneurship unleashed: Understanding entrepreneurial education outside of the business school.Journal of Small Business Management.56(1). pp.131-149. Easterby-Smith, M., Thorpe, R., Jackson, P. R. and Jaspersen, L. J., 2018.Management and business research. Sage. Snihur,Y.andTarzijan,J.,2018.Managingcomplexityinamulti-business-model organization.Long Range Planning.51(1). pp.50-63. Gonzalez-Uribe, J. and Leatherbee, M., 2018. The effects of business accelerators on venture performance: Evidence from start-up chile.The Review of Financial Studies.31(4). pp.1566-1603. Götz, J., 2020. Business Plan. InSeasonal Affective Disorder and Light Therapy(pp. 165-203). Springer, Wiesbaden. Ruth-Islas, K. D., 2018. Byer Square Business Plan: A New Vision for Aging. Matović,I.M.,2020,June.EvolutionoftheBusinessPlaninContemporaryBusiness. InProceedings of the 17th International RAIS Conference on Social Sciences and Humanities(pp. 71-76). Scientia Moralitas Research Institute. Giri, S. and Shrestha, D. N., 2020. Business plan to establish a fusion café bar in Helsinki. Skrypnik, A., 2020. Business Plan for a Healthy Food Restaurant in Lappeenranta. Azam, S., 2020. NANU BARI: For People Who Love Desi Food–and Their Grandma: A Business Plan. Heikkilä, M., Bouwman, H. and Heikkilä, J., 2018. From strategic goals to business model innovation paths: an exploratory study.Journal of Small Business and Enterprise Development. (KatzandGreen,2018)(Biech,2019)(O’DonnellandDahl-Popolizio,2018)(Hacklin, Björkdahl and Wallin, 2018) (Priem, Wenzel and Koch, 2018) (Müller, Buliga and Voigt, 2018) (Turner and Gianiodis, 2018) (Easterby-Smith, Thorpe, Jackson and Jaspersen, 2018) (Snihur and Tarzijan, 2018) (Gonzalez-Uribe and Leatherbee, 2018) (Götz, 2020) (BRuth-Islas, 2018) (Matović, 2020) (Giri and Shrestha, 2020) (Skrypnik, 2020) (Azam, 2020) (Heikkilä, Bouwman and Heikkilä, 2018) 10
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