Business Plan for Fly High Restaurant

Entrepreneurship and
Business Development

Table of Contents
INTRODUCTION ..........................................................................................................................3
MAIN BODY ..................................................................................................................................3
Business idea together with vision and mission..........................................................................3
External environment analysis....................................................................................................3
Competitors analysis...................................................................................................................4
Segmentation, Targeting and Positioning...................................................................................5
Marketing strategy using 7Ps......................................................................................................6
Market growth strategy...............................................................................................................7
Resources required and sources of funds....................................................................................8
Risk analysis..............................................................................................................................10
CONCLUSION .............................................................................................................................11
REFERENCES..............................................................................................................................12

INTRODUCTION
A Business is regarded as the enterprising entity or the organisation which is engaged in
the industrial, commercial or the professional activity. The main motive of a business is to earn
maximum profit but the businesses which are non profit have a sole mission of charity or any
other social cause. Every company is engaged in making money by the process of buying or
selling of the goods or service (Komarova and et. al., 2019). This report covers the business plan
of a new innovative product which shall include the business idea, external environment
analysis, competitive analysis, marketing strategies, risk analysis and resources and sources of
funds.
MAIN BODY
Business idea together with vision and mission
The present business plan is based on hospitality industry. A new sky restaurant is being
planned to be launched with the name 'Fly High Restaurant' which shall be located in the London
Street Of United Kingdom. The restaurant shall provide the service where the people shall avail
its service of consuming food in the sky which shall be 50 meter high from the land. The
restaurant shall provide the Breakfast, Lunch and afternoon tea service to its customers and
dinner should be not included initially during its launch but will be launched after few months.
The customers shall get the multi cuisine at the restaurant which includes Italian, Mexican,
Chinese and continental food. The timings for the restaurant shall be 9AM to 6PM everyday.
The mission statement of the new venture is to provide its lifetime experience to the
customers where they shall take the service on the sky.
The vision statement of new venture Fly High Restaurant is to give its customers,
employees and other people a once in a lifetime experience by bringing something new for them
so that they can get this unique experience.
External environment analysis
Every business is engaged in the commercial activity which gets influence from the
micro and macro environment. The environmental analysis is very essential for the company to
undertake so that it can make appropriate strategies to overcome any challenges through utilising
its strength and opportunities (Amjad, Rani and Sa'atar, 2020). In order to conduct the
environmental analysis of Fly High Restaurant, Porter's Five forces model is being used. It is the

powerful tool which helps in understanding the competitiveness of the business environment.
Additionally it also helps in identifying the strategy for the potential profitability of the firm. In
context to Fly High Restaurant, the Porters five forces is discussed below- Competitive rivalry- It refers to the number of competitors and also their ability to
undercut the company. In relation to Fly High Restaurant, the power of this force is low
as this restaurant have an innovative service which is not being introduced in the country
yet. This unique service is the potential strength of restaurant which distinguishes it from
others. Threat of new entrants- It is the power of company to get affected by the force of new
entry. In context to Fly High Restaurant, the power of this force is low as it involves huge
cost and time to bring such innovative service in the market. The new entrants would
have to think a lot before coming up with same venture. Threat of substitute- It is the threat of the new substitute of the product or service. In
relation to Fly High Restaurant, the power of this force is low as there is no close
substitute of this innovative service. The restaurant have high chances of increasing the
price due to lack of close substitute. Bargaining power of customers- It is the ability of the customers to drive the price of the
product or service. In context to Fly High Restaurant, the force is moderate as this
innovative service is an experiment in the market of London where there is possibility
that customers may not accept this service or the company may drive the price of its
service as there is no close competitor or substitute of it.
 Bargaining power of suppliers- It is the ability of suppliers to drive the cost of its input.
In relation to Fly High Restaurant, the power of this force is high as the suppliers have
unique input for the restaurant which can increase the chances of suppliers to increase
their price. The restaurant is dependent on its innovative service of serving food at 50
meters high from ground level.
Competitors analysis
There are end number of restaurants in UK which have their loyal customer base. It is
important for the new business Fly High Restaurant to have unique services and products so that
they have take a step ahead of their competitors. There is one innovative service of the restaurant
which does not have any competitor in the market but the main challenge also lies for the quality