Business Plan for Fly High Restaurant

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.

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

and taste of the food which the restaurant shall offer to its customers. The Fly High Restaurant
have one advantage of its unique service which is serving the food to the customers on the table
which is 50 meter high from the ground level. This unique service will help the restaurant to take
its business one step ahead of its competitors and will also contribute battling the competition.
The whole nation United Kingdom does not have this type of restaurant where the food shall be
served and consumed by the customers at the sky. This gives the strength to the restaurant to
battle the competitors and attract the millennials especially who gets excited for the unique and
innovative service of the restaurant (Julien, 2018).
The competitors of Fly High Restaurant are- Clove club- The tasty and delicious menu of the restaurant makes the restaurant unique in
its own way. It has a blue door ambience which gives the restaurant a step ahead of its
competitors. It has its target market and attracts mainly the east London locals and
bloggers. It is a among the 50 Best restaurants in the London.
 Kricket- This restaurant has the youthful and buzzy soho spot which offers the Indian
food with the British ingredients. The restaurant is expanded into two floor premises. It
mainly attracts the young people and the maximum crowd is welcomed in the evening.
The menu includes the bottled beers, wines and inventively spiced cocktails. It has
masala chai, Cucumber topped tamarind soda and other Indian fusion drinks. It has
Indian food with the fusion of British ingredients to make it a level best for its customers
of UK.
Segmentation, Targeting and Positioning
The model of STP is the familiar strategic approach in the modern marketing. It is very
useful for the company when they are creating the marketing communication plan as it helps in
prioritising the propositions and then develop the personalised and relevant message in order to
engage with other audiences. This model has four stages in order to target the market which
involves firstly the segmentation where needs of customers are identified and market is
segmented, then targeting by evaluating and selecting the target market, thirdly positioning
where the preposition for each of the market is identified and at last planning where the business
shall deploy the resources in order to achieve the plan (Huang and Liu, 2019).
Segmentation is a process where the company identifies the niches with the specific
needs and common characteristics. It is dividing the market into segments which are profitable,

accessible, definable and actionable in order to have potential growth. There are four types of
segmentation which are discussed below-
 Demographic- It is breaking the market on the basis of income, gender, ethnicity,
education and other characteristics.
 Psych-graphics- It is segmenting the market based on the common behaviour like
lifestyle, hobbies, personality and many other.
 Geographical- It is segmenting the market on the basis of locality, region, nation or city.
 Behavioural- It is dividing the market on the basis of behaviour of people like spending
habits, purchasing or browsing habit and many other.
In context to Fly High Restaurant, it will segment the customers on the basis of demographic
segmentation, that too mainly on the basis of income.
Targeting is the process of market strategy which involves identification of specific
market or persona for the specific content. In relation to Fly High Restaurant, the target customer
of the restaurant shall be the people who have strong spending power and high income in order
to avail the service.
Positioning is a process whereby the company establishes the identity or image of the
brand so that the customers perceive it in the certain way (Turgunpulatovich and Bulturbayevich,
2020). In context to Fly High Restaurant, it shall position itself as the luxury restaurant which
provides delicious food at the high sky to the people.
Marketing strategy using 7Ps
Marketing mix is multiple area of focus in a comprehensive marketing plan. It is a set of
action or the tactics which the business uses in order to promote its offering in market (Kraus and
et. al., 2018). It consist of 7Ps which are narrated below in context to Fly High Restaurant- Product- It refers to item which is actually being sold by the business. The product or
service must be such which delivers minimum level of performance. In context to Fly
High Restaurant, the business will offer multiple cuisine which shall include Italian,
Mexican, Continental and Chinese. It shall provide the service in the form of breakfast,
lunch and afternoon tea/ snacks. Price- It is the value which is to be put for the offering. It mainly depends upon the cost
of production, ability of customer to pay, segment targeted and many other direct or

indirect factors. In relation to Fly High Restaurant, the business shall use premium
pricing where it will set high prices in order to generate maximum revenue out of it. Place- It is point of sale from where the services or product can be availed by the
customers. It is important for businesses to have good distribution strategy in order to
make easy for the customers to avail services. In relation to Fly High Restaurant, the
business shall provide its services to the consumers from its physical outlet which shall
be situated at the London streets. Promotion- It comprises of all the activities which must be undertaken by the company in
order to make its offering known to the customers and end user. In context to Fly High
Restaurant, it shall promote its business through traditional and digital medium which
shall include job advertisement through newspaper, social media like Instagram, website,
Twitter so that large audience can be reached in short span of time. Physical evidence- It refers to the process of how a business shall reassure its customers
such as trained staff, ambience of outlet, etc. In context to Fly High Restaurant, the
physical evidence of this business is its innovative service of serving food at 50 meter
above the ground in the sky. Process- It includes the direct and indirect activities which can add value to the customer
while experiencing the service. In relation to Fly High Restaurant, its quality service to
customers and effective booking will add a glimpse to its efficient services. The
restaurant shall have the system of online booking so that they do not have to wait for
long in queues in order to consume its services.
 People- It involves everyone who are involved in offering the product or service to the
customers whether in a direct or indirect way (Kwilinski and et. al., 2019). In relation to
Fly High Restaurant, the business shall have the well trained and skilled staff who shall
provide services to the customers. The training will help them to become expert in
treating the customers and manage the fly table from the ground level in order to give
smooth experience to customers.
Market growth strategy
For the market growth strategy, Ansoff matrix is best to analyse the market condition and
choose the best strategy. It consists of four strategies with the help of which the business can
plan to grow and expand. It is also called the strategic opportunity matrix which helps the

business to develop and then decide the appropriate strategy for the growth. The four genric
strategies for Fly High Restaurant is narrated below- Market penetration- It focuses on the existing business, its current offering and current
segmentation. It involves selling more of the existing product or service to the existing
customers. Product development- This strategy is associated with the innovation. Here the business
focus of bring some innovation in its existing product or service which it can offer to its
existing customer or market. Market development- It involves taking the existing product or service to the new market
both customer or geographic. It includes entering the new market with same product.
 Diversification- It involves the strategy of entering new market with the new product and
service. It is complete diversification for the business as there is complete new offering
and market too. It has the high level of risk as compared to all (Morozova, Popkova and
Litvinova, 2019).
In context to Fly High Restaurant, the business can plan to grow by adopting market
development strategy where it will take its existing product and service to new market. The
restaurant is presently operating and giving services only in London, but with is strategy, it can
move to other market such as Birmingham or other parts of United Kingdom. It shall have the
medium level of risk. There are many considerations which the Fly High Restaurant must take
into account which includes the following before moving to new market with same product and
service-
 Can the business rapidly scale the product or service.
 Is the industry same across the new location.
 What is competitive landscape in new market.
 What is current segment of customers and who are similar.
 What is the size of new market and many other (Drobyazko and et. al., 2019).
Resources required and sources of funds
Starting a new venture or the business can be daunting but there are many people who
gets successful in launching their business. It requires sufficient capital, market research and
development of the realistic business plan in order to launch new business efficiently. Resources
plays a major role in success of the business idea thereby converting it into reality. There are

different types of resources which shall be required to start up the new business idea which is Fly
High Restaurant. These resources are illustrated below-
Financial-
It is the most pivotal element in starting the business as every start up requires cost right
from its registration to its launch. The sources of funds for Fly High Restaurant is discussed
below- Personal investment: The first investor in every business is the owner itself either
through cash or the collateral on assets. Venture capital: There are venture capitalist who look for the technology driven business
and the those which have high growth potential in the industry like communication,
information technology and many other. They takes equity position in business in order
to carry out the high risk and promising project. This involves giving ownership to the
external party. They expect high return from the business while investing. Angle funding: These are generally ate the retired and wealthy individual or company
executive who invest in small venture directly. They share their experience and network
of the contacts so that the business can grow. They also hare their management and
technical knowledge and while taking the risk of their money, they reserve their right to
supervise the management practice of company (Mongelli and Rullani, 2017).
Human resource-
The success of firm is dependent upon the strength and talent of the employees. It is
important for Fly High Restaurant to have skilled and talented workforce so that they can
manage the business activities effectively. Proper training must be given to them (Zacca and
Dayan, 2017).
Physical resource-
Every business requires proper physical resources in order to survive. The Fly High
Restaurant shall require many resources like equipments of cooking food, technology based
machinery like microwave, grill machine, induction and many other physical resource. It shall
also require the technology for the sky tables which can give once in a lifetime experience to its
customers of consuming meal in the air.

Risk analysis
Risk matrix: It is that matrix that allows business to determine as to what are the
problems or issues which may occur while launching the business or project. It helps in 6taking
the corrective measures that can bring positive outcome (Cullen and De Angelis, 2021). The risk
matrix for Fly High Restaurant is discussed below-
Risk
identification
Probability Impact Overall Risk analysis Risk response
Shortage of
finance
4 6 10 Here due to lack
of sufficient
funds, the
activities of
business can be
affected.
The Fly High
restaurant can maintain
a reserve account in its
business so that
consume the amount in
emergency situation.
Some liquidity must be
there to meet
unexpected expenses.
Loss of
equipment
4 5 8 This has the direct
link with
important
equipments which
may be beneficial
for the special
occasions like
control of table in
the sky.
There should an
alternative equipment
in order to control the
situation so that
positive outcome can
be brought.
Crowd
management
4 4 6 This scenario can
arise when there
are high public or
customer which
can be a difficult
There must be the
arrangement of pass to
avail the service at
such times so that the
crowd can be managed

task to manage.
This situation may
arise on special
occasions like
Christmas.
and some additional
security must be there
in order to manage this
risk.
CONCLUSION
It is concluded from above report that business is referred to as the commercial activity
which is undertaken to earn maximum profit. The Fly High Restaurant is a new business idea
which have a speciality that it offers service to customer at high sky which is 50 meter above the
ground level. It shall have multiple cuisine. The Porter's five forces model is being used in order
to analyse the competitive environment and for marketing strategies, marketing mix of restaurant
is presented. The model of STP shall help in targeting the right customers thereby positioning
them in the eyes of customers. Further it is concluded that the business shall require the physical,
financial and human resource for its better undertaking. Lastly the risk matrix is used to identify
and respond to the risk in order to ensure its smooth running.

REFERENCES
Books and Journals
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