Innovation and Entrepreneurship: Go Organic Store Business Plan

Innovation and entrepreneurship

TABLE OF CONTENTS
Executive summary.....................................................................................................................2
Start-up business idea (Product/ services)...................................................................................2
Industry profile............................................................................................................................2
The Business Model....................................................................................................................3
Point of differentiation.................................................................................................................3
Challenges to the business idea...................................................................................................3
Prospective customers.................................................................................................................4
Brief marketing plan....................................................................................................................4
Competitor analysis.....................................................................................................................5
Sources of funding.......................................................................................................................6
Intellectual property (IP)..............................................................................................................7
REFERENCES................................................................................................................................8
APPENDINX.................................................................................................................................10
1. Organic food product sales....................................................................................................10

Executive summary
The present business idea is based upon online organic grocery store name of “Go
Organic Store” who offers range of organic daily products to their customer within London. As
per the current market trend, due to Covid-19, most of the individuals are not able to get the
essential products and that is why, the chosen business plan will be feasible. The statistics also
shows that there is a high demand of online organic food within London and focusing upon small
store will be beneficial for the company in order to improve the brand image of a business. For
business model, the entity will uses business life-cycle in which all the stages evaluated. Further,
there might be different challenges faced by Go Organic store which includes funding,
competitors etc. Further with the help of Copyright as an intellectual property, Go Organic will
protect its product easily. Also, to increase the competition, it uses innovative products that garb
attention of customers.
Start-up business idea (Product/ services)
Go Organic Store will offer organic food items that helps to boost the immune system of
the people during pandemic. The food items include fruits bars, organic candies, dried fruit,
traditional organic beverages etc. Moreover, by considering the external market situation,
company offer online services only in which application will be developed that helps to meet the
demand of customers immediately.
Industry profile
The company deal within organic retail industry in which Soil Association Certification
Organic Market report 2021 revealed that organic sector booms in UK as a online sales increases
by 5% from last 2019. In 2020, the market increases by 12.6% with a net worth of £2.79 billion
and report also predicted that it will reached its highest growth rate in 15 years as compared to
non-organic sector (UK organic market, 2020). As per the appendix-1, it has been evaluated that
the rate of organic products will increased year by year and due to pandemic, organic food stores
are consider as a boom in order to provide range of products to their customers.
In addition to this, due to change in climate, and increase in health crisis, customer also
changes their shopping behavior. Therefore, they become more health-conscious and that is why,
they all shift towards online organic food products. Also, growth of UK organic market
accelerated in 2020 which is almost double from the non-organic food and drink products (UK

Organic market growth, 2021). Thus, it reflects that customers are focused upon the organic
products and that is why, investing upon such business will be more beneficial during pandemic.
The Business Model
In order to generate profit, company should focus upon quality of offered products. Also,
it has to keep changing in its existing product and use innovation within its business that assist to
increase the profit. Moreover, using effective promotional tools also assist company to improve
the business profit. For life cycle of a business idea, Business life cycle will be used in which 5
different stages has been used like:
Launch: It is about to launch new products and Go Organic Store uses such stage in
order to increase the sales. Initially, the sales might be slow and but company must focus on
marketing to their target customers segment by advertising their comparative advantages (Leotta,
Rizza and Ruggeri, 2020).
Growth: During this stage, company increases its sales and this causes positive impact
upon business. Thus, the profit cycle lags behind the sales cycle and profit level is not as high as
sales. Overall, new organic food offering will be assist to generate the sales.
Shake-out: In this phase, sales continue to increase but at slower rate due to change in
the economic performance or entry of new competitors. In order to maintain profit, company
have to offer innovative products that assist to increase the sales and cash flow increases.
Maturity: In the fourth phase, profit margin gets thinner and cash flow relatively
stagnant. During this stage, it is necessary for the company to invest upon new technology and
emerging markets that allow business to develop new growth options (Kerdlap, Gheewala and
Ramakrishna, 2021). Thus, it will assists company to reposition themselves within dynamic
industries and increases the growth.
Decline: it is the final stage of a business new idea cycle where entire profit and sales of
a company decreases. In this phase, companies accept their failure to extend their business life-
cycle due to continuously change in the marketing trend. As a result, some of them take exit
from the industry while some cope up with the challenge by starting business from first phase.