Evaluation of Entrepreneurial Opportunities and Ideas for Opening a Vegan Restaurant in Attleborough

This presentation evaluates the entrepreneurial opportunities and ideas for opening a vegan restaurant in Attleborough, including market demand, competition analysis, and feasibility. It also discusses the potential for success and failure in the industry.

INTRODUCTION
 Entrepreneurial opportunities can be defined as various situations in which an
entrepreneur can enhance its profits or raise efficiency level of business.
 This assignment includes brief evaluation of numerous sources of
entrepreneurial innovations and ideas.
 It also shows use of different rational business ideas and market gap.

Background information
 For setting up an entrepreneurial business, an idea to open a new restaurant on
a hill station Attleborough situated in England, has been identified
 This idea of opening the restaurant has been inspired from various factors
 These factors include conversion of huge number of population into vegan
which leads in increasing the demand of vegan restaurants in all over the
world.
Increase in demand in market
 Attleborough is a beautiful hill station of UK, which attracts the tourists
at the most. It increases the demand of vegan foods in Attleborough.

CONTINUE…
Recent trends
 Further, as per the resent trends, most of the Attleborough population
has turned their preference from non vegan to vegan foods.
 . It is also the biggest factor to inspire the idea of opening a vegan restaurant
idea over there, as it would result in attracting local customers as well.
Investment
 Opening a new restaurant in this location needs less amount of
investment and can provide maximum profit to entrepreneur.
 In this regard, being a start up and entrepreneur, it is always a better idea to
enter into a restaurant business.

Introduction to business idea, potential and target
customers
 Being an entrepreneur, there is an idea to enter into a restaurant
business.
 Restaurant will sale vegan food. Further, restaurant is going to be
open in a hill station of UK namely Attleborough with a name
Springled Food Restaurant.
 In recent times, vegan food is in more demand in all over the
world. As per the recent statics 80% of the total population of the
world and 60% of the Attleborough population, have changed

Competitor atnalysis
 Before starting any new business, entrepreneurial need to analyse the
strategies and business of competitors of the market.

CONT…
Basis The Mulberry Tree Springled Food restaurant
target audience The Mulberry Tree targets all the
vegetarian tourists.
It can target all the tourists by
including vegetarian and non
vegetarian vegan foods in the menu.
Who are the potential consumers? Visitors of Attleborough. Visitors along with the local
customers of Attleborough.
What is the Pricing strategies? It offers foods with the cheapest
price.
Springled Food restaurant can
provide some extra discount to its
customers along with the cheapest
price which could substitute the
customers of Mulberry towards it.
Design of Menu card Menu card has been designed to give
the message of eating healthy foods
to the customers
Menu of Springled Food restaurant
can be designed by using tradition of
Attleborough. It could catch the
attraction of the customers.

CONT…
key strategy Restaurant has fast serving facility (Goethals,
2018). Which helps it in providing satisfaction to
customers.
Restaurant will give a coupon to each customer. It
will lead in maintaining patience of customers and
also to give them a higher amount of satisfaction.
key Marketing strategy Mulberry tree advertise itself by placing
hoardings at different places.
It will also advertise itself by posting adds on
social media platform along with placing
hoardings everywhere. It will help in attracting
more number of customers towards it.
availability of Social media integration There is lack of social media integration by
Mulberry Tree restaurant.
Springled Food restaurant cam enhance the social
media integration to keep in touch with its
customers via messages, mails, etc. in would lead
in sustaining the customers for long time.
Ameance of restaurant It has a great interior including beautiful colour of
walls which gives message of healthiness to the
customers.
Springled Food restaurant will place some quotes
on the all the walls of restaurant which could
attract the attention of customers and make them
feel happy in the restaurant.
Annual sales Approx €200 million Its estimated annual sales is €90 millions.
Locations of competitors Station road Near white house

Failure and success in the industry
 In recent time, at Attleborough, people have started preferring vegan foods
which leads to continuously increasing the demand of vegan food is. It
increases the probability of success of the industry.
 At Attleborough, chances of success of the Springled Food Restaurants are
much higher, because, approx 60% of population at Attleborough have
changed their preference from non vegetarian to vegetarian foods.
 Cost of organic foods is quite higher in the Attleborough due to lack of
harvesting of organics. it increases the cost of preparing organic dish by the
restaurant. It may cause the reduction in profit by the Springled Food
restaurant.

Competitive analysis of setting up new business
 By analysing the business strategies and plans, it has been identified that,
restaurants of Attleborough fails to provide a quality of hospitality services to
the customers.
 It results in lack of satisfaction to their customers. Further, due to lack of
resources, operating costs of the restaurants are also quite high which reduces
the profit earning capacity of the food industry.
 In this regard, to avoid these problems in Springled Food restaurant,
entrepreneur will have major focus over providing hospitality services to the
customers.

Evaluation of Gap analysis to look at the close gaps
for present and future
 Gap analysis is the process of management in they can be analyse and
compare the current performance with the desired performance of the
business.
 It could help managers in bridging gap between the current status and set
performance of the company.

Conti...
Basis Current
position
Standards Gaps Overcome strategy
Location Near white
house
Customer
prefers to go
their nearby
restaurants.
Not each visitor
wants to visit
white house
Can open a new branch
near more popular place
of visitor.
Variety of
foods
Vegan foods Some people
also like dairy
food
products.
Menu of
restaurant do
not include
dairy foods.
Entrepreneur can add
some dishes including
dairy foods to provide
more satisfaction.
Cost of
dish to
restaurant
€20-40 per dish €15-35 per
dish
€30-50 per dish It can develop more
strategies for having better
control over cost.
Marketing
plans
Advertises itself
by posting adds
on social
media.
Advertisemen
t by using the
latest
technology.
Can't reach to
more
consumers.
It can develop better
advertising strategy by
inventing more funds for
this purpose.

Business objective
 The restaurant is going to be opened with some major objectives like Building
restaurant brand, achieving financial goals, business expansion, development
of customer loyalty and providing excellent food service.
 All these objectives can be achieved by Springled Food restaurant by
developing the best strategies for it. Making the best usage of its current
sources to develop it with more efficiency.
 By comparing the market situations with the current business resource,
managers can determine the need of resources in the firm in order to achieve
all the set objectives of it .

Evaluation of market research which support
Viability and identification of market potential
 Mainly there are two sources to identify the market potentials for the business.
 Primary and
 Secondary sources.

Market researches from primary sources
Q.1 What cuisine do you prefer to eat?
1. vegan
2. non vegetarian food
3. Italian food
4. Chinese food
Q.2 What type of food do you prefer?
1. Organic foods
2. fast and junk foods
Q.3 What Ameance you like in a restaurant?
1. modern
2. traditional
Q. 4 how much amount you want to pay for a vegan meal?
1. €50-70
2. € 30-40
3. € 70-100
• any cost

Market researches from secondary sources
 As per the secondary sources, restaurant businesses are highly profitable business in a
tourist place (Wright, 2018). Most of the people love to eat foods while travelling to
enhance their experiences. It results in increase in probability of success of the
restaurant businesses there.
 The sales of vegan food restaurants has been increased by 10.3% in UK comparing to
recent past statistics. It increases the probability of huge sales of the vegan restaurant
business. Further, as per the research, at Attleborough, 40 restaurants was opened in
last 4 years from which 30 have achieved enough growth in the market.

Viability of business idea
 In this way, a vegan restaurant will provide a sufficient amount of profit.
 There is also chances of increase in number of sales by the business due to lack of
supply of the food in the market.
 Further, the success rate of restaurants at Attleborough is also high.

Feasibility of business idea
Estimated cash flow statement
Particulars
Initial
investme
nt
Januar
y February March April May June July August
Septe
mber
Octobe
r
Novemb
er
Decembe
r
Sales of food
Number of
consumers 28000 30800 33880 37268
4099
5
4509
4
4960
4 54564 60020 66023 72625 79887
Average cost 38 38 38 38 38 38 38 38 38 38 38 38
Total
revenue from
food
10651
67 1171683
128885
2
141773
7
1559
511
1715
462
1887
008 2075708
22832
79
25116
07
276276
8 3039045
Sale of
beverages

Cont..
Number of
consumers 32000 40000 42000 44100
463
05
4862
0.25
5105
1.26
25
53603.8
25625
56284
.0169
0625
59098
.2177
51562
5
62053.
128639
1406
65155.7
850710
977
Average
cost 14 14 14 14 14 14 14 14 14 14 14 14
Total
revenue
from
beverages
44032
0 550400
57792
0
60681
6
637
157
6690
15
7024
65 737589
77446
8
81319
1 853851 896544
Total
revenue
(cash
inflow)
15054
87
172208
3
18667
72
20245
53
219
666
7
2384
476
2589
473
281329
7
30577
47
33247
99
361661
9
393558
8

Cont…
Expense
Accommo
dation 15000 0 0 0 1000 0 0 0 200 0 0 700 0
Machinery 700 0 500 0 0 900 0 700 0 600 0 250 0
Kitchen
equipments 500 400 250 200 350 400 100 200 150 750 500 400 300
Salaries to
staff 2000 2000 2000 2000
200
0 2000
200
0 2000 2000 2000 2000 2000
Supplier
commissio
n 3000 2500 2200 4500
400
0 3000
250
0 2600 3200 3500 4000 4200

Cont…
Advertisement 400 400 400 400 400 400 400 400 400 400 400 400
Other expenses 1200 1400 1400 1000 800 700 1200 1300 1400 600 700 800
Total expenses
(cash outflow) 16200 7000 7050 6200 9250 8500 6200 7000 6650 8350 7000 8450 7700
Net cash flow 16200 1498487 1715033 1860572 2015303
21881
67
237827
6
25824
73 2806647 3049397 3317799 3608169 3927888
Loan 90000
Grant 50000
Owner's capital 10000
Opening
balance of cash 150000 166200 1664687 3379720 5240292
72555
95
944376
2
11822
038 14404511
1721115
8
2026055
6 23578354 27186523
Closing balance
of cash 166200 1664687 3379720 5240292 7255595
94437
62
118220
38
14404
511 17211158
2026055
6
2357835
4 27186523 31114412

Continue..
Straightens Weaknesses
 Pricing structure
 Variety of food
 Location of restaurant
 High profitability in market
 Cost inefficiency
 No experience
 Less capital investment

Measures to overcome with risk of competitions and
recommendation to achieve business growth
Opportunities
 Enhancement of preference of vegan food over others.
 Increase in concern of population towards their health
 Development of strong inventory management.

Competitive analysis
 By analysing the business strategies and plans, it has been identified that, restaurants of
Attleborough fails to provide a quality of hospitality services to the customers.
 It results in lack of satisfaction to their customers.
 Further, due to lack of resources, operating costs of the restaurants are also quite high
which reduces the profit earning capacity of the food industry.

Recommendation
From the analysis of above business ideas, its strengths, weaknesses, various opportunities
of market following points can be recommend to the entrepreneur:
 It should increase its managerial capacity to control to cost of the restaurant. As it
would help it in reducing the price of its food and increase its quality as well.
 In addition, it should addition the number of varieties in its menu in order to provide all
kinds of food under one roof to the customers. It would help Springled Food restaurant
in enhancing its strength and profitability as well.

CONCLUSION
 From the above study it can be concluded that, opening a
restaurant in Attleborough can provide a huge return to the
entrepreneurial.
 The business includes lower level of risk. In this regard being a
start up company, the idea of opening restaurant can increase the
amount of return from the investment of fund.
 Further, from the recent market research, it has been analysed
that population is more preferring the vegan foods. Therefore,
vegan restaurant will have greater opportunity to grow in the

REFERENCES
 Books and Journals
 ALTAŞ, A., 2017. Vegetarianism and Veganism: Current Situation in Turkey in the
Light of Examples in the World. Journal of Tourism and Gastronomy Studies. 403.
p.421.
 Cattani, G. and et.al., 2018. Competitive sensemaking in value creation and
capture. Strategy Science. 3(4). pp.632-657.
 Fuller, J., 2016. The cultural creation of affect amongst vegan consumers: An
ethnographic analysis of online consumption communities.
 Goethals, M., 2018. BUSINESS PROSPECTS OF THE FIRST VEGAN PASTRY IN
LUXEMBOURG: Market Research, Risk Analysis & Concept Creation.