Launching a New Venture: PDF
Added on 2020-10-22
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Launching a newventure1
Table of ContentsINTRODUCTION...........................................................................................................................3P1 Evaluation of the target market and competitive analysis.................................................3P2 Specific tangible and intangible resources that required for new venture........................6TASK 2............................................................................................................................................7P3 Formulation of proposal for launching a new venture......................................................7P4 Skills and capabilities required to have to start own business..........................................7TASK 3............................................................................................................................................8P5 Different promotional activities and channels for launching new venture.......................8P6 Formulation of promotional plan for pre and at the time of launch..................................9TASK 4..........................................................................................................................................10P7 Monthly cash budget for the pre and post launch phase.................................................10P8 Legal forms of venture....................................................................................................13CONCLUSION..............................................................................................................................14REFRENCES.................................................................................................................................152
INTRODUCTIONStarting off own business is refers as the process of converting their ideas into real actionsfor the purpose of earning large number of profits through satisfaction of needs of particularsegment of society. An organisation is formed into three different ways depends upon theentrepreneur which suits more to their business idea. There are large number of challenges arefaced by the entrepreneur in the process of starting own business which includes highcompetition, lack of experiences, low availability of funds, huge amount of regulatory aspectsetc. In behind the success of new venture not only outside resources provide their contributionbut main role is played by the internal skills and capabilities of entrepreneur. The main skillswhich are required to have to launch their new business include risk taking ability, fund raisingcapacity, leadership skills etc. A bakery business is wanted to launch by the entrepreneur inLondon, UK. It is named as Tutti and Fruity bakery where different kind of drinks are availablewith cookies, pastries, Ice cream, cold drink and coffee (Baron, 2011). In the present report explain about, target market of the bakery along with its competitiveanalysis to ascertain the amount of competition which is present in market, various tangible andintangible assets required to start own business, development of proposal which guides in theprocess of launching of venture and skills need to have by the entrepreneur. Also, differentpromotional channels and development of pre and post launch promotional plans and legalstructure of venture.P1 Evaluation of the target market and competitive analysisTutti and Fruity is small bakery shop from which entrepreneur having the idea to enter intobakery business from where provides innovative drinks which are tasty and healthy. Also,wanted to provide different items such as biscuits, pastries, Ice cream, cold drink etc. It isobserved that fast food products are in demand in London between youth and they attractstowards the bakery shops in large number. So, large number of opportunities is present in frontof Tutti and Fruity bakery to grab the attention of the youth from their different offerings ofdrink and baked items which are very tasty and healthy too. From the analysis of the business ofthe bakery shops in UK observed that large number of revenue is earned by them which arelocated in prime location in London. So, having the plan about starting new bakery business in3
London city near any popular destination. The plan from acquirement of place to the budget isdefined as;A bakery business wants to start by the individual with their two partners. The bakery isnamed as Tutti and Fruity. All the three partners having the idea about the launching of newbakery in London city. In this regard, they acquire 1500Sq ft. Location near popular touristdestination London eye. They take the place on lease of 10 years. There is requirement of largenumber of funds are required in the process of development of infrastructure of bakery shop forattraction of customer and effective establishment of business in market. Some amount of moneyis invested by all the three partners and extra amount is raised with the help of different internaland external sources (Tang, 2011). The budget for starting the venture is assumed around £315620 to 325660.ObjectivesBuild good name in bakery businessProvide innovative drink and quality baked items which tasty and healthyEarning large number of profits through satisfaction of the requirements of customersTo attain competitive advantage in marketMission: The mission of Tutti and Fruity bakery is to provide best quality baked items anddrinks as per the taste and preference of customer.Through providence of their actions by following their mission helps in accomplishment ofobjectives effectively.Target market: To attain success in the market, every entrepreneur is required to set theirmarket and customers as it makes the task easy regarding preparation of their products as pertheir preferences. This will also helps in development of effective strategies, plans and offerswhich are most suitable as per their chosen market. In the present report, Tutti and Fruity bakerydecided to provide main focus on children’s and youth who are loved to eat baked items and newdrinks. For, segmentation of their target market they use four different perspectives such aspsychographic, consumer behaviour, demographic and geographic etc. This will helps to analysethe needs of their different customers as per characteristics which are present in market.Competitiveanalysis: This analysis helps to ascertain the information about the competitorswho already have established bakery business in London. From the evaluation of marketobserved that many competitors are present such as Peggy Porschen cake Ltd., Primrose Bakery4
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