Launching a New Venture Assignment - Bill's Reading Restaurant
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Added on 2020-12-09
Launching a New Venture Assignment - Bill's Reading Restaurant
Added on 2020-12-09
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Launching a NewVenture
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Identifying specific target markets and undertaking competitive analysis............................1P2 Tangible and intangible resources that would be required for the launch of a new venture.3TASK 2............................................................................................................................................5P3 Produce a credible proposal to launch a new venture............................................................5P4 Assess the skills and capabilities required to launch a new venture......................................6TASK 3............................................................................................................................................7P5 Explain different promotional activities and channels that will support the launch..............7P6 Develop an appropriate promotional activities plan for both launch and pre-launch............8TASK 4............................................................................................................................................8P7 Produce a monthly cash budget for the pre-launch phase of the venture..............................8P8 Suggest an appropriate legal form for the venture...............................................................10CONCLUSION..............................................................................................................................11REFERENCES..............................................................................................................................12
INTRODUCTIONAn entrepreneur seeks opportunities where they can grow and innovate things accordingto the present market conditions. There are various firms that are providing same kinds ofproducts and services but an entrepreneur is an innovator who focuses on existing possibilities tomake their goods different from others to beat competition in marketplace. Bill's ReadingRestaurant is a cafe which offers a huge range of food items that can satisfy customer's needs.Hence, this report consists of identifying target market and its competitive analysis. It alsocomprises with tangible and intangible resources that is succeeded by credible proposal of newventure. In addition, it also incorporates skills, capabilities of an entrepreneur which is requiredto open a new venture. Further, it also consists of promotional activities for both launch and pre-launch, monthly cash budget and legal form of venture (Baron and Henry, 2011). TASK 1P1 Identifying specific target markets and undertaking competitive analysis.Background of Idea - Food is a basic need of human life but it is also considers as amost recommended business industry that generates higher profit and income. Thus, this is themost beneficial idea through which an entrepreneur can earn profit. Therefore, Bill's ReadingRestaurant is came in inception to not only earn money only but in order to earn profit, it needsto provide a huge variety of food through which customers can attracts towards it. This isinspired by the requirements and wishes of the people who are looking for different savors offood. There are so many people who are fond of food and that's why they searches for new anddistinct taste.It is providing a three meal course that consists of starters, main course and desserts. Thisthree meal plan also providing a variety of food such as Continental, Spanish, French, Mexican,Indian, Japanese, and Italian. UK has diverse population and culture because people immigratethere due to several reasons and looking for the taste which can satisfy their needs. Therefore,they looks this restaurant has a wide range of cuisine that satisfies them. As these people wantedto get food which belong to their culture. So, this is how an idea generated to launch a restaurantfor needy people to satisfy their requirements (Zhang and Li, 2010). Bill's Reading Restaurant is a going to be opened in Old Spitalfields market, London.This is the most crowded place in London because there are numerous supermarkets, small shops1
and boutiques are available. People can easily access this place and that's why restaurant is goingto introduce in this marketplace. The owner of restaurant has signed on a lease agreement forthree 3 years for a 4000 square feet space in a building. Entrepreneur signs a lease contract toavoid issues regarding land and presence of restaurant that can impact on organizationalactivities. There is a need to invest initial capital for £2,50,000 so that it can establish in anappropriate manner. In order to run business, this is requisite for business to manage financialfunds appropriately (Burns, 2017). Target market – In order to run a business in effectual manner, it is essential for anentrepreneur to identify needs and requirements of marketplace. Therefore, Bill's ReadingRestaurant needs to analyze the requirement of target customers through research about currentsituation of market. Thus, research can be conducted through segmentation in which they canrecognize the needs of target users. For example, restaurant is offering a huge variety of cuisineaccording to catered information from people. There are so many people who likes Mexican andIndian food bu that is less available in the market. On the other hand, Spanish, French andContinental food, it is widely accessible throughout the UK which is why it has a fiercecompetition in the marketplace in order to target people. It has some new recipes that can capturethe attention of people that they can get some new eatery. It is aiming to middle and higherincome level customers that are looking for the quality of food and they can pay premium pricefor it (Naktiyok and Karabey, 2010). Competitive analysis – Before an entrepreneur opens a restaurant, they needs to analysecompetition in the marketplace. There are various existing restaurants that can give a toughcompetition to Bill's Reading Restaurant. The availability of Blixen, Thousand knives, BleeckerSpitalfields is a threat for new business because these restaurant has a goodwill among theircustomers. People do not step into other places while they are serving best quality and customerare satisfied with food and services. There is an opportunity for owner of the restaurant that itcan penetrate market with different kind of international food whereas other are specialized inonly one kind of food. As this restaurant has a wide variety of menu planning that makes happyto their guests who belong to diverse background. It will increase sales of business that is majoraim of business to gain profit and raise revenue. As much as restaurant will raise in sales, it willalso gain profitability and establishes a brand image in the marketplace through attracting itscustomers with different food items and services (Fisher, Kuratko and Bloodgood, 2017). 2
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