Business Plan for The London Spot Restaurant

This business plan focuses on The London Spot restaurant which will provide world-class cuisine dishes and snacks to the target audience. The report highlights key skills and their evaluation which are required to develop and focus on employability skills. It also covers the understanding of the world of work in the chosen sector by citing relevant articles or advice from recruitment agencies, job centres, etc.

Business plan

Table of Contents
INTRODUCTION ..........................................................................................................................3
MAIN BODY...................................................................................................................................4
Description of the business.........................................................................................................4
Skills I already have in order to make new business successful.................................................4
The skills which I need to improve in order to get success in new business..............................4
Understanding of the world of work in the chosen sector by citing relevant articles or advice
from recruitment agencies, job centres, etc.................................................................................4
CONCLUSION ...............................................................................................................................5
REFERENCES................................................................................................................................6

INTRODUCTION
Business plan is considered as a major approach which is helpful and supportive to start a
new business in the marketplace (Almeida, and Santos, 2018). In the recent times, many
individuals focus on development of a business plan in order to earn profitability and eliminate
risk associated with the new business. Business plan includes assessment of various elements
which play an important role in overall development of a business. In this report a business plan
on new restaurant is designed which is named as “The London Spot” and provides cafe
services. The Cafe will be situated at the heart of London City and will serve youth as the target
audience. This report highlights key skills and their evaluation which are required to develop and
focus on employability skills. This project also covers

MAIN BODY
Description of the business
The new business will be named as The London Spot and will be started in the heart of
London City near Westminster. The London Spot restaurant will be providing world class
cuisine dishes and snacks to target audience. Target customers of the business will be youth
from the age of 18 to 35 years. Restaurant will also serve snacks and beverages to different
customers on affordable prices. Strategy for new restaurant will be designed and developed by
top level management of the business.
Skills I already have in order to make new business successful
It is essential for an individual to focus on different set of skills in order to develop focus
on new business. All major companies in the international and national marketplace focus on
development of skills which are helpful in increasing profitability and revenue (Barrow,
Barrow, and Brown, 2018). The major skills which I already have are mentioned below with the
help of SWOT analysis:
 Strength: I have leadership as my strength as all my team members do follow and obey
my instructions for the great working of our restaurant. I as the leader, involve my team
to be very participative and actively involve each member in our operations.
 Weakness: We have disputes over information passing. The information literacy in our
team is not that proper. This leads to improper working and even sometimes doubling of
our work that is repetition of some orders.
 Opportunities: I grab all the opportunities available to me in food industry. We take
complete care of all trends and trendy food items that go on. We avail all those in our
menu and are always updated with everything new.
 Threats: We have a lot of competition in the market which can create a major threat for
the new business (Hopp, and Greene, 2018). The near by restaurants are big threats to us
as they give us a face to face competition in market. They also possess great loyal
customers.
The skills which I need to improve in order to get success in new business
 Time management: Time management is the most important skill that every person
should know. From daily based duties to every thing we do, it is important to manage

timings with everything. Me, as the new entrepreneur in the market need to improve and
be very much effective with time management (Inkon, 2019). Time management is
necessary for my business for the overall achievement of my business's goals and
objectives. We have to be very skilled with our timings as we can lose customers if we
don't provide them their orders timely. It is needed to be timely managed.
 Entrepreneurship: Entrepreneurship simply needs new ideas, new thoughts, new beliefs
and everything new to be in the industry. With more and more newly things , we can
grow on a fast rate and can maintain our reputation and goodwill in the industry for a
very long time. I have to manage, see and analyse all the financial risks involved and then
after that, I have to take risk accordingly to increase and grow with that.
 Team management: As the passing of information in our team is not that effective, we
need to work more on our team management skills (Moro Visconti, 2019). We have to
operate more on our communication skills and information passing to improve the
working and operating of our restaurant. We have to be very administrative and
coordinative with our information and have to maintain a complete check on the
repetition of orders, that they are reduced or not a single order is being repeated.
Understanding of the world of work in the chosen sector by citing relevant articles or advice
from recruitment agencies, job centres, etc.
We have maintained great links with some big working recruiting agencies and job
centres for hiring some of best people to work with. I personally take complete interest with our
human resource team in hiring for our new staff (Souto, and Rodríguez-López, 2021) . We
completely seek support and guidance from these agencies and centres from time to time for
hiring, promotion, and other things. These recruiting agencies are faster than our internal
recruiting team, and do provide us with great staff ( TOMASSONI, 2019). If any issues arises,
we can directly complain or settle with these. They are of great help to us.

CONCLUSION
From the above stated presentation it can be concluded that business plan is a key and
major approach which facilitates development of a new business. This project concludes the
importance of different employability skills which are significant to give boost to new business
plan. The above discussion concludes importance of key skills and competencies which are
required to give a head start to a new business plan. This project also concludes role played by
strategic and top level management in supporting development of a new business.

REFERENCES
Books and Journals
Almeida, F. and Santos, J., 2018. The business plan reference manual for IT businesses. River
Publishers.
Barrow, C., Barrow, P. and Brown, R., 2018. The Business Plan Workbook: A Step-By-Step
Guide to Creating and Developing a Successful Business. Kogan Page Publishers.
Hopp, C. and Greene, F.J., 2018. In pursuit of time: Business plan sequencing, duration and
intraentrainment effects on new venture viability. Journal of Management Studies,
55(2), pp.320-351.
Inkon, K., 2019. A cross-sectional study on the relationship between business plan, entrepreneur
type, development stage and profitability of US SMEs. Academy of Entrepreneurship
Journal, 25(1), pp.1-21.
Moro Visconti, R., 2019. How to prepare a business plan with excel. Available at SSRN
2039748.
Souto, J.E. and Rodríguez-López, Á., 2021. Entrepreneurial learning in an experiential and
competences training context: A business plan in Bachelor thesis. The International
Journal of Management Education, 19(3), p.100513.
TOMASSONI, M., 2019. Development of a business plan for the expansion of CESI's operations
on the IFI hydropower market.