Innovation in Take-out Restaurant

This document discusses the scope of innovation in a start-up take-out restaurant and its impact on the market. It explores the strategies and implementation of innovation in the restaurant industry, focusing on the use of tablet screens on guest tables. The document also includes a market analysis, sales strategy, and SWOT analysis of the restaurant.

Making It Happen
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Contents
Introduction......................................................................................................................................3
Mission and Vision..........................................................................................................................3
Objective..........................................................................................................................................3
Product and Services........................................................................................................................4
Scope of Innovation in Take-out (Start-up).....................................................................................4
Appraise theories and Practice of entrepreneurship, Enterprise and innovation.............................4
Management....................................................................................................................................5
Company Summary (Start-up).........................................................................................................6
Start-up Funding..............................................................................................................................8
Market Analysis...............................................................................................................................9
Strategy and Implementation in Start-up Business..........................................................................9
Internal and External analysis........................................................................................................11
Milestones......................................................................................................................................12
Marketing Strategy........................................................................................................................13
Person Plan....................................................................................................................................14
REFERENCES..............................................................................................................................16
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Introduction
The business plan will represent how total investment occurred in the establishing of start-up
business. Generally, the purpose of plan is secure additional funding from investor and other
bank.
Take-out is based on the start-up business dedicated to provide the excellent quality of food
& Beverage facilities and service to their potential consumers. This type of restaurant is
attracting more consumer due to their innovative idea, which means that installed tablet screen
on guest table. Therefore, it shows all kind of cooking or preparing food because guest must
assure about food is hygienic, cook with pure and fresh ingredients. This type of innovation in
start-up business which pay higher attention to the guest and enhance popularity of restaurant in
global marketplace.
Mission and Vision
 Take-out restaurant mission is to offer the best quality of food & beverage service in their
local areas. It is always committed to maintain a proper hygiene and different cooking
method or technique (Abolade, 2020). This will help for start-up enterprise to gain more
value that potential consumer expect.
 Vision of take-out start-up restaurant is become measure all necessary need or
requirement for potential consumer, providing the better services.
Objective
 To estimate the number of consumer per day for take-out restaurants, in first year of
operations.
 To offer the best quality of food & Beverage services at reasonable price and provide
outstanding consumer experience.
 To generate 5%-6% revenue every years.
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Product and Services
Take-out restaurant will offer a wide range of food facilities such as Italian dishes, sauces,
fruit juices, soda or desserts and also implementing innovative service in which provide tablet
screen on guest table. This kind of innovation is always attracting potential consumers.
Typically, Take-out restaurant is also providing the Pizza which is hand tossed, light sauced
and slices which are often eaten folded in half or street snacks. Start-up restaurant will maintain
all essential food items which may influence or attract potential consumers. Sometimes, product
and service are becoming consider as great opportunity for owner to increase demand of
restaurant in marketplace.
Scope of Innovation in Take-out (Start-up)
The scope of innovation in take-out restaurant is that when inspiring or motivating the
potential consumer towards brand. This will help for increasing the profitability as well as
productivity in marketplace (Mazzarol and Reboud, 2020). As identified that owner or
entrepreneur of take-out start-up which include innovative in term of installed tablet screen on
guest table. This type of innovation is gaining more popularity among guests, inviting the
consumer to check the proper hygiene or cooking method. In this way, it is helping to generate
scope of innovation in start-up business while establishing a strong brand position in
marketplace.
Appraise theories and Practice of entrepreneurship, Enterprise and
innovation
It is one of the important aspect of entrepreneurship that plays important role in term of
economic growth and development. Another way, it is also explained that an entrepreneur is
someone who runs a business as sole owner with aim of making more profit even they encounter
to face a challenges. Theories of entrepreneurship are becoming consider as essential aspects in
which explaining the importance of innovation in business growth and development.
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Entrepreneurship Innovation theory-
It is one of the top most theory of entrepreneurship. The owner of Take-out (start-up)
restaurant does not merely conduct enterprise to better their lives alone. Rather through
performed different activities, which able to cause development in economy and society at large
scale. Innovation is always come in when an entrepreneur opens a new market. It often done
after identification of growth opportunity of business in global marketplace. An implementation
of new idea will help for start-up business to increase popularity in global world.
By using innovation theory, take-out restaurant is one of creative thing that entrepreneur
does is introduce as efficient service, where providing the tablet screen on guest table. This type
of innovation come to solve certain kind of problem in society. Through this way, restaurant has
been build a strong trust or loyalty with guest. Another aspect of this kind of innovation is to
achieve desirable growth and generate more profits (Narang and Chhonker, 2020). Notably,
enhanced the production method or technique which lead to minimise cost of production and also
increases the goods.
Before, implementing a new innovative idea in regards of installed a tablet screen on guest
table, which needs to be tested the experience of individual people. Therefore, it is identified the
opinion or view point. The owner of Start-up restaurant is trying the assigned the significant role
and responsibility of people so that they can easily handle operational tasks in proper manner. At
some point, it must ensure that any kind of changes, which carried out all essential variables and
bring economic development. Staff member of Take-out restaurant is operate a business with
performing innovation function.
Management
The management system of take-out (Start-up) restaurant is expected to use of different
resources, operate profitably, pay debts and abide by proper rules & regulations. Generally,
entrepreneur of business is focused on the management philosophy which manage or control all
kind of operational responsibility. Staff member who work at Take-out restaurant, want to be
part of team. Therefore, it operates business within competitive environment that encourage or
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motivate diversity, growth performance and creativity. The owner of take-out restaurant, assisted
by employees, operates the business with innovative idea. Moreover, it is also expanding the
business across global world.
Company Summary (Start-up)
Take-out restaurant is becoming a new food service provided in different areas. It is based on the
family run enterprise, focus to meet the customer expectation for giving the excellent quality of
food & beverage. The start-up restaurant will also provide home delivery and rapidly growing
demand of restaurant in marketplace. The innovative idea is always inspiring or motivating the
potential consumers (PRABHU, 2020). During COVID-19, many people want to an excellent
quality of cooking method used by restaurant. That’s why, consumer can prefer to focus on the
identifying current available service. Restaurant will be able to maintain and control the business
service while increasing level of consumer satisfaction, as consider strong foundation for future
growth and development.
Necessary Resources-
The owner of restaurant is spending a lot of time in searching a convenient location, decided
to lease a commercial space. The start-up capital will be included as legal expenses, kitchen
inventory, equipment’s, packaging materials, promotion and business sign etc. these are consider
the essential resources in business establishment with a proper innovation.
 Kitchen inventory- it is all about the specific accessories, tools that are typically needed
for food dishes, holding a better service facility. Generally It include blender, storage
container, condiment bottles, tableware pots, pan, paper etc. these are essential
equipment’s needed for purpose of food cooking and preparation.
 Equipment’s- dough as digital mixer, refrigerated preparation tables, cooler package,
holding table with warmer and automatic dough etc. these are necessary equipment’s
which supports for handling a better cooking facilities or services.
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 Insurance premium- Owner of start-up restaurant is basically covered the business risk so
that it will be established $1,000 for first 2-months. Sometimes, it will be negotiated with
insurance enterprise.
 Promotion- start-up will use different social media platform so that it is estimated cost $1,
8000 and used in different marketing information materials, advertisement.
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Figure 1
Start-up Funding
Usually, it has been estimated the total price or cost of $131,500. Nowadays, there are large
number of start-up established in global marketplace. But it is very important for estimating the
capital expenditure of start-up in marketplace.
The owner of take-out restaurant will be taking funds from Indiegogo because it is based on
the organization which provide or offers crow funding. Indiegogo allows people to implement
innovative idea in their start-up business (Suganthi, 2020). The restaurant owner will focus on
the installed tablet screen on guest table innovative idea, which are attracting the Indiegogo
(investor) so that it provide the enough amount of investment in the business establishment. An
investor is participated in the start-up capital for amount $29,500, offered as 29% ownership of
its business. The funds provided by Indiegogo (investor) will be used to buy equipment’s and
also covered all kind of start-up expenses. In this way, company will consider all kind of interest
in business growth and development.
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On the basis of analysis, the ability of start-up enterprise to repay loan and other interest
payment obligations, while maintaining adequate liquidity and also generating a positive cash
flow. Therefore, owner of enterprise is sufficient way maintain or control the cash flow process
in proper manner.
Market Analysis
In UK, take-out (start-up) restaurant will be located in the Local Bay areas in which growing
the business popularity between low-to-middle class areas. As per counting more than 1-million
residents. The boom in the areas in which primarily attract the response of individual people.
Sometimes, it is also increasing the employment opportunity for local people.
With continued growth in central area, opportunities to serve as local Bay residents that will
increase. The start-up will sell their individual as excellent food & beverage service with the help
of innovation.
Strategy and Implementation in Start-up Business
The owner of Take-out restaurant is basically focused on the strategy implementation in
which deliver a strong consumer value proposition within niche marketplace. The potential
consumers are looking the excellent offers within restaurant. Therefore, it is supporting to
establish a strong position of start-up business in marketplace (Surya and et.al., 2021). By using
innovative idea, entrepreneur will try to build an efficient marketing infrastructure so that it can
eventually reach more consumer with product or service. Restaurant is always focused on
satisfying the needs of low-to-middle class residents. Another way, there are large number of
companies located inside or outside local bay areas. That’s why, it become easier for restaurant
to target potential audience.
Company intend to use various kind of marketing communication as an efficient way to
reach target audience or market. By implementation of an effective strategies, Take-out
restaurant will increase awareness among people in regards of product as well as services. in
additional, start-up based restaurant will use different advertising tool or platform that help to
promote the business in global level. In most of cases, owner should use local bay flyer which is
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commonly engaged with the different people, in order to perform different promotional
activities. This will help for attracting more consumer towards start-up business.
Adequate funding has been accounted for when implementing the better promotional
expenses. It intend to spend some money in the cost effective was, evaluating the different
advertising option at the time of project implementation. It is helping to generate accurate result
or outcome.
Sales Strategy-
Start-up based restaurant is kind of new entity, recognise that will need to prove a
specific enterprise worth to establish a business in UK marketplace. Sometimes, it is important to
sell the business, not necessarily product as well as service, but it will create positive impression
in front of consumers. it automatic way to push the business service and maintain delivery
capacities.
Typically, a sales strategy is based on the belief, assumption that will require to handle on
regular basis. in some situation, it is putting the real sales efforts to focus on the long term
consumer relationship. The owner of start-up restaurant is bringing or recommend a new friends
to share positive experience towards brands (Tsilika and et.al., 2020). Furthermore, staff
members of restaurant will recognise the cost of enterprise in which convert into new consumer
into long term relationship. it is not only attracts consumer but keep try to engage with existing
client and meet their expectation level. Consistently, customer-centric service is one of the finest
approach in which fulfil all necessary requirement for potential consumers. The participation of
every staff members are dealing with request of gust and satisfied with excellent service
approach. Moreover, problem solving is also encouraged throughout enterprise and it would also
become a fair to say that staff member is part of restaurant.
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Internal and External analysis
SWOT analysis- it is based on the internal analysis framework that help to provide an
excellent opportunity for start-up business, identify the internal strength or weakness of Take-out
restaurant. Sometimes, it allow the people to focus on the external opportunities presented by
enterprise environment, threat or risk.
Strength
Take-out restaurant has been maintained a valuable inventory which may consider as
greatest strength that help to achieve desirable success of business. Another strength of start-up
enterprise is providing the best experience for potential consumers through innovative idea.
Moreover, it is also including price or cost related structure, in order to maintain or control all
kind of offers within affordable price (van Lunenburg, Geuijen and Meijer, 2020). In this way, it
become easier for consumer to differentiate price of product from other restaurant. Owner of
start-up offers a discount such as ''buy two meals'' get one free. Therefore, it is attracting the
offers to various potential clients in marketplace.
Weakness
The weakness of Take-out restaurant is that help to know about improvement in
organisation operational activities. Sometimes, staff members have a lack of ability or skill to
find out the specific need of consumers. Therefore, it will be increasing mis-conception between
consumer and employee in the restaurant. In most of cases, owner of Start-up is dependent on the
personal service as they are allocating a table for every guest. Weakness is not all about the
training or development session. It is the best way to handle the different tasks, fulfil all essential
need for consumers.
Threat
Main common threat of Take-out restaurant is high competition level. It is one of the
greatest threat which may directly affecting on the overall performance of restaurant. Threat of
Take-out should be aware of slow recovery process at the time of economic crisis. During Covid-
19, it has been increasingly price or cost of different product or service in marketplace. Another
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way, a change of business environment that might reduce actual sales and productions. Higher
taxes in future etc. these are identified the common threat face by start-up restaurant.
Opportunities
The strength of start-up business to aware about the emerging opportunities so that they can
easily stable the position of brand in marketplace. Generally, it is possible when start-up
restaurant fast growing the population in Local Bay area. On the other hand, the opportunity for
restaurant is to implement innovative idea in the business such as installed tablet screen on guest
table. In this way, each and every consumer can see cooking approach for staff members in
restaurant. This type of idea will increase more opportunity for restaurant, in order to increase
their production and sales in marketplace.
Milestones
Milestone is based on the process or method that helps for performing the different tasks,
implement a suitable actions. In general way, it should include all essential tasks, mention its
start data to end date. This is becoming consider as great influencer for entrepreneur to manage
or control business functionality.
The owner of start-up restaurant is following the different stages, make a suitable plan for
implementation.
Milestone Start date End date Budget Department
Market research 4/1/2021 5/5/2021 800 Assistant Manager
Business planning 5/5/2021 5/25/2021 675 Manager
Legal Document 5/25/2021 8/1/2021 1,200 Assistant Manager
Insurance 8/1/2021 8/15/2021 2,000 Manager
Find location 8/15/2021 8/31/2021 1,800 Assistant Manager
Purchase equipment 8/31/2021 9/1/2021 500 Manager
Purchase inventory &
materials
9/1/2021 9/10/2021 1,000 Assistant Manager
Promotion 9/10/2021 9/20/2021 1,300 Manager
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Business Sign 9/20/2021 9/30/2021 788 Assistant Manager
Table: 1
Figure 2
Marketing Strategy
The marketing strategy of start-up restaurant centres on developing or creating a positive
corporate identity, but it is mainly define current market condition.
Market Needs & Trends: - Start-up restaurant include different segments such as low-to-
middle class residents in London areas. It is important to provide both home delivery service and
dynamic space areas. usually, the owner of restaurant is mainly focused on the marketing
strategy to target the particular segments (van Lunenburg, Geuijen and Meijer, 2020). It is also
know and understand specific needs, willing to pay an affordable price or cost.
There are different factors such as local trends, historical sales information or data which
applicable in restaurant business in London areas. Restaurant must ensure that demand of
product or service will continue over 2-3 years. Owner is always concerned about the new trends
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so that they will implement suitable strategies. In order to increase the overall business
performance and efficiency in global marketplace.
To reach the potential consumers, a combination of various marketing technique or method
will be used by Start-up restaurant.
Local Media- it is kind of radio channel which is applicable in local area for purpose of
promotion. Generally, it is followed by print, radio and newspaper advertisement including as
marketing approach. In order to target large population in marketplace.
On the other hand, restaurant will use other marketing approach such as social media
networking. These are consider the most commonly used by promotional activities. Nowadays,
large number of population was already used social media networking such as Facebook, Twitter
and Instagram. Therefore, it is better way to engage with potential consumers and provide
information related product, services and other innovation that already used in restaurant.
Sometimes, owner of restaurant will able to share information about innovation such as tablet
screen available on guest table. In this way, targeted audience will use this kind of service and
increase the demand of popularity in marketplace.
Person Plan
Restaurant will be open Monday through Saturday from 11:00 to 8:00. An efficient team of
restaurant operates business effectively and efficiently. The owner of restaurant will maintain a
schedule of every team members and prepare a food before opening.
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The ultimate goal of restaurant is to meet expectation level of potential consumers. it is helping
to empower and take some kind of reasonable action in order to avoid costumer leaving our
premises with full of satisfaction (van Lunenburg, Geuijen and Meijer, 2020). In this way, start-
up business continued to improve their business policies and encouraging all employee to look
for way to keep updated the modern technology on regular basis. This type of approach is
helping the business to reduce cost or price and increasing the best quality of services.
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REFERENCES
Book and Journals
Abolade, A.P., 2020. Influence of Entrepreneurship Eco-System on Innovation of Selected
Restaurants at Ilorin Metropolis. International Journal of Technology and Management.
5(2). pp.1-14.
Mazzarol, T. and Reboud, S., 2020. Work Book: Entrepreneurs vs. Owner-Managers.
In Workbook for Small Business Management (pp. 9-17). Springer, Singapore.
Narang, R. and Chhonker, M.S., 2020 Understanding food delivery-apps and FHRAI guidelines:
A restaurant entrepreneur’s perspective. S No Paper & Author (s).
PRABHU, J.J., 2020 IMPORTANCE AND POSITIVE RELATIONSHIP OF
ENTREPRENEURSHIP, ENTREPRENEURIAL PERSONALITY AND
ENTREPRENEURSHIP EDUCATION AMONG BUSINESS LEADERS.
Suganthi, V., 2020 SUCCESSFUL FACTORS FOR INNOVATIVE SMALL STARTUP
BUSINESS.
Surya, B. and et.al., 2021. Economic Growth, Increasing Productivity of SMEs, and Open
Innovation. Journal of Open Innovation: Technology, Market, and Complexity. 7(1).
p.20.
Tsilika, T. and et.al., 2020. Entrepreneurial bricolage in the aftermath of a shock. Insights from
Greek SMEs. Journal of Small Business & Entrepreneurship. 32(6). pp.635-652.
van Lunenburg, M., Geuijen, K. and Meijer, A., 2020. How and Why Do Social and Sustainable
Initiatives Scale? A Systematic Review of the Literature on Social Entrepreneurship and
Grassroots Innovation. VOLUNTAS: International Journal of Voluntary and Nonprofit
Organizations. 31(5). pp.1013-1024.
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