Launching a New Venture: Exploring a Vegan Food Application

This document provides insights into the process of launching a new venture and introducing a vegan food application in the market. It covers topics such as identifying a new venture and product, determining specific resources required, producing a credible proposal, assessing skills and capabilities, explaining promotional channels, developing an activity plan, producing a cash budget, and suggesting an appropriate legal form. The document also includes information on the target market, competitors, and a SWOT analysis.

Launching a New
Venture

INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
P1 Explaining and identifying a new venture and product or service....................................3
P2 Determining specific tangible and intangible resources required for product and service
launch.....................................................................................................................................5
P3 Producing a credible proposal for launching a new product.............................................6
TASK 2............................................................................................................................................8
P4 Assessing the skills and capabilities required for launching a new product or service....8
TASK 3..........................................................................................................................................10
P5 Explaining the promotional channels and activities supporting the new product or service
launch...................................................................................................................................10
P6 Developing a appropriate activity plan for launch and pre-launch.................................11
TASK 4..........................................................................................................................................12
P7 Producing an itemised monthly cash budget for pre-launch of venture and for 12-18
months preceding launch......................................................................................................12
P8 Suggesting an appropriate legal form for the new venture.............................................14
CONCLUSION..............................................................................................................................16
REFERENCES..............................................................................................................................17

INTRODUCTION
A venture is a business firm which is introduced in market with a specific idea and product. A
venture can be off different types that is a sole proprietor, a partnership firm, a company, a start-
up or a joint venture. All these different types of ventures are separate from one another and hold
different position in the market. These different branches have different resources, are separated
according to their size in nature and depend upon new ideas idea innovation or invention. The
Ownership and legal structure of different ventures are also separate and unique from one
another. This assignment is developed with the motive of introducing a new product a service in
to the market. the service of the product have to be innovative in order to be efficient and
effective (Cosenz and Noto, 2018). The report covers the elaborated idea and information about
the new product or service the venture is planning to launch. Different required resources which
are tangible and intangible are also identified for the product or service launch. The required
capabilities and promotional activities or channels are assessed for the new product or service
launch. Moreover, a cash budget is developed for both launch and pre launch of product or
service and evaluated effectively. At the end several legal structures are discussed in order to
suggest the best suitable type for the new product or service.
TASK 1
P1 Explaining and identifying a new venture and product or service
Hospitality industry is a huge business market where there are many options and business
opportunities available to the individual seeking planning to enter the business field. The new
venture for which this report is developed is an application and an start-up. The related to
information about the start-up and its offerings are elaborated in the next sections.
New product and service
The new product and service is an application which is basically a online food application. It is a
new food and beverage service provider which only deals in vegan food and beverages. The
application is named as “Vegan Store” and the name of the organisation is also the same. The
start-up is dealing in hospitality industry with the help of digital tools (Mullins, 2017).
“Vegan Store” in application developed for serving vegan food and beverages to the public. It
also serves vegan products basically raw materials this is why it is known as “Vegan Store”. The

main products of this start-up are vegan food and beverages along with raw materials or a
grocery stores for the people of the UK.
Features of new product or service
The main features of “Vegan Store” products and services are as follows:
 All vegan raw materials available.
 The vegan food and beverages are prepared and served.
 The kitchens are healthy and hygienic.
 The service will be rendered to people 24*7 and 365 days of the year.
Target market
In the world people are becoming aware and taking precautions for supporting the world and the
environment. This is a new concept which has arisen in the society vegan food and beverages.
The vegan food is basically those goods which are made available without harming any animal
or plants (Cummings and Vaaler, 2019). The target market of “Vegan Store” is the people of
London UK who are consuming and desire to enjoy healthy vegan food.
Competitors
“Vegan Store” is a new concept and idea which is introduce in market as a start-up. Therefore
the company will not be having any great competition. The only competition which can be faced
by “Vegan Store” is by those other food service applications who renders food services by taking
orders and playing as medium between the customer and restaurants.
SWOT analysis of the new product or service
A SWOT analysis for “Vegan Store” is conducted in which internal strength and weaknesses of
the start-up are highlighted along with the external opportunities and threats available to it.
 Strength- The strength of the vegan story is it is one of its kind introduced in the market
therefore the competition level is very low in the current scenario.
 Weakness- As it is a start-up a new idea which is being developed in the market
information is very low. That means it is very difficult to predict and analyse the trends.
The start-up will not be having any potential proof or data forecasting any sales and profit
amounts.
 Opportunities- The “Vegan Store” a new idea which is being developed and it is its
biggest strength. Opportunity of “Vegan Store” the increasing awareness among people
and regular just taking place in there desires and needs.

 Threats- The start-up is unaware about the market and its potentiality while entering the
marketplace (Abor, 2017).
P2 Determining specific tangible and intangible resources required for product and service
launch
Beagle store is a start-up which is entering a market with a new idea but hospitality field is very
aggressive and full of competitors. The start-up needs to have sufficient an appropriate resources
in order to enter the market effectively. These resources can be categorised into tangible and
intangible resources which are mentioned below:
Tangible resources
 Blueprint of business plan is an essential tangible asset which is required by “Vegan
Store” in order to launch their product and services in the market for attracting and
gaining attention of the targeted audience. A business plan is basically an idea and the
document having several stages by which we can store can implement and move in
market step by step for having and establishing an effective business.
 Physical assets are those resources which are required by “Vegan Store” to render the
services and manufacture their products according to the orders of their customers. The
physical assets of “Vegan Store” will be there kitchen for manufacturing food products,
delivery vehicles and their labelled packing materials (Kuratko and Hornsby, 2017).
 Finances most essential tangible assets which is required by all different forms of
businesses in order to execute and implement there plans for entering the industry. Big
stone will also be needs money in order to acquire physical assets, procure raw materials
and conducting promotional activities.
Intangible resources
 Strategy or business idea, “Vegan Store” is a start-up which is developed by an
innovative idea and with unique strategy. The idea is to serve vegan food and beverages
to people along with the raw materials acting as a grocery. The strategy is to only attract
those people who are and willing to enjoy tasty vegan food.
 Capabilities of staff, human resource is a unique asset which is available to all different
organisations but they are tangible assets. The intangible asset is their abilities and skills,
different or separate individuals can have same knowledge and skills but their capabilities

and level of implementing the skills and knowledge are different. The capabilities of
employees can be a intangible resource for “Vegan Store” (Ahamat and Chong, 2020).
P3 Producing a credible proposal for launching a new product
An entrepreneur must have a skills and capabilities to make an effective proposal which
determines the actions that need to be taken in order to achieve desired goals and objectives
within pre-determined time period. It is prepared under the direction given by specialised experts
so as to utilise available resources in an optimum manner while achieving mission, vision and
objectives of “Vegan Store”. It also brings motivation among team mates to work hard and give
their best efforts after clearly understanding roles and responsibilities they need to perform.
PROPOSAL FOR LAUNCHING A NEW PRODUCT
 Executive Summary- “Vegan Store” Is going to be established in London UK by an
entrepreneur within a partnership firm. The main objective of launching “Vegan Store”
first in London is the public around UK is more attracted and desire vegan food.
Therefore it is suggested that London is the best suitable marketplace for establishment
the brand and business venture.
 Problem- Nowadays people are keen and changing their requirements towards vegan
food which is not available easily and also cost really high and man people cannot afford
it. “Vegan Store” is a brand and business which is providing fresh vegan food and
beverages which are prepared by the expert chef’s in the kitchen of “Vegan Store”. Along
with it “Vegan Store” is also a grocery store providing raw materials to people on their
door steps by just few clicks online on the official application of “Vegan Store”.
 Company description/ Product description- “Vegan Store” is a start-up which is
providing vegan food and beverages services to the people and also a store for vegan
food products. The Company will be serving to people 24*7 and 365 days of the year.
The food and beverages will be manufactured by the expert chef' who have great
knowledge an expertise about vegan industry and vegan food (Ditizio and Smith, 2017).
Also, the delivery executives are available 24*7 which allows the customers to make
orders anytime they wish to enjoy tasty vegan food. The “Vegan Store” is a first of its
kind which can solve the problem of unavailability of fresh and healthy vegan food and
beverages and also raw materials.

 Financial projection- Funds or money is the most essential requirement on need of any
business venture to establish into the marketplace effectively. Appropriate locations of
money and finances enable the entrepreneurs to earn maximum returns from their
investments the business. Therefore, regal store entrepreneurs need to develop effective
accounts with the help of experts and professionals. The company needs to make
arrangements of funds from various investors and by taking loans from banks and from
the existing investors in the market place (Cosenz, 2017).
 Time planning-
 Price plans- The “Vegan Store” is a start-up and a new business idea therefore, it is most
suitable for company to adopt price penetrating policy. This policy states that the
company initially will be having low prices and according to the growth and success of
company will make changes in their price structures. Initially the prices will be low of the
products and services solving the problems of affordability. Also, the goods will be
delivered to the people in a very low charge including taxes.
 Market and Competition Analysis- Market research is an effective tool for analysing
and gaining knowledge about the marketplace in which company is planning to establish

its operations. Various tools such as PESTLE analysis porter’s five forces and porter’s
generic strategies can be used for conducting market research and understanding the
trends. The “Vegan Store” owners can make use of market analysis for developing their
action plans and strategies accordingly before reducing the business venture into the
targeted market. It is also use to analyses the position of other competitors in marketplace
and their potentials. It will enable “Vegan Store” to appropriately make their plans and
bring in those strengths in their business of their competitors which are beneficial for the
business and entering the marketplace in most efficient manner. Currently the completion
of “Vegan Store” is as such very low as it is an innovative idea which is first of its kind
and entirely new for the industry and hospitality sector. The most potential competitor
who can be considered is Uber Eats, which is also a food service provider but it act as a
mediator between the restaurants and the customers. The business of Uber Eats is entirely
different from “Vegan Store” the only common point is they both are food service
provider and delivering food and beverages to people according to their needs. “Vegan
Store” can learn from Uber Eats about its fast delivery of orders made by people.
 Benchmarking- In order to develop most effective plans and programs are important for
company to execute all the strategies and implement all business activities an appropriate
manner. In order to keep the teammates and other related parties motivated and make
them work with their full potentials it is essential to prepare business strategies.
Benchmarking is one of the best suggested options as it enables company to have a target
and a deadline to perform respective tasks in appropriate and specific manna.
Benchmarking and setting targets can help up in keeping all the activities and tasks ahead
making them the most important objective of all the individual working on them.
TASK 2
P4 Assessing the skills and capabilities required for launching a new product or service
Human resource is the main asset of every firm and organisation, “Vegan Store” is a start-up
which is opening based on a new business idea with an entirely new product and services. The
company needs human resource who are experts and have unique skill sets. Human resource
department is the unit of the business as they are the one who execute and implement all the
strategies and action plans of company in real scenario. “Vegan Store” will also need human

resource for fulfilling their business objectives and completing all tasks and performance of
customers on time. Different expertise and capabilities which are required by “Vegan Store” for
launching their product and service and running their business smoothly are mentioned below:
 Application developer- An application developer is an individual who expertise with
technology and we develop application for customers according to the needs and
requirements. “Vegan Store” needs an application developer for developing their
application by which the start-up enter the market and make their sales transactions. Management skills- There numerous activities which take place in a business and needs
to be managed and controlled in order to obtain required objectives and goals. This is an
essential skill which is needed by a start-up to hold, the management skills can be
acquired by the nice through participating in different management programs or seminars.
It enables the management of “Vegan Store” to deliver and perform with their best
efficiencies and skills for entering market potentially and establishing their brand name.
The areas in which management skills are required are fund management, human
resource Management and many more (Muñoz-Bullón, Sanchez-Bueno and Nordqvist,
2019) Decision-making skills- The huge challenge which comes in front of the owners of
business while establishment their brand and entering the market is decision making. The
decisions which the management takes have to be appropriate as it can affect image of
“Vegan Store” in market as there are numerous factors available in business environment.
In order to deal with different features and factors available in the surroundings of
business effective decision making capabilities have to be present within organisation
 Risk taking ability- Doing business is directly proportional to taking risks and problems.
The owners of “Vegan Store” have to make efforts in order to manage all the risk
associated with the business while entering the market before entering it and after the
business is established. Many Justin and dangerous situations will occur in front of the
management and company need to make relevant measures for mitigating the effects of
those days for removing that risk from their business structure. This is one of the most
important ability which is required before launching their application known as “Vegan
Store” and putting steps in the marketplace (Fisher and et. al., 2017).

TASK 3
P5 Explaining the promotional channels and activities supporting the new product or service
launch
Marketing is a concept of spreading the word and promoting the good and services of a particular
form or business into the targeted audience. It is an essential activity which is needed to be
undertaken by all different organisations and therefore “Vegan Store” also have to perform
marketing and promotion activities. New emotional and marketing strategies are elaborated
below one of the best will be suggested at the end “Vegan Store”.
 Social media platform are one of the best marketing tools in present scenario. Increasing
digitalization and technologies are changing the market conditions, trends and practices.
The “Vegan Store” can make use of different social media platforms to reach to
maximum population and making them into potential buyers. The social media platforms
can be used pi uploading any advertisement of the start-up, the idea behind it and the
offerings. Different social media platforms are accessed by the youth everyday not even
the youth other age group people also using social media to stay connected with others. It
is one of the best and most suitable marketing tool in current scenario (Futterer, Schmidt
and Heidenreich, 2018). The disadvantage of social media platforms is it can Hinder the
operations as well if any negative reviews are posted by few unhappy customers. As
through social media the message runs very fast and easily.
 Personal promotions- The owners of “Vegan Store” will be having their personal
connections with many of the people. Connections can neither be business relationships
or any personal relationship such as close family member’s friends etc. They can make
use of the personal relationships for spreading the word about their business idea and
their application. The disadvantages of these personal promotions which can be faced by
entity is they have to provide some extra benefits for maintaining those relationships even
if the cost is unbearable by the firm.
 Direct marketing- This is the oldest and traditional form of marketing. This type of
promotional activities is most commonly used by all different organisations in current
scenario and from very long time. Direct marketing can help “Vegan Store” owners to
develop personal relationships with many other people in the industry and outside the
business that is with general public. This is another effective promotional and marketing

tool which can be used by “Vegan Store” for promoting spreading word about their
operations in general public and in the industry. But the disadvantage of this promotional
method is it is old and traditional which do not allow the entity to reach to maximum
people and most importantly the current youth.
P6 Developing a appropriate activity plan for launch and pre-launch
For an appropriate activity plan the marketing mix tool is used and elaborated. Marketing mix is
a tool which has 7 elements covering several areas and segments of business aspects. “Vegan
Store” has to look over and plan according to these 7 elements in order to attract and retain
attention of the targeted marketplace. These elements are as follows:
 Product- The product of “Vegan Store” is the vegan food and beverages which are
prepared in their kitchen and will be served according to the orders received. Also it is a
store for all those individuals who are willing to buy vegan raw materials (Stenholm and
Renko, 2016).
 Price- The “Vegan Store” is a start-up and a new business idea according to which the
company is planning to adopt price penetrating policy. best policy states that the
company initially will be having low prices and according to the growth and success of
Company make changes in their price structures.
 Place- As is a start-up “Vegan Store” will be opened and introduced in a small area that
is the heart of UK, London.
 Promotion- There are many different marketing options suggested above from which
social media is the best suitable option for “Vegan Store” to promote their offerings in
public (Cosenz and Noto, 2018).
 People- The company requires experts an individual various speciality and skills. The
main human resource which is required by vehicle store are the chef's you have expertise
in making vegan food and good knowledge about the ingredients. Also, export delivery
executive who are humble and who is good communication skills will be essential for the
company.
 Process- the “Vegan Store” is established to through an online application at and it is the
only process which taken by the start-up.

 Physical evidence- The online application and different social media handles are the
physical evidence of the start-up will give the authentic proof of the existence of “Vegan
Store” in.
TASK 4
P7 Producing an itemised monthly cash budget for pre-launch of venture and for 12-18 months
preceding launch
Cash budget is a document which is essential and necessary for entrepreneur to develop as it
allows them to make plans and effective decision for present and future in relation with the
betterment of their business venture. Cash budget holds the data related to the finances or money
outflows and inflows for the respective time period. The funds are appropriately allocated by the
entrepreneur to the different divisions or departments of their start-up according to the need of
particular department (Burns, 2017). A expert accountant are responsible for developing a cash
budget by looking at all the data. They have the required skills and expertise regarding the
financials and allocation of money. Below is the cash budget stupid fore season Store for the
launch of their application and their offerings.
Financials are presented in the attached spreadsheet.
P8 Suggesting an appropriate legal form for the new venture
The present market situation and conditions holds large number of organisations and different
kind of business hospitality is one of the industries in the business world. There is several
different kinds of businesses which are regulating and taking place on daily basis. The nature and
scope of every business is different from one another depending upon their sizes and motives
also on there o' level of working area. The legal structure of the business is also unique and
separate according to their time frame of their operations. It is essential for “Vegan Store”
owners to understand and gain knowledge about the legal structure of their business venture. It
enables them to develop their operations more effectively and run their business smoothly in the
marketplace for the longer duration of time. Some of the legal structure of ventures is discussed
underneath: Sole trader is a form of business venture which is run by a single person or individual.
Sole trader is also known as entrepreneur who enters the market with a unique idea and
limited resources. This legal structure of a sole trader is very simple as it has limited rules

and regulations which are developed by government and need to be complied. The
individual who is the owner of the business manages the whole business enjoys all the
earnings and profits. Also the individual is responsible for the debts or liabilities of the
business which they earn while running their operations (Birley and Stockley, 2017). Company- The next form of business venture is known as a company. It is a separate
legal entity of which the owners are not responsible for any debts or liabilities. Company
can be divided into two parts a privately owned company and a public company. Private
company is owned by the individual establishes the business in the marketplace for the
motive of earning profits and sustaining in the marketplace for the longer period of time.
The other hand public company is owned by the government of the country and the
motive of improving and racing the living standards of individual rather than earning
profits. the legal structure of a company is complex and involves huge stages in order to
establish it and run it in the marketplace (Christensen, Bartman and Van Bever, 2016).
 Partnership firms- In this form of business venture two or more parties are involved. At
least two parties are compulsory for developing a partnership firm is there goals and
objectives. The profits and debts of the business are divided into the partner’s according
to their percentage of share capital. The is developed with signing agreement or deed
which holds all the rules and regulations of running the partnership firm along with the
profit and liabilities sharing ratio of all the parties.
“Vegan Store” start-up rendering their services and attracting a particular segment of the society.
The suggested legal structure for “Vegan Store” is partnership. As the idea is new and innovative
no other business is running currently in the market like it. Competition of company is very low
but also it is uncertain that the company will succeed and on predetermined goals and objectives
(Abalone and et. al., 2017). Partnership is suggested so that the responsibilities liabilities and will
be divided amongst the parties carrying all the burden of the business buy one individual.
Therefore it is the best suitable practice in the current scenario for “Vegan Store” for entering the
marketplace. The finances which are required by the business idea to strongly enter the market
can be gathered easily.
SWOT analysis of the legal framework:
STRENGTH WEAKNESS
The strength which is provided by a The weakness of a partnership is it becomes

partnership structure of an organisation is
the burden is distributed amongst all the
partner’s keeping a balance in the entity and
making it survive for a longer period of
time.
very difficult for partner’s to adjust with
each other and sometimes few
misunderstandings develops in develops
between them which directly impacts the
operations.
OPPORTUNITY THREATS
Opportunity which is created by a
partnership organisation is it enables to run
the business which confidence and every
time any financial or other needs occur The
entity has the option or opportunity to
resolve it easily by the efforts of all the
partners.
The biggest threat of a partnership
organisation is it is easy to dissolve it and
very small miscommunication and
misunderstanding can bring a consequence
which will lead to words ending the
partnership agreement.
CONCLUSION
The above report concludes that a new business venture launch is a hectic task and involves
number of activities in it. The report holds elaborated idea of the business venture which the
owners are planning to establish and by which they are planning to enter the market. the
resources and capabilities which are required by the business venture are discussed as these are
the main resources of a business. Along with it marketing mix strategy and tools are recognised
in order to be sure and effectively step into the marketplace by attracting or reaching to
maximum population. At the end of cash budget is developed which is holding information about
the initial capital which is invested or available with the owners also the expenses which
business will be incurring in future are mentioned. Moreover a legal structure is also suggested at
the end for entering the business venture into the targeted marketplace.

REFERENCES
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Futterer, F., Schmidt, J. and Heidenreich, S., 2018. Effectuation or causation as the key to
corporate venture success? Investigating effects of entrepreneurial behaviors on
business model innovation and venture performance. Long Range Planning, 51(1),
pp.64-81.