Innovation and Entrepreneurship: Business Plan - Indian Empire

This report presents a comprehensive business plan for 'Indian Empire,' a theme-based Indian restaurant in the UK. The plan details the business idea, focusing on serving diverse Indian cuisine and promoting Indian food culture. It includes a market analysis identifying customer needs and target market characteristics, along with competitive analysis, marketing strategies, and operational considerations. A SWOT analysis assesses the restaurant's strengths, weaknesses, opportunities, and threats. The report also outlines the financial requirements, including start-up costs, estimated cost of sales, and expected selling price. The plan emphasizes innovation, customer satisfaction, and adherence to COVID-19 protocols to ensure success in the competitive hospitality industry.

INNOVATION AND
ENTREPRENEURSHIP

Table of Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
TASK-1........................................................................................................................................3
TASK2.........................................................................................................................................4
CONCLUSION................................................................................................................................8
REFERENCES................................................................................................................................1

INTRODUCTION
An entrepreneur is an individual who starts a new business, bear the risk and enjoy the
profits of the business. The process of setting up a new business is called entrepreneurship. It
involves the innovation and generating new ideas for the business. This helps the entrepreneur to
develop new ideas and provide products and services to the customers(Muñoz, and Cohen,
2018). The report is based on the business plan to start a theme based restaurant named Indian
Empire and whole market analysis will be made regarding the size and location of the restaurant,
type of food and services to be provided and various other facilities. Apart from this the report
will cover the SWOT analysis and related financial requirements for the restaurant.
MAIN BODY
TASK-1
Business idea refers to the creation of new and innovative and unique ideas for the
success of the business. It also focuses on product development and variety of services provided
by the organization. Indian Empire is a restaurant which will operate in the hospitality industry
and will provide food services covering the dishes from different states of India. The restaurant
will serve the meals from different countries of India in UK. The main purpose is to enhance the
culture for Indian food across the countries. The theme of the restaurant will be based on the
different cultures and tradition of the Indian culture(Savall, and Hillon, 2017). The intention of
opening Indian restaurant in UK is not only to earn profit but also to promote Indian food culture
and provides a variety of Indian meals that is famous in those parts. It includes the Rajasthan
food, South Indian food, Punjabi food etc. The purpose is to provide the best treatment to its
customers and to develop the taste of Indian food and for the people of Indian origin to get the
taste of the Indian food(Chotiyanon, et.al,, 2018). The restaurant also provides the online
delivery services to the customers and providing different payment options without causing any
delay in the services. Providing services is not the only objective of the business but to satisfy the
customer is also important.
The restaurant delivers superior quality of services and a wide variety of dishes that is famous
food of that country. Online booking facility is also provided so that customers do not have
difficulty when arriving at restaurant. The protocols related to Covid-19 will be strictly followed
and proper sanitization will be done for the safety and health of the customers. There are fewer

numbers of Indian Restaurants in UK, developing a new idea of opening an Indian restaurant will
be an advantage to gain profits and also to develop an Indian taste within the people residing
there.
TASK2
1. In this modern period the role online facility is growing rapidly, the business can take the
benefit and create online presence of the restaurants. The expert will constantly blog
about the Indian food to inspire people and attract. The management will be focused on
promoting through social media platforms such as Facebook, Instagram etc. The business
will ensure that delivery services are efficient to increase the scope of online business of
the restaurant. As the taste and preference of the customers are changing, restaurants need
to understand these changes and plan their strategies in order to deliver better quality of
services to satisfy its customers. Keeping all these things in mind, the menu will be
designed according to the food preference of the customers(Bihamta, et.al, 2017). The
restaurant is basically designed for every age group as different people have different
taste and preferences. The main aim is to operate a well-established Indian Restaurant in
UK. The business will offer following services such as operating quick- service
restaurants, fast food services and fast delivery of services, provide variety of meals to its
customers. The Restaurant will be located in Covent Garden, London. The restaurant
should be centred in a location to attract the customers and to generate revenue from the
business. The statistical tool will enable the experts to understand the industry and will
help to develop the marketing strategies that will surly help to achieve the desired market
target and enhance the Indian culture in UK(Han, and Hyun, 2017). The various
marketing strategies adopted are that the restaurant offers a wide variety of Indian food
and soft drinks in the restaurant and created a plan in order to provide discount vouchers
to the regular customers. Every business plan is set up to expand its business and with
this motive various plans and strategies and analysis is important in order to maintain the
position in the international market.
2. There are various competitors in the market and due to similarity in the thought can be a
threat for the new business. Entering into a new market is easy but there exist various
different competitors which can be barrier. Proper restaurant analysis is done before
entering and opening the new restaurant in country. The changing needs and preferences

of the customers can have negative impact on the business and keeping this in mind the
strategies of the business will focus on the behaviour and changing preferences of the
customers(Nel, et.al, 2018.). The restaurants will provide a wide variety of Indian meals
and services which will attract the customers to the restaurant. In order to maintain the
position in the market, its is very important for the company to understand their
competitors and then plan accordingly. Gymkhana, Albemarle Street, London and The
Cinnamon Club, Great Smith Street, London is the competitors of Indian Empire. The
competitors can be threat for the new business entering the market and after analysing,
the restaurant has planned its strategies and services in order to retain in the international
market.
3. The main purpose of opening an Indian restaurant in UK to develop the Indian taste and
food culture among the people residing over there. The restaurant will be located in one
of the busiest and crowded places in London and will provide enough facility for parking
spaces that can accommodate 30 cars per time(Pillay, and Kumar, 2018). As the
restaurant is located in the crowded place, it will get an advantage to attract number of
people arriving their. The management has also focused on giving excellent customer
service, online options, different modes of payment and high quality of facilities in the
restaurant to the customers. Through social media websites, information will be made
available so that it will be easy for the customers to gather the details of the restaurant
and the management will periodically update the sites so that customer is updated with
the information regarding the restaurant.
4. Every business incorporated with the objective of maintaining its position in the market,
understand the changing needs and preferences of the customers and also to earn profits
form the business. The business has analysed various factors that can affect the business.
For this SWOT analysis is done in order to determine the strength and weaknesses of the
business and future opportunities that business can use in order to overcome the
drawback faced by the business(Senanayake, et.al, 2021.). Being a theme based Indian
restaurant, the customers will get attracted and desire to try something new and unique
restaurant. The business provides various different variety of food from different cultures
and people taste and preference changes and are not same. Providing better services than
other restaurant and enhanced features to the customers like different payment options

will also attract the customers. Offering fast delivery services than other restaurant can be
an advantage for the organization to compete in the market and gain competitive
advantage over other competitors(Cho, et.al,, 2019). To operate in new market is not easy
as it takes time to build that image among the other restaurants already operating in that
market. More than 50% of the population relies on the brand image and loyalty which can
be a weakness for the Indian Empire and apart from this lack of proper customer service
or not adopting proper service culture can also impact the business(Martin, and Glauber,
2020). It is very important for the organization to provide better services to its customer
by improving the customer service strategy to retain the customer. Every customer today
is concerned about the health and hygiene and if the ambience of the restaurant is not up
to the expectations of the customers so that can build a bad image for the restaurant and
can Impact its sustainability on the market. The major weakness that can be identified
that due to lack of proper financial funds, it will not be easy to compete with already
established restaurants. Starting and Indian Restaurant in one of the busiest place like UK
can be an opportunity for the company to sell and also to spread Indian taste to large
number of population(Serova, et.al, 2019). By conducting market survey and studies we
can gather the information about the number of customer who are interested in Indian
food and people visiting the restaurants, it will an opportunity to maintain a position in
the international market. The major threat that every business faces is economic
breakdown that can adversely impacts the business due to reduction of the purchasing
power of the people. The another threat can be entry of Indian restaurant providing
similar services in the same location can be the biggest threat Indian Empire could face.
5. Financial Requirements.
In order to start Indian Empire themed restaurants in UK, the funds and money is the
main requirement of business (Chakim and et.al., 2021). This financial breakdown of new
business involves start-up cost, estimated cost of sales and expected selling price.
Start-up Cost:
The total funds required by Indian Empire in order to start their business in UK is £50000
cost of premises, equipment, furniture, building renovation and opening inventory. The
breakdown of start-up cost of £50000 is as follows:
Particulars Amounts (£)

Premises 25000
Renovation of restaurant (Internal designing) 10000
Equipments 5000
Furnitures 2500
Opening inventory 7500
Total 50000
Estimated Cost of Sales:
The estimated cost sheet of Indian Empire restaurant helps in determining and estimating
the selling price of the products and services. The estimated cost sheet of Indian Empire
restaurant for 3000 units is as follows:
Particulars Amount (£)
Opening Inventory 7500
Add Direct Material 15000
Add Direct Labour 12000
Add variable overheads 1500
Less Closing Inventory -10000
Cost of production 26000
Add office and administrative expenses 15000
Add selling and distribution expenses 25000
Cost of Sales/ Total cost 66000
Units Produced 3000
Cost of sales per unit 22
Expected Selling price:
The cost of sales per unit computed is £22 and Indian restaurants is expected 20% profit
on sales. So, the selling price per units and sales value is estimated to be:

Profit per unit = 22/90 × 20 = £5.5 per unit
Selling price per unit = £22 + £5.5 = £27.5
Sales value = 3000 * £27.5 = £82500
CONCLUSION
From the above report it can be concluded starting a new business involves creation of
new ideas, development of strategies innovating new methods for entering into the new market.
Any company who wants to start its business in internal market need to analyse the market and
the demand and scope of its product in the market in order to build its brand image in the market.
The biggest threat a company can face is the existing competitors in the market and in order to
gain competitive advantage the company has to frame its policies and strategies in order to
compete. Setting up business in not easy if the company is not having proper information about
the people and market. The business plan to open Indian Empire in London can be achieved by
following the proper marketing strategies. The restaurant will be offering Indian meals at the
reasonable costs and also have made strategies to provide better customer experience and
providing the customers various online and payment facilities in order to build the brand image
of the organization in UK.

REFERENCES
Books and journals
Bihamta, et.al, 2017. Dual pillars of hotel restaurant food quality satisfaction and brand
loyalty. British Food Journal.
Chakim, N. R. and et.al., 2021. Financial Planning: Applications to Business Startups" Jamu
Partnership" in Indonesia. Vol. 8. pp.483-487.
Cho, et.al,, 2019. Restaurant purchasing skills and the impacts upon strategic purchasing and
performance: The roles of supplier integration. International Journal of Hospitality
Management.78. pp.293-303.
Chotiyanon, et.al,, 2018. The changing role of the management accountants: Becoming a
business partner. Springer.
Han, H. and Hyun, S.S., 2017. Impact of hotel-restaurant image and quality of physical-
environment, service, and food on satisfaction and intention. International Journal of
Hospitality Management.63. pp.82-92.
Martin, W.J. and Glauber, J.W., 2020. Trade policy and food security. COVID-19 and trade
policy: Why turning inward won’t work, p.89.
Muñoz, P. and Cohen, B., 2018. Sustainable entrepreneurship research: Taking stock and
looking ahead. Business Strategy and the Environment.27(3). pp.300-322.
Nel, et.al, 2018. Customer experiences and expectations of sit-down restaurants: An auto-
ethnographic perspective on restaurant failure. African Journal of Hospitality, Tourism and
Leisure.7(3). pp.1-16.
Pillay, D.P.K. and Kumar, T.M., 2018. Food security in India: Evolution, efforts and
problems. Strategic analysis. 42(6). pp.595-611.
Savall, A. and Hillon, Y.C., 2017. Strategic venturing for entrepreneurs: a new application of the
socio-economic approach to management. American Journal of Management. 17(3).
pp.47-63.
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Senanayake, et.al, 2021. Business Models for Urban Food Waste Prevention, Redistribution,
Recovery and Recycling. Resource Recovery and Reuse Series 19.
Serova, et.al, 2019. Quantitative SWOT analysis and its application to strategic management:
The case of chain restaurant business.
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