Creating a Cocktail and Champagne Bar Business Plan: Enterprise

This report outlines a business plan for a cocktail and champagne bar, named "Volcano," located near Edinburgh, UK. The plan includes a business concept emphasizing the growing demand for cocktails, a detailed business model canvas covering key partners, activities, value proposition, customer relationships, customer segments, key resources, distribution channels, cost structure, and revenue streams. The report also details the techniques used for testing the original business concept, including market research and PESTLE analysis, and incorporating feedback from stakeholders. The second iteration of the business concept reflects changes based on feedback, such as incorporating research and development, detailed funding sources, and a more robust marketing strategy. The plan aims to attract youth and high-income individuals by offering a unique jungle-themed environment with imported drinks and entertainment. The report emphasizes the importance of planning and market analysis for a successful business launch.

Enterprise: creating your
business.

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................3
SECTION 1......................................................................................................................................3
Business concept ........................................................................................................................3
SECTION 2......................................................................................................................................5
Technique used for testing the original business concept and capturing the feedback .............5
SECTION 3......................................................................................................................................7
Presenting the second iteration of business concept .................................................................7
CONCLUSION................................................................................................................................8
REFERENCES................................................................................................................................9

INTRODUCTION
Establishment of new business required a proper as well as an effective planning. An
entrepreneur generates new business ideas through various sources such as market research etc.
It is very much important for an individual to launch new business venture considering the needs
or demands of customers, as it will assist them in ensuring the long term sustainability of
business. Proper business planning will support an individual in identifying the factors which can
effect business. It will also assist them in identification of risk associated with establishing
specific business.
The report will include the proposal for new business venture that is cocktail as well as
champagne bar. It is the small business which offers wide varieties of cocktails and champagne
to customers. In proposal the opportunities which an entrepreneur can capture by establishing
specific business will be highlighted.
SECTION 1
Business concept
The business idea is to set up cocktail as well as champagne bar. Rationale to select the
cocktail as well as champagne bar is that there has been increase in the demand for cocktails and
bar in the market. Decisions related to the establishment of the cocktail bar is completed based
on the consideration of change in market trends. Other reason for selection to set up cocktail and
champagne bar business is that there is high scope of earning profit. It is the business which
scope will increase with the passage of time (Bell and Bell, 2018). There is high scope of
business growth in the future. Considering the limitation of resources including capital, the
business will be established on small scale. It will be a small bar that will be decorated in unique
style. The theme of the bar will be jungle. The name of the bar will be Volcano. Company will
be located near Edinburgh, UK. Such location has been selected as it would be easier for firm to
reach target audience. The goods or services which will be offered by Volcano will be wide
varieties mocktail, cocktail, champagne and also starters. In additions there will DJ for
providing the entertainment facilities to customers. The main objective of the Volcano will be to
earn high profit and capture wide market share. Vision of an enterprise to achieve leading
position in industry.

Business canvas model :
Key partners : Partnership with beyond food foundation. The decision related to forming
partnership with the charitable organisations has been taken as it will assist an enterprise in
getting the brand recognition in the market. It is the tactics will provide firm an ease in
marketing business. Firm will form partnership with investors., international suppliers and
restaurants
Key activities : The key business activities will be marketing, human resource management,
sales, accounting etc.
Value proposition : Volcano is planning to deliver high value proposition to customer by
providing them with imported mock tails and cocktails. An organisation will include wide
varieties of both types of drink in its menu.
Customer relationship : Direct marketing is the strategy which will be adopted by Volcano in
order to develop the relationship with customers. In addition to this, an enterprise will strengthen
its relationship with customers by providing them with quality products or services. Business
entity will use social media in order to gather the feedback from customers. In addition to this, an
organisation will also offer the yearly club membership to its customers.
Customer segment : Business owner of Volcano is planning to target youth, as it will be easier
for firm to attract them. In addition to this, an organisation will also target the people belonging
to high income level group.
Key resources: The key resources which are required for establishing the cocktail business
include capital, land to establish bar, crockery, human resource, electronics and other bar
accessories.
Distribution channel : Volcano will distribute the goods or services directly to customers, as it
will assist an enterprise in developing the relationship with customers which is essential for
success of firm.
Cost structure:
Items Costs
Fee of registering business £400.00
Fees of business consultant £1,50.00
Purchase of land £1,000.00

Decoration of bar and purchase of the
accessories and furnitures
£50.00
Inauguration £40.00
Marketing £30.00
Cost of inventory £100
Revenue stream : Revenue will be earned by selling cocktail as well as champagne. An
organisation will sell premium quality of drink at high prices to customers, as it will assist them
in increasing profitability.
SECTION 2
Technique used for testing the original business concept and capturing the feedback
The procedure involved in the project related to the launch of new business venture
includes different phases. The first phase in the procedure is idea generation. Business owner
has got the ideas of establishing the business of cocktail as well as champagne bar while an
individual has conducted the market research for the organisation a person was working with
(Nah, Eschenbrenner and Koob, 2019. ). During the market survey which was conducted for
other firm, an individual has analysed the trend and found the increase in demand of the cocktail
as well as champagne. An individual has also found that there is increase in the population of
young generation who are demanding for entertainment (Talip and Haris, 2018).
The second phase of the project related to the establishment of new business venture of
champagne and cocktail bar is Idea distillation. It is the phase which includes screening of ideas.
The market survey has been executed in order to test the original business concept. Purpose of
the market research is to analyse the customer perception about new business concept (Allen,
and Ward, 2018.). It is the technique which has assisted business owner in identifying the target
audience. Market survey has helped an entrepreneur in analysing the response of customers and
assisted him in determining the scope of profitability as well as business success. It has helped an

entrepreneur in measuring the effectiveness of business idea. The market survey has assisted an
entrepreneur in analysing the way the products or services provided by them will fulfil the needs
as well as demands of the target customer group. It is the market research tactics which has
helped business owner in analysing the trends as well as market situations. It has helped
business owner in determining whether there is scope of high return on investment or not (Ishak,
Nordin and Bakar, 2018.).
In addition to this, Feedback has been gathered from the customers through website. It is the
technique which has assisted business owner in getting the opinion of customers about the
launch of new business venture. Market research has enabled business owner to analyse the
intensity or level of competition in an industry. It is the technique which has supported business
owner in getting the ideas about the way their competitors are fulfilling the needs and demands
of customers.
The third phase is strategic analysis, it has been conducted by an entrepreneur in order to
ensure successful launch of the business. PESTLE analysis is the technique which has been
applied by an entrepreneur. It has the technique which has supported an entrepreneur in
identifying those factors which could have impact on business. In addition to this, Pestle has
assisted an entrepreneur in identifying the risk associated with establishment of new business of
cocktail as well as champagne bar (Cunningham, Sinclair and Schulte, 2014).
The next phase in the business development process is test marketing and finalising the
decision to establish specific business. In context of champagne and cocktail bar, entrepreneur
has finalised to implement business idea by consulting with both internal and external
stakeholders.
Business owner has consulted investors, team, friends and family members about the new
business concept. In addition to this, an entrepreneur of new business venture that is Volcano
has seek advice from the suppliers as well as other business associates, it is the tactics which has
assisted them in getting the valuable suggestions which could be helpful in successful launch of
new business venture that is Cocktail and champagne bar (Davidsson and Gordon, 2012.). An
entrepreneur has conducted the face to face meeting with an entrepreneur those who are running
business of similar nature, as it is the tactics which has assisted them in getting the detail
information about the new business venture which they are planning to establish (Hatten, 2015).

It has also supported an entrepreneur in identifying the strategies which can be used in order to
make business successful.
An entrepreneur has also considered the regulatory framework as it will help them in
making the preparation for successful launch of business. It will also aid them in eliminating the
barriers which might occur in establishment of new company. In addition to this, business owner
of Volcano has conducted the depth research using the internet which has helped in exploring
similar business in particular field. It is the tactics which has supported an entrepreneur in
checking what others are doing relevant to business. An enterprise has consulted other people
who are running similar types of business, as this strategy has helped them in judging the
originality of business concepts (Kirzner, 2015.).
The last phase is launching of new business venture that is Cocktail and champagne bar.
Before establishing the business an entrepreneur has thoroughly analysed the way to sell,
promote business.
SECTION 3
Presenting the second iteration of business concept
I have been provided with the feedback that I need to be more clear about the business
concept. My team member and tutor has provided me with feedback that the business which I
have chosen can be quite risky. As they have also stated that the changes in the laws can have
significant effect on business. In addition to this, I have been provided with the suggestion that
providing the imported drink to customers can be quite costly for company. The other
suggestions which I have been provided is that I need to include the research and development as
well as customer services activity in the key activities of an enterprise. The other feedback which
I have been provided with is that I need to include the detailed about the sources from where the
funds will be obtained in order to establish business. I have also provided with suggestion that I
should include the detailed information about the strategies which will be used by an enterprise
for promoting goods or services before launch of business.
The feedback which I obtain from both internal and external stakeholders have proven to
be very much valuable as well as helpful in launching of business. The changes which I have
made in the business proposal considering the feedback obtained from other people include I
have included the research and development activity as core business tasks. I have included the

detailed information about the sources which will be utilised for obtaining funds for meeting the
routine business operational needs. I have included in the business proposal that bank loan will
be taken in order to obtain funds for establishing business. Considering the feedback, I have
included much more information about business such as more detailed about the strategies which
will be adopted by the company for marketing before launch. I have included that an enterprise
will distribute brochures and will also utilise the print as well as social media. I have also
provided the justification for using the social media for promoting products or services. I have
stated that the reason for choosing the social media as marketing platform is that it will assist an
enterprise in promoting the business ta large scale.
CONCLUSION
It has been concluded from the above report that planning is very much essential in order
to establish new business venture in successful manner. The other fact which has been found
from the stud\y is that business planning is very much crucial in order to identify the tactics or
activities which are required to be executed for accomplishing desired objectives.
The different strategies have been suggested which can implemented in order to promote
the newly launch business.

REFERENCES
Books and Journals:
Bell, H. and Bell, R., 2018. Applying enterprise: active learning environments for business
Higher National Diploma students. Journal of Further and Higher Education. 42(5).
pp.649-661.
Nah, F.F.H., Eschenbrenner, B. and Koob, P.B., 2019. Gamification of Enterprise Systems.
Systems. 7(1). p.13.
Talip, B.A. and Haris, N.A., 2018. Food Truck Application in Social Computing. International
Journal of Engineering & Technology, 7(4.29), pp.109-112.
Allen, K.E. and Ward, R., 2018. Local Food Entrepreneurship Support, Needs and Gap Analysis.
Ishak, F.A.C., Nordin, M.A., and Bakar, A.Z.A., 2018. THE UTILIZATION OF SOCIAL
MEDIA AS A MARKETING TOOL IN FOOD TRUCK BUSINESS. International
Journal of Accounting, 3(13), pp.117-124.
Cunningham, T. R., Sinclair, R. and Schulte, P., 2014. Better understanding the small business
construct to advance research on delivering workplace health and safety. Small
Enterprise Research. 21(2). pp. 148-160.
Davidsson, P. and Gordon, S. R., 2012. Panel studies of new venture creation: A methods-
focused review and suggestions for future research. Small Business Economics. 39(4). pp.
853-876.
Hatten, T. S., 2015. Small business management: Entrepreneurship and beyond. Nelson
Education.
Kirzner, I. M., 2015. Competition and entrepreneurship. University of Chicago press.