The Rebury Restaurant: A Detailed Entrepreneurship Business Report

This report provides a comprehensive business plan for "The Rebury," a proposed restaurant in London's Oxford Street. It begins with an executive summary and an introduction to entrepreneurship, outlining the concept of a restaurant offering diverse food options and entertainment. The report delves into the business's background, industry analysis using PESTEL and Porter's Five Forces models, and details the products and services offered, including a diverse menu and home delivery. It also includes a market analysis, outlining STP strategies and competitor analysis, and a marketing strategy. The plan specifies unit selling prices, operational requirements, cost and pricing strategies, and financial forecasting. The report concludes with a contingency plan and references, providing a thorough overview of the business's feasibility and strategic approach to the restaurant industry.

Entrepreneurship In
Business

Executive summary
This report discuss about all the component which requires getting undertakes before
making it start. The business is about start up a restaurant in London in Oxford Street. The new
venture comes with a new and innovative idea by organising some or other events everyday at
restaurant like musical night, band night and many more. This enterprise also offer better quality
food and drink items including veg and non-veg. There are several assets accessible. With the
owner to raise finance some of these may consist personal fund, angel investors, banks and
others.

Contents
INTRODUCTION.........................................................................................................................14
TASK 1..........................................................................................................................................14
Background................................................................................................................................14
Industry Analysis.......................................................................................................................14
Product and services..................................................................................................................16
Market analysis..........................................................................................................................16
Unit selling price........................................................................................................................17
Operational requirements...........................................................................................................18
Cost and pricing strategy...........................................................................................................18
Financial forecasting..................................................................................................................18
Contingency plan.......................................................................................................................19
CONCLUSION..............................................................................................................................20
REFERENCES..............................................................................................................................21
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INTRODUCTION
Entrepreneurship refers to converting new ideas and thoughts in business. It can be an
activity of designing, launching and running a new business that is often initially a small
business. Entrepreneurship in business mentions any individual who starts and operates a
business while assuming the risks associated with any venture (Tur-Porcar, Roig-Tierno and
Llorca Mestre, 2018). This report is based on an idea of new venture “The Rebury” which is a
restaurant that offers different kind of food items in Oxford Street, London, UK. This assignment
will discuss about business details, market research, USP, operational requirements, cost and
pricing strategy, financial forecasting, contingency plan. Therefore, this whole reports surrounds
upon the planning of how the business operations and activities of restaurant will take place,
what will be the marketing and financial method utilised and many more.
TASK 1
Background
The business plan is about establishing a business of a restaurant name “The Rebury”. The firm
offer several kinds of meal items or as per customer’s needs and taste. The firm try has try its
best to cover all sorts f food items in its menu so that they can effectively fulfil the need of their
target audiences. The firm will offer fine quality food products at affordable prices so that
customer can easily reach to them. The company offer different kind of food items so that they
can easily fulfil all consumers’ needs within a roof. The organisation will hire top chief that
would prove to be a great help for the restaurant in building up the goodwill. The staff which will
get hired by the firm would be trained by organising effective training program so that they can
serve customers in better manner. The main attractive thing of this restaurant is that it will divide
the firm in two sections with the help of glass wall so that the people who are not like non veg
can enjoy their food separately.
Industry Analysis
Pestel Analysis
Political- It is the type of factors in which the sets of rules and regulations is there made by
the government body (Umrani, Kura and Ahmed, 2018). Industries control regulation is also
there in this factor. In the city of London, there is a restaurant where the government is much
stable so the stability of the government is also carried in the stable business. It is also beneficial
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for the restaurant. According to the change in the rules and regulation, they need not to change
the services policies and operations.
Economical- This factor shows the economical conditions or situation of a any particular
region or country (Ikebuaku and Dinbabo, 2018). The people who living in London city is
wealthy and have property to resist the crisis, so the economical condition of London is very
good. The prices of food are set by restaurants according to the peoples so that they can easily
afford the food.
Social- This factor is basically explained by the social conditions, Taste, preferences of a
particular area which is defined the peoples who residing there. According to the taste of the
peoples, the restaurants of London set the theme with respect to the culture and people's taste.
Because the Taste of London's people is sophisticated.
Technological- Technological factors defined the technology of a particular place or
country has as well as the improvement and enhancement of it. Technology is directly
proportional to development. More advancement of technology is there, the country will more
develop. The kitchen will also use the advance equipment to make food best I taste and fast in
time.
Environment- This factors defines the factors which are responsible for the environmental
pollution. The restaurant is always used eco-friendly items. They also restrict the use of plastics
as it is harmful for environment.
Legal- This factor includes all the rules and regulations which is made by legislature to
operate the industries accordingly. It is necessary for all the industries to follow rules and
guidance of legislature. The restaurants also take a legal registration and operate itself as per the
rules and regulations of the government. In the customers point of view, it's help the restaurant to
gain the trust of customers.
Porter's five force model
Threat for entrance- There is very rare few or no barriers in this industry. As the craziness
of peoples increases towards food and outings, it also leads to increase in the number of cafe and
restaurants (Jones and Sakong, 2020). The existing restaurants also face loads some from newly
open restaurants or cafe. Due to this, the Redbury will face some threats from their newly
entranced competitors.
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Bargaining power of suppliers- If the country has much more suppliers for particular
products, the bargaining power of suppliers get decreased.
Bargaining power of customers- Due to the increase in the competition, the bargaining
power of customers is also highly (Julien, 2018). If the cost of Redbury's food is high according
to the customers, automatically they will move to the other opinion which is available for them.
Threat of substitute- In this factor, Substitute is refer the other restaurants which provide
the same food as provided by the Redbury. To make continuous stability in the competition, the
restaurants also work for the new and good foods and innovate for it.
Rivalry among the existing competitors- Due to very low or no barriers in the industry, the
restaurants faces a heavy competition. And from the above lines it is clear that the competition
leads to continuous innovation in the new foods.
Product and services
The product and services which is provided by The Redbury are as under:
Huge menu- The respective firm will offer a range of products to their customers
including veg and non veg. The firm will also offer drinks items like virgin mojito, and other
alcoholic drinks like beer and wine. The menu also consist the chief food items which work as a
unique thing to menu.
Trained staff- The firm also has a well trained staff which greeting customers in term of
talking humbling and respectful manner. Before joining, the firm will also provide training
sessions so that employees could aware with firm and its way of working. It will help in
understanding the menu and resolving their issues regarding their job role.
Home delivery service- The firm will also offer home delivery service to its customers.
Because in UK most of the population is working so most of people order food. Through this
service, the enterprise will provide the meal at ordered place timely.
Market analysis
STP- It mention to segmenting, targeting and positioning a business. In The Redbury, the
owner of the firm will segmented its business in form of geographic and demographic base. In its
business the person segment its business on the basis of urban are and establish it in Oxford
Street of UK (Finney, 2019). The businessperson consider all demographic factors and target
people of all age, group, male & female or middle and lower-middle class people. So that people
can easily reach to the products and take the advantages of them. The firm can positioned its
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business with the help of utilisation of social media tools so that people well aware about it, With
using low and competitive pricing strategy, the firm can easily position its business in particular
business area.
Competitors- The respective company start up its business in food sector and the level of
competition is high in this industry (Ghezzi and Cavallo, 2018). There are number of restaurant
like A Wong, Bao, Kitechen table, Rochelle Canteen and The Ladbury are some competitors that
operate their business in London or can create high level competition for respective business.
Marketing strategy- it refers to those plan of action that are used by a business firm for
creating awareness about the product and services of a firm. In The Redbury, the owner of the
firm can use social media marketing as it is beneficial in current era. Because now these people
are highly use social media tools like FaceBook, Instagram and others. By providing ads through
these tool, the firm can marketing of its business in effective manner.
Unit selling price
The Redbury is located n Oxford street in London and well familiar from the competition
around the world in food sector. So it is crucial to have proper unique ideas to showcase the
individuals. The restaurant sector is one of the competitive industry. So there are several ideas
which can be executed to this restaurant business.
Utilisation of social media tools
 By using different social media tools like Facebbok, Instagram and Twitter etc., the
firm can effectively promote its business. They can crate business page at Facebook
and provide detailed information about the business of company website so that
customer can easily reach to it.
 With the help of Instagram they can share images of food items, restaurant etc. This
will help in getting attention of numerous customers.
Free WiFi
It is another tools and unique idea to make development in the business. By providing free
WiFi facility to its customers, the venture can make good relation with its target audiences and
retain them till long term (Parker, 2018). In present time most of people spend their more time in
restaurant so it will help in maximising the customer base of the venture when the firm will offer
this service to its customers.
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Low price and safe environment- It is another effective idea that will help in gaining
competitive benefits and attracting customers. The owner of the firm will also use low and
competitive pricing strategy for the products and services of this new established business. Apart
from it, the enterprise will utilise only recyclable material or bio degradable material (Bosma,
Sanders and Stam, 2018). Currently entire world is also dealing with the problem of COVID19
so cleanliness and hygiene will also consider.
Operational requirements
Tangible and intangible requirements- It refer to those instruments and items that are
crucial for operating the business of The Redbury in effective manner. In tangible form the firm
will required chairs and tables, machinery, utensils and many more. In intangible for the firm
will offer greeting services, food services etc. In effective manner so that customer positively
influence.
Legal requirements- The business is exist in food industry so first it need hygiene
license and secondly its need intellectual property right in form of patent so that no-one can copy
the business idea. It will help smooth functioning of the business in particular business sector
without arising any kind of issues and problems.
Cost and pricing strategy
There are different cost and pricing strategies that are used by different business venture.
The Redbury is a new establish business so to gain competitive benefits, the firm can low,
discount and competitive pricing strategies. It will help in getting attention of number of people
and assist in effective sustain and survival of business in respective business sector.
Financial forecasting
There are different sources accessible for the restaurant to get the finance from. These
origins are as below:
Personal funds- In it, the owner usages its own funds and savings, the major merit of this
sources that the owner does not have to raise funds from any other source where the person will
pay back (Kickul and Lyons, 2020). The individual borrow monetary value form family and
friends that comes in the category of personal fund. The main drawback of it is that the owner
lost all of saving and all left with is nothing.
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Angel Investors- It refers to those people who have more funds and the main purpose of
them to invest it in to effective business idea which help in offering a better return. To convince
such investors is a hard task because the owner has to put all efforts to make the investors
convince by providing information about the strong points and benefits of their business
(Littlewood and Holt, 2018). The main disadvantage of this source is that sometime investor
does not get into the operations and determination devising connected to business. They invest
their fund after determining that the business idea is worthy or not to put finance.
Bank Loans- The owner can also choose this option to raise fund to establish business.
Here, the owner can borrow money for long term of short term at low rate of interest. For
borrowing the loan the owner also has to opt some mortgage which should be equal to the
amount that is raised by the owner in form of loan.
The owner can consider all these mentioned sources in equal propositions. But the person
can highly focus on personal saving and angel investors because the person will not pay any
interest rate and effectively operate its business smoothly.
Contingency plan
It mention to a proactive strategy that explained the activities and processes of steps that are
considered by the administration of a company to take in response to an event that could be
happen in the future (Zeyen and Beckmann, 2018). The description of contingency plan in
context of The Redbury is as below:
Risk Probability Preparation Response
Lack of fund High To borrow money
from financial
institutions.
To raise fund from
those financial
institutes that provide
money at low interest
rate like bank, angle
investors and others.
Lack of innovative
technology
Moderate To make utilization of
innovative
technologies in
different activities of
To utilize useful
software to maintain
business record,
appropriate
promotional channels
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the firm. like social media tools
and innovative
technology in
payment such as net-
banking.
Lack of skilled
workforce
Moderate To conduct training
and development
programmes.
To offer online
sessions and training
so that they can
manufacture good
food items and
providing effective
services to guest and
customers.
Steps of contingency plan
Different stages that are considered within this plan are defined as below in reference to The
Redbury:
List down the main risks- It is the first phase in which the businessperson identify the main
causes that affect the business of firm. These reasons can be lack of fund, competition,
employee, IT systems and many more.
Prioritise the risks on their impact- It is the next phase, in which the owner prioritise the
risk according to their impact like lack of money, unskilled employees etc.
Frame plan of action- This phase, the businessperson design strategies to overcome the issues
(Mitra, 2019). Like to deal with the problem of lack of fund they invest their personal fund and
saving or attract investors to make investment in the business.
Maintain the plan- It is the final phase, after developing efficacious solution to get over
from issues and risks, the owner assure that challenges are resolved properly. So the business can
functioning in proper manner in term of offering services to its target audiences.
CONCLUSION
This has been summarised from the preceding define information that a new business
venture can be established with the help of an effective business idea in which investors are
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ready to invest and the idea is able to provide benefits and effective return to them and
businessperson, there are different analysis and resources are required to set up a new business.
By making appropriate planning and proper utilisation of resource, business can be set up in
efficient manner.
REFERENCES
Books and Journals
Tur-Porcar, A., Roig-Tierno, N. and Llorca Mestre, A., 2018. Factors affecting entrepreneurship
and business sustainability. Sustainability. 10(2). p.452.
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Umrani, W.A., Kura, K.M. and Ahmed, U., 2018. Corporate entrepreneurship and business
performance. PSU Research Review.
Ikebuaku, K. and Dinbabo, M., 2018. Beyond entrepreneurship education: business incubation
and entrepreneurial capabilities. Journal of Entrepreneurship in Emerging Economies.
Jones, L.P. and Sakong, I., 2020. Government, business, and entrepreneurship in economic
development: The Korean case. Brill.
Julien, P.A. ed., 2018. The state of the art in small business and entrepreneurship. Routledge.
Finney, B.R., 2019. Big-men and business: entrepreneurship and economic growth in the New
Guinea highlands. University of Hawaii Press.
Ghezzi, A. and Cavallo, A., 2018. Agile business model innovation in digital entrepreneurship:
Lean startup approaches. Journal of business research.
Parker, S.C., 2018. The economics of entrepreneurship. Cambridge University Press.
Bosma, N., Sanders, M. and Stam, E., 2018. Institutions, entrepreneurship, and economic growth
in Europe. Small Business Economics. 51(2). pp.483-499.
Kickul, J. and Lyons, T.S., 2020. Understanding social entrepreneurship: The relentless pursuit
of mission in an ever changing world. Routledge.
Littlewood, D. and Holt, D., 2018. Social entrepreneurship in South Africa: Exploring the
influence of environment. Business & Society. 57(3). pp.525-561.
Zeyen, A. and Beckmann, M., 2018. Social Entrepreneurship and Business Ethics:
Understanding the Contribution and Normative Ambivalence of Purpose-driven
Venturing. Routledge.
Mitra, J., 2019. Entrepreneurship, innovation and regional development: an introduction.
Routledge.
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