Report on Launching a Healthy Food Venture: Hit and Fit

This report details the launch of a new venture, 'Hit and Fit,' a healthy and organic food restaurant in London, UK. It begins with an introduction to new ventures, emphasizing the need for market analysis and competitive advantage. The report identifies the target market as health-conscious, high-income individuals. It discusses tangible and intangible resources, including financial, human, and intellectual capital, and presents a credible proposal with an executive summary, business description, market analysis (PESTLE and SWOT), and financial projections. The report further explores the skills and capabilities required for the venture, such as marketing, management, and problem-solving. It also examines promotional activities, including social media, and outlines a promotional activity plan for pre-launch and launch phases. Finally, the report includes a monthly cash budget for the pre-launch phase and identifies an appropriate legal form for the venture. The report provides a comprehensive overview of the venture's planning and execution.

Launching a New
Venture
1

Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
TASK 1............................................................................................................................................1
P1 Explain new venture and identifying specific target market and competitive analysis....1
P2 Discuss tangible and intangible resources required for launching new venture...............2
P3 Credible proposal for launching new venture...................................................................3
TASK 2............................................................................................................................................5
P4 Discuss the skills and capabilities required for new venture............................................5
TASK 3............................................................................................................................................6
P5 discuss the various promotional activity and channels which helps the launch................6
P6 Promotional activity plan for both launch and pre-launch................................................7
TASK 4............................................................................................................................................7
P7 Monthly cash budget for the pre-launch phase.................................................................7
P8 Identify an appropriate legal form for the venture............................................................9
CONCLUSION................................................................................................................................9
REFERENCES..............................................................................................................................10
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INTRODUCTION
Main objective of this report is to understand the concept of new venture. A business
venture is a new business which is formed with a new plan with the expectation that they achieve
higher profit. This kind of business refers to an small business or typically start with small
amount of financial resources. The ides of new business venture is formed because of the need
and requirement for a service or product which is not available in market. An entrepreneur
effectively analysis the needs of society and develop a new product and service form the
available resources which helps in achieving higher profit. Business ventures are funded by more
than one investor and they expect that the plan will be successful and they achieve higher return
from it. For this report the new idea for new venture is hit and fit restaurant which provide
healthy and organic food. This restaurant is opened in Landon, United Kingdom. Now a day’s
people are healthier conscious and they demand for healthy food. This venture idea helps
investors in achieving higher return. This report includes new venture identification specific
target market and competitive advantage tangible and intangible resources require for launching
a new business. Other than this it includes credible proposal and various skills and capabilities
required for launching new venture. It include different promotional activities and channels
which support new launch and a promotional activity plan for both launch and pre-launch. This
report includes a monthly cash budget for the pre-launch phase of venture.
MAIN BODY
TASK 1
P1 Explain new venture and identifying specific target market and competitive analysis
Venture refers to a project or activity which is new, exciting and difficult because it
includes the risk of failure (Bacq and et. al. 2018). While a business venture refers to an new
business which is developed with an new plan and higher revenue and financial gain is expected
from it. An entrepreneur conduct effective market research which helps in understanding the
requirement of customers and develop a new product and service which is not already
established in market. In context of hit and fit restaurant after analysing the requirement and
needs of customers it is analysed that customers are more conscious towards their health and
they want to eat something healthy. This new venture idea will fulfil their requirement
effectively. The idea of hit and fit provide a healthy and organic food to their customers. This
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will provide higher returns to investors. In context of new idea its selected target market and
competitive analysis are discuss below:
Identifying particular target market- It means identifying a particular group of people
or customers from the segment market where business wants to offer its products (Cosenz and
Noto, 2018). For success of any organisation identifying target customers or group of customers
which show the same features such as their age, income, taste and preferences, lifestyle and so
on play an important role. In context of selected new venture in Landon they conduct proper
research and effectively analysis its target market. With the help of this hit and fit restaurant is
able to identify its target audience. Target market of respective restaurant are the people of high
income who are more conscious towards their health and wants to try something unique. This
new venture provide unique and innovative healthy dish one of them is mango lassie. Respective
new business analysis that people of Landon are more conscious towards their health which
make Hit and Fit to plan their pricing strategy accordingly.
Analysis of competitors- The first most important primary goal for any organisation or
business is to effectively do competitive analysis before launching their products and services in
market. Achieving competitive advantage in market helps an organisation in achieving higher
growth but it’s not an easy task. It means analysis the strength and weakness of business existing
competitors so that selected business will easily give competition to it. In context of Hit and Fit
restaurant it face high competition in market because of increasing growth in food industry. But
its unique idea and innovative food helps in achieving competitive advantage in market. Selected
business make effective strategies by analysing strength and weakness of competitors and
achieve higher growth in market (Fatma and et. al. 2020).
P2 Discuss tangible and intangible resources required for launching new venture.
In context of selected new venture it come up with healthy and innovative food which
provide both health and taste to its target customers. But before launching its products in
market Hit and Fit require to analysis the market situation. They need to analysis the
demand of healthier food and the rate at which people consume their products. After
effectively analysing the demand of customers selected business needs to frame effective
policies and techniques for successfully achieving their goal. They main and first goal of
any business is to understand the likes and dislikes of target customers. For effectively
start the new venture in market business require various resources which helps in achiving
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business objective. In context of selected business they needs to effectively utilize the two
important resources in a best manner which are discuss below:
 Tangible resources- It refers to those type of resources which can be seen or touch
such as plant and machinery, human resource, equipment’s, land and so on. In
context of selected business, they needs to effectively utilized their tangible
resources such as human resource, equipment’s, land etc. for tangible resources
selected business require a large amount of financial resources which they fulfilled
from individual donors and financial institutes. Its tangible resources provide
higher growth to company but they needs to effectively utilize it (Mazzarol and
Reboud, 2020).
 Intangible resources- It refers to those resources which cannot be seen or touch by
a person but it play an essential role in effectively achieving goal of business
(Marvel and et. al. 2020). There are various intangible resources required for
selected business such as trademark, patent, goodwill, restaurant working
environment and so on. All these resources will influence the overall working and
operations of business. In context of selected business they effectively considered
all these factors and try to utilize them economically. For example- Selected
business needs to manufacture good quality and healthy products which is very
important for satisfaction of customers and helps business in retaining their
customers for long period of time. Customers are easily attract towards the
restaurant which has a good image and goodwill in market. So selected business
needs to provide healthy and tasty food to their customers at a reasonable price for
increasing their goodwill in market. Hit and Fit needs to copyright and patents their
new business idea so that its competitors cannot use their idea (McGee and
Peterson, 2019).
P3 Credible proposal for launching new venture
Executive summary Hit and Fit is a restaurant which is established in Landon, UK and it
provide healthy and innovative food to people of UK. It basically for
those people who wants to eat something tasty and healthy.
Business description Hit and Fit restaurant is a new business in UK which operates its
business activities in Landon. This business provide a huge range of
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healthy and innovative food products such as mango lassie and
various new and unique items are included in their menu. Main
objective of this new restaurant is to provide a large numbers of
variety of foods to customers in UK which provide both health and
taste to customers and achieve higher profit and revenue along with
their market share in UK.
Market analysis In context of selected new venture it face a problem in establishing
their business in market because the market is dynamic in nature.
Selected business face various internal and external factors which
impact the growth of business. In context of selected business they
will analysis and determine these factors with the help of PESTLE
and SWOT analysis. It will helps business to make effective strategy
for taking benefit of these factors.
Financial projection In context of selected business, a proper cash flow statement is
prepared for determining the amount of cash required for new
venture. There are various source of finance are available for
company which provide fiancé to business is bank loan, investors
capital etc. Hit and Fit restaurant required estimated amount around
350000 to 356800 for launching their business in Landon.
Benchmarking In context of selected new venture, for forecasting their business
environment an entrepreneur needs to require to set an effective
benchmark which will accomplish within a given time. It will helps in
motivating other team members and they will provide their maximum
efforts for achieving the predetermine goal within aa specific time
period. For success of new venture entrepreneur effectively
communicate its goal to their team members so they can achieve it on
time (McKelvie, Wiklund and Brattström, 2018).
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TASK 2
P4 Discuss the skills and capabilities required for new venture
In context of selected new venture, for effectively run their business operations they
require to have an appropriate knowledge of various skills and capabilities. If a person who
start a new venture not have appropriate knowledge its idea will not work properly.
Various important skills required for Hit and Fit business are discuss below:
 Marketing skill- This is considered as the most beneficial skill which every
entrepreneur needs to have. In context of selected business if entrepreneur have
appropriate knowledge about the market then an effective action plan will be
prepared according to the changing situation business face. Market skill is related
to the knowledge of demand and requirements of customers and try to effectively
fulfil these demands so that higher profit will achieve. In context of selected new
venture this skill will be developed by experience and deep knowledge about
market.
 Management skills- Another beneficial skill required is the management skill. An
entrepreneur needs to have knowledge about how to manage various activities on
time. So that it will achieve the main aim of their new venture. It refers to a skill
which require managing various things such as resources, funds, staff members and
effectively develop a plan by critically analysing the past and future situations. In
context of selected new venture lack of this knowledge cause mismanagement and
miscommunication. This skill is achieved only when a person have a clear vision
related to its future goal (Spee and et. al. 2018).
 Problem solving skills- In context of selected venture this skill helps in effectively
handle various problems which are occur at the time of starting new venture. An
entrepreneur must have a good problem solver and able to take risk attach with the
idea of new venture. This is because the market is uncertain and it includes high
level of risk. So in context of new venture entrepreneur needs to take effective and
efficient decisions on time and able to bear all risk.
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TASK 3
P5 discuss the various promotional activity and channels which helps the launch.
In context of selected new venture there are various promotional channel are available
which helps in supporting the idea of new venture are discuss below:
 Social media platform- This promotional channel helps Hit and Fit restaurant to easily
find and attract their target customers with the help of social media sites. Selected
business provide all necessary information about their food products so that healthy food
lovers are aware about the new food industry. This channel of promotion includes various
networking platforms such as Facebook, Instagram, Twitter and so on which helps
selected new venture in effectively attracting their target customers.
 Personal promotion- This is another promotional channel which is used by a company
for creating awareness about their product and service between target customers. In
context of selected venture, its seller individually visit the customers and invite them to
visit their restaurant and taste their food by offering menus of broachers, pamphlets and
so on. This promotional tool helps in identifying the level of interest of target customers
in business products.
 Mobile billboards- In context of Hit and Fit new venture this channel of promotion help
business in pulling customers towards their products and services. In this type of
promotional tool selected business choose certain slogans and tag lines which helps
customers in easily reorganize the selected company products through its name, logo, tag
line and so on (Stayton and Mangematin, 2019).
 Banners and Ads- This type of promotional tool use banners and Ads on TV,
newspapers, radio and so on. Helps selected new venture to promote their products on a
large scale. Ads and banners helps business in pull and push their target customers
according to their relevant information delivered through it.
 Email- This is the greatest promotional tool which helps selected new venture in access
their target customers. Selected business can avail all necessary information related to
customer’s viewpoint about their products by analysing their status on mails. This
channel also provide a roughs idea to business about interest of customers in their
products.
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P6 Promotional activity plan for both launch and pre-launch
An entrepreneur require to formulate and implement a effective and efficient strategy and
plan before establishing their new venture idea into market. These strategies and plans
assist an entrepreneur in influencing the buying behaviour of their target customers and
attract them towards business products. So it’s very important for the Hit and Fit restaurant
to develop an effective promotional plan which assist in creating more awareness related to
their food items in Landon market. In context of new venture various promotional plan for
both launch and pre-launch are discuss below:
 Pre-launch- It refers to the time before developing new business venture in which
the main focus of entrepreneur is to attract their target customers by influencing
their buying behaviour. In context of Hit and Fit restaurant they need to develop
their effective business websites through which they can easily provide necessary
information about their food product to their target customers with the help of
attractive pictures and content. Now a day’s people first check the reviews before
going to any restaurant and all necessary information provided by selected business
helps in clearing their doubts. It will also help selected business in building strong
trust and reliability with their customers.
 Launch- It refers to the final and crucial stage in which selected business will
organised an opening ceremony on their business location or in Landon market
(Villani, Linder and Grimaldi, 2018). In this opening ceremony people from media
is also come which capture every movement and then posted it on internet which
assist new venture in creating awareness about selected venture opening. With the
help of these reporters entrepreneur will able to describe its food products to
customers. This will also help target customers of Landon in long term
reorganisation of selected business brand and its food products.
TASK 4
P7 Monthly cash budget for the pre-launch phase
Cash budget refers to the estimated amount of money which is required in operating
business activities in the future time period. While pre-launch budget refer to the process
of acquiring finance from the various available sources of funds which helps selected new
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Venture in successfully satisfying the needs of new venture in the market of Landon. For
effectively running business operations in future it’s very important to prepare a pre-launch
budget so that business doesn’t face any shortage of money. Preparing budget also assist a
business in reducing their wastage of money and efficiently utilized the available
resources. In context of selected new venture it’s very important to prepare a pre-launch
Budget statement. Which is discuss below:
Month Pre-Start month 1 month 2 month 3
INCOME
Cash Sales 18,000.00 20,070.00 22,378.0
Credit Sales 8,500.00 9,477.50 10,567.4
Business Loans 100,000.00
Income from other sources 5,500.00 6,132.50 6,837.7
Opening balance 0.00
Total £132,000.00
£35,680.0
0 £39,783.2
Post
Launch
Cash Purchases 10,500.00 9,500.00 9,900.0
Stock 4,700.00 4,700.00 4,700.0
Drawings 1,300.00 1,450.00 1,990.0
Wages/Sub Con. 6,000.00 6,500.00 6,800.0
Rent 6,500.00 6,500.00 6,500.0
Rates 850.00 870.00 920.0
Light/Heat/Power 1,050.00 1,050.00 1,050.0
Telephone / Mobile / Broadband 250.00 250.00 250.0
Stationery & Post 250.00 250.00 250.0
Insurance PL 3,500.0
Advertising & Marketing 750.00 750.00 750.0
Repairs/Renewable 1,120.00 1,120.00 1,120.0
Motor & Travel 3,700.00 3,700.00 3,700.0
Consumables- 1,100.00 1,265.00 1,454.7
Accountancy 4,500.00 4,500.00 4,500.0
Loan Repayments 4,000.00 4,000.00 4,000.0
Miscellaneous 90.00 100.00 80.0
Tools & Equipment (Capital Items) 95,000.00
Total £141,660.00
£46,505.0
0 £51,464.7
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Surplus/Deficit £0.00 -£9,660.00
-
£10,825.0
0 -£11,681.5
Balance @ Start £0.00 £0.00 -£9,660.00 -£20,485.0
Balance @ End £0.00 -£9,660.00
-
£20,485.0
0 -£32,166.5
P8 Identify an appropriate legal form for the venture
There are various legal forms of new venture are available which are mention below:
 Sole proprietorship- It refers to a one owner micro enterprise. It’s very easy to set
up and easily change partnership on the basis of requirement. In it if entrepreneur is
not able to pay the debts creditors use its personal assets.
 Partnership- It means when a business has more than two owners and both share all
profit and loss equally and according to agreement. There are various types of
partners such as general partners, limited partners, joint venture partners and limited
liability partners (Zheng and et. al. 2020).
 Corporation- It refers to a company which have a legal existence which is separated
from it owner. A corporation is act like an individual as it is able to buy, sell and also
enter entre into a contract.it provide best vehicle for transferring ownership at a
particular point of time.
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CONCLUSION
From above analysis it is concluded that for launching a new venture an entrepreneur require
to effectively focus on their target group of customers and competitors which can be done with
the help of effectively competitive analysis. Other than this both the tangible and intangible
resources are effectively utilized by entrepreneur before starting their new venture. There are
various skills and capabilities such as managerial skill, problem solving skill, communication
skill, marketing skills and so on which play an essential role in in managing the new venture and
helps in achieving higher growth and success in market. Other than this it is analysed that a new
venture will use various promotional channels such as email, social media, personal promotion
and so on for efficiently promoting business products and services. From above it is analysed
that an entrepreneur needs to prepare a cash budget for estimating future requirements of funds.
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REFERENCES
Books and journals
Bacq, S., and et. al. 2018. STIGMA ENTREPRENEURSHIP: EXPLORING STIGMA AS A
SOURCE OF ENTREPRENEURIAL MOTIVATIONS. Frontiers of Entrepreneurship
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experiment new business venture strategies. Long Range Planning. 51(1). pp.127-140.
Fatma, E.B., and et. al. 2020. Does entrepreneurs’ psychology affect their business venture
success? Empirical findings from North Africa. International Entrepreneurship and
Management Journal. pp.1-42.
Marvel, M.R., and et. al. 2020. Examining entrepreneurial experience in relation to pre-launch
and post-launch learning activities affecting venture performance. Journal of Small Business
Management. pp.1-27.
Mazzarol, T. and Reboud, S., 2020. Work Book: Entrepreneurs vs. Owner-Managers.
In Workbook for Small Business Management (pp. 9-17). Springer, Singapore.
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McKelvie, A., Wiklund, J. and Brattström, A., 2018. Externally acquired or internally generated?
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innovation. Entrepreneurship Theory and Practice. 42(1). pp.24-46.
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Stayton, J. and Mangematin, V., 2019. Seed accelerators and the speed of new venture
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Villani, E., Linder, C. and Grimaldi, R., 2018. Effectuation and causation in science-based new
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Zheng, C., and et. al. 2020. Entrepreneurial networking during early stages of opportunity
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