Business Plan: Launching Fresh to Go - A New Venture Report

This report details the business plan for launching "Fresh to Go," a new venture focused on providing fresh and healthy dietary food and services in the UK. It begins by identifying the target market (health-conscious individuals aged 20-65) and conducting a competitive analysis using Porter's Five Forces. The report then outlines the tangible and intangible resources required, including IT facilities, equipment, financial resources, and skilled personnel. A credible proposal is presented, emphasizing market research, product features, and financial planning. The report further assesses the skills and capabilities needed for entrepreneurial success, such as financial management, communication, and problem-solving. It then explores promotional activities, including marketing mix elements (product, price, place, promotion, people, physical evidence, and process) and develops a pre-launch and launch promotional activity plan. Finally, the report includes a monthly cash budget for the pre-launch and first 18 months and suggests an appropriate legal form for the venture.

Launching a New Venture

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................1
LO 1.................................................................................................................................................1
P1 Investigate and explain a new venture identifying specific target markets and undertaking
competitive analysis....................................................................................................................1
P2 Determining specific tangible and intangible resources that are required for the launch of
new venture.................................................................................................................................3
P3 Produce a credible proposal to launch a new venture............................................................3
LO2..................................................................................................................................................3
P4 Assessing the skills and capabilities which are required to launch a new venture................3
LO 3.................................................................................................................................................4
P5 Explain different promotional activities and channels that will support the launch and
justify their choice.......................................................................................................................4
P6 Develop an appropriate promotional activity plan for both launch and pre-launch..............5
LO 4.................................................................................................................................................6
P7 Produce an itemised monthly cash budget for the pre-launch phase of the venture and the
first 12–18 months preceding launch..........................................................................................6
P8 Suggest an appropriate legal form for the venture stating why it has been chosen...............7
CONCLUSION................................................................................................................................8
REFERENCES................................................................................................................................9

INTRODUCTION
New venture in turn is referred to as a global program where they focus on providing
various services for high degree of expansion of the small and medium enterprise whose key
goal is to effectively generate social change or positive environment within the specific
community (Kuratko, and Hornsby, 2017). It is usually created for the generation of profits
which leads to higher growth and productivity. This study will highlight on investigating the
range of resources required to launch a new venture. This study will also assess the skills and
capabilities required to carry out business. Moreover, this study get indulge in appropriate
promotional activities to support the launch and appropriate budget plan. The Fresh to go is a
new venture company which tends to offer range of healthy dietary food and services which are
fresh and healthy at the same time. The business will be established in United Kingdom which in
turn helps in catering wide range of customers for higher operational performance and
productivity.
LO 1
P1 Investigate and explain a new venture identifying specific target markets and undertaking
competitive analysis.
The Fresh to go is a new venture company which offers wide range of healthy dietary food and
services such as dietary food, biscuits, ready to make fresh breakfast, nuts chocolates, healthy
shakes, etc. The business will be established in the United Kingdom which helps in catering wide
range of customers for higher operational performance and productivity. This eventually leads to
attainment of the goals and objective of The Fresh to go company. The key objective of the Fresh
to go venture which in turn helps in improving the health and nutrition level of the customers by
effectively increasing the intake of the fruits and vegetables and also decreases the intake of
caloric and carbohydrate products (Barringer, 2015). They tend to focus on increasing the intake
of the micro- nutrient by effectively range of fresh and health products to the customers. This
venture idea tends to effectively represent the social enterprise opportunity because large number
of individual tends to move towards accepting the healthy lifestyle where they focus on
consuming more of fresh and nutritious products.
The key target market is to target people of all demographics who in turn are aged between
20 to 65 years of age. They want to target those customers who tends to focus on healthy
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lifestyle and they will also target London as a geographical area at high street and commercial
malls in order to target more customers.
Porter’s five analysis
Competitive rivalry or competition (strong force)
There are large number of companies who in turn tends to offer same range of organic healthy
food products to the customers at a very competitive price (Danes, 2015). There is low switching
cost associated with the customers.
Bargaining power of buyers or customers (strong force)
The bargaining power of the customers in turn is considered to be very high. Here the
customers can switch to different company easily who offers same products at reasonable price.
Moreover, the customers also tends to have high degree of access to the information which in
turn can be used properly to effectively evaluate the products of the company.
Bargaining power of suppliers (moderate force)
There is a moderate force of suppliers who in turn tends to offer natural and dietary products
to the company. This helps in increasing the demand for the particular product which is useful
for the growth of the company.
Threat of substitutes or substitution (strong force)
There is high degree of substitute products which in turn is largely available in the market. It
is very easy for the customers to switch from one company to another because large number of
companies offer same products at a reasonable price.
Threat of new entrants or new entry (strong force)
There is a high risk of entering into the market. There is no such entry barrier to start doing
this business. Moreover, it requires moderate cost to carry out the business (Allen, 2015). This in
turn is considered to be as one of the threat because new entrant can attract the customers by
offering more new range of customers at lower price which in turn is a threat for business.
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P2 Determining specific tangible and intangible resources that are required for the launch of new
venture.
The key tangible resources which are required by the Fresh to go company which mainly
includes Information technology facilities, equipment, premises, etc. There are various set
tangible resources which mainly includes capabilities and skills (Kuratko and et.al., 2017). The
Fresh to go company will require financial resources, human resources and natural resources in
order to carry out all the business operations of the company. The Fresh to go company will
require around £15000 to carry out the operations of the business. The company will require 20
human resources who will focus on carrying on several different activities and operations of the
business. The key financial resources such as loans, private investors, personal savings, etc. to
maintain optimum level of funds which in turn leads to higher sustainable growth and
productivity. Educational resources such as internet, books, blogs, articles, etc. will help in
gaining high degree of knowledge related with the food industry. The Fresh to go company will
need a working telephone line, proper work space, adequate information systems and also sets of
effective marketing materials.
P3 Produce a credible proposal to launch a new venture.
The Fresh to go company will in turn tends to focus on carrying out complete research
associated with the proposed business plan which in turn will help in carrying out the various
business operations. Funds will be raised from the various sources which helps in carrying out
the various set of business operations which eventually leads to higher operational growth and
sustainability (Fisher and et.al., 2017). The Fresh to go company will also demonstrate the key
features associated with the dietary and organic range of products which eventually leads to
higher sustainability. Moreover, a complete market research will be carried out which in turn
helps in analysing the market in order to position their mew venture and target more customers.
Moreover, a complete market plan, legal plan and financial budget planning will be carried out in
order to create a competitive market position within the market.
LO2
P4 Assessing the skills and capabilities which are required to launch a new venture.
The key skills which in turn has been required by an entrepreneur to carry out the business which
mainly includes financial management capabilities, networking skills, leadership and
management skills, problem solving skills, negotiation skills, communication skills, project
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management capabilities, research and development skills, time management skills, delegation
skills, etc. which in turn are considered to be very necessary for launching the venture products
into the market (Adomako and et.al., 2018). Moreover, negotiation and communication skills in
turn are considered to be as most appropriate as this will help in clearing various sets of problem
which helps in carrying out all the business operations in a systematic and efficient manner.
Financial management capabilities in turn are considered to be very useful in managing the funds
and finances of the company. It also helps in forecasting the cash flows and also helps in
monitoring the losses and profits of the organisation. Effective marketing skills helps in
providing effective customer service by promoting the products with appropriate use of
marketing strategy. It also helps in generating sales. Moreover, negotiation and communication
skills both written and verbal helps in sharing and transmitting information with the potential
investors, suppliers, employees and customers. This way it helps in building good working
relationship. Networking skills helps in the growing business and supporting by bringing in new
customers. Moreover problem-solving skills helps in taking appropriate decision in bad difficult
situations. Bootstrapping in turn is considered to be as one of the effective measure which in turn
helps in building the business from ground with various other support launches. This way it helps
in estimating the various statistics and is considered to be very appropriate for predicting the
various sets of data which in turn has been included at the time of training (Villani, Linder, and
Grimaldi, 2018). It is considered to be very important to have both informal as well as formal
contracts. These skills and capabilities in turn are considered to be very useful in effectively
responding to the changing environment and addressing the various risk factors.
LO 3
P5 Explain different promotional activities and channels that will support the launch and justify
their choice.
Marketing Mix
It is referred to as a set of actions which helps in promoting the brand and the various
product range in a systematic and efficient manner. This in turn is considered to be very crucial
as it helps in effectively distributing the goods to the customers.
Product: The Fresh to go is a new venture company which offers wide range of healthy
dietary food and services such as dietary food, biscuits, ready to make fresh breakfast, nuts
chocolates, healthy shakes, etc.
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Price: The prices of the products are in turn very reasonable and it usually ranges from
£10 to £150. They used to target all income group of people which in turn helps in targeting
large number of customers.
People: The key target market is to target people of all demographics who in turn are
aged between 20 to 65 years of age. They want to target those customers who tends to focus on
healthy lifestyle.
Place: The Fresh and go company will establish their business in London at high street
and commercial malls in order to target more customers (Mullins, 2017). This is considered to be
as the better market strategy which will lead to higher sustainable growth. The Fresh and Go
company will in turn trends to focus on delivering goods online which eventually helps in
targeting more customers and also leads to higher profitability.
Promotion: The Fresh and Go company will focus on promoting its business on various
new social media platforms such as Facebook, Twitter, Instagram, YouTube, etc., advertisement
in newspaper, pages, blogs, etc. will in turn helps in the attainment of higher operational growth
and efficiency of the business.
Physical evidence: The Fresh and go company will have their physical evidence in the
hospitality industry which eventually leads to establishment of the store in high street and malls.
Process: The Fresh and Go company will tend to focus on delivering goods online which
eventually helps in targeting more customers and also leads to higher profitability (Kuratko, and
Hornsby, 2017). This will lead to higher operational growth and productivity and better customer
satisfaction to the customers.
P6 Develop an appropriate promotional activity plan for both launch and pre-launch.
Promotional activity plan for pre-launch
 Using the email marketing to target the audience and gain attraction of the customers in
turn is considered to be an effective pre- launch promotional activities.
 Building buzz with the social media in turn is considered to be as an effective measure
which helps in gaining attraction of the customers.
 Moreover tapping into influencers, marketers and affiliates in turn helps in carrying out
effective pre- launch promotional activities.
 Hosting a campaign, event and programme in turn is considered to be as one of the most
effective measure which helps in launching the products.
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Promotional activity plan for launch
 Finding the right audience: This is considered to be one of the foremost step which in
turn helps in evaluating the buying patterns of the customers and it helps in understanding
the needs and demand of the customers which in turn leads to better understanding of the
needs and want of the customers (Marketing plan for your product launch, 2020). It
eventually leads to higher operational results and outcomes.
 Determining the launching goals: The launch in turn must be completely aligned with
the business goals and marketing campaign. It is an effective baseline and indulging with
the various good digital agencies helps in attaining the set desired goals of the Fresh to
Go Company.
 Preparing graphics for the launch and indulging in various promotional activities such as
social media platforms such as Facebook, Twitter, Instagram, YouTube, etc.,
advertisement in newspaper, pages, blogs, etc. will in turn helps in targeting more
customers.
 Investing in the influencing marketing in turn is considered to be as one of the most
effective measure which helps in promoting the brand and various range of products
offered by the Fresh to Go Company (Adomako and et.al., 2018).
LO 4
P7 Produce an itemised monthly cash budget for the pre-launch phase of the venture and the first
12–18 months preceding launch.
Fresh to Go Company offer the healthy dietary for their customers and that is why, it is
necessary for the company to set a budget so that it will help the owner to spend the things as per
allocated resources. So for pre- launch phase of the venture, the budget is as mention below:
Particular Amount (£)
Marketing 350
Personnel 260
Technological charges 180
Research expenses 260
Miscellaneous expenses 550
Total 1600
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Particular
1
Quarter
(£)
2 Quarter
(£)
3
Quarter
(£)
4
Quarter
(£)
5
Quarter
(£)
6
Quarter
(£)
Opening balance 40000 46800 28300 49300 74900 69400
Cash sales 10000 20000.00 30000.00 40000.00 50000.00 60000.00
receivable collected 18000 18500 19000 20000 20500 21000
Asset sales 30000 0 10000 25000 10000 0
Total cash available 58000 38500 59000 85000 80500 81000
Uses of cash
Direct material 1800 2000 2100 2200 1500 1800
Direct labor 1900 2000 1800 1600 1800 1600
Manufacturing
overhead 2000 2400 2200 2500 1800 2500
Selling and
administrative 3500 3800 3600 3800 4000 4200
Asses purchase 2000 0 0 0 2000 1800
Total 11200 10200 9700 10100 11100 11900
Net cash position 46800 28300 49300 74900 69400 69100
From the above, it is interpreted that company can easily sustain the brand image of the
company by offering this healthy dietary products to their customer because in UK, the product
is not offered by any other company ad that is why, it is beneficial to use the same.
Further it is also analysed that it require low investment but gain good income which help
the firm to sustain the brand image and grab attention of many customers towards it.
P8 Suggest an appropriate legal form for the venture stating why it has been chosen.
There are different legal forms available in UK such that:
Sole proprietorship: In this legal form, only one individual is liable to take control over
entire business activity. This legal form is quite simple and inexpensive but on the other side, the
owner is personally liable for business debts.
Partnership: Under this, two or more persons are involve where profit and loss are share
at equal basis. Further, it is a simple and inexpensive to creates and operate a business such that
owners I.e. partners report their share off profit and loss on their personal tax return (Chen, Qi
and Schlagenhauf, 2018).
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Limited liability partnership: this type of partners have a limited personal liability for the
business debts and through this form, the business partners can raise cash without involving
outside investors in a management of a business. While on the other side, drawback of using this
is such that this method is consider more expensive as compared to general partnership. That is
why, it is not used by most of the company.
As there are many legal form available for the company but among all, sole proprietorship is
consider one of the best legal form that helps a company to meet the define aim and objectives.
Under this legal form, only a single person is liable for everything such that profit and losses are
bear by a single person and this will assist to maintain the brand image of the company
(Schlagenhauf, 2018). As sole trader refers to the single ownership which means that no one
have a control over the business. Also, all the roles and responsibilities lie with the sole
proprietor and that is why, he have their own control over the business activities. Further, there
is a no separate entity prescribe under the accounting system, but the laws does not make any
distinction between a sole trader and its business. As quotes firm wants to introduce new venture
which is completely new in UK, that is why, there is no chances to run a business in better
manner. So, it will be better to choose sole trader among all so that quick decision are taken
promptly without consulting with others. On the other side, confidentiality of information is also
maintain that helps to keep all the business information confidential. This is not possible in other
form of legal, that is why, sole proprietorship is chosen.
CONCLUSION
From the conducted study, it has been summarized that, New venture which offers range of
organic and healthy food products to the target customers increase productivity of the business.
The Porter’s five force model is used to analyze the competitive position. The key tangible
resources which are required by the Fresh to go company which mainly includes Information
technology facilities, equipment, premises, financial resources, human resources and natural
resources, etc. The key skills which in turn has been required by an entrepreneur to carry out the
business which mainly includes financial management capabilities, negotiation skills,
communication skills, project management capabilities, time management skills, delegation
skills, etc. which in turn are considered to be very necessary for launching the venture products
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into the market. Moreover, marketing mix and promotional activities are taken into consideration
with proper cash budget plan and legal activities.
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REFERENCES
Books and Journals
Adomako, S and et.al., 2018. Entrepreneurial alertness and new venture performance:
Facilitating roles of networking capability. International Small Business Journal, 36(5),
pp.453-472.
Allen, K.R., 2015. Launching new ventures: An entrepreneurial approach. Nelson Education.
Barringer, B.R., 2015. Entrepreneurship: Successfully launching new ventures. Pearson
Education India.
Chen, D., Qi, S. and Schlagenhauf, D., 2018. Corporate income tax, legal form of organization,
and employment. American Economic Journal: Macroeconomics. 10(4). pp.270-304.
Danes, S.M., 2015. Family context and new venture creation. In Family Entrepreneurship (pp.
200-227). Routledge.
Fisher, G and et.al., 2017. Legitimate to whom? The challenge of audience diversity and new
venture legitimacy. Journal of Business Venturing, 32(1), pp.52-71.
Kuratko, D.F and et.al., 2017. The paradox of new venture legitimation within an entrepreneurial
ecosystem. Small Business Economics, 49(1), pp.119-140.
Kuratko, D.F. and Hornsby, J.S., 2017. New venture management: The entrepreneur’s roadmap.
Taylor & Francis.
Mullins, J., 2017. The New Business Road Test: What entrepreneurs and investors should do
before launching a lean start-up. Pearson UK.
Schlagenhauf, D., 2018. Corporate Income Tax, Legal Form of Organization, and Employment.
In 2018 Meeting Papers (No. 334). Society for Economic Dynamics.
Villani, E., Linder, C. and Grimaldi, R., 2018. Effectuation and causation in science-based new
venture creation: A configurational approach. Journal of Business Research, 83, pp.173-
185.
Online
Marketing plan for your product launch. 2020. [ONLINE]. Available through<
https://learn.marsdd.com/article/marketing-plan-for-your-product-launch/>
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