Good Protex: Comprehensive Business Plan for Vegan Food Products

This report presents a comprehensive business plan for Good Protex, a vegan food startup aiming to establish itself in the UK market. The plan begins with the development of the business idea, which focuses on providing protein-rich vegan food products to meet the growing demand for vegetarian options. The report analyzes the industry profile, highlighting trends in the UK's retailing sector and the potential for success in the vegan food market. It outlines the business model, emphasizing a manufacturer model combined with value proposition, focusing on producing high-quality vegan food. The report identifies the point of differentiation, emphasizing the unique concept and quality of the products. It also addresses potential challenges such as funding shortages, legal compliance, and market uncertainties, along with strategies to overcome these hurdles. The report identifies prospective customers, primarily vegetarian food consumers seeking protein-rich diets. It details the marketing plan, including STP strategy (segmentation, targeting, positioning) and the marketing mix (product, price, place, promotion), utilizing social media and other promotional tools. The report also mentions competitor analysis, source of funds and intellectual property. Overall, the business plan provides a detailed framework for Good Protex's entry into the vegan food market.

EXECUTIVE SUMMARY
Business plan refers to a plan that guides the company or the business to make strategies
that are concerned with the establishment of the enterprises in the competitive market. A
business plan makes the analysis and evaluation of various aspect of the environment and the
market that are needed to be analysed by the new entrepreneur before making establishment of
its business in the market. This report will discuss about the various aspect of business plan
initiating with the development of business idea followed by industry profile. Identification of
business model, customers, framing of marketing plan, performing competitor’s analysis,
determination of source of funds and a concept of intellectual property would also be a part of
this report.

Table of Contents
EXECUTIVE SUMMARY.............................................................................................................2
INTRODUCTION...........................................................................................................................4
Start-up business idea......................................................................................................................4
Industry profile................................................................................................................................4
The business model..........................................................................................................................4
Point of differentiation.....................................................................................................................5
Challenges to the business idea.......................................................................................................5
Prospective customers.....................................................................................................................6
REFERENCES................................................................................................................................1

INTRODUCTION
Innovation and entrepreneurship are related to each other. This is because innovation leads
to starting a new business. Besides that, in order to remain sustain in market for long term there
is need to regularly develop new products and services. Also, it is necessary to find out needs of
people and then develop products (Cuervo-Cazurra and et.al., 2018). A business plan refers to
starting of new business idea. It consists of goals of business, products, vision, mission, etc
(Tokhtamysh, Volobuieva and Khazanovych, 2018).
The report will describe about a new business plan of vegan products. Also, it will discuss
about business model, challenges, customers, marketing plan, and competitor analysis. At last
source of funding and intellectual property will be mentioned.
Start-up business idea
It refers to the idea of the business that lead the whole business or the entrepreneur towards
the direction of success. It is the base idea that act a lead for the growth and development of the
business. It is to be noted that as innovative and unique the business idea of the company or the
business would be the more success or the growth it would achieve (Maravilhas, Melo and
Oliveira, 2018). In case of the SME that is planning to establish its business in UK has a new
concept of business idea that is related with the selling of vegan food in the UK. This business
will be named as Good protex. As protein is an essential element of the diet so in order to meet
the need of protein specially among the vegetarian people the SME is coming with a new product
of vegan food.
Industry profile
As the product from which the Good protex is entering into the market is belong to retailing
and food industry. It is pre-assumed by the SME that the new product would proves to be
successful in the market of UK where there is a great need of protein rich diet specially among
those who are not habitual of non-vegetarian food. This product would meet the need of all those
people and customers that required a good and healthy protein rich diet. Thus, it would not be
wrong to said that the demand of the vegan food with regard to this industry would be definitely
high and the SME is all set and ready to meet this demand with its unique concept of vegetarian
food that is high rich in protein.

Figure 1 Retailing industry trends
Source: Market value of grocery retail in the United Kingdom (UK) from 2004 to 2020., 2021
As it is being seen from the above graph that the trends with respect to retailing sector in UK is
being raising. This means that the people of the UK are more attracted towards this sector.
Although the products from which the Good protex is entering into the market is not purely
concern with the retailing sector but there is a close association with this sector. This means that
the people of the UK would surely adopt the product of Good protex. This also indicate that the
chances of getting success with this industry is very high in the near future too.
The business model
The business model of a company refers to a model that is concerned with planning which
lead to the generation of profits for the company (Massa, Tucci and Afuah, 2017). It includes the
identification of the product that is being offered by the company among the customers along
with identification of target market with an assumption of expected expenses.
In case of Good protex that is coming with the idea of vegan food will follow the
manufacturer model along with a combination of value proposition. As per this model it would

work in the direction of the production of product for its customers by having a self-
manufacturing so that best quality food would be offered to the customers (Kriss, 2020). It will
also work with the concept of value proposition whereby it will offer that best product to its
customers that is not being offered by any of the other competitors. This means that its main
focus will be over creation of value so that it can better serves the customers along with creation
of high profits. Thus, the cycle of business it will follow includes conversion of product into
value and thereby raising its profit share.
Point of differentiation
It is an important concept with reference to the entrepreneurs because if there would be no
innovativeness in the product of the company then no one would like to get attract towards the
company and as a result of that the whole business got affected in terms of non-generation of
profit. However, in case of Good protex that is coming with the new concept of product is said to
be quite differentiated from other prevailing companies and the SME’s. the reason behind such
differentiation includes the unique concept and unique quality of food. As it is usually in demand
that the vegetarian customers are not able to take the advantage of such proteins and nutrients
which is available in non-veg food so by meeting the need of such demand the Good protex
would not only satisfy the customers but it will also act as a point of differentiation from the
other prevailing competitors. It is also to be considered that such uniqueness and different idea
food would also enable it to gain the competitive advantage along with helping it to become the
market player and biggest competitors working with similar products.
Thus, it would not be wrong to said that the idea of the business in terms of its product
would act as a biggest point of differentiation among the market and the companies that are
running their business with the same or the similar products.
Challenges to the business idea
No business can be succeed or run without facing any challenge. Thus, occurrence of
challenges are very common among the life journey of the business. With regard to the
establishment of Good protex there could be an occurrence of many challenges that may broadly
include:
Shortage of fund:

No organization or the business would be established without the presence of adequate
funds (Srnicek, 2017). Thus, the shortage of funds or the non-availability of funds may act as a
challenge for the Good protex.
Compliance of laws:
As along with changing legal and political environment of the country many changes also
occur in the laws and legal compliances of the countries (Siemon, Becker and Robra-Bissantz,
2018). As it is very essential for every business to have compliance of the legal environment in
order to perform business. So changing laws will also act as a challenge for the Good protex.
Uncertainty:
It will also become a major challenge for the Good protex. This can also be understood
with an example of current pandemic of Covid-19 where the laws or the operation of the
restaurant have got evolved and restricted. Thus, occurrence of such event may also act as
challenge for it.
Apart from these challenges many other challenges in the form of changing taste and
preferences of the customers, raising competition, non-availability of efficient workforce,
changes in economic condition in the form of rising prices also act as challenges with respect to
Good protex (Belgrade, 2020).
Prospective customers
Customers are the king of the market and plays an important role in the business cycle of the
companies. In-fact it would not be wrong to said that if there would be no customers then
companies or the business would not be able to survive in the competitive market (Ilias and
Shamsudin, 2020). However, in case of Good protex the prospective customers include all those
food lovers who have found of tasty food consumption. However, the main and the prospective
customers include the vegetarian food consumers who are deprived of the taste of non-veg food
and the related nutrient value. It would also serve the customers those who are suggested to have
an inculcation of high protein requirement in their diet. This means that along with meeting the
needs and targeting the food lovers the SME will also serve those customers who are in real need
of such high protein rich diet.
Thus the ideal category of customer that is being concerned by the Good protex includes
customer of all age group and all the food lovers.

Marketing plan
There is need to develop an effective marketing plan for Good protex so that it
accordingly products are marketed. Along with it, there is need to position business in London so
people get attracted towards its product. Hence, the plan is explained as below :
STP- In this Good protex will divide market into group of buyer as per their needs. For that they
will apply STP strategy in it (Fotiadis, Mombeuil, and Valek, 2018).
Segmentation- It involves segmenting customers on the basis of their needs in categories such as
geographic, demographic, behavioural, etc. thus, Good protex will segment customer on basis of
behaviour.
Targeting – Here, targeting is done on basis of segmentation. This enable in defining target
market in effective way. Therefore, Good protex will target people who are health conscious and
vegetarian food consumers.
Positioning – this means to position Good protex products in minds of people. This helps in
creating distinct image in their minds. Thus, SME will position their products by promoting it
through social media (Kahn, 2018). Moreover, they will ensure that product offered is of high
quality.

Figure 2Segmentation, Targeting and Positioning
Source: Hanlon, A., 2021
Marketing mix- this is the main element of marketing plan in which company define their 4 P’s
of marketing. In this the 4 P’s are price, products, place and promotion. Hence, for Good protex
as well marketing mix is explained as
Product- This P is related to which product will be launched and introduced in the new
market .Also, it describes that what will be the product features and characteristics. So, here
product offered by Good protex are vegan products. The products will include vegetables, fruits,
seeds, etc.
Price- The P refers to price of product. Companies uses different strategies through which price
of product is set. The price muse be based on several factors that are value, cost of product,
customer willingness to pay, competitors pricing, etc. the vegan product will be offered at low
price to attract customers (Sumarwan, 2019).
Place- As name depicts the P refers to location or place where product is available. So, to sale the
product it is essential to choose right place from where people can easily buy it. Thus, Good

protex will provide their products at stores and also on their online website. It will make it
convenient for people to buy it.
Promotion – this P is very important in marketing mix. Companies spends a lot of amount in
promoting their products. This is done to create awareness within people about their product.
Good protex can use various techniques to promote their product. Here, social media will be
used for promotion. Moreover, e mail marketing, content, video, etc. will be done to advertise
vegan products. It will help them to attract large number of people from single platform
(Mohseni, 2017).
Budget – There is need to prepare a budget in order to implement marketing plan. The budget
helps in allocation of resources in effective way. So, it is as follows :
Marketing expenses 2020 2021 2022
Social media advertising 12000 13000 14000
Promotion through website 11000 11500 12000
Payroll expenses 25000 26000 27000
Miscellaneous expenditures 9000 9500 10000
Total marketing expenses 57000 60000 63000
Monitoring and evaluation – there is need to do monitoring of marketing plan to ensure that
goals and objectives are attained. For that there are various techniques and ways which is
applied. Besides, if it requires any change in marketing plan then it is done. So, here monitoring
and evaluation will be done by measuring sales, revenue, number of likes and comments on
social media, etc.
Competitor analysis
It is important to do competitor analysis so that it enables to find out who are competitors
in market. The analysis also helps in finding out what product and services is offered by
competitors. Moreover, on basis of that strategies and plans is developed. Apart from that, with
help of analysis it can be determined current competition level in market. Thus, future plans are
developed on how to compete with rivals and gain competitive advantage. However, there are
different models such as porter five force, SWOT, etc. which is applied in doing competitor
analysis (Grabeel, Luhrs,. and Earl, 2019). The use of model depends on need of company.
Here, it is found that as SME is a start up and is offering vegan products. There is stiff

competition in market. Thus, the 3 competitors of Good protex are tesco, M&S and Quorn. They
all are providing variety of vegan products in London. Therefore, SME will have to face intense
competition from them as their customer base and market is value is high.
Sources of funds
Sources of funds refers to ways by which money can be arranged for starting a business.
Many people are starting new ventures by borrowing money from outsiders or investing own
money to run the business. There are many sources available that can be used by good protex to
start their new venture (Arundel, Bloch and Ferguson, 2019). Two sources of funds that can be
used by managers of the organization for making high rich protein are, take loan from banks and
own capital or savings.
Own capital / saving – This is the easy and simple source of finance for small and medium
enterprises to use their own savings or capital. When a person starts new business they should
invest their own saving because in this they do not have to borrow money from other people or
they do not have to pay interest to other persons for taking money from them (Cuervo-Cazurra
and et.al., 2018). At any stage when business needs money then entrepreneurs or owners of
company can use their personal saving such as, stock, mutual funds, jewellery or real estate.
They can either sell assets to raise money or give assets to someone for temporary use.
Loan from banks – An entrepreneur can take loan from banks so that they can start their
business. For small and medium enterprise there are many options available they can get loan at
low interest rate under any scheme which is provided by government to new entrepreneurs so
that they can run their business smoothly. They can get loans from banks and repay the amount
after sometime when they start earning profit. To start a business this is the best way that can be
used by managers or owners of company for smooth running of business (Edwards-Schachter,
2018). There are many banks which provide loans at low interest rate and good protex can repay
the amount after sometime but they have to give something as collateral security to banks so that
in case company is not able to pay the amount then they can recover from assets that is being
given by owners.
Intellectual property
Intellectual property cab be defined as a category of property which includes intangible
creation. There are many types of intellectual property that can be used by an organization to
save their products so that no one can copy the same products. Some well known intellectual

property types are, copyrights, patents, trademarks, and trade secrets (Micah and et.al., 2018). As
new business is being started by an entrepreneur so income approach can be used to protect
rights of products, so that no one can copy that and they can sell their product easily. Income
approach helps in estimating fair value of intellectual property after providing discount. In
income approach all the economic expenditure should be equal to total income that is generated
by production of goods or services. It is important that business should be protected so that no
one can copy the same products or use the name in wrong way.
Entrepreneur theories:
There are many theories associated with the entrepreneur. However, with reference to the
above business plan and the new business of Good protex applicability of these theories are most
suitable:
Innovation theory:
As per this theory, an entrepreneur is considered as innovator who brings many new
innovations into the world. This theory is given by J.A. Schumpeter. According to this theory an
entrepreneur always works in the direction of innovativeness and bring new product for the
society that can meet their need. This theory is applicable with Good protex also because here
the entrepreneur by analysing the need of the protein rich diet introduced a new product in the
form of vegan food.
Theory of social change:
This theory is given by Max Weber. As per this theory the innovation and the work of the
entrepreneur is also affected and dependent upon the society and their values. This means that
only those products and goods will be accepted by the society if it will not hurt their ethical and
moral values. This theory is also applicable in the given situation because the entrepreneur meet
the needs of the society from its new innovative product but it is not harming and affecting the
societal values.
Discovery theory:
This is also an important theory of entrepreneur. As per this theory there is a relation
between the individual and opportunity. This means an entrepreneur would be successful in its
life only by following the process of identification, existence and opportunities. This means that
an individual need to identify the current situation and on the basis of that the existence situation