Detailed Report on Launching Eat Tasty Restaurant Venture

This report provides a detailed analysis of the launch of Eat Tasty Restaurant, a new venture situated in London, UK. The report begins with an introduction highlighting the challenges and requirements of starting a new business in a competitive market. It then delves into the specifics of Eat Tasty Restaurant, a fast-food restaurant targeting students near Oxford University. The report includes a market analysis, identifying the target audience and key competitors like The Ledbury and Kazan Restaurant. It also outlines the tangible and intangible resources necessary for the venture, such as physical assets like equipment and infrastructure and intangible assets like brand reputation and customer relationships. Furthermore, the report presents a credible proposal for launching the new venture, including an executive summary, company description, market analysis, financial projections, and segmentation strategies. Finally, the report discusses the skills and capabilities required for launching the venture, focusing on entrepreneurial skills, marketing, sales, and people skills. The report aims to provide a comprehensive overview of the planning and execution required for launching a successful restaurant business. The assignment covers various aspects of entrepreneurship, including market analysis, resource management, business planning, and skill development.

Launching A New
Venture

INTRODUCTION
In the modern era, it is not easy to start and run an organisation among tough
competition. There are requires various skills and abilities for increasing wealth size and create
goodwill in the marketplace. Entrepreneurs perform different duties and responsibilities for
managing business and its situations that can be occur during running operations. An individual
come up with new ideas, innovations and several resources for starting a new venture and
achieve predetermined goals or objectives in an appropriate manner. They also focus on various
opportunities to enhance growth and attain best possible outcomes so that they can build brand
image and generate higher revenues in effective ways. This report is based on Eat Tasty
Restaurant which is new start up and situated at London, UK. This restaurant is dealing with
variety of foods and beverages in the market. It is newly opened so it is necessary to find
particular market situations or conditions, customers desired expectations regarding foods. This
assignment will define about will explain about tangible and intangible resources with producing
proposal. It elaborate skills and promotional activities to launch new business with developing a
pre-launch plan (Baron and Tang, 2011).
TASK 1
P1 A new venture identifying specific target markets and competitive analysis
In the present scenario, there is requires to conduct particular study which will support
analysing market trends, target audiences and competitors in well manner. It is an essential to
formulate plans and make better strategies so that company can survive in tough competition. Eat
Tasty is a small restaurant which deals in variety of foods items and beverages such as fast foods
including Chinese, Thai, Italian and many special dishes in the market. It has opened as per the
customers choices, tastes and preferences so that they can be attracted towards firm. Many of
adults and teenagers prefer fast foods rather than organic or healthy foods. Therefore, owner
decided to start a mini restaurant near Oxford University at London so that many of students can
get food easily to satisfy their needs or wants (Bijker and et. al., 2012). Their targeted audiences
are teenagers or youngsters who want to eat fast foods in several varieties as well. There are
define whole details about Eat Tasty restaurant with an appropriate plan such as:

An entrepreneur has planned to start a new venture which is Eat Tasty Restaurant which
are going to operate near Oxford University in the area of 2500 square feet. Entrepreneur has
take a place on lease for 3 years so that they can open a new business in well manner. There are
needed some necessary resources such as land, capital, manpower, tools and many others for
starting a new business firm (Burns, 2017).
Objectives of organisation:
 To serve better quality of food and beverages to the consumer
 To create goodwill and increase brand image in the marketplace.
 To develop the business and its functions for enhancing growth.
 To generate higher profits or revenues through increasing sales.
Mission: “To create value of the customers and provide healthy and delicious food to satisfy
customers desired expectation”.
It is the major objective of Eat Tasty Restaurant that to provide better quality of food
items and delicious dishes with hygienic and organic to the customers so that they can satisfy
their particular needs or wants in well manner. Entrepreneur has requires to consider consumers
health and safety aspects for achieving set targets or goals as well (Caselli and Negri, 2018).
Target market: In this define about particular target customers for goods or services so
it is the duty of organisation that search right customers for right products so that growth can be
enhanced in an effective ways. Entrepreneurs make decisions regarding the target group by
identifying customers and their choice, preferences as well as tastes so that they can meet with
their desired expectations. The Eat Tasty Restaurant has started for customer satisfaction as they
analyse consumers demands through a survey. There is requires an appropriate segmentation of
market which is based on customers behaviours, age, gender, lifestyles, occupations and religion
etc. that helps in define regarding target customers in an efficient manner.
Competitive analysis: It is another factor that must be analysed by the organisation as in
this define about competitors who have strong reputations and good brand image in the
marketplace. There are several competitors available in the market place and they are trying to
capturing market and attracting more customers through adoption of several tools or techniques
and strategies as well. For example: The Ledbury, Kazan restaurant and Bar 61 are competitors
of Eat Tasty Restaurant as they are providing most famous food products with different varieties
so that huge of customers prefer to go these restaurants rather than others. This is necessary to

find strong competitors which support in making better decisions and actions plans in well
manner.
P2 Specific tangible and intangible resources that required for a new venture
There is requires a proper plan while launching a new venture in which consider several
resources that can be tangible or intangible for the purpose of starting and running an
organisation in effective manner. It is necessary for every organisation that to make decisions
regarding arranging funds and other resources as well. These are helpful aspects that support in
running business operations or functions so every organisations consider this and try to increase
sales volume in more efficient manner (Fernhaber and Li, 2013). The Eat Tasty restaurant is
providing several food items and best dishes such as Bone marrow on toast, Polenta, Croquets,
Chorizo roll and San Daniele etc. with varieties of beverages. They are offering such foods at
reasonable prices so that number of customers attracted and get easily. It is necessary to
undertake various resources for running business operations such as:
Tangible resources: In this included various kinds of physical resources that have
existence and can be touched or seen. These are required to starts a new venture and run its
business operations in well manner. Company needed several physical resources such as land,
capital, tools or techniques, equipments and raw materials so that functions can be operated.
Every firm try to utilise available resources for getting maximum outcomes. The Eat Tasty
Restaurant can consider some physical resources as well as tangible items that requires to
establish business such as machineries, proper infrastructure, land, sitting arrangements,
furniture, kitchen equipments as coffee marker, microwave refrigerators etc. and various raw
materials for running the operations.
Intangible Resources: It is another factors that necessary to establish the new venture
and create brand image in the market. It support in enhancing growth and achieve business goals
in better ways. Intangible components included corporates, customer relationship management,
reputation, patent, trademarks, logo and symbol that play vital role in every firms. These are very
supportive in recognising the particular brand from other companies. The Eat Tasty restaurant
can undertake all these for creating better image and awareness among customers mind for
generating profits or revenues as well (Hmieleski, Cole and Baron, 2012). It cannot be seen or
touched but it can be feel. There are defined some intangible assets like IP that consist with
copyrights, patents, trademarks, tag lines or punch lines, methodologies and many more things

that do not have any physical existence. On the other side, it is very beneficial in recognising
brand, employees productivity, attributes, goodwill about business operations. The Eat Tasty
Restaurant always focus on customers satisfaction and try to increase its level through treating
them with very carefully and provide better quality of foods and beverages with different
varieties in efficient ways (Kariv, 2013).
Every customers wants better quality of food with best tastes so they are ready to spend
money for satisfying their demands or needs. It is the major responsibility of restaurant that to
undertake customers desired expectations and fulfil their requirements in effective manner.
Therefore, several resources are requires to make better organisation and achieve predetermined
goals or objectives in an efficient manner.
TASK 2
P3 Produce a credible proposal to launch a new venture
It is an essential for business firm that to create or produce effective plan for launching a
new venture or a start up in well manner. Businessman have to undertake all these for starting a
new business so that they can run it effectively and achieve predetermined goals or objectives in
an appropriate manner. Planning is very helpful and most important component which are
requires to launch any products as well as business by considering that it will support in making
changes and bring effectiveness in more efficient ways. There is require to prepare a proposal
and an appropriate plan for launching a new business enterprise. In this describe about entire
details such as company's missions, visions, and many others for making better plan. Here are
example such as:
Executive Summary Eat Tasty restaurant is dealing with various foods such as Polenta,
Croquets, Bone marrow on toast, Chorizo roll and San Daniele,
Chinese, Italian, etc (Klotz and et. al., 2014).
Company description The Eat Tasty Restaurant is going to opened in London. Owner
selected best place for business which is near by Oxford university
where they can reach at potentials customers. It has covered land at
2500 square feet which is taken by an individual on lease for 3 years.
This will be good for the business and owner can maximise their
profits in an effective manner.

Market Analysis There is requires effective plans and strategies for creating better
organisation and increase goodwill among competitors. It is a biggest
opportunities for organisation for expanding business at various
places. Entrepreneur is also undertaking this and trying to find
particular market so it is necessary to analyse the internal or external
factors through SWOT and PESTEL that support in screening
environment for surviving in the market situations (Kuratko and
Hornsby, 2017).
Financial projection In this consider the appropriate funds and financial requirements for
launching and running business operations. It is backbone of business
so without funds, company cannot run its functions. Therefore, it is
necessary to make budgets and make better decisions regarding
utilisation of available resources with minimum funds as well.
Set standards or
benchmarking
In this plan, owner set their standards and positions where they want
to go so that company make better strategies and actions plans in an
appropriate manner. This will support in attaining set goals and
outcomes by providing guidelines to the employees and satisfy
customers desired needs or wants.
Segmentation, targeting
and positioning
Eat Tasty Restaurant is focusing on geographic and demographic
areas for proper segmentation. Therefore they are targeting adults and
children who have age between 13 to 30 and prefer new dishes with
different flavours as well.
Therefore, the above statement describe the appropriate proposal and plan for launching
new venture. Entrepreneur, required to defined and explain about their business plan so that
better execution can be made. This will be helpful in implementing particular plan and start a
new venture with well manner.
P4 Skills and capabilities required to launch a new venture
To start a new venture, Eat Tasty Restaurant, it is essential to learn certain skills and
qualities to keep going on the face of hardship and social to have a great team work. It is

necessary to develop the entrepreneurial skill for an on going business, more generally. Some
experts defines entrepreneur, as a people who take risk and uncertainty in their business. By
running own business like Eat Tasty Restaurant means having to wear all the hats. It includes the
marketing skills, sales skills hat and general people skills hat. It also requires the skills for need
to know how to run a balanced account and continue to grow your wealth. The Eat Tasty
Restaurant requires the following skills to develop the abilities of an entrepreneurship. These are
described as below:
 Manage money: It is very simple, if a businessman cannot manage money, cannot run
their business. Do an owner know where money goes each month? Do an entrepreneur
know their budget for each month? If the answer is no, then they will struggle to manage
the business budget as well (Morris, 2015).
 Enhance fund: Once a businessman know how to manage money. It will be easy to get
an investment for the purpose to expand the Eat Tasty Restaurant branches. Therefore, it
will be easy to get money and how to use it for an enhancement of funds.
 Reduces stress: If an entrepreneur allows him to get frustrated and get upset by small
issues, he will struggle with the business enterprise. Therefore, they should learn the
essential benefits of how to reduce stress in a workplace.
 Ensure about the productivity: In this part, owner will get ensure about the productivity
by division of department and specialisation in the Eat Tasty Restaurant. This will
increase the productivity and enhance their skills through specialisation. Know your customers: To be clear, without customer, an enterprise have no business.
Make sure about the product and services should be focused on the customers taste and
preferences which includes their needs too. Risk taker: It is necessary to have adequate skills and capabilities to handle business by
taking risks and uncertainties that can occurred during operating functions. Therefore,
entrepreneur should have such quality so that they can launch new business venture with
an effective manner.
 Problem solver skills: It is another important skills as entrepreneur must have ability to
solve various kinds of problems or issues while running business. They can launch and
operate such businesses by solving any problems and make favourable decisions in an
efficient manner.

Skill enhancement process of employees assist to provide several opportunity to a
business organisation. Through this employees of firm can render quality services to customer's
on the basis of their requirement and need.
TASK 3
P5 Different promotional activities and channels for launching new venture
In this included several techniques and methodologies that are requires to promote
particular goods or services and business in the target market. Every organisation needed to
undertake all these for launching a new venture and create better goodwill in the market place.
There are defines several tools or techniques for promoting business such as marketing mix in
which consist elements so that organisation can formulate better strategies in an effective
manner. Many of firms focus on creating awareness among customers and try to attracts them
towards organisation in better ways. There are defines some promotional tools or channels for
promoting The Eat Tasty Restaurant such as: Use social media or online platforms: This is the best techniques for reaching at targets
audiences or potentials customers in more effective manner. The Eat Tasty Restaurant
can consider Facebook, Instagram, Websites, LinkedIn, Online banners, YouTube,
Emails, and Twitter etc. because huge customers are connected with internet so this is
the best way to promote business in an appropriate manner (Read and et. al., 2016). Articles and Blogs: This is another suitable tool for creating awareness and providing
informations to the customers. The Eat Tasty Restaurant can consider this for launching
a new venture and provide informations regarding new dishes to the target customers.
 Mobile billboards: In this, company can provide proper informations regarding new
food items and many offers that given by restaurants. This is also suitable for the Eat
Tasty Restaurant as they can undertake this application for reaching at potential
customers. There are defines various aspects such as stickers, tag lines, or punch lines,
logo and symbols and many more (Robb and Watson, 2012).
Therefore, The Eat Tasty Restaurant can undertake mobile billboards that will support in
promoting business and its products or services in an effective manner. This is an essentials for
reaching at potentials customers as well as attain set goals or targets in better ways.

P6 Develop an appropriate promotional activities plan for both launch and pre-launch
For launching a new venture, there is requires an appropriate plan for promoting business
so that customers will be aware regarding firm and its products and services through promotional
channels. In this consider various planning activities for pre-launch and launch of new enterprise
in the market.
Pre-launch promotion: in this, company plan to make online advertisement, official
websites and web pages for particular business firm. This is helpful tool that support in launching
a new business venture by creating awareness among customers. The Eat Tasty restaurant
undertake punch line as “Eat Tasty and Live Healthy” with small logo for new business. There is
necessary to formulate promotional plans and strategies for the purpose of creating market
awareness of particular business. Individual required to consider best promotional tools for pre-
launch phase such as prospectus, hoardings for coming soon, new papers or print media,
brochure and many more so that they can create awareness among target audience.
Launch promotion: This is second phase which comes after launching a new venture as
in this, company try to create awareness among customers and attracts them towards firm so that
predetermined goals or objectives can be achieved. The Eat Tasty Restaurant can consider
various promotional tools or channels such as Blogging, Social media, YouTube and
advertisements, banners, inauguration programs and events so that customers will be aware
regarding this restaurant (Simon and Shrader, 2012). After launching new venture, individual
have to do some publicity for attracting number of customers towards company. This restaurant
also required more advertisements and promotions so it can be possible by undertaking various
activities such as digital marketing, advertisements in local channels, discounts and coupons,
attractive offers on ordering food online etc.
TASK 4
P7 Monthly cash budget for the pre-launch phase
In this consider a proper cash budget for launch and pre-launch of new business venture
so The Eat Tasty Restaurant can prepare such budget including various aspects such as:
Year 2018 Jan Feb Mar April May
Food Sales amount 42,152 42,563 43,526 43,568 44,124
Beverage Sales 19,751 12,451 12,456 13,452 14,528

GROSS SALES (Total) 61,903 55,014 55,982 57,020 58,652
COGS
Food 14,525 14,046 14,364 14,377 14,561
Beverage 6,515 3,113 3,114 3,363 3,632
GRAND TOTAL 21,040 17,159 17,478 17,740 18,193
GP 40,863 37,855 38,504 39,280 40,459
General and
Administrative
Workers Salaries 15,476 13,754 13,996 14,255 14,663
Management Salaries 3,400 3,400 3,400 3,400 3,400
Employer
Taxes/Benefits (15%
Wages) 2,265 2,058 2,087 2,119 2,168
Employees
Compensation (6%
Wages) 1,133 1,029 1,044 1,059 1,084
Advertisement 800 800 800 800
800
Bookkeeping 150 150 150 150 150
Credit Card Charges
(1%) 619 550 560 570 587
Insurance 250 250 250 250 250
Legal and Professional
Fees 100 100 100 100 100
Misc. Other 250 250 250 250 250
Office Supplies 175 175 175 175 175
Rent 3,200 3,200 3,200 3,200 3,200
Repair and 300 300 300 300 300

Maintenance
Small Equipment 200 200 200 200 200
Telephone [phone]
Garbage 200 200 200 200 200
Utilities 1,200 1,200 1,200 1,200 1,200
Total Gen. and Admin.
(Fixed) 29,867 27,766 28,062 28,378 28,876
NET PROFIT OR LOSS 10,996 10,089 10,443 10,901 11,583
SBA Loan 3,582 3,582 3,582 3,582 3,582
Cash Flow After
Financing 7,414 6,507 6,861 7,319 8,001
Draw 4,000 4,000 4,000 4,000 4,000
Net Cash Flow 3,414 2,507 2,861 3,319 4,001
Accumulated Cash
Flow 5,921 8,782 12,101 16,102
Average Daily Sales /
22 days 2,814 2,501 2,545 2,592 2,666
June July Aug Sept Oct Nov Dec
YTD
2017
44,325 44,658 45,210 45,325 46,251 46,325 47,125 5,35,152
15,574 15,487 16,421 16,251 17,452 17,245 17,845 1,88,913
59,899 60,145 61,631 61,576 63,703 63,570 64,970 7,24,065
-
14,627 14,737 14,919 14,957 15,263 15,287 15,551 1,77,215
3,894 3,872 4,105 4,063 4,363 4,311 4,461 48,806