LCBB5001 - Dream Food Restaurant: Entrepreneurship Business Plan

This report presents a business plan for "Dream Food," a restaurant concept focused on providing healthy and tasty food using organic vegetables, aiming to enhance customer health and immunity, particularly relevant in the context of the Covid-19 pandemic. The plan includes a business description, outlining the company's mission, product offerings, and consideration of current health concerns. It features an industry analysis using Porter's Five Forces model to assess the competitive landscape, including competition, new entry threats, supplier power, customer power, and the threat of substitutes. The report also details operational and management plans, covering supply chain, kitchen management, and service strategies, as well as the roles and responsibilities of the management team. Furthermore, it includes a marketing plan, focusing on product, price, place, promotion, positioning, and differentiation. A financial plan provides a budget for the upcoming three years, including fixed and variable costs. Finally, the report touches on market research trends within the UK restaurant industry, emphasizing the growing demand for takeaway services. The report concludes that innovation and a comprehensive business plan are essential for success in the competitive restaurant industry.

Entrepreneurship
Assessment 2

Table of Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
Business Description....................................................................................................................1
Industry Analysis ........................................................................................................................2
Operation and management team plan .......................................................................................3
Marketing Plan.............................................................................................................................4
Financial Plan...............................................................................................................................5
Market Research .........................................................................................................................6
CONCLUSION................................................................................................................................6
REFERENCES ...............................................................................................................................8

INTRODUCTION
Entrepreneurship refers to process of brining change in market by bearing risk.
Entrepreneur is a person ho bear al risk in business and identify creative business idea in market
to as well products and service in market (Cohen, Hsu and Shinnar, 2020). This project report
includes details of business of Dream Food which is a restaurant that provide healthy and tasty
food by using organic vegetables. Aim of this business is to provide products which enhance
healthy of customers and also boost their immunity. This project report includes discussion of
description of company and and industry analysis in order to understand business and to get
detail of factor which can affect business. It also includes information of operation as well as
management team plan which helps to important in order to produce goods and service and also
run business in effective manner in market.
MAIN BODY
Business Description
Description of company: Dream food is one of organisation which will provide healthy
and tasty food to their customers in order to satisfied them and enhance their health. It is one of
restaurants which is provoking healthy food at affordable processes to their customers (Ferreira,
Fernandes and Ratten, 2017). This company is focusing on Covid-19 situation and proving take
away and food delivery options to their customers. Also company is focusing on avoiding
physical touch with their customers.
Mission: Mission of Dream Food is to provide healthy and tasty food to their customers
which enhance health of their customers and also helps to boost their immunity.
Description of product: Dream Food is providing healthy and tasty food to their
customers by using organic vegetable and fruits which helps to enhance health of their customers
and also helps to boost their immunity. Company is considering Covid-19 situation in order to
protect customers from diseases and for that company is taking order by using software in which
customers can order food by using their own mobile phones.
Needs of products: Requirement of this type of food arise due to Covid-19 situation and
it increase awareness of customers related to their healthy and immunity. To protect healthy of
them, they are depending on healthy diet which is offered by Dream Food.
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Industry Analysis
Porter's give forces model is one of tool used for analysis of industry which helps to
identify as well as analyse competitive forces present in industry which provide shape to industry
that helps in determining weakness of industry and its strength (Hitt and Duane Ireland, 2017).
This tools identify structure of industry in order to Industry Analysis 300determine corporate
strategy. Porters five model an be applied to XYZ business which helps to identify
competitiveness of industry which are mentioned below:
Competition in industry: Competition is one of important factors which is to be
considered by business as it can create impact on profit and marketing share of company. Dream
food is one of organisation which is providing their products and service in restaurant and food
service industry. There is huge competition in this industry as many players are providing their
service in this industry. But Dream Food is restaurants is providing innovation products and
service which helps them to reduce competition factor. Company has limited threat from this
factor which helps them to be successful in this industry.
New entry in industry: Business also has threat from new entry as it increase
competition in this industry. This business require proper research of market and also knowledge
of food and taste of people. Also business needs to take license which make it difficult for
company to enter in this industry. So, this factor create moderate threat for business of Dream
Food in this industry.
Power of supplier: Supplier also create threat for business which make it difficult for
any organisation (Jennings, Jennings and Sharifian, 2016). Dream food require fresh vegetable,
fruits and groceries which they can buy from any store. As business of Dream Food has various
suppliers in this industry which reduce threat for company.
Power of customer: Customers also has power to reduce prices of products and service
offered by company. Dream Food is one of organisation which is offering quality products and
also excellent services to their customers. This reduce power of customers to bargain on products
and service offered by company.
Threat of substitute: Threat of substitute is also a factors which can affect profitability
of business as if customers has more customers, it reduce opportunity of company to earn more
profit. Dream food is one of organisation which has more substitute in market, also firm has risk
from this factor in this industry.
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Operation and management team plan
Operation team plan
Operation management plan refers to plan which includes details about ways in which
business run and in which ways products is produced (Larios-Hernández, 2017). Dream Food is
one of organisation which is operating by purchasing raw material and cooking it as per
preference of customers and service them instantly in restaurants or by take away. In this
organisation operation is depend on cooking and serving of good which is prepared by taking all
precaution of covid-19 situation.
Purchase of necessary suppliers or raw material: Purchase of supplies and raw
material is one of important things to be considered in operation process as with this a person can
perform operation in order to sell their products and service in market. Quality of products and
service is to be depend on quality of raw material and suppliers to be purchase by company.
Dream Food is buying organic vegetables and fruits to their customers in order to best food to
their customers.
Kitchen management: Kitchen management is another part of operation plan of any
restaurants and in this actual operation take place where vegetable and fruits are cooked in order
to produce final dish to be serve to customers. Dream food is cooking tasty food by following all
precautions necessary for health of customers.
Serving: Serving is another component important for restaurant and food service
industry. Serving is important as it is part of restaurant service which helps to enhance
experience of customers and also make them revisit in any restaurants (Mandel and Noyes,
2016). Dream Food is one of organisation which is hiring robots for serving food to their
customers as it helps to avoid human touch in their restaurants.
Management team plan
Management plan includes detail about management team which is responsible for managing all
task in organisation effectively. Management plan of Dream Food includes detail of various
people which are as follows:
Owner: Owner of any business is the person who invested money in that business, he is
the person who bear all risk lined to organisation as major of investment is invested by that
person.
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Human resource team: This team in Dream Food is responsible for hiring people for
restaurant which helps them in carry out operation effectively. Human resource department is
responsible of hiring right candidate for right job with right skills.
Finance team: It is also one of team of Dream Food which is dealing with finance in
order to carry out day to day activity of business. This team arrange finance for company from
various sources as per suitability and cost of finance.
Kitchen team: This is another important team of Dream Food which is dealing with
management of cooking of food in kitchen (Singh and Gaur, 2018). They ensure food is ready on
time with good quality by taking all precautions. Taste of food and other things depend of on this
department. They manage all orders by taking it from software and cook food on time which
helps to enhance experience of customers with food and restaurant.
Marketing Plan
Marketing plan is one of plan which is focusing on ways in which business selling their
products and service in market. It include marketing mix of company and also includes
marketing strategy, points of differentiation, positions of products and service.
Marketing strategy: Marketing strategy of company include description of product,
price, place and promotion. Description of marketing strategy of Dream Food are as follows:
 Product: Product is something which is offered by company to their customers in order
to earn profit. Dream Food is one of organisation which is offering healthy and tasty food
made up of Organic vegetables to their customers.
 Price: Price refers to monetary values of products and service offered by an organisation.
Dream food is providing good quality of products to their customers on reasonable prices
which can be affordable by its target market (Stubbs, 2017).
 Place: Place includes market in which products and service are to be offered. Place
should be decided in a way where products and service to be available easily. Dream
Food is providing their products in their restaurants which is established in London.
 Promotion: Promotion includes various activities to be conducted in order to increases
awareness of products and service in market. There are various methods of promotion
including advertisement, sales promotion, personal selling , digital marketing, social
media marketing. Dream Food is adopting social media marketing for their products and
service in market.
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Positioning: Positioning refers to place where products and service stands in minds of
their customers. Dream food is providing healthy products and service in order to enhance health
of customers. This enhancing their position in minds of their customers.
Differentiation: Differentiation is also important in business as it provide opportunity to
an organisation to overcome of competition by differentiating their products from their
customers.
Financial Plan
There are various cost include to open a restaurant including fixed cost, semi variable and
variable cost. Description of where business get funds and where they invest are as follows:
Variable cost: Variable cost refers to those cost which varies as per quantity of good
produced by firm. It includes vegetables, groceries, fruits and other items to be used by Dream
Food (Turgunpulatovich and Bulturbayevich, 2020).
Fixed cost: Fixed cost are those cost which includes cost of goods and service which
does not varies with quantity of food ad service.
Budget of Dream Food for upcoming three years are as follows:
Particular 1st year 2nd year 3rd year
Opening Balance - 125000 150000
Receipts
Revenues 750000 670000 505000
Total A 750000 795000 655000
Payments
Direct Labour 45000 55000 75000
Cost of buying
interiors
200000 200000 100000
Utility cost 100000 110000 135000
Rent of restaurants 50000 50000 50000
Salaries of staff 200000 200000 200000
Taxation 30000 30000 30000
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Total B 625000 645000 590000
Closing Balance (A-B) 125000 150000 650000
Market Research
In UK restaurant industry, there are various trend is running which is to be considered by
business as it helps them to boost their business. In UK, there is increasing demand of take away
services and it is important for business to provide these service along with restaurant service as
it helps to increase sales of their products and service (Lans, Seuneke and Klerkx, 2020). There
is less demand of street food or food van due to Covid-19 situation as there is increasing
awareness in people for their health.
CONCLUSION
From above mentioned project report, it can be concluded that entrepreneurship is one of in order
to business plan, a person needs to mention all necessary information about company. Innovation
is important for any organisation as it helps to gain attention of people in their company.
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Business description includes detail about products and service offered by company, needs of
products in market and also its mission, vision and objectives This business plan also includes
industry analysis which helps to analyse competitiveness of industry. It also includes various
factors includes competition in industry, threat of substitute, entry of new firm, bargain power of
customers and suppliers. It plan also includes details about operation and management team in
order to identify how business is carrier out in market. Marketing plan is also a plan which
includes marketing strategy, positioning of business as well as differentiation offered by
company. Financial plan includes details of source of funds and where it is spend.
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REFERENCES
Books and Journals
Cohen, D., Hsu, D.K. and Shinnar, R.S., 2020. Identifying innovative opportunities in the
entrepreneurship classroom: a new approach and empirical test. Small Business
Economics, pp.1-25.
Ferreira, J.J., Fernandes, C.I. and Ratten, V., 2017. Entrepreneurship, innovation and
competitiveness: what is the connection?. International Journal of Business and
Globalisation, 18(1), pp.73-95.
Hitt, M. and Duane Ireland, R., 2017. The intersection of entrepreneurship and strategic
management research. The Blackwell handbook of entrepreneurship, pp.45-63.
Jennings, J.E., Jennings, P.D. and Sharifian, M., 2016. Living the dream? Assessing the
“entrepreneurship as emancipation” perspective in a developed
region. Entrepreneurship Theory and Practice, 40(1), pp.81-110.
Lans, T., Seuneke, P. and Klerkx, L., 2020. Agricultural entrepreneurship. Encyclopedia of
creativity, invention, innovation and entrepreneurship, pp.43-49.
Larios-Hernández, G.J., 2017. Blockchain entrepreneurship opportunity in the practices of the
unbanked. Business Horizons, 60(6), pp.865-874.
Mandel, R. and Noyes, E., 2016. Survey of experiential entrepreneurship education offerings
among top undergraduate entrepreneurship programs. Education+ training.
Singh, S.K. and Gaur, S.S., 2018. Entrepreneurship and innovation management in emerging
economies. Management Decision.
Stubbs, W., 2017. Sustainable entrepreneurship and B corps. Business Strategy and the
Environment, 26(3), pp.331-344.
Turgunpulatovich, Y.E. and Bulturbayevich, M.B., 2020. THE ESSENCE OF SMALL
BUSINESS AND PRIVATE ENTREPRENEURSHIP AND THE THEORETICAL
BASIS OF ITS DEVELOPMENT. International Engineering Journal For Research &
Development, 5(6), pp.7-7.
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