Detailed Business Plan Report: Movable Bakery, Entrepreneurship Module

This report presents a detailed business plan for a 'Bakery on Wheels,' an innovative mobile bakery concept. It begins with an introduction to entrepreneurship and business development, emphasizing their significance in transforming ideas into reality. The main body of the report outlines the rationale, vision, and mission of the business, followed by a review of the industry and market, including macro and micro analyses. A competitor analysis is conducted, and the reasons for the potential success of 'Bakery on Wheels' are discussed. The report then delves into the STP (Segmentation, Targeting, Positioning) framework and details the marketing strategies, including product, price, place, and promotion. Finally, the report outlines market growth strategies, including identifying opportunities and expanding product offerings. This comprehensive business plan aims to provide a roadmap for the successful launch and operation of a mobile bakery, addressing key aspects of business development and entrepreneurship.

Entrepreneurship and
Business Development

Table of Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
CONCLUSION................................................................................................................................8
REFERENCES................................................................................................................................9

INTRODUCTION
Entrepreneurship is a process through which new business ideas are created by the
entrepreneurs and appropriate actions are taken in order to transform them into reality. Business
Development is a process through which a business is grown successfully so that it can enhance
the overall profits in the future without problems and issues. Thus both of them are essential for
the entrepreneurs to consider so that they are able to facilitate the attainment of the goals and
objectives in the future (Alonso-Gonzalez and et.al., 2017). For this report an innovative
business idea of Movable Bakery is considered. It is an innovative business idea because there is
demand of the bakery products in the market in the different areas and thus this business will
help a lot in bridging that gap effectively and efficiently. The name of this Bakery will be Bakery
on Wheels. In this report, detailed focus will be made on the different types of components of a
Business Plan.
MAIN BODY
Rationale for launching the business and its vision and mission-
Bakery on Wheels is an innovative business idea which will include selling of different
types of Bakery Products from a Food Truck (Coulibaly, Erbao and Mekongch, 2018). The
rationale for launching this business that there is a very high-level of demand of the Bakery
Products in the different parts of the city and this business will be very helpful in fulfilling this
demand.
Vision- The vision of Bakery on Wheels is to make sure that it provides good bakery
products in the different areas of the city. It aims to provide good-quality products at a
reasonable price to the customers in the market.
Mission- The mission of Bakery on Wheels is to ensure that the bakery products are
provided according to the different types of needs and requirements of the customers in a highly
effective manner.
Review of the industry and market-
The Food Truck Industry is a very popular industry and here there are different types of
food items which are offered to the customers (Czarniewski, 2016). This industry has a lot of
scope for the different entrepreneurs so that they are able to capture the market and earn higher-
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level of profits. The market which can be targeted by Bakery on Wheels is a very dynamic one
with the presence of both macro and micro variables. These variables are explained as follows-
Macro analysis-
 Higher-level of demand of the customers- In the market the customers have a higher-
level of demand and thus in this way this is a major factor which is a major factor
concerning Bakery on Wheels.
 Higher-level of profitability- The market has different customers and thus in this way
this particular segment can offer higher-level of profits to the businesses operating under
it. Thus in this way Bakery on Wheels will be able to earn more profits without facing
problems and issues.
Micro analysis-
 Convenience for the customers- The customers nowadays want greater convenience for
themselves and thus are looking towards getting the bakery products for themselves at
their doorstep (Edoho, 2016). Bakery on Wheels will provide this service and thus in this
way will create an advantage for the customers.
 Taste of the customers- The customers have a changing taste and thus like new products
to be provided to them (Faghih, 2019). Thus in this way Bakery on Wheels will be able to
provide good bakery products according to the changing taste of the customers thereby
ensuring their higher-level of satisfaction which will contribute towards the growth of the
business in a highly effective manner. This will be quite helpful for the businesses in
meeting out the goals and objectives.
Competitor analysis-
Sunflour Bakery- This bakery is located at 263, Caledonian Road, London N1 1EE, United
Kingdom. It provides high-quality of bakery products to the different types of customers in the
market. The bakery provides these particular products according to the demand level of the
customers which will be quite helpful in ensuring that the goals and objectives of the business
can be attained.
Dunn's Bakery- This bakery is located at 6, The Broadway, Crouch End, London N8 9SN,
London, United Kingdom. It also provides the customers with high-quality of bakery products an
thus ensures that they are satisfied with the products which are being offered. Thus in this way it
is able to meet out the different types of needs and requirements of the customers.
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Reasons why Bakery on Wheels will be successful in the market-
 Mobile bakery- Bakery on Wheels is a Mobile bakery which will provide the different
types of bakery products and services to the customers (Fritsch and Wyrwich, 2017).
Thus in this way this can ensure that the business can attain the desired success in the
future because mobility of the bakery will make sure that the customers are offered
greater choice at the comfort of their doorstep which will be quite helpful for them. Thus
in this way this will offer the business a much-desired strategic and competitive
advantage over the different competitors in the market.
 Quality products- Bakery on Wheels will provide the different types of quality products
to the customers (Galvão, Ferreira and Marques, 2018). Therefore in this manner the
bakery will be able to ensure that the products like Cakes, Pastries, Donuts, Cookies etc.
are provided according to the changing needs and requirements of the customers which
can provide them higher-level of satisfaction.
 Reasonable rates- Bakery on Wheels will provide the products and services to the
customers at very reasonable rates. Thus in this way the business will be able to attain a
strategic and competitive advantage over the competitors because it will try to penetrate
the market by stetting lower prices for the products and services so that it is able to set up
its base there.
 Innovative idea- Bakery on Wheels has an innovative business idea of targeting the
customers through providing the different types of bakery products according to their
needs and requirements. In this way it can be said as an innovative business idea which
will be quite helpful in the attainment of the innovative goals and objectives.
STP framework-
Segmentation- This refers to the segmenting of the market so that the different types of
customer segments can be determined highly effectively and efficiently (Kasseeah, 2016). The
customer segments of Bakery on Wheels will be as follows-
 Geographic segmentation- As Bakery on Wheels will move around London in the
different areas of the city this will be quite helpful in ensuring that the customers in the
different areas are able to get good-quality bakery products.
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 Demographic segmentation- Bakery on Wheels will target the young customers as they
are the ones who purchase the bakery products regularly and thus ensure that the
revenues and profitability of the business can be enhanced.
 Behavioural segmentation- Bakery on Wheels will identify the audience on the basis of
their interaction with each other. This will be quite helpful for it as it will be able to
identify the way of interaction of the customers with each other. The customers who like
to buy bakery products frequently would be the target customers of Bakery on Wheels
and its marketing strategies will be targeted at them.
 Psychographic segmentation- Bakery on Wheels will target the customers who like to
give more priority to their convenience and like their different bakery products to be
delivered at their doorstep.
Targeting- Bakery on Wheels has to target the segment which can be most profitable for it and
its products and services in the market (Ismoilov and et.al., 2020). Therefore for the purpose of
selection of a target segment size, profitability and reachability have to be considered. Bakery on
Wheels will make sure that it selects the Geographic segmentation for the purpose of targeting
because it is a movable truck offering the bakery products to the different customers in the
market.
Positioning- Bakery on Wheels will select the Functional positioning because through it the
problems of the customers can be resolved (Klimchuk and et.al., 2017). Thus it is essential
because through it the problems of those customers who cannot move out of their home to get
bakery products can be solved in the right manner. This facility will be very helpful for them as
it will offer a higher-level of convenience to them. This will help them get the products at their
own convenience at their doorstep which will be thus helpful in ensuring that the goals and
objectives can be attained.
Old customers are the one's who will avail this service more frequently as they will prefer
convenience of getting the bakery products at their doorstep instead of stepping outside.
Marketing strategy-
Product- Bakery on Wheels will offer different types of Bakery products to the different types
of customers such as Cupcakes, Cookies etc. Thus in this way it will ensure that the different
types of needs and requirements of the customers can be fulfilled which will be quite helpful in
ensuring that a greater level of convenience is provided to the customers in a highly effective
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manner. In the future the strategy of the business will be to diversify its range of products which
it is offering to the competitors in the market. In this way the diversified products can be
provided to the different customers.
Price- Bakery on Wheels will make the use of penetrative pricing strategy because by making
the use of such a strategy it will be able to penetrate the market effectively by setting of lower
prices (Ogbar and et.al., 2016). This is essential for the business as it is new in this segment and
has to set lower prices so that the customers are attracted in the right manner. Thus in this way it
will be quite helpful for the customers to be able to get quality bakery products at highly
reasonable prices. Thus through the use of this pricing strategy the business will be able to
identify the market and the different types of segments of the customers which can be targeted.
Through low prices, the customers will be attracted and thus this will be quite helpful in ensuring
that the revenues and profitability of the business can be enhanced. In the future the use of
aggressive pricing strategies will be made by the business so that it can target higher-level of
profitability.
Place- Bakery on Wheels will target different types of customers around London as it is a
Mobile Bakery which will be able to identify the needs and requirements of the customers
around the city and provide them the bakery products accordingly. There is no fixed location of
the business due to it being a movable Mobile Bakery and thus different locations around the city
can be targeted by it in which the different types of customers are present. The areas which have
high demand from the customers may see more rounds from Bakery on Wheels and thus in this
way more revenues can be generated by the business to aim at higher-level of profits.
Promotion- Bakery on Wheels will ensure that the use of traditional and modern promotional
techniques and methods is made so that the business is able to target the customers in the right
manner without facing problems and issues. (Richter and et.al., 2017). Traditional techniques
like Sales Promotion, Discount offers will be used by the business to attract the customers. Also
the use of Modern techniques like Social Media Marketing, Influencer Marketing will be made
to promote the business.
Market Growth Strategy-
The following will be the Market Growth Strategy of the organization-
 Identification of opportunities- The different types of opportunities of ensuring the
growth of the products and services have to be identified by Bakery on Wheels as by
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making the use of a particular opportunity the business will be able to progress further
(Shadibekova, 2020). It has to identify the new markets where the products can be placed
to generate more revenues and aim at higher-level of profits in the future. Thus the
business will need to identify those areas which are having higher-level of market
potential so that they are used correctly to grow in the future.
 Diversification of products- In the markets, the diversification of products is quite
necessary for the growth of the businesses (Tur-Porcar, Roig-Tierno and Llorca Mestre,
2018). Thus it is crucial for Bakery on Wheels that it is able to diversity its products by
identifying the different areas for this purpose. This will be helpful for the business in
ensuring that higher-level of revenues and profitability can be attained.
 Innovation- By bringing of innovative products in the market, the diversification of the
products can be done and thus it can be ensured by Bakery on Wheels that it is able to
target the right customers effectively and efficiently. Thus in this way the business will
grow in the future. The innovative bakery products which are in demand by the
customers according to their changing needs and requirements should be considered by
the business.
Resources required for the venture-
 Financial resources- Financial resources will be required by Bakery on Wheels because
every business requires finance to set up. Thus financial resources in the form of Bank
Loan, Personal Savings of the Entrepreneur will be used so that the business can be set
up.
 Human resources- Human resources will be required by Bakery on Wheels as it will
require staff to operate and manage its operation in the right manner. Thus it will be
required to find out the efficient workers who can handle the functioning of the business
properly without problems and issues.
 Operational resources- Operational resources will be required by Bakery on Wheels so
that it is able to function properly. Thus it will need to make the arrangement of these
resources so that it can work in the right manner and can enhance the level of profits.
Sources of finance-
 Personal Savings of the Entrepreneur- The Personal Savings of the Entrepreneur will
be used by Bakery on Wheels for setting up its different types of operations without
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problems and issues. Thus this will be a very useful method for the entrepreneurs to get
their funds for running the business effectively and efficiently.
 Bank Loan- Bank Loan will be taken from a Commercial Bank so that the operational
requirements of the business can be managed (Welter and et.al., 2017). Thus in this way
Bakery on Wheels will be able to ensure that the funds are arranged for its needs and
requirements.
Risk analysis-
There are following types of risks which are present for this business-
 Compliance risk- This means the risk faced due to the lack of compliance with the rules
and regulations which are set in the market. There may be certain laws, rules and
regulations of the business with which it needs to comply so that it is able to ensure that
its operations are managed and can run in a smooth manner. Thus Bakery on Wheels will
face this risk if it is not able to comply properly with the rules and regulations which have
been framed for the businesses by the government.
 Financial risk- This is the risk which is faced due to the loss faced by the businesses due
to the lack of funds. This is the most common risk which is faced by the businesses which
tends to affect their level of operations. Therefore Bakery on Wheels can face this risk if
it does not has sufficient funds to meet out its different expenses. Due to this reason this
can lead towards problems and issues as the business will not be able to meet its expenses
in this case.
 Operational risk- The risk which is faced by the businesses due to the failure of the
operations is known as Operational risk. It can be faced by Bakery on Wheels if its
operations are not managed properly leading towards different types of problems and
issues for the organization. It can be faced by it if its operations are not managed well by
the Operational Manager and thus this will create problems and issues for it as the day-to-
day functions cannot be handled in a proper way.
 Reputational risk- This is the risk which is faced by the business due to the bad
reputation which it may face. Thus In the context of Bakery on Wheels this is a risk
which may be faced by the business because its reputation may be affected due to this
reason. Bad reputation can affect the overall level of operations of the organization and
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thus this can affect its working pattern adversely and also create an impact on its sales
and profitability.
 Competition risk- This is the risk which is posed by the different types of competitors
which are operating in the market. In the context of Bakery on Wheels this can be a risk
because the competitors can create problems and difficulties for the organization as due
to them it has to lower prices and thus in this way the level of revenues earned by the
organization will be affected subsequently creating a big impact on the overall profit
levels of the business.
CONCLUSION
From the above report, it can be concluded that Entrepreneurship and Business
Development is an area through which the development of the skills and competencies can be
done in the right manner by the Entrepreneurs. This area is crucial for the entrepreneurs so that
they are able to upgrade their skills and abilities correctly to meet the desired level of standards
thereby helping in the attainment of the goals and objectives of the business. With the
preparation of a Business Plan an entrepreneurial venture can be launched successfully in the
market which therefore can create help for the entrepreneurs to launch their business in the right
manner which will help a lot in the attainment of the different types of goals and objectives in the
future. The Business Plan can be also helpful in ensuring that the roadmap of the business can be
prepared in the future which can create an advantage for the entrepreneurs.
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REFERENCES
Books and Journals:
Alonso-Gonzalez, A. and et.al., 2017. Entrepreneurial initiatives in Colombian universities: the
innovation, entrepreneurship and business center of Sergio Arboleda university. In
Entrepreneurial universities (pp. 151-163). Springer, Cham.
Coulibaly, S. K., Erbao, C. and Mekongcho, T. M., 2018. Economic globalization,
entrepreneurship, and development. Technological Forecasting and Social Change.
127. pp.271-280.
Czarniewski, S., 2016. Small and medium-sized enterprises in the context of innovation and
entrepreneurship in the economy. Polish Journal of Management Studies. 13.
Edoho, F. M., 2016. Entrepreneurship paradigm in the new millennium. Journal of
Entrepreneurship in Emerging Economies.
Faghih, N., 2019. An Introduction to: Globalization and Development—Entrepreneurship,
Innovation, Business and Policy Insights from Asia and Africa. In Globalization and
Development (pp. 1-10). Springer, Cham.
Fritsch, M. and Wyrwich, M., 2017. The effect of entrepreneurship on economic development—
an empirical analysis using regional entrepreneurship culture. Journal of Economic
Geography. 17(1). pp.157-189.
Galvão, A., Ferreira, J. J. and Marques, C., 2018. Entrepreneurship education and training as
facilitators of regional development. Journal of Small Business and Enterprise
Development.
Ismoilov, R. B. and et.al., 2020. The Essence Of Small Business And Private Entrepreneurship
And The Theoretical Basis Of Its Development. The American Journal of Applied
sciences. 2(08). pp.45-50.
Kasseeah, H., 2016. Investigating the impact of entrepreneurship on economic development: a
regional analysis. Journal of Small Business and Enterprise Development.
Klimchuk, S. V. and et.al., 2017. Theoretical and methodological fundamentals of associated
forms of agricultural business.
Ogbari, M. E.. and et.al., 2016. Entrepreneurship and business ethics: Implications on corporate
performance. International Journal of Economics and Financial Issues. 6(3S). pp.50-
58.
Richter, C. and et.al., 2017. Digital entrepreneurship: Innovative business models for the sharing
economy. Creativity and Innovation Management. 26(3). pp.300-310.
Shadibekova, D., 2020. Shadibekova Dildor, Nosirova Na Prospective Development Analysis of
Small Business and Entrepreneurship of Uzbekistan. Архив научных исследований,
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Tur-Porcar, A., Roig-Tierno, N. and Llorca Mestre, A., 2018. Factors affecting entrepreneurship
and business sustainability. Sustainability. 10(2). p.452.
Welter, F. and et.al., 2017. Everyday entrepreneurship—a call for entrepreneurship research to
embrace entrepreneurial diversity.
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