Report: Launching a New Restaurant Venture for Cornish Bakehouse

This report outlines a comprehensive business plan for launching a new restaurant venture for Cornish Bakehouse. It begins with an introduction to the concept of internationalization and its impact on business, emphasizing the need for unique ventures in a competitive environment. The report then delves into the specifics of the venture, including market analysis, identifying the target market as middle-class individuals in High Wycombe, and conducting a competitive analysis of existing restaurants. It further details the tangible and intangible resources required, such as equipment, furniture, patents, and goodwill. The report also discusses the production proposal, including planning, testing ideas, market research, understanding customers, and establishing cash resources. The report concludes with details on promotional activities, legal structure, and references, providing a detailed roadmap for the successful launch of the new venture.

Launching a new
venture

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Investigating new venture for Cornish Bakehouse and identifying target markets...............1
P2 Determining specific tangible and intangible resources .......................................................2
P3 Description on produce proposal to launch new venture. .....................................................3
P4 Description on new venture and skills in order to set new business in market. ...................5
P5 Description on various promotional activities and channels which will support the launch.
.....................................................................................................................................................5
P6 Description on both appropriate promotional activities plan for launch and pre-launch......6
P8 Appropriate legal form...........................................................................................................3
REFERENCES................................................................................................................................6

INTRODUCTION
Internationalisation of business involves a process of profound changes. In the present
era, globalisation influenced business organisations greatly. In order to sustain in the competitive
environment, entrepreneurs needs to think out of the box and establish unique venture that can
provide them prolonged competitive advantages. In this context, the following report will
demonstrate detail understanding about the business plan and requirements of launching a new
venture. The plan will include background of the venture, resources required for establishing
new business, financial capital, considerations for starting up a lean business, promotional
activities and pricing strategies. The identification of precise business and anticipated budget
required for establishing the business will be described in the study. Eventually, the precise legal
structure for the business will be explain in order to generate brief understanding about the legal
status of the organisation.
TASK 1
P1 Investigating new venture for Cornish Bakehouse and identifying target markets
Cornish Bakehouse is small business organisation located in High Wycombe. The
organisation specialises in offering good quality bakery products such as cakes, pasty, breads,
etc. to the consumers of High Wycombe. In their recent meeting, the management desired to
enhance their business growth and profitability by initiating new venture which will be small
restaurant in London. In this context, this part will aid in investigating the background of new
venture idea, marketing research will be performed and competitive analysis will be made.
Background of new venture
Cornish Bakers wishes to expand its business activities by entering into new sector which
is restaurant. Every year millions of visitors visits London which helps in increasing the national
economy of the country. Due to which in recent years the restaurant industry in the United
Kingdom has undergone a period of growth. Consumer expenditure on restaurants and cafes
crossed over 77 billion pounds in 2015 and number of enterprises has increased steadily. This
implies that restaurant industries are currently blooming in the market economy of United
Kingdom which eventually provides great opportunity to the management of Cornish Bakers to
enhance their productivity and profitability.
Identifying specific target market and undertaking competitive analysis
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The target market for Cornish Bakers for new ventures will be middle class people as the
menu will be pub style and there will be casual environment in the restaurant. The location of the
restaurant will be in High Wycombe. The price of menu will be reasonable so that middle class
family can enjoy food effectively. The restaurant will be big enough to incorporate 40 people at a
time. In order to sustain in the competitive environment it is essential for the management to
analyse the competitive environment in the particular location. From the analysis, it was
identified that there are various restaurants operating in High Wycombe (Capdevila, Cohendet
and Simon, 2018). The main competitors for the organisation will be Bombay Palace, The Boot
Pub, Clayton Marlow and Bills' High Wycombe Restaurant. These organisation captures
majority of market share and management of Cornish Bakers needs to formulate precise
strategies in order to prosper their new venture effectively and efficiently. Though, there is high
degree of competition in the High Wycombe for Cornish Bakers but due to their effective image
in bakery customers will tends to attract towards their new ventures. As organisation as immense
goodwill in bakery business, it can be anticipated that customers will tend to attract and retain
towards there new restaurant business.
Cornish Bakers
Target Market Competitive Analysis
The target market for Cornish bakers would be
middle class family. As the restaurant will be
establish to provide all sorts of dishes which
are mostly preferable by middle to upper
middle class family.
Bombay Palace, The Boot Pub, Clayton
Marlow and Bills' High Wycombe Restaurant
will be the main competitors of the
organisation whom the management have to
compete with
The reason for selecting middle class family
and people is that as majority of population in
High Wycombe is middle to upper middle
class people who prefers simple and
comfortable lifestyle.
In order to sustain in the competitive
environment, the management of Cornish
bakers will be formulate price and product
differentiation strategy.
As the number of population of middle class
people are high there is more probability to
earn desired revenues and profits.
The management of Cornish bakers would
provide quality dishes and food to customers at
reasonable price which helps them in
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sustaining in the competitive environment.
P2 Determining specific tangible and intangible resources
Establishing new venture is not easy as it required enormous efforts, cost and resources.
In order to open new restaurant business management of Cornish Bakers will require various
tangible and intangible resources:
Tangible Resources
Tangible resources are those resources which can be feel or touched. For any organisation or new
venture ample amount of tangible resources are required. In order to sustain in the competitive
market, it is important for the management to stay one step ahead and implement effective
resourecs within the organisation. In this context, the tangible resources that would be requried
by the management of Cornish Bakers are provided below:
 Equipment: Equipment such as microwave oven, deep fridge, fryers, etc. will be
required for kitchen area (Svejenova, Slavich and AbdelGawad, 2015). These tangible
resources play vital role in the restaurant business.
 Furniture: Tables, chairs, sofas, racks, etc. will be require in order to establish new
restaurant venture. These tangible resources are equally important for new venture.
 Technology: Cornish Bakers will use advance technologies in order to take orders and
monitor the stock, etc. Thus these technologies will help in enhancing the effectiveness in
the quality of food and services. These will be require for establishing new venture
(Thomas, 2016).
 Building: For establishing new venture, the management of Cornish Bakers would be
requiring new building. The management plan to construct it near by its bakery store.
 Goods: Goods or stock are necessary for conduct the business. This tangible resouce is
necessary for survival of organisation. Land: Land is essential tangible resource. Management had purchased land nearby its
bakery store in order to establish new venture.
Intangible Resources
These resources cannot be seen but plays important role in the growth and development
of the organisation. The intangible resources required for the new venture is provided below:
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 Patent: It is important for the management to patent the menu they going to serve the
customers so that other organisation cannot copy it. This intangible resource will provide
protection to the Cornish Bakers new ventures. The patent refers to the national patent
authorities in accordance with the law grant the inventions patented applicants enjoyed
exclusive rights within a certain period of their inventions.
 Goodwill: Goodwill is the reputation that will be earn by the new venture by providing
good quality of goods and services to the customers (Cheng, Tsai and Lin, 2015). In order
to survive in the competitive market, the management of Cornish Bakers needs to earn
goodwill by providing effective quality of goods and services to the customers.
Customer Relationship: Maintaining customer relationship is important aspect. This intangible
resources cannot be seen but can be feel. If customers are satisfy with the quality of food and
services, they will feel happy and come again in the future. If they are dissatisfied with the
quality of food and services, they will never return to the restaurant again. Thus, it is important
for the management to have effective relationship with the customers.
P3 Description on produce proposal to launch new venture.
In order to launch new business activities it is essential prepare successful plan. In this it
is important to determine and develop action plan as are road maps, set goals which are widely
varied as per the activities of firm. Thus, it can be said that to achieve the desire target it is
essential to produce proposal of successful venture as are-
 Go beyond business plan- it is essential to plan carefully before launching new business
activities. In this it can be said that before launching the plan it is essential to spend some
months on to have planning of business model and strategy (Birch, Johns and
Musarskaya, 2018). This is helpful in order to having the plan before launching the
business into market. The preparation of business plan is the valuable exercise. With the
help of engaging in the depth information launching the new business will be helpful in
setting of expensive value of planning.
 Test your idea- At this stage it is essential to test out the factors of business success.
Before serving the customer, it is important to have idea about the working of firm
activities this will be helpful to having key experiment (Machado and et.al., 2018.). In
this there is launching if business activities in relation to restaurant, the make should taste
the products and they should give free treat to the people before launching their firm
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activities. This will be helpful in relation to taking feedback from individuals so that
operational function of firm can be taken expertly. This is the crucial stage the customer
will attract to the activities of the firm only if they are able to provide satisfactory
services.
 Know the market- Before launching activities of market it is essential to gain
information about the type of market. There must be have information about the various
key personnel including the key suppliers, distributors, competitors and customers. This
all information are need to be known before setting of business activities in the market.
By doing this process they can have idea about targetting customers. This kind of
activities will be helpful in relation to achieve desire success in market.
 Understand future customer- the choice and need of the customer is need to be
understand in order to carry out the business activities effectively. By analysing their
demand the firm can able to run it operation successfully in market (Machado and et.al.,
2018.). The customers play the essential role, it can be true to said they are real person
who are able to determine the success to the firm. Before launching business activities in
market it is essential to understand the demand of future buyers so that firm can able to
earn large amount of profitability. This kind of things will be helpful in order to having
effective operation after launching it in market.
 Establishes cash resources- Business owner must take various initiative in order to
adequately capitalize the business and to have sources for capital growth. This will be
helpful in relation to having adequate amount of the resources at the time firm need it the
most. There is need to cash forecasting tool so that all activities can be planned expertly.
The cost budgeted plan for launching of business in market it is need to be drawn.
 Product and services- In this stage business person will center around the item and
administrations exercises, for example, generation, Manufacturing, activity and so on. In
this stage, organization will at last create and assembling required administrations and
item through which it will enter in the market. Organization ought to likewise center
around the quality measure to create high caliber of item and administrations in the
market in this stage.
 Marketing and sales- In this stage, business person should center around the advertising
and deals exercises. In this stage organization need to choose what system will helpful for
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dispatch and promote new item and administrations in the market. With help of web
based life, email marketing, direct mail showcasing, print media, new pursuit can bunch
to dispatch the item and administrations in the market.
P4 Description on new venture and skills in order to set new business in market.
In order to run business activities successfully market it is essential to have various kind
of traits so that firm can operate its function in market in the expertise manner. These are defined
in following manner as are-
Personal characteristics- In order to examine the personal characteristic it is essential to have
various kinds of traits as such entrepreneurs need to be optimist person so that he is able to
undertake business activities effective. By having the proper vision about what is to be done and
where the improvement are need to be bring. He is need to be person who is able to take the
initiatives and must be risk taker. This kind of traits will be helpful to run business activities
smoothly.
Interpersonal skills- The entrepreneur must have internal personal skill, he must be able to
perform its business activities with the help of having proper communication, negotiation,
listening, ethics etc. these all kind of trait will be helpful to take the proper decision (Yen and
et.al., 2018). These are the skill which are use by the individual in relation to make better
interaction with others. Thus, it can be true to said that the good interpersonal skills are
prerequisite to have strong position in an organisation.
Creative thinking skills- In an organisation there are various kind of complex situation, in order
to copes up with this the firm need to take various initiatives and must have alternative solution
to the problem. It works as to find out the novel solutions so that risk associate with firm can be
eliminated. This kind of the activities are helpful in order to scrutinizes the operation function of
business enterprise.
Leadership– The authority is an important capacity for a business or business visionary, It is
basic to be a fair pioneer remembering the ultimate objective to supervise, control and direct a
gathering of work force to a right setting out toward achieving affiliation destinations for which
they are collaborating in an affiliation. Authority is a basic mastery required in pushing another
challenge to ensure the ground-breaking value and productive assignment of the business.
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P5 Description on various promotional activities and channels which will support the launch.
It is essential in order to aware the customer about the operation of business activities,
without this new launching Cornish back house cannot able to get the success in market. The
growth of the firm is commonly supported by the advertising. These are defined in following
manner as are-
1. Personal selling- This is one of the effective and most costly for of promotion. Under this
there can be the best means of oral, face to face and direct communication (Birch,
Memery, Johns and Musarskaya, 2018). This is helpful approach in relation to push the
product through distributional channel.
2. Advertising- with the help of this firm can able to get the customer aware about their
product and services. This can be know as impersonal method of the communication. The
one major benefit aspect about advertising is that it is more cost effective than personal
selling. The Cornish back house is going to launch its services in restaurant manner so it
can be advertised through traditional method, it is also helpful in relation to cover large
size of customer.
3. Publicity- This is the kind of non-personal stimulation of demand as advertising. It affects
demand for a product or service or a unit by making publicity in radio, television or stage
(Lake, 2018).
4. Public relation- it is one of the effective and it is creates, develops and maintains a bright
image of an organisation on the public. In this manner it can be true to said that under the
competition and consumer oriented market it is one of the effective method.
5. Offers and discounts– This is a direct and basic strategy which can be used as a piece of
progression of a firm, its items and organizations. The affiliations can offer discounts to
new and also existing customers to grow their arrangements in the market. The
affiliations offer refunds to their customers in festivities, diverse seasons etc. Offers and
discounts are the best headways which can be used by a firm to extend their arrangements
and profit in a market.
6. Email marketing – Promotional through messages is also a convincing strategy used by
relationship to propel their associations and items in the market. The affiliation's
exhibiting bunch develop and once-over of potential and existing customers in the market
and send restricted time messages regarding new items, costs, offers etc. It moreover
7

makes a business ensure practical reach to the customers in then market which can
provoke extended advantage of the business.
P6 Description on both appropriate promotional activities plan for launch and pre-launch.
This is helpful in relation to launching the product in successfully manner. IN this
effective strategy is need to be chose which will be helpful in relation to undertake promotional
activities plan for launch and pre-launch. The following activities are need to be done as are-
Pre launch Plan –
It isn't possible to envision how exactly another item or organization will perform, even
experienced and colossal firms have both accomplishment and dissatisfactions. Before pushing
or releasing a firm or item it is hard to play out a little report, for instance, -
 1. Evaluating the arranging of the new business before moving it.
 2. Association can reinforce sudden, brisk overnight advancement or change?
 3. The association should deal with the growing interest if it gets successful.
 Do the firm has effective supply lines, staff and systems set up for dealing with the
updated customer thought.
Post launch plan
 Determine your budget- the firm need to determine the budget so that all activities in
relation to firm can be operated in effective manner (Thomas, 2016). This is helpful in
manner to undertake business activities effectively.
 Develop website strategies- in this manner it is important to promote online activities so
that large number of customer can be targeted. This kind of activities will be helpful in
relation to having feedback from customers about the quality of product
 Sort term sales promotion: In the market, Cornish Bakehouse item and administrations
consider with utilizing coupons, challenge, and so forth. These exercises finds the
advantages in the business. With the assistance of the correct advantages of coupons
sites, the picked association can achieve their objectives and objectives at work
environment.
 Direct marketing: Direct showcasing incorporates letters, messages, and so forth that
helps to meet with the creative capacities and activities in the business. Thusly, new
individuals could be target who take after the business in methodical way. In such
manner, individual offering, telemarketing, and so forth consider methodical work
8

execution in the business. Thusly, it will make imaginative outcomes at work
environment of Cornish Bakehouse. It makes positive effect to reach towards the
intended interest group with right limited time blend.
9

P7
Income budget statement
Income
Statement
Budget
Jan Feb
Marc
h April May June July
Augu
st
Sept
emb
er
Octo
ber
Nove
mbe
r
Dece
mbe
r Total
Sales Revenue
$6,5
00
$6,2
00
1390
0
$12,
500
$13,
100
$19,
700
$12,
500
$13,
700
$13,
100
$18,
800
$6,5
00
$6,5
00
$143,
000
Less Cost of
Goods Sold
787.
5
787.
5 1725 1575 1650 2475 1575 1725 1650
2362
.5 825 825
1796
2.5
Gross Profit
$5,7
13
$5,4
13
1217
5
$10,
925
$11,
450
$17,
225
$10,
925
$11,
975
$11,
450
$16,
438
$5,6
75
$5,6
75
$125,
038
Less Operating
Expenses
Selling and
Administrative
Expense:
Bank
Fees 30 30 30 30 30 30 30 30 30 30 30 30 360
Office
Supplie
s
83.3
3333
33
83.3
3333
33
83.3
3333
33
83.3
3333
33
83.3
3333
33
83.3
3333
33
83.3
3333
33
83.3
3333
33
83.3
3333
33
83.3
3333
33
83.3
3333
33
83.3
3333
33 1000
Equip
ment
666.
6666
67
666.
6666
67
666.
6666
67
666.
6666
67
666.
6666
67
666.
6666
67
666.
6666
67
666.
6666
67
666.
6666
67
666.
6666
67
666.
6666
67
666.
6666
67 8000
Rent 1500 1500 1500 1500 1500 1500 1500 1500 1500 1500 1500 1500 1800
10