Off the Grid Restaurant: Business Plan and Market Analysis Project

This project report focuses on Off the Grid, a theme-based restaurant operating in the UK, aiming to increase profitability through innovation. The report details the development of a new business idea centered around a traditional theme to attract customers. It includes a market analysis, evaluating factors like size and demographic location, and an industry analysis using Porter's Five Forces to assess competition and market dynamics. Operational details, including promotional activities and online platforms, are discussed. A SWOT analysis evaluates the restaurant's strengths, weaknesses, opportunities, and threats, along with the financial requirements for the business. The conclusion emphasizes the importance of innovation and entrepreneurship in achieving competitive advantage and market share.

Innovation and
Entrepreneurship

Contents
INTRODUCTION...............................................................................................................................3
TASK 1:................................................................................................................................................3
Business idea development................................................................................................................3
TASK 2.................................................................................................................................................4
Market analysis..................................................................................................................................4
Industry analysis................................................................................................................................5
Operations detail................................................................................................................................6
SWOT analysis..................................................................................................................................6
Financial requirements......................................................................................................................7
CONCLUSION....................................................................................................................................8
REFERENCES....................................................................................................................................9

INTRODUCTION
In a competitive business world, innovation play a crucial role in introducing new
process, products services that affect positively change within the organization. One of the
main purposes of implementing innovation is to improve their existing method or practice to
capture competitive edge in market place. In addition of this, innovation may also effective in
capturing customers attention by providing them some unique and quality services in order to
meet their expectation and requirements as well. In relation to this, innovation and
entrepreneurship both are related aspects that used in the business with the aim of generating
larger profitability form its competitors (Leonidou and et. Al., 2018). A person who come up
in market with new and innovative ideas is known by entrepreneur who take risk with the aim
of converting into financial gain. This is the reason that both innovation and entrepreneurship
are crucial for company in accomplishing competitive image in market place. Current report
is based on Off the grid restraint, is a theme-based restaurant that operate their busines in UK
with the aim generating larger profitability level. This restaurant going to introduce
innovation by making traditional theme within their restaurants that help them in inviting
more and more consumers over there. One of the main focus of this organization is to serve
best quality of services to its customers so that they can easily improve their performance and
established its competitive image at market place. This report focusses on developing new
business idea development that support them in attaining huge opportunities in market place.
In addition of this, market analysis, industry analysis and entire detail of operations is also
mentioned in this project. At last SWOT analysis is also discussed that help business
organization in improving their brand image.
TASK 1:
Business idea development
Now a days, every business organization wants to come up with new and innovative
ideas within the market place because it helps them in increasing positive brand image. This
is the reason that business can introduce new changes within their activities that support in
capturing customers attention towards its services (Yunis, Tarhini and Kassar, 2018).
Development of new business ideas provide huge opportunities through which company can
expand their business and at the same time also increase the possibilities of accomplishing
competitive edge from its rivals. In this context, Off the grid is a new and theme-based
restaurant run their activities in UK with the aim of increasing their profitability level.
Company also expand their business in which they come up with traditional theme within

their restaurant. In this, entire interior and staff members are also traditional and food serving
activities is also related with traditional theme. It is innovative theme for Off the grid through
which they can capture customers attention towards its new services.
Along with this, the main focus of Off the grid is to influence customers to consume
its services and visit the restaurant once (Hall and Williams, 2019). By providing them
positive and satisfactory experience to its guest can help them in improving their positive
brand image and at the same time also increase its customers base as well. Its food quality is
based that is the major reason that customers like its menu and services as well. The main
reason behind this is that staff members are completely focus on customers’ requirements and
their demand as well. Staff members also wear traditional dresses as per its theme which is
also more attractive for customers. Positive and healthy environment of restaurant is also
attracting customers to visit the same. Off the grid also keep their product price affordable so
that customers can easily buy its products as per their needs and wants. All these are the
major reason that large number of customers get easily attracted towards the restaurant and
make it famous in the market.
TASK 2
Market analysis
It is important for company to analysis market before expanding their business
operations that help in enhancing the opportunities to attain competitive success. Along with
this, Off the grid also analyse the customers need that may assist in providing them better
quality services as per their needs and wants. With the help of this, Off the grid can easily
capture larger market share from its competitors. Furthermore, traditional theme restaurant
also targets their market on the basis of size, value, geographic location and any demographic
details as well.
Size: It is one of the important factors in which Off the grid includes number of staff
members and train them as per their traditional theme. In addition of this, company also set
the area wherein they provide space for customers to make seating arrangements. This can be
beneficial in improving the possibilities of attaining competitive success at market place.
Demographic location: Before expanding their business in market place, it is important for
company to analysis local market and economic statistics (Mitra, 2019). This can be effective
in increasing the sales potential and at the same time also enhance the possibilities of
generating larger market share from its competitors. In context to this, Off the grid analysis

that local market in UK with the aim of providing them better services as per their needs and
wants. By this, company can easily increase their sales and also capture larger market share
from its competitors.
Industry analysis
While expanding business activities in market place, it is important for company analysis
industry wherein they want to operate or run. This can be effective in analysing the current
trends and demand present in the market place (Servoss and et. Al., 2018). With the help of
this company can easily increase the possibilities to attain competitive edge from its
competitors. Industry analysis also support in assessing current business environment through
which company can easily understand the market place how it helps in attaining a
competitive advantage from its competitors. In relation to this, Off the grid also analysis
industry that help in determining its rivals present in market place and at the same time also
analysis the aspect to compete the same to attain success in competitive business
environment. For industry analysis, Off the grid use Porter’s five force model are as follows:
Threat of new entrants: Starting a new business requires a moderate level of investment as
entering into industry is easy. As it includes high threat of new entry in-front of Off the grid.
In this company focus on establishing its traditional theme restaurant in market and at the
same time also keep uniqueness in their services. By this large number of customers can
easily attracted towards its services.
Bargaining power of buyers: In market place, customers hold the power of influencing the
pricing decision. It directly affects the Off the grid performance and its sales as well. In this
company focus on customers demand and provide them products with affordable cost. This
can be contributing in increasing sales and profitability as well.
Bargaining power of suppliers: There are number of suppliers who provide raw material to
company. This is the reason that Off the grid have number of options to buy raw material at
lower cost. This can be improving the possibilities of increasing their profitability at market
place.
Threat of substitute products: Restaurant industry is one of the fastest growing in which
huge entities make food items to serve its customers. This is the reason that threat of
substitute product is high for Off the grid in market (Cunningham and et. Al., 2019). By this
customer easily switch to another restaurant. In this context, Off the grid focus on its pricing

strategy and its food quality as well. By providing quality traditional food items on affordable
cost can help in inviting more and more customers.
Competitive rivalry: In food industry, there are number of competitors present in market
which give strong competition to Off the grid. This will put negative impact over the
company image at market place. Thus, it is important for Off the grid to serve best quality of
traditional food services to customers as per their needs and wants in order to attain their
satisfaction level.
Operations detail
Off the grid operate their business in UK local market with the aim of generating
larger profitability level. Company focus on local customers that may assist in increasing its
profitability. Mainly, restaurant offer their services in London where they target all the local
people who likes to theme restaurant. Promotional activities are also effective in business that
help them in inviting more and more consumers over its services. This can be effective in
increasing profitability level of the company and also attain competitive advantage from its
rivals. In addition of this, restaurant also offer their products through online platform wherein
they target large number of customers at a time and also make them loyal towards its service
(Cécora, 2019). With the assistance of this, competitive success can be easily obtaining by
making its customers base strong.
SWOT analysis
It is one of the important tools that help in determining the current performance of
company at market place along with all the opportunities and threats as well. By this Off the
grid can easily analysis their performance in market place and also tries to convert all the
weakness or threats in strength to attain competitive success.
Strengths Weaknesses
 One of the main strengths of Off the
grid is its food quality that influence
customers to buy its services.
 Off the grid set their good cost less
or affordable as compare to its
competitors that help in inviting
more and more customers towards
its offerings.
 New in market place is a major
weakness for Off the grid as some
time fail in inviting customers
towards its services.
 Strong presence of competitor in
market may negatively put impact as
customers are loyal towards its
competitors’ products.

 Its Traditional theme attract
customers attention that is USP of
Off the grid.
 Restaurant also provide healthy and
hygienic place to customers where
they easily spend their time.
 Competitors have strong
promotional activities through which
they can easily invite customers and
Off the grid face issues in
influencing people towards its
traditional theme and its services.
Opportunities Threats
 Traditional theme of Off to grid
provide huge opportunities in market
place by influencing or capturing
customers attention towards its
services.
 Now days customers like traditional
theme and also prefer to consume
traditional services. This is the
reason that company get
opportunities to expand their theme-
based restaurant in UK market. This
can be increasing its customers base
and at the same time also able sin
acquiring larger market share from
its competitors.
 Change in customers taste and
demand is a major threat that can be
reduce company performance in
market place.
 Competitor of Off to grid offer
delivery and takeaway service that
also reduce customers base.
 Healthier choices for customers
affecting Off to grid performance in
market place.
Financial requirements
While operating their business in new market, it is crucial for company analysis their
financial requirement that help them in improving the possibilities of generating larger
profitability. It may include entire aspects such as furniture, premises cost and many more.
All these are may assist in determining the actual profit of Off the grid restaurant in market
place.
Particular Amount
Opening stock 500 £
Furniture 100£
Premises cost 250£

Building 100£
Total cost 50£
CONCLUSION
From the preceding report it can be summarised that innovation and entrepreneurship
both play a crucial role in business organization as it provides path and huge opportunities to
expand their activities in market place. This can be beneficial in increasing the competitive
and positive brand image and at the same time also capture larger market share from its
competitors. While come up with new and innovative idea in market place, it is important for
company to analysis market and industry so that they can easily attain success. Including all
the operating and financial requirements also assist in attaining competitive edge at market
place. All these aspect help company in reducing the possibilities of arising any kind of issues
and challenges at the time of expanding its operational activities at wider or global area.

REFERENCES
Books and journals
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program (SIEDP): an experiential learning program for surgery faculty to Ideate and
implement innovations in health care. Journal of surgical education, 75(4), pp.935-941.
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Routledge.
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