Detailed Report: Unit 28 - Launching a New Venture Business Plan

This report details a comprehensive business plan for the launch of an organic food truck venture called "Health on Wheel." The plan includes an executive summary, competitive analysis using SWOT analysis, and a description of the target market. It identifies both tangible and intangible resources required for the venture, detailing manpower, financial, and intellectual property needs. The report presents a credible proposal outlining the mission, vision, and marketing strategies, including the 4Ps of marketing mix (Product, Price, Place, and Promotion). An operational plan is outlined, including location and facilities. The report also includes a promotional activities plan, a monthly cash budget, and a suggestion for an appropriate legal form for the venture, concluding with references to support the analysis.

UNIT 28 LAUNCHING NEW
VENTURE

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P.1 Explaining the new venture idea...........................................................................................1
P.2 Determining specific tangible and intangible resources of business plan............................6
Intangible resources.........................................................................................................................8
TASK 2............................................................................................................................................8
P3. Producing a credible proposal to launch a new venture.......................................................8
P.4 Assessing skills and capabilities required to launch a new venture....................................10
TASK 3..........................................................................................................................................11
P.5 Explaining different promotional activities and channels for the launch of the new venture
...................................................................................................................................................11
P.6 Developing an appropriate promotional activities plan for both launch and pre-launch of
the venture.................................................................................................................................12
TASK 4..........................................................................................................................................13
P.7 Producing an itemised monthly cash budget for the venture..............................................13
P8. Suggest an appropriate legal form for the venture, stating why it has been chosen for your
organization...............................................................................................................................16
CONCLUSION..............................................................................................................................17
REFERENCES..............................................................................................................................18

INTRODUCTION
The 21st century is a fast moving era. People of this age are very busy. They do not have
time for their health care too. Today people are demanding healthy food to remain themselves
healthy and fit. This report is presenting a business plan which is of organic food truck. Name of
this food truck is “Health on wheel”. Inside this report executive summary about business plan
will be presented. The report will also consist off competitive analysis, various pre and post
launch promotional activities, legal ventures for business plan. A forecasted budgeted cash flow
is also made for an estimate of the expenses.
TASK 1
P.1 Explaining the new venture idea
Executive summary
“Health on wheel” will be the reasonably priced 10 seats food truck which will offer the
organic food. Fruits, juice, vegetable salad, fruit salad, protein shakes, eggs, yogurt, dry fruits
curry, etc. are all on the menu. In this food truck, they will offer all the organic food for the
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Illustration 1: FOOD TRUCK
(Source: FOOD TRUCK, 2018)

young, adult, men, women, old etc. food truck will be operated by (write your name along with
your partner here). The “Health on wheel” will put emphasis on organic ingredients.
Customers: “Health on wheel” aims to target distinct groups that believes that the
market can be segmented into five group. The segmentation will be done geographically. Target
will be different areas in city which includes Gym, Hostels, Hospitals, Old age homes, parks etc.
these are some basic areas where food truck will offer organic food.
Management: “Health on wheel” has assembled a strong management team. Three
friends have decided to launch new venture which is basically based on the organic food. Apart
from this, they will appoint one professionally trained driver, one senior chef along with two
assistants and three helpers who will serve food and manage the whole working. All three
friends will take the responsibility individually of different works inside the truck. For example,
one had excellent accounting skill with IT skills so he will manage the accounts' department
(Terjesen, Bosma and Stam, 2016). Apart from this second owner will manage the raw material
and stock and third will take care of other activities.
Competitive edge
“Health on wheel” s competitive edges are:
1. The proprietor's sound understanding about running and opening a food truck.
2. An attractive, unique contemporary food truck design.
3. An attractive international featured menu, changes in every six months.
4. Proper marketing campaign including in and outside the city.
Competitor Analysis
To identify the competitive analysis of “Health on wheel” simple and best technique
have been used that is SWOT analysis.
The SWOT consists of Strengths, Weaknesses, Opportunities, Threats. The SWOT of
“Health on wheel” are listed under along with their weighted impact on mission. The strengths
of my food truck will arise from its unique feature that is mobility and its organic foods. It offers
the organic food by itself that means it is a food truck which go to the customers and offers them
a healthy food. It also saves time of customers. The truck also carries some natural and artificial
things which help them to attract more customers.
SWOT analysis: Strengths
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Ratings Strengths weight Weight
score
3 Varieties of healthy cuisine 5.00% 0.15
3 Inviting look 6.00% 0.18
4 Goodwill 7.00% 0.28
3 Quality of the service 8.00% 0.24
4 Nutritional value 13.00% 0.52
3 Met the requirements of Specials needs 5.00% 0.15
2 Artificial and natural equipment's 6.00% 0.18
50.00%
Weakness
The weakness of “Health on wheel” lies on its brand, because inside the city no one
knows it. The existing business which are currently running have already acquired market so it
will take time to sustain this food truck in market. Another weakness about this is that it will
offer the organic food which can be quite expensive than others.
Rating Weaknesses Weight Weight
score
3 Fresh establishment 18.00% 0.54
4 Limited fund 14.00% 0.56
4 Higher prices of the organic food 10.00% 0.4
3 Limited possibility of expansion 8.00% 0.24
50.00%
3

18.00%
14.00%
10.00%
8.00%
0.54
0.56
0.4
0.24
Fresh establishment
Limited fund
Higher prices of the organic
food
Limited possibility of ex-
pansion
Opportunities
“Health on wheel” is having various opportunities like, it is providing organic foods
with various geographic as well as demographic segments. There are very less restaurant and
food trucks which are offering pure organic food for health conscious people. The attractive food
truck design with artificial creation of nature will attract customers.
Ratings Opportunities Weight Weight
score.
3 Population of students 8.00% 0.24
4 Growth in health conscious people 16.00% 0.64
3 Pure organic truck 10.00% 0.3
3 Movable restaurant 8.00% 0.24
3 Necessary locations (gym, hostels, parks, yoga centers) 8.00% 0.24
4

50.00%
8.00%
16.00%
10.00%
8.00%
8.00%
0.24
0.64 0.3
0.24
0.24
Population of students
Growth in health conscious
people
Pure organic truck
Movable restaurant
Necessary locations (gym,
hostels, parks, yoga centers)
Threats
There are only few threats in way of success of the “Health on wheel” in US there are
very restraints who offers pure organic food (Lee and et.al, 2016). And talking about food trucks
there are no food trucks which offers organic food to customers. The main competitor for
“Health on wheel” are EVOS, Natural cafe, Organic to Go etc. they are restaurant which serves
organic food and some similar food products.
Ratings Threats Weight Weight
score
3 Other local restaurants 16.00% 0.48
3 Current economy 13.00% 0.3
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2 High turnover 7.00% 0.14
4 EVOS/ natural cafe 14.00% 0.56
50.00%
16.00%
13.00%
7.00%
14.00%
0.48
0.3 0.14
0.56
P.2 Determining specific tangible and intangible resources of business plan
Before deciding to launch the business it is required to have various intangible and
tangible resources. There are lots of tangible and intangible resources which are required for
food truck are discussed under:
Tangible resources
These are those resources which are required by every business. Tangible means which
can be seen, touch (Kuratko and Hornsby,2017). Therefore, these are those resources which can
be seen and touched. The “Health on wheel” will require tangible resources are listed in the
table.
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Other local restaurants
Current economy
High turnover
EVOS/ natural cafe

Tangible Resources Purpose
Physical resources
Vehicle
Utensils
Raw material
Chairs and Tents
Other resources
As it is a food truck so it will require truck for further working.
Venture is of organic food, so utensils for the purpose of cooking
can be needed.
There is a need of various raw materials for the food truck.
Some seats and chairs are also required and tent to save truck and
customer from the sun and rain.
There must be other resources which are required like petrol, tool
kit, first aid, etc.
(A) Manpower resources Driver Chefs
 Helpers
 Other managing staff
(B)Financial resources Cash
 Bank or financial
institutions
Professionally trained driver to drive truck.
One senior and one assistant chef is required for the cooking and
baking.
In order to overcome burden of chef and maintain hygiene the
helpers are required.
The other managing staff is also required for handling account
department, IT department. Etc.
____________________________________________________
Cash is required to open venture and for purchasing raw
materials and other required things for “Health on wheel”.
The other resources is Bank, if owner of the “Health on wheel”
wants to raise finance for further expansion.
Other resources Other resources will include resources which require for the
promotional activities.
Intangible resources
Intangible resources are those which cannot be seen but are essential for the business.
Here for food truck “Health on wheel” will require intellectual rights which mandatory for
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business to have it. Intangible resources are very much important. The intangible resources are
mentioned in the table.
Intangible resources Purpose
Product quality Its purpose in the food truck is very much clear, because it is
offering organic products which must be of good quality.
Deliver reliability If the food truck will provide home delivering service it must be
reliable, fast and appropriate (Kuazaqui,2015).
Staff morale In starting no one is clear that for how long business is going to run
so it is very important for owner to maintain staff morale and must
also motivate them.
High quality
management skills
Owner should have high quality management skill for managing the
workings in food truck
Legal issues and
intellectual property
rights
As it is a sole proprietor business owned and run by owner itself do
not need much legal issues. It needs to have all intellectual property
like patents, trademarks etc. for food truck.
TASK 2
P3. Producing a credible proposal to launch a new venture
Concept
Today in this era people basically are running very busy life. To survive in this era,
people needs good health. “Health on wheel”, is a food truck which will offer organic food. It
will mainly target gym, hostels, hospitals, schools, universities parks, fitness centers.
Tag line
Eat your veggies, have less wedges.
Mission
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The mission of “Health on wheel” is to provide healthy organic food with best product
quality, with the combination of interesting atmosphere with excellent tasty and healthy food.
We want fair profit and rewarding place for employees.
Vision
 Increase in sales by $350 k by 2020.
 Expansion in the entire city New York by 2020 and further expansion in entire country
US.
 Earn more profit by providing people with healthy food.
Marketing Plan
The marketing plan will consist of four P's of marketing mix which includes Product,
price, place, promotion.
Price
Price for the organic products and services will be moderate. It should be contingent that
could be highly affordable by every customer.
Product
Our food truck “Health on wheel” will offer the various organic products which is for
health conscious people. Organic product includes Protein shakes, different types of salads, fruit
juice, other organic foods.
Place
The target place for food truck will be gym, schools, universities, MNCs, parks, old age
homes, fitness centers, hostels, hospitals where people were found very conscious towards their
health.
Promotions
For promotion of “Health on wheel” s will be done by various pamphlets and word of
mouth. Apart from these newspapers, social media platform, advertisements in TV, Radio
stations also done for promotion of food truck.
STP
segmentation – it is very important tool to segment the market as it help the organisation to
achieve the desired goals and objectives.
Target – it is important to target the customers so that to increase sales .
Positioning – it is the most important tool which gives us complete clarity about the market.
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Operational plan
location and facilities
The movable restaurant of food truck basically for the health conscious people. It will
provide the facility or organic food and services (Ghezzi and et.al., 2015). The 3 truck will start
from the Abbott Road at 8:30 am and will reach at gym, fitness centers, parks at sharp 9:30 am.
It will provide services till 8:30 pm. At 12 o'clock it will reach near MNC's, hostels, hospitals
where there is large demand for the organic food. The truck will provide the breakfast, lunch, as
well as dinner on to the fix time.
Daily operation and productions
It will be open 6 days for the breakfast lunch and dinner requiring multiple shifts. Owner
of truck will write schedule and in such way that will permit quality to increase or decrease
hourly labor accounting to sales volume in order to maintain labor cost control.
The operational check list will be handled by another partner in order to verify that every
working shift has been properly prepared and to insure that functional regulation are preceded,
during and after work shifts.
Time schedule
Monday 9:30 am to 8:30 pm
Tuesday 9:30 am to 8:30 pm
Wednesday 9:30 am to 8:30 pm
Thursday 9:30 am to 8:30 pm
Friday 9:30 am to 8:30 pm
Saturday 9:30 am to 8:30 pm
Note: Time for Sunday will be 9:30 am to 11:30 am at gym, parks and fitness centers.
P.4 Assessing skills and capabilities required to launch a new venture
Following are the skills which are required to launch a new business:
1. Resiliency: It is a skill which very entrepreneur must have at the time of launching
the business. It includes ups and downs which are the part of venture. Owner must be
enough resilient when the outlook is bleak (Cantos Díaz, 2016).
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