The Piano String Restaurant: Business Plan and Market Analysis

This document outlines a comprehensive business plan for 'The Piano String,' a proposed restaurant combining multiple cuisines with a live musical band. It includes an introduction emphasizing the need for market analysis and strategic planning for business success. The plan details the business concept, analyzes the macro-environment using the PESTEL model, assesses market competitiveness via Porter's Five Forces, and examines competitors. It proposes marketing and pricing strategies, an operations plan, and a SWOT analysis. Financial requirements, including furniture, equipment, and operational costs, are specified, along with an elevator pitch to attract customers. The conclusion reinforces the importance of aligning business offerings with market trends. References to relevant academic sources are also included.

Business Plan

Content
– Introduction
– The business details
– Macro Environment analysis- PESTEL model
– Market and industry analysis- Porter's five forces
– Competitors analysis
– Strategy for marketing and pricing
– Operations plan
– SWOT analysis
– Financial requirement
– Elevator pitch
– Conclusion
– References

Introduction
A newly start up business requires the essential resources which are
used to ensure the growth and survival of the business. For starting a
business, it is necessary that it covers the market analysis and come up with
such strategies which shall help in accomplishing the goals and objectives
of the business. This report shall have the business idea of starting up a
restaurant which is named as The Piano String.

The business details
The business idea purposed for this
report is starting up a restaurant which is
named as 'The Piano String'. It is a
unique restaurant which shall have
multiple cuisine and a live musical band.
This combination shall help in growth
and survival of the business.

Macro Environment analysis- PESTEL
model.
The PESTEL model is a tool which is sued by the businesses to analyse the macro
factors which may affect the working of the business. It includes 6 factors which
are discussed below in context to The Piano String which is discussed below-
Political- It is concerned with the political environment and its impact on the
business. The Piano String must ensure that it is established in a environment
which is politically stable otherwise its working may be affected by the instability
of the government.

Market and industry analysis- Porter's five
forces
Porter's five forces is a strategy which
helps the business in understanding the
competitiveness of the business
environment. It involves 5 forces which
are discussed below in context to The
Piano String-
.

Competitors analysis
There are many competitors of The Piano String which are present in the
market which may take an edge over the restaurant. The competitors of The
Piano String are-
Clove club which is a dining house which provides precise and elegant
food to its customers in the relaxed and an informal setting. The restaurant
offers British taste food in a modern way. It is inspired from the British
culture and provides effective service to the customer.

Strategy for marketing and pricing
The targeting strategy involves the
following-
Segmentation -There are 4 types of
market segmentation, out of which the
Piano string can adopt one and
understand its target market. The 4
market segments are-

Operations plan
The Piano String restaurant shall offer the multi cuisine to its target market.
The restaurant is situated on the Oxford street which is the busiest location of
the London so that large audience can be attracted to avail the service of the
restaurant. The Piano String shall have the advanced technology equipments
which brings the delicious taste to the dishes. The oven, refrigerator and other
equipment are used to prepare the amazing tasted dishes.

SWOT analysis
Strength
•The restaurant offer multiple cuisine which is its biggest strength as it tries to
cover preference of all customers.
•The combination of live musical band and cuisine is also another strength.

Financial requirement
The Piano String offers multiple cuisine to the customers with live musical
band. Its financial requirement is discussed below-
Furniture = £ 1500
Selling price per unit = £50.
Fixed cost = £ 1500.
Equipment’s = £ 2000.
Premises (will be acquired on rent) =
Security deposit = £ 100.
Advance rent for 1 month = £ 100.
Estimated cost of sales = £10 per unit.
Variable cost = £3 per unit.

Elevator Pitch
The elevator pitch for this restaurant is that it must plan to bring sun
down party on weekend so that youths can be attracted. The timing of
this sun down party can be 4PM to 7PM. This will help in enhancing
the sales and profitability of the restaurant.