Royal Candles Business Plan: Venture Feasibility and Market Analysis

This report details a business plan for a new candle manufacturing startup called Royal Candles. It begins by evaluating the feasibility of the venture, discussing entrepreneurial strategies like effectuation and causation, and highlighting the importance of innovation. The report then conducts an STP (Segmentation, Targeting, Positioning) and competitive analysis to identify market opportunities. Business and marketing strategies are outlined, along with financial techniques and decision-making models for risk assessment. The plan emphasizes the unique selling points of Royal Candles, such as high-quality perfume, affordable pricing, and unique candle designs, to attract customers in the UK market. The report also leverages Osterwalder's Business Model Canvas and Porter's Value Chain to ensure the effectiveness of the new business enterprise.

BUSINESS PLAN

Contents
INTRODUCTION...........................................................................................................................2
TASK...............................................................................................................................................2
Develop a feasibility survey of new venture concept. With the help of relevant conceptual
framework, critically have a discussion in relation to entrepreneurs which are engines of
creativity and innovation.............................................................................................................2
Conduct a STP and competitive analysis for critically exploring the opportunity gap in
marketplaces................................................................................................................................5
Business and marketing strategies should be adopted by entrepreneurs.....................................9
State financial techniques, decision-making models and planning tools which can be used for
mitigating and assessment of risks............................................................................................10
CONCLUSION..............................................................................................................................12
REFERENCES..............................................................................................................................13

INTRODUCTION
The report prepared as under takes in account explanation of business plan, how it is
developed, new business which are being organised with the objective to develop new source of
idea, thought process, method and procedure for setting up new business. It further would help to
examine and assess the capabilities of a respective person for running the business in a more
efficient and effective manner. The concept of business development can be bifurcated in short
term and long-term objectives which are being set for attracting customers value and
shareholders which would be contributing in the growth of business. The new manufacturing
start up can be introduced which would be dealing with unique and innovative plans of scheming
homemade candles. The title name of the start-up chosen is Royal candles. This report would be
helpful in analysing and examining the concept of entrepreneurship with the assistance of new
venture business start-up of Royal candles. The assessment would help to understand the
relationship between the innovation and entrepreneurship. It also deals with market-based
strategies which are adopted by entrepreneurs for increasing the growth of the start-up. It would
also provide quantitative and qualitative tools which are useful in minimizing the business-
related risk (Assefnia, 2018).
TASK
Develop a feasibility survey of new venture concept. With the help of relevant conceptual
framework, critically have a discussion in relation to entrepreneurs which are engines of
creativity and innovation.
There are two sort of entrepreneurial strategies which are being termed as effectuation and
causation for evaluating the performance of the enterprise. The causation process facilitate tools
and means in attaining pre-determined aims and objectives of the entrepreneurship. Such
strategies serve as an effective tool for surviving the competition prevailing in the marketplaces,
it further states the availability of any of the tool or technique which would provide bigger
chance to clear thinking for proceeding towards setting up of businesses. The decision-making
approach is usually adapted for ascertaining the entrepreneur environment as it is taken into
account as uncertain and contingent. According to this approach, entrepreneur develops plans
and policies which could be implemented in a new business or venture. The developed plans

must focus for giving effect to uncertain future outcomes. Causation approach is considered best
fit when future would be observed in a appropriate manner (CAMPISI, 2018).
The concept of Effectuation is stated as a practice which would focus on identification of short-
term opportunities and aims for meeting the resources in setting and developing new enterprises.
The entrepreneur primarily would be concentrating and focusing on creating new data and
information to make useful market related possibility and opportunities.
With the guidance of effectuation approach, new market can be built and developed for forming
a chain network of people who would help in finding and discovering the ways for achieving
success in the competitive environment. Effectuation is an effective mechanism through which
contingency can be assessed whereas causation would result as helpful technique for gaining
knowledge from multiple sources of competitive advantages.
Feasibility study can be defined as a practice which would help in ascertaining if the plan can be
stated as viable in present business situations or not. This study further aims to identify the
productivity and profitability of a new business start-up. This tool is adapted by the entrepreneur
for analysing various elements which would directly and indirectly affect the performance of
business. It would also lead towards the strategies which further would help to reach success and
result in new business start-up after recording positive business results. The feasibility study is
also relevant in new business ventures of Royal candles as mentioned under:
Developing market survey: This market survey is necessary for analysing the geographical
boundaries of consumers and purchasing capabilities of the potential customers. It has been
examined the market share of candles is expanding and growing well. There are many clients in
United Kingdom who are demanding candles for purchase related activities and designing hotels,
public places and interiors as well (Castillo and Flachet, 2021).
 Planning business operations: It is also counted as a crucial factor for planning activities
for day-to-day operations in a business, expense of activities which are to be incurred or
take place in setting up business enterprise. As per the new start up, Royal Candles would
put extensive efforts and develop plans for determining merchandising tools, capital and
what is the availability of the sources for diversification of business through
dissemination of such data.
 Conducting preliminary examination: The first level of feasibility takes a look at entails
screening of enterprise thoughts and efforts, time, sources that contributes in its growth.

The survey is likewise performed for Royal Candle and determined as higher concept for
small scale businesses. Also, the take a look at unearths a large patron marketplace at the
UK wherein human beings use perfume candles and broaden hobby to apply that product.
The new enterprise start up does now no longer require large capital has a one of the
benefits of attracting huge client base of the UK.
 Planning of projected income statement: After initial analysis, company income,
expenses, asset and liabilities are evaluated. These are the vital aspect to have a look at
the monetary function of commercial enterprise. It additionally expected the sales
producing ability of the brand-new commercial enterprise venture (Che Rusli, 2020).
 Review and analysis of data collected: The review data would help to modify and collect
such information according to the availability of need and wants of a consumer. In case
of new business enterprise, Royal candle entrepreneur must observe risk involved and
contingencies which are related to various external and internal elements.
 Decision making phase: In such phases, entrepreneur would be taking effective decisions
of whether they would plan the expansion of business or not according to the information
given and then evaluate it. In case of Candle manufacturing, entrepreneur would be
carrying out its decision-making skills according to customer preference and potential
growth.
Association between invention and entrepreneurship
Innovation offers with the innovative step which depicts mentioning of recent thoughts and
broaden new products. It does now no longer imply to introduce something new however mere
enhancements in current product and offerings also can be termed as innovation. It is pretty
much like entrepreneurial exercise that facilitates a man or woman to installation new enterprise
to make sure something new and creative. The innovation withinside the subject of candles
production people’s demands. Entrepreneurship is described as a cap potential of a man or
woman to assume marketplace expectation and tendencies as an possibility to find out new
thoughts and views. In order to obtain such opportunities, you possibly can introduce new and
modern product (Gruden, 2018).

Conduct a STP and competitive analysis for critically exploring the opportunity gap in
marketplaces.
Competitor evaluation enables to evaluate the features, fine, fee and commercial enterprise
techniques on the premise of client evaluations and feedback. It contributes in helping and
information the marketplace wishes and demands. Royal Candles succeeds on presenting fine
perfume product at affordable fee is a aggressive gain for the entrepreneur. In relation to Royal
Candles, aggressive evaluation is referred to below:
Basis Royal Candles 5 Wytches Candles &
Gifts
Best Kept Secrets
Products and services
offered
The commercial
enterprise version
followed through
Royal Candle is
primarily based totally
on homemade
ornamental candles to
its clients for his or her
designing locations
including homes, inns
etc.
This organisation is
small scale business,
gives vegan pleasant
and carbon much less
candles (Hikmah,
Kaniawati, and
Sumad, 2018).
It affords types of
perfume candles. They
additionally give
unique bargain on sure
events consisting of
festivals, birthday etc.
Strategy towards price
of product
The specific pricing
method is utilized by
the entrepreneur of
Royal Candles via way
of means of manner of
bargain at preliminary
days in their start-ups.
They additionally offer
unique package deal to
The pricing approach
of five wytches
facilitate top rate
pricing which allows
in retaining their
merchandise one of a
kind and treasured
most of the customers.
They provide their
product at affordable
rate to their capability
customers.

draw its clients and
make large purchases
Advertisement modes The Royal Candles
owned their reputable
internet site and
different marketing
and marketing
channels to sell their
product on massive
scale. Social media
additionally
contributes in selling
their candles.
The entrepreneur of
five Wytches makes
use of conventional
techniques of selling
their merchandise via
way of means of
manner of television,
classified ads etc.
Planners of Best Kept
secrets and techniques
used conventional in
addition to present day
technique consisting of
social media and radio,
tv etc.
STP Analysis
STP evaluation is taken into consideration as version that examine the provided offerings
and goods, conversation medium to offer all of the facts to their consumers. It is used to assist
the employer to boom customized and messages additionally prioritize the paintings to create not
unusual place hobby of the consumers. This evaluation is made through the marketers of Royal
Candles to take a look at the marketplace hole and broaden techniques associated with
marketplace. All the vital factors of STP Analysis are made according with Royal Candles are
referred to thereunder:
Segmentation: In this phase, organization of clients are divided into small denominations
according with the feature and features. This will assist the marketers of Royal Candles in
emphasizing on segmented clients and supply customized messages in preference to
campaigning amongst massive audiences (Marcelli, 2019). Usually, customer segments are used
to divide the elements like geographical boundaries, values, tendencies etc. In context to Royal
Candles, segmentation is made on the idea of hobby, persona and commercial enterprise begin
ups.

Targeting: The subsequent step of STP framework assists in figuring out the target market and
goal the sure organization of consumers. Here, the entrepreneur of Royal Candles selects the
worthwhile phase to optimize the income through regarding withinside the advertising
campaigns. Positioning: At this stage, entrepreneur have precious method to choose goal
organization of target market. These pursuits to create powerful advertising strategic device and
identifies particular promoting rate to have interaction massive customer base. The Royal
Candles formalizes the powerful device to sell marketing and marketing device and bring the
authentic message approximately product in the front in their patron (McCardell, 2018).
Discussion approximately feasibility of latest commercial enterprise ventures the commercial
enterprise concept of designing perfume Candle are possible in nature. The feasibility examine
suggests the recognition of the product withinside the UK marketplace. It has been tested that
UK is vicinity of massive patron base wherein human beings like to layout their homes, hotel,
workplace with those candles. Social hobby of the United Kingdom has a tendency to buy candle
with more potent aroma in sure occasions. It is a small commercial enterprise with low capital
fee and different equipment. This highlights the possible nature of commercial enterprise in
phrases of finance and financial level.
Discuss business model and describe in what ways new venture would be working and
functioning with the help of Osterwalder's business model canvas and Porter's value chain.
In order to effectiveness of the new business enterprise the business model of the Royal candle
has been discussed below: -
Name of business Royal Candles
Executive Summary The following marketing strategy accommodates of an progressive
enterprise concept of producing the home – made candles that
incurred of much less price of capital and infrastructure. The
organisation offers in top notch first-class of can candle with
distinctive and more potent fragrance (Peters-Destéract, 2020).
Vision The imaginative and prescient of the organisation is end up a
properly – referred to as properly as famous logo of the industry.
Mission The assignment of the corporation is to provide terrific great of
ornamental candles with distinctive kinds of perfume at a

completely low to the clients a good way to entice them closer to
the innovation.
Objectives The goal of the entrepreneur of the respective organization is to
gather the sustainable enterprise practices inside the company as a
way to increase a wonderful logo photo which assist in growing
the organization profitability.
Marketing mix In relation to the Royal candles all of the elements which can be
incorporates beneath Neath the advertising blend has been
mentioned below: -
Product: - this detail of the advertising blend states that during
which kinds of items and offerings the enterprise is dealing or
provide to their clients with a purpose to fulfil them and earn
increasingly more profits. The Royal Candles delas in home –
made rewarding candles in distinctive kinds of form size, colour
and fragrance.
Price: -this detail of the advertising blend is largely the quantity of
cash which might be paid through the clients in alternate of
products and offerings. In relation to the Royal Candles,
discounted pricing method is followed through the enterprise
control in putting in place the fees of the merchandise. This now
no longer simplest enables in attracting the ability base of clients
however additionally assist withinside the making sturdy courting
with them (Prieto Estévez, 2022).
Promotion: - this thing states approximately what kinds of
promotional techniques is followed through the enterprise control
with a purpose to sell their items and offerings withinside the
market. In relation to the Royal Candles, virtual advertising
strategies are used by the enterprise control with a purpose to sell
the merchandise. They specifically used the social media systems
to make suitable a powerful courting with the clients and sell their

merchandise.
Place: -the vicinity is largely the places in which the enterprise
merchandise is displayed and they're withinside the attain of
clients. In relation to the Royal candles the entrepreneur of the
enterprise has delivered their reputable web sites for taking the
orders from the individuals. The organization don’t have any
bodily save yet.
Situational analysis Strengths: - The largest electricity of the Royal Candles is they
deal in exceptional sorts of candles and make use of the waste
substances for manufacturing (Rodríguez Martínez, 2020).
Weaknesses: - As the Royal is a brand new small commercial
enterprise and start - up so the entrepreneur has the much less
know-how approximately the marketplace and additionally they
don’t have the experience.
Opportunities: - The respective company have the possibility of
adapting the brand new in addition to contemporary-day
generation a good way to sell their products.
Threats: - because the company is a start-up so the logo isn't
always widely known withinside the minds of customers. This
incorporates of lot of constant value for enterprise.
Pricing strategy Discounting pricing approach is accompanied via way of means of
the control of the enterprise which offer them help to them in
growing their patron base. They additionally provide more bargain
to their clients on festivals, birthdays and anniversary (Schramm,
2018).
Business and marketing strategies should be adopted by entrepreneurs
Entrepreneurs want to use exceptional styles of enterprise and advertising techniques or
approaches a good way to gain the achievement in their enterprise features. Here are the

exceptional techniques, that marketers must take at every level of beginning a enterprise
associated with Royal Candles has been mentioned below:
Start - up Phase: - In the start - up segment of a company, Royal Candle marketers want to
outline modern enterprise thoughts and plans. They want to be conscious that they invent
accurate and dependable enterprise plans and additionally set their powerful advertising
techniques. Business proprietors want to shape advertising plans that target their goal markets
and consumers (Strickland, 2018).
Growth Phase: - During the increase segment, the marketers of the Royal Candle want to
examine Ansoff's increase techniques which now no longer handiest supply help to them going
for walks their enterprise features easily however additionally assist them to gain the aggressive
gain over their rivals. They can adopt marketplace penetration approach after they want to
promote a current product in a current marketplace. Entrepreneurs can take over marketplace
increase via way of means of promoting the present merchandise to the marketplace without
catering. Royal Candle marketers can pick product improvement approach after they required to
broaden a product in a current marketplace. Diversification refers back to the creation of recent
merchandise.
Market penetration approach may be followed via way of means of the entrepreneur of the Royal
Candle due to the fact it's miles a brand-new enterprise and start-up is on the preliminary level.
They can deliver new product improvements to the client base of current markets.
Integration Phase: – This segment lets in Royal Candle marketers to develop their merchandise
strains and channels of distribution. The control of the respective organization can is trying to
find mergers and acquisitions with predominant brands. An entrepreneur is needed to create a
company photograph at this level and maintained it withinside the sector (Tamarit Marzo, 2020).
Underperformance Phase: - In this segment, marketers have to make hard selections to beautify
the overall performance and productiveness in their company. Royal Candle marketers want to
behaviour extensive marketplace studies to decide the motives for the bad overall performance.
They additionally want to maintain song of all of the movements taken and the techniques that
are taken via way of means of them.

State financial techniques, decision-making models and planning tools which can be used for
mitigating and assessment of risks.
Assessment of qualitative making plans equipment for figuring out and minimizing
dangers In relation to the Royal Candles the qualitative making plans equipment which may be
utilized by organisation marketers has been mentioned below: -
Prediction: - forecasting is essentially a technique which an entrepreneur makes use of to expect
the future. This is vital for marketers to pick out and limit hazard and may be make use of
through the marketers for a powerful proactive approach. This offers help to the marketers to plot
in step with converting tendencies withinside the dynamic marketplace. This consists of
professional evaluations of numerous components that has an destructive impact at the
commercial enterprise special functions (Wańkowicz, 2019).
Emergency Response Plan: - Can be defined as a workout in selecting an opportunity route of
motion to fulfil the converting needs of the situation. Entrepreneurs can use this device to plot
due to the fact they provide plenty of alternatives for powerful making plans. This facilitates
Royal Candle marketers pick out and mitigate the dangers of dynamic marketplace changes. It
additionally facilitates in coping with emergencies in commercial enterprise operations.
Assessment of quantitative making plans equipment for figuring out and mitigating dangers in
order to pick out and mitigate the hazard the quantitative equipment which may be make use of
through the marketers has been cited below: -
Data mining: -This is essentially taken into consideration as a mixture of programming expertise
and statistical techniques. This exercise rises slowly with the boom of facts units across the
world. Royal Candle marketers can use it to accumulate plenty of facts approximately the
tendencies going for walks withinside the marketplace and client demand. The facts that's
gathered provide help to the organization to be able to pick out and plan for hazard mitigation.
This exercise makes use of laptop programming capabilities that marketers need to have.
Linear programming: -that is a quantitative technique that help the directors to plot and allocate
the sources in right manner. It additionally facilitates Royal Candle marketers to pick out the
first-class income to assist lessen running costs. This era provide help to the marketers to
efficaciously address manufacturing problems, purchase machines and lease a workforce. It
additionally facilitates them to test for dangers related to manufacturing sports and efficaciously
mitigate them (Zulkornan, Jusoh, and Zulkifli, 2021).

Common errors made through marketers is not unusual place mistake an entrepreneur makes
whilst beginning a mission is that now no longer spending at the sources, thinking about the
dearth of opponents and now no longer described the possible dreams. The incapability of Royal
Candle marketers to provide the correct monetary declaration at once impacts their role
withinside the powerful use of sources. Thinking of no direct opposition to be had withinside the
area is some other massive mistake marketers make. Considering themselves as a advanced
withinside the enterprise and trust that competition and hooked up merchandise will now no
longer intervene with their commercial enterprise is the some other mistake the entrepreneur
does. One of the errors marketers make is they did not set dreams earlier due to the fact they did
not have the proper direction.

CONCLUSION
From the above prepared report, it has been asserted as well as concluded that the
conception of innovation and entrepreneurship are closely linked with each other and which must
be addressed at same point of time. Innovation can be explained as introduction or launching of
fresh and innovative ideas as well as thoughts in entrepreneurial activities and operations. A
business plan is a complete description which would be assisting managers to provide
instructions for the employees and staff person in such a way that they are able to have full focus
and concentration on efforts. This report also concludes that entrepreneurs must develop the
marketing along with pricing strategies and policies for antialiasing various forces for effectively
building their businesses. For solving various problems, entrepreneur must plan actions well in
advance as what can be done and what is to be done. They can utilise both quantitative and
qualitative tools and techniques in relation to develop the plans more precisely and monitor the
risk prevailing.

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