Detailed Business Plan for Taste to Eat Restaurant: BM564 Project

This project provides a detailed business plan for the fictional fast-food restaurant, Taste to Eat, situated in London. The plan encompasses various crucial aspects of establishing and managing a profitable enterprise, beginning with an executive summary and a comprehensive introduction to entrepreneurship and the business's core purpose. It includes a proposed business model, focusing on innovative fast food recipes and online presence, and identifies the target customers through STP analysis. The project further analyzes the competitive landscape, assessing potential competitors, and the skills required by entrepreneurs. It provides projected financial statements, including profit and loss, cash flow, and break-even analysis, along with a discussion of suitable funding sources and plans for acquiring resources, both tangible and intangible. The project also covers the organizational structure, management information systems, and the vision for the business, concluding with a summary of key findings and references.

BM564 Enterprise and
Entrepreneurship
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EXECUTIVE SUMMARY
This project summarises a viable business plan and its growth options by considering a fictions
enterprise. It encompasses of varied aspects related to making business viable and profitable such
as evaluation of competitors and targeted customers in a strategic manner.
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Contents
EXECUTIVE SUMMARY.............................................................................................................2
Contents...........................................................................................................................................3
INTRODUCTION...........................................................................................................................4
MAIN BODY..................................................................................................................................4
Proposed future business.............................................................................................................4
Identification of target customers................................................................................................4
Prospective competitors present in industry................................................................................5
Skill analysis................................................................................................................................5
Projected 2-year profit & loss and cash flows including break even..........................................6
Identification and determination of suitable source of funding...................................................7
Plans for obtaining tangible resources and intangible resources.................................................8
Type of organisation and management information system for controlling the business...........9
Vision of business idea................................................................................................................9
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................10
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INTRODUCTION
Entrepreneurship can be understood as capabilities as well as readiness to develop and
organise a business enterprise in an effective manner (Bridge, 2017). It is considered as
beneficial for organisations as it aid in identifying and developing managerial talent in a strategic
manner. Entrepreneurs plays important role in economic development of a nation. It is
considered as important for society as it brings numerous innovations and provide employment.
Business activities refers to the purpose for which an establishment work or perform which aid
them to earn profits and make it as growing avenue. This business plan is based on a fast food
restaurant which is named as Taste to Eat. It is a restaurant situated in London and provides food
cuisine as well as table services to their customers.
MAIN BODY
Proposed future business
Proposed future business is related to fast food restaurant which provides cuisine as well as
table services to their customers. Innovations are done by entrepreneurs of Taste to Eat in
relation to their products. They have made innovative recipes and provides large varieties of
French fries, sandwiches, pizzas, burgers, pasta and many more. Varieties of products that are
offered by entrepreneurs of Taste to Eat are cafe products which are normal across London.
Motivation behind this business is the assessment of taste and perception of people of London to
eat fast food which they do not have to cook as well as get it in an instant basis ( Drobyazko and
Et. Al., 2019). Entrepreneurs of Taste to Eat also indulges in making their online presence in
order to make their business a profitable venture.
Intellectual property refers to broad categorical description which comprises of intangible
assets which are owned as well as legally protected by an organisation (Fritsch and Storey,
2017). Entrepreneurs of Taste to Eat can take register for trade secrets in order to protect their
recipes.
Identification of target customers
Entrepreneurs of Taste to Eat have determined to focus initially on B2C sector as it is a
small enterprise and they want to perform in a better way. In order to determine their segmented
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customers, they have performed STP analysis which provides them insights regarding their
segmented customers. Their end-users will be people of London who want to have eat delicious
fast food at affordable prices. Unique selling proposition of Taste to Eat is their delicious cuisine
and table services which they offer to their customers. This business is built on a motivation to
provide easy and tasty fast food to the people of London. This business venture is fulfilling this
need of customers of having delicious fast food which they can order from their home also.
Entrepreneurs have perform specified research into target market and also assess the
attractiveness of industry through PESTLE analysis and Porter five forces model respectively.
Entrepreneurs have analysed that this type of business venture is considered as most profitable
for this time as people seek new varieties of food and restaurants in a significant manner (Henry
and Dana, 2019). In order to make their position in the market, entrepreneurs of Taste to Eat are
determined to offer delicious and quality food to their customers. It has been assessed that there
is high competition in the fast food industry. Social factors such as perception and attitudes of
people can be proved as an opportunity for Taste to Eat as customers need varieties with
changing dynamics.
Prospective competitors present in industry
Competitors which offer similar products or services can present tough competition to
Taste to Eat like Café Spreads, The Riding House Café and many more. In London, there are
varied small cafes which makes size of fast food industry very large. It has been assessed that
market forecast regarding fast food industry and takeaways are increased with a forecast of 20.61
billion (Market size of the fast food and takeaway industry in the United Kingdom. 2022). At
Taste to Eat, customers get calm ambience, delicious food and table services which make
customers to visit it and retain it with for a longer period.
Skill analysis
It is imperative for entrepreneurs of Taste to Eat to poses varied skills which help them to
make critical decisions regarding their business operations. It is important for entrepreneurs to
perform extensive research which helps them to run their business in an effective manner
(Matlay, 2017). Varied skills that are required by entrepreneurs of Taste to Eat are as follows:
Creative mind- Entrepreneurs are known to have a creative mind which promote them to
bring innovations on a continual basis (Matlay, 2018). It is imperative for entrepreneurs of Taste
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to Eat to have creative mind for bringing innovations which aid them in securing competitive
edge.
Communications skills- These are considered as beneficial for entrepreneurs as they have
to interact with their customers and investors in order to make their business enterprise
profitable. Entrepreneurs of Taste to Eat have excellent communication skills which made them
to make their restaurant business viable and profitable in coming years.
Projected 2-year profit & loss and cash flows including break even
Projected 2-year profit & loss statement in regards with Taste to Eat is as follows:
Projected cash flow forecast in context to Taste to Eat is mentioned below:
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Break-even analysis in relation with Taste to Eat are as follows:
Identification and determination of suitable source of funding
Varied sources of funds that can be assessed by entrepreneurs of Taste to Eat are as
follows:
Business loans- Debt financing can be taken by small businessmen through banks by
providing them some collateral in exchange of funds (Matlay, 2019). Creditors have to pay a
specified interest of rates in a timely manner to banks. Entrepreneurs of Taste to Eat can take
help from this source as they need hue amount for setting up of their restaurant.
Angel investors- These are the effluent people who are willingly invest in small business
in order to get some equity stake. This can impact negatively on business of Taste to Eat as
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entrepreneurs can lose their control by giving equity stake to external party. This cannot be opt
by entrepreneurs of Taste to Eat.
Funding from personal savings- This is concerned with fund the business venture through
personal savings. Entrepreneurs of Taste to Eat can adopt this practices as through this they do
not have to pay for interest rates or equity stake to any other third party.
It has been assessed that entrepreneurs of Taste to Eat can opt for a combination of personal
savings and bank loan which is considered as beneficial for them.
Plans for obtaining tangible resources and intangible resources
Entrepreneurs of Taste to Eat have determined to obtain tangible resources such as
premises on rent. Other tangible resources such as infrastructure, kitchen equipment and many
more through procuring from a trusted suppliers by making proper research. Intangible resources
such as registration of trade secret will be reoccurred by them through proper legal formalities.
Plan for a break-up cost in relevance with Taste to Eat is mentioned below:
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Type of organisation and management information system for controlling the business
In order to start a business venture, it incurs huge cost as well expertise of varied people
are needed. So entrepreneurs of Taste to Eat have decided to enter into partnership. This
practices has made this restaurant a partnership venture.
Management information system refers to a computerised technique which essentially
comprises of hardware as well as software aspects and used by organisations to gather huge data.
Management information system that is required by entrepreneurs of Taste to Eat is for inventory
for marketing elements which help them to gain relevant information and make critical decisions
in an effective manner.
Vision of business idea
Vision statement of Taste to Eat is to provide great satisfaction as well as experience along
with better quality services to their customers on a constant basis. Entrepreneurs of Taste to Eat
are also planning to offer delightful and excellent meals as well as work towards increasing
motivation of their team members.
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CONCLUSION
From the above stated information, it has been concluded that entrepreneurship is an activity
which underpins varied activities and develop innovative practices. It is important for business
organisations to have an access of formulation of strategies regarding innovative practices. It is
imperative for establishments to bring innovative practices in order to make their operations
viable in an industry.
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REFERENCES
Books & Journals:
Bridge, S., 2017. Is “entrepreneurship” the problem in entrepreneurship education?. Education+
Training.
Drobyazko, S. and Et. Al., 2019. Innovative entrepreneurship models in the management system
of enterprise competitiveness. Journal of Entrepreneurship Education. 22(4). pp.1-6.
Fritsch, M. and Storey, D. eds., 2017. Entrepreneurship in a regional context. Routledge.
Henry, E. and Dana, L. P., 2019. Māori indigenous research: Impacting social enterprise and
entrepreneurship. In A research agenda for social entrepreneurship. Edward Elgar
Publishing.
Matlay, H., 2017. Introduction:“the internationalisation of enterprise and entrepreneurship
education”. Education+ Training.
Matlay, H., 2018. New developments in enterprise and entrepreneurship education. Education+
Training.
Matlay, H., 2019. The future of enterprise and entrepreneurship education. Education+ Training.
Online:
Market size of the fast food and takeaway industry in the United Kingdom. 2022 [Online]
Available through: <https://www.statista.com/statistics/1282676/fast-food-and-takeaway-
industry-market-size-uk/>
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