Detailed Business Plan: Teatris Cocktail & Champagne Bar in Mayfair

This business plan outlines the strategy for Teatris Cocktail & Champagne Bar, a new establishment in London's Mayfair district. The plan details the bar's unique offerings, including fire shots and free drink challenges, and its core products such as cocktails, champagne, and beer with brownies. It includes a market analysis of the UK's customer preferences, targeting young adults and tourists, as well as branding strategies to attract customers. The plan also covers competitor analysis, marketing strategies (4Ps), operational details (premises, equipment, legal and insurance requirements, and staffing), and financial forecasts. The business aims to provide unique experiences and competitive advantages in the London bar market.

BAB- 1813503/1
Business Plan
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TeatrisTeatris
Cocktail&champagne bar
Table of Contents
Table of Contents
Section One................................................................................................................................4
Business aims:..............................................................................................................................4
Section Two................................................................................................................................5
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Products and services....................................................................................................................5
Section Three.............................................................................................................................6
The market....................................................................................................................................6
Section Four................................................................................................................................8
Market research............................................................................................................................8
Section Five................................................................................................................................8
Competitor analysis......................................................................................................................8
Marketing strategy........................................................................................................................9
Section Seven..........................................................................................................................10
Operations and logistics..............................................................................................................10
Section Eight.............................................................................................................................12
Costs and pricing strategy...........................................................................................................12
Section Nine..............................................................................................................................13
Financial forecasts......................................................................................................................13
References................................................................................................................................15
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Section One
Business Overview
1.1 Business summary:
The business launching here is a bar, and they are going to provide different and
unique services to their customers so that they can get a unique experience in the bar.
Here, Tea Tris is going to offer burning pegs to their customers. In this, they use to
make a fire in the glass of vodka, and the customer must drink it after when it gets
chilly. Having it with fire can cause a big accident like the customer can catch fire, or
other things can catch fire (Choudary, Parker and Van Alystne, 2015). Along with this,
they are going to provide free drinks to their customers, where they must answer the
question of the bartender, and the person with the maximum right answer will get
chance of free drink of their choice. Also, they are providing some other products too,
like beer with brownie, this help customer in gaining useful experience. Also, they
have an ample number of competitors, for which they have to make strategies so that
they can get competitive advantages.
Business aims:
The main business is to provide unique products and services to their customers so
that they can get some unique experience in their premises.
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Section Two
Products and services
2.1 Describe the core product/service you are going to sell:
The core products and services, which bar is going to provide for their customers are
fire shots, in which they use to give burning pegs of vodka to their customers, and the
customer must drink that peg only when it gets chilly. Swallowing the red pin can have
several risks like, catching other items on fire, or the person who is having that beg
also catch fire or can get burn. However, this helps customers in getting a distinct
smoky taste in vodka, which can help them in getting something new (Coria,
Castellanos-Garzón and Corchado, 2014). Also, they are going to give a unique
service, under which bartender of Tea Tris will ask some questions to their customers,
for which they must answer. The person with the rightest answers will get the chance
to have a free drink of their choice. Since, entrepreneur of Teatris bar is going making
plans to establish cocktail and champagne bar, where they are deciding to offer
champagne that not get affected by fashion. Along with this they are going to offer
different type of cocktails like beer cocktail, cocktail with gin, cocktail with whiskey,
cocktail with champagne. These products are designed after making analysis of new
trend in market, which is easily not going to change in recent time period.
This have to be about this business
2.2 Explain your business’s product/service USP
The unique product provided in Tea Tris is the fire shot, where they use to give a
smoky taste to the chances of vodka, by providing fire in the peg of that. The customer
must have it only when the pin gets cooler so that they do not face any problem
associated with burning or any other accident (Margherita, 2014). Also, the unique
service of them is the free drinks, in this they the bartender of them will ask some
questions to their customers, and the person who will give the right answer will get
some few drinks of their choice.
Partnership with Moet Chandon
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2.3 Describe any other product/service you are going to be
selling:
Along with this, Tea Tris is going to provide some unique beverage along with some
specific drinks, like with a mug full of beer, the bartender will give some brownie. This
will help the customer to have good taste combination of both and brownie with beer
will help the customer in getting the pleasure from the very first sip.
Section Three
The market
3.1 Describe your typical customer:
The customers in the United Kingdom are generally brand loving people, and when it
comes to liqueur, they only use to drink what they use to. They are not the people who
apply to drink different brands or something different. GLENFIDDICH is most of the
famous and loveable whisky in the UK, and it is the most preferred brand by local
people ( Laudon and Traver, 2016). Therefore, it can be said that the type of
customers in marketing environment of UK are the people who generally love to drink
and always use to prefer what they are drinking for long term period and which is
according to their preference, they do not like to try or have drinks which are not
according to their taste. The customers who are going to visit bar will be young people
of society, which are ready to try some thing new. The age group will be between 21-
35 and also the tourists which are going to visit will be mostly from Germany, France
and Berlin.
3.2 Where are your customers based?
The major part of the customers which will come to visit their bar generally belongs to
urban areas as the preferred customers are from urban areas because this leads the
organisation to have good gentry customers so that the organisation will make positive
goodwill. This also helps employees in getting customers who are well behaved, and
by serving them, they can meet their goals and objectives
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3.3 Explain the Branding that you have chosen, and how it
prompts your customers to buy your product/service
There are several branding like first impression is last, in this, organisation have to
take care that they make good impression with their customer while they come for first
time in organisation. Along with this another branding tool is take care of customers,
this will help organisation in making good image of services provided to them, so that
they can can come and visit them again. These are tools which are used by
organisations so that they can make a clear image in the market and attract an ample
number of customers. Tea Tris can adopt some of these branding techniques, like the
first impression is the last impression, in this, they can make an attractive interior by
which any customer can think that yes, it is very placed to sit and drink. Along with
this, they can take care of their customer; instead, they are visiting for the first time, or
they are loyal customers. This branding technology will help them in making a good
brand image, and this also helps other customers to attract towards their organisation
and products offered by them.
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Section Four
Market research
(Explain your market research with full Harvard references)
There are ample number of competitors in market of Teatris which are performing their
activities from past few years. Therefore, it will become very tough for them to
compete them and survive in market. Some of their competitors are Famous Three
Kings, Nightjar, Punch Room, they use provide their services in central London city
and also use provide products like wine, whiskey, champagnes, cocktails, beer and
other. Therefore, they are said as most powerful competitors of them, which can affect
the performance of them (Ross, 2016). Famous Three Kings, is a bar which are very
much famous for champagne products offered by them, where as, Nightjar is popular
for cocktails provided by them to their customers. This can affect the sale of
champagnes and cocktail products offered by Teatris.
Section Five
Competitor analysis
While providing services in the market, there is an ample number of competitors from
which organisation must compete from the very first day of business. Here, the
organisation is going to provide services in the bar, and the direct competitors of them
in an environment of UK will be Famous Three Kings, Nightjar, Punch Room and other
top bars of London, UK ( Vom Brocke and Rosemann, 2014). For completing all these
competitors, they use to provide unique services and products which are not offered
by any one of them. Here, the unique products offered by them are, fire shot,
champagnes and different cocktail combinations with beer and whiskey and
champagnes. These products are very much rare and are not offered by any of their
competitors, therefore, this will help them in competing with their competitors.
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Section Six
Marketing strategy
There are ample number marketing strategies which Teatris can use fro
marketing of their products, but here they are using 4P's of marketing which is as
follow :-
1. Place : This is the area which entrepreneur has chosen for performing their
operations. The place which is chosen by them is central London, which is very
much famous and have good crowd. This strategy will help them in making
contact with ample number of customers in very less time period.
2. Price : There are different pricing strategies which Teatris can use, but whne
they are starting their business, it is very important for them to use low pricing
strategies. This will help them in attracting several customers towards the
products and service offered by them.
3. Products : This is the most important for Teatris to make products which are
different then other. Therefore, they have fire shot which is very much unique
and will help them in attracting ample number of customers towards them.
4. Promotion : In this, the organisation use to adopt different tools of
promotions by which people in the nation will gate aware of the products and
services offered by them. In this, they can use social media, as it is the most
powerful tool for promotion in today's era, where they can upload the videos
and image of their products and services. This will help them in generating
curiosity in people about the products offered by them. Along with this, they can
use a discount offer in which they can provide low cost of their product
customers so that they can get attracted towards them
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Section Seven
Operations and logistics
7.1 Premises:
• Teatris business will be located in Mayfair, 68 Duke in order to provide customer an ease
in accessing the products or services offered by organization.
• 68 Duke ST, Mayfair, London, W1K6JU
• 1,466 SQ FT
• 135,000 p.a/ 11,250 p.m
7.2 Equipment
If being bought
Item required Already owned? New or second
hand?
Purchased from Price
Blending
machine/ Air
Conditioner
No Second Hand Amazon £500
Fridge/
Refrigerator
No New Homedepot £1000
Chairs/ Tables No New Ikea £8000
7.4 Legal requirements:
Alcohol & Tabaco TAX &Trade Burou (TTB)
Department of Alcoholoc Beverage Control (ABC Agency)
7.5 Insurance requirements:
Business Insurance - £90/year
Commercial Property Insurance-£500/year
Liability Insurance- £700/year
General Liability Coverage-£48/year
Liquor Liability Coverage-from £200 to £2500/year
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Workers Compensation Policy
7.6 Management and staff
Managers x3 – All the manager in organisation has skills to manager their departments and are
also able to guide their staff members, so that they can perform in effective manner.
Kitchen x2 – The chefs of them have skills to make new food by fusion of older one and also
have skills to cook very tasty food which are very much popular in region.
Bar x3- Bar tender in Teatris have skills of juggling, in which they can easily perform juggling
with bottles, which help them in attracting ample number of customers towards them.
Waitress x4- The main skills which waiter have in Teastris is their communication skills and
also they use to make good interaction with customers.
Hostess x2 – Hostesses in Teatris have good skills of welcoming their guests and also have
great communication skills, so that they can make proper interaction with their customers.
7.7 Additional information:
Along with this, it is required to have a fire extinguishing system on their premises, so that they
can control any miss happening in very less time.
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Section Eight
Costs and pricing strategy
Product/service name Fire shot
A Number of units in calculation 200 units
B
Product/service components
Fire and vodka
C Total product/service cost £16 per shot
D Cost per unit £12 per shot
E Price per unit £16 per shot
F Profit margin (£) £4 per shot
G
Profit margin (%)
(Profit / Price x 100 = Profit margin)
25.00%
H Mark up (%)
(Profit / Cost x 100 = Mark Up) £60 per shot
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