Detailed Business Plan Analysis: Your Vegan Store Ltd. Report

This business plan report analyzes 'Your Vegan Store Ltd.', a retail shop specializing in vegan groceries and home products in London. The report explores the company's vision, mission, and unique selling proposition (USP), highlighting its focus on fresh, organic products and sustainability. It delves into value creation strategies, emphasizing customer-centric approaches and analyzing buying behavior. The report also examines factors encouraging entrepreneurship, including willingness to take action and entrepreneurial knowledge, alongside risk mitigation techniques for the retail sector. Furthermore, it identifies and evaluates sources of information for business start-ups, covering both primary and secondary data. Finally, the report analyzes the practical and functional skills essential for managing a successful small to medium-sized enterprise (SME), providing a comprehensive overview of the business plan.

Business Plan

Table of Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY..................................................................................................................................1
Introduction of company..............................................................................................................1
Rationales for USP of “Your Vegan Store Ltd.” and value creation...........................................2
Analysing the factors encouraging entrepreneurship and explaining risk mitigation techniques
.....................................................................................................................................................3
Locating, analyzing and evaluating sources of information related to support, advice and
funding for business start-ups......................................................................................................5
Analyzing the practical and functional skills appropriate for the management of a successful
SME.............................................................................................................................................6
CONCLUSION................................................................................................................................9
REFERENCES..............................................................................................................................10

INTRODUCTION
Retail is a procedure which is useful in selling goods and services to their respective
customers with the help of various channels of distribution in order to earn prominent profit. In
this retailer are the one who satisfy the demands of customers by identifying through a supply
chain. The term retailer is applied in which the service provider take each and every small orders
from their customers who are end users instead of large orders from the small number of
wholesaler (Watson, McGowan and Cunningham, 2018). Retail Industry is the fastest growing
segment with the help of Internet in the modern way of shopping. In addition to this retailer also
buy products from the middle man are termed as wholesaler and distributor. In order to carry
forward the business plan company considered is “Your Vegan Store Limited” which is the retail
shop deals in groceries and home related products and situated in London UK. In addition to this
report is going to cover the national about the USP of company and how they will create value in
the industry. In addition to this they also analyse the factors that encourage their
entrepreneurship and also mitigate the involved risk factor. Along with this it also analyse the
prominent sources of funding for the business start-up and impress the practical and functional
skills for the appropriate management of successful business.
MAIN BODY
Introduction of company
Company overview: “Your Vegan Store Ltd.” is the retail shop which deals in groceries
and homeware products. Company offer fresh and organic groceries to their respective customers
and has only one outlet that is situated in London. Company offer its services with the help of
both online and in Store services.
Vision: The vision of company is to deliver top tier grocery products over the long term by
integrating sustainability into their business strategy and also leave positive imprint on both
society and environment. In addition to this with the help of their fresh and organic groceries
division is to become the leader of Retail Industry.
Mission: The mission of companies to offer that consumers fresh and Organic grocery in
terms of gaining their trust and Faith and retain them for longer period of time as it leads to
increase the sales and revenues of company. Company also committed towards the investing in
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their People Company and communities in which they operate to help the position of company
for the long-term sustainability and growth.
Rationales for USP of “Your Vegan Store Ltd.” and value creation
 USP:
Unique selling proposition is the one that makes the business better than the Rivals. It has
prominent benefits that make the business stand out when compared with the other businesses
within the market area. The deliberate USP is helpful in focusing about the marketing strategy
and also impacts the branding copyright messaging and decisions about market (Kailer and
Weiß, 2018). The USP of “Your Vegan Store Limited” plays a significant role and strengthen the
brand and product in more unique and valuable manner towards the customer. Being unique is
also considered as a strong USP in itself. The respective company also differentiate around
various aspects in order to target their audience and the compelling USP of “Your Vegan Store
Limited” is assertive and defensible also. In this the specific position that forces the company to
make prominent case against there competing Rivals that are more memorable than the generic
as company promote that “they sell high quality products like fresh and organic groceries”.
 Value creation:
In relation with this, the placement strategy can drop the selection of product Packaging of
company and oppose the use of plastic bags in the supermarket as in plastic groceries and
vegetables does not get fresh for the long period of time. In terms of creating value for the
company some prominent value creations are uncovered as the USP of “Your Vegan Store Ltd.”
that power up the sales of company:
Put yourself in the shoes of customer: Entrepreneurs are more concerned about the
production services and because of this they forget about the requirements of customers and their
preferences while developing products which can satisfy them. In relation with this the
entrepreneurs need to take a step back from their daily operations and carefully analyse the wants
and preferences of their customers in order to achieve success in the dynamic business
environment (Volker and Phillips, 2018). Along with this they also need to consider some
elements like equality convenience reliability and customer service. They also need to consider
the price factor as it influences the buying decision of customers. For instance if the Rivals are
defeating you in terms of price factor then existing company need to find another sales feature in
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order to address the requirements and preferences of customers that helps in developing their
sales and promotional efforts.
Analyse the buying behaviour of customer: Effective marketing requires the guidance of
expertise and specialist as the need to analyse that what are the factors that drive and motivate
customers to buy their product. In terms of this respective company and their specialist need to
analyse various factors including age, gender, income and Geographic locations in order to
analyse the sales trend of business (deFraiture and Clayton, 2019).
Analysing the factors encouraging entrepreneurship and explaining risk mitigation techniques
Factors that encourage entrepreneurship
Willingness to take action: It is considered as the most significant factor that should be
present to become a successful entrepreneur. All the other entrepreneurial success factors are not
necessary to be present in one individual but some of prominent factors should be present in
them like risk taking analytical skills creativity and so on (Julien, 2018). Actions are the major
factor that leads an individual towards a successful entrepreneur. As without actions it is not
possible to become a successful business owner.
Entrepreneurial knowledge: Entrepreneurs are the individuals who have prominent
knowledge about the specific industry and business issues in order to run their business within
the Rapid changing market. This knowledge increases the business potential energy and
contributes it towards the success and growth (Straub and Sperling, 2018).
Risk mitigation
Opportunities:
 Retailers in UK experience a great arrival of successful formula but there is no one size
that fits to all the strategies. In relation with this market is still undergoing with lot of
changes from both the regulatory as well as demand side.
 The digital strategy is mostly used by the Retail Industry but it is not only about the e-
commerce it is about the way retailers interact with their customers and engage and invest
in technology. Customers are also demanding in order to enhance their experience in
order to browse more products and conduct online transactions (Pöchtrager and Wagner,
2018).
 The Government of UK made the prominent announcement that will go a long way to
develop the retail sector of UK as it describe the permitting other countries to invest in
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multi brand retail trading and also simplify the rules for the single brand retail trading to
make it more business friendly.
Threats:
 Retail sector is the key consideration in the multi brand retail and also get feasible rate in
the desired location. These retailers are the one who visited cities because of high rent
that could pressure and become thread on their profitability and productivity (Suprapto,
2018).
 By considering the attrition in the Human Capital Management continuously remains as
the top three agenda point for the retailer. The agenda describe that company expand
itsbusiness services between 20 and 25% in the grocery sector to as high as 60% in
grocery segment and it is not possible without cheap labour. UK is the developed country
and to get cheap labour over there is not possible for company.
 In addition to this the shopping culture has not much developed in UK as yet. Even now
most of the people over there prefer manual purchasing for the groceries and largely
confined to Window shopping.
Risk Analysis
RISK SEVERITY
MITIGATION
APPROACHES /
STRATEGIES
RESPONSIBILITY
Availability of land
and infrastructure
HIGH In order to deal with
this risk, it is
significant for the
entrepreneur to
analyse the suitable
area and market in
which they can have
good soil to have
organic and fresh
grocery. Along with
this, they also select
that area which is free
R&D and Audit
Department
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from natural calamities
in order to save their
infrastructure.
Human capital MEDIUM
In order to manage
their employees,
company need to
provide them proper
training and
development to
enhance their skills
and learning and also
guide them regarding
to deal with customers.
Human Resource
Manager
Shopping culture LOW
In order to overcome
this risk, the marketers
need to analyse the
current trends and
factors that influences
the buying behaviour
of customers.
Marketing Department
Locating, analyzing and evaluating sources of information related to support, advice and funding
for business start-ups
The business start-up information refers to the sources from which an individual or an
entrepreneur can gather information for supporting their business idea joining advice for making
it more efficient and most importantly acquiring funding for establishing their operations
(Deligeorgiou, 2018). There are number of sources present in the external business environment
for gathering appropriate data in relation with a business idea and grabbing appropriate
opportunities. These data sources can be primary or secondary.
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 Primary data source: The primary data source refers to collecting information from the
marketplace for the first time. That means the data which was collected do not exist in
the market place and first time being recognized by someone. The primary data source is
used by “Your Vegan Store Ltd.” entrepreneur for knowing the potentiality of their
business idea. The company is offering 24/7 available in grocery store to the people and
also a 24/7 available home delivery service by making orders through their official
application. The primary data collected by the entrepreneur from the general public with
the help of interviews. Through these interviews specific questions which work pre
decided ask by people for getting to know about their respective and most importantly
their needs or requirements.
 Secondary data source: This form of information already exists in the marketplace and
sorted out by the researcher according to their needs. The secondary information which
is collected by the entrepreneur of “Your Vegan Store Ltd.” was related to the findings
and different routes from which we can gather appropriate amount of money for
launching and running that business in the UK. For this they took advice from a
government agent where the entrepreneurs gets to know no about different laws related
to tax and tariffs what their business idea. The secondary data collected by the
entrepreneur enable then you also know about the prospective of people on the largest
basis that is the entrepreneur gather information about the needs of not just domestic
population but we get to know the respective of the international potential customers
(Mohammed, 2018). This data source enables them to develop their business idea for the
long run and for the purpose of expansion and growth rather than just establishing their
business in the domestic market place.
Analyzing the practical and functional skills appropriate for the management of a successful
SME.
Management of a small business organisation for a start-up is a very crucial activity
which is conducted by the management of the entity. The managers of the entrepreneur start-up
are mostly its owners who developed their business idea and grabbed the opportunity present in
external business environment (O’Donnell and Dahl-Popolizio, 2018). Managing the new
business start-up is complex tasks where all the activities are in the hands of and they have to be
very careful while taking decisions and running the entity. The skills which are essential for the
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manager of a business start-up are broadly categorized into two segments, Practical and
Functional skills of management. As a business owner of “Your Vegan Store Ltd.” it is essential
for holding these two managerial skills in order to effective running of the business and
potentially entering the marketplace for changing the business idea into a success and making
appropriate business related decisions. The practical and functional skills are further bifurcated
and comprises of many other management skills. The next section of the report will address the
different practical and sketches of Management of a SME.
Practical management skills
The practical skills of managing a SME basically refer to those skills which enables a
manager to apply their knowledge and abilities in the practical scenario at the time of operating
the business. The practical management skills which are essential for a manager of a new
business start-up or a SME are mentioned and elaborated below:
 Multi-tasking: One of the most potential and important skill a manager of a entrepreneur
start-up should hold is of multitasking. As the whole and soul of the start-up it is the
responsibility of a manager to form different roles and responsibility in order to run the
business smoothly and making appropriate decisions for the entity (Keshishian, 2018). A
Multitasking individual must be able to oversee all the employees knowing their strengths
and weaknesses and accordingly I locate them their respective job roles. The manager or
owner of “Your Vegan Store Ltd.” is also expected to work with their full potential and
in different segments of business operations in order to make them potential and
profitable.
 Leadership: The manager open entrepreneur business start-up also plays a role of a
leader and should hold the potential leadership skills. The leadership skills will allow the
managers of “Your Vegan Store Ltd.” to no their staffs builds relationship with them and
appropriately motivate them towards the right path by which they can extract their best
potentials and make them work with their utmost abilities. The leadership skills is one of
the most important practical skill of Management which helps the managers to inspire
their workers and render their best services to the start-up in making it a success and
growing business.
 Motivation: The third practical management skill which manager and should have good
knowledge of is about how to motivate and encourage the people associated with the
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form along with regularly increasing their enthusiasm. Motivation is basically a
phenomenon of guiding inspiring people in such a manner that they render their best to
their respective organisations (Arneson, 2018). The managers of “Your Vegan Store
Ltd.” should hold these managerial skills by which they can encourage their staff for
rendering the best experience and good quality products to the customers of the entity.
Functional management skills
The functional management skills refers to the abilities and knowledge of the managers of
the new business start-up where they make use of their market research and innovative idea for
developing the functions of the organisation by which it will be running in the most smooth
manners (Julien, 2018). The functional management skills which are essential for the managers
of “Your Vegan Store Ltd.” are described and elaborated underneath:
 Planning: The first skill is planning where once the idea is furnished properly then and
the managers will develop plans to implement their strategies and execute their business
operations. “Your Vegan Store Ltd.” Managers will plan for starting and conducting their
business activities in the targeted marketplace.
 Organizing- The next functional skills of organizing where the managers of “Your Vegan
Store Ltd.” Conducted market research in order to to bring an advocate appropriate
resources according to their business idea and requirements. These resources which are
allocated and organized by the management will be fulfilling the needs of the entity in
relation with executing their business ideas.
 Directing: This managerial skill of managers highlights that they are responsible for
directing and moving the entity in the right path. Therefore the managers will direct their
employees and assign them appropriate job roles according to the business plans and
strategies developed for attaining the ultimate objective and becoming profitable (Kailer
and Weiß, 2018).
 Controlling: The last functional management skill is of controlling. This management
still refers to controlling and keeping a check on the actions and operations of the entity
which are being conducted for accomplishing the end goal and objective of the business
start-up. Here the managers of “Your Vegan Store Ltd.” will undertake supervising and
controlling activities where they keep a close check and overview all the activities taking
place in the business operation.
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 Problem-Solving: One of the most important and essential functional management skill
which is required in a manager of a SME is problem solving ability. Problems and
conflicts is one of the most common activities which takes place in all different types of
organisations and as a business start-up it is obvious that many different problems will be
faced by the managers of “Your Vegan Store Ltd.”. It is the responsibility of the owner of
the manager to take care and resolve all problems associated with the operations or any
other segment of the business. This management skill involves identifying a certain
problem or conflicting situation and according to it finding a best solution for manna to
handling with the situation (Volker and Phillips, 2018). Problem solving managerial skill
is basically an ability of sorting things out even when the prevailing conditions are not in
the right place.
CONCLUSION
The above report holds a business idea for a new entrepreneurial start-up and it
summarizes that a SME or a start up business is the back home of all different economics around
the world and keep the economy running. A small business enterprise for an entrepreneur
venture enters the marketplace with their unique idea by grabbing the present opportunities and
developing them into an efficient business project. The business idea by which entrepreneur
enters the market has to be unique and innovator for which thorough market research considering
the opportunity and threats present in the marketplace need to be conducted. There are various
sources of information available which are useful for entrepreneur for developing, supporting,
advising and funding their business idea for the long run.
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REFERENCES
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Julien, P.A. ed., 2018. The state of the art in small business and entrepreneurship.Routledge.
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LindeVerlag GmbH.
Keshishian, S., 2018. Microbrewery business plan (Doctoral dissertation, California State
University, Northridge).
Mohammed, S., 2018.Developing a Business Plan.In Tomorrow's Agriculture (pp. 33-
36).Springer, Cham.
O’Donnell, R. and Dahl-Popolizio, S., 2018. Business Entrepreneurship: The Integrated
Behavioral Health Business Plan. In Training to Deliver Integrated Care (pp. 143-
159).Springer, Cham.
Pöchtrager, S. and Wagner, W., 2018. Von der IdeezumBusinessplan.Springer Fachmedien
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BagiSiswa Madrasah TsanawiyahNurulHikmah Dan Smp Al-
IhsanGunaMeningkatkanKemampuanBerwirausaha. AbdimasSiliwangi. 1(2).pp.81-88.
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Watson, K., McGowan, P. and Cunningham, J.A., 2018.An exploration of the Business Plan
Competition as a methodology for effective nascent entrepreneurial
learning. International Journal of Entrepreneurial Behavior & Research.
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