The current business plan is upon organic vegetarian restaurant somewhere in Central London. Now-a-days demand of such food has been increased and thus consumers prefer to consume organic food and it is healthy and possess low fat menu options which helps in attracting consumers towards firm. Through choosing such business is being profitable for owners as current lifestyle and trends of consumers are changing and therefore introducing organic food helps in increasing customer satisfaction (Thomas, Gudmundson and Suhr, 2014). Restaurant will be named as “Full Flavours”, It will be offering various vegetarian organic food to target customers so that their needs could be fulfilled. Here, owners will be more emphasized upon organic food and ths use ethnic ingredients in order to attain sustainable development.
The restaurant will be procuring local food when possible and thus reducing their dependence on fossil fuels which is used for transportation. Full Flavours will be located in Central London as it is the busiest place and therefore it helps in attracting large number of customers who are organic food lovers. Restaurant will have casual atmosphere and helps in attracting young crowd who are health conscious and prefer to eat vegetarian food. Also, it is one of the main choice of selecting such location as nearby there is no similar restaurant offering organic vegetarian food.
Our main goal is to make customer happy and provide them high quality organic vegetarian meal so that their needs could be attained. Organic food restaurant has noticed tremendous growth in past several decades. Sales of organic food has been increased by 20% since 1990. Thus, there is rapid growth and helps in increased consumer confidence in organic foods and thus concern about possible health risks and helps in protecting individual from harmful substances. Through carrying out such plan it will helps in identifying the feasibility of opening organic food restaurant and helps business to earn profit.
However, because of increasing popularity of organic food it becomes evident that carrying out such venture will result in attaining successful operations (Blank, 2013). Full Flavours will be operated through high street market in Central London and thus through carrying physical presence it will be helpful for business to influence potential consumers. However, launching such business will prove to be good idea as more number of consumers are attracted as there is high growth and development in organic food industry. Thus, providing preferable organic dishes to consumers helps in satisfying their needs and innovating business idea results in attaining desired results. Full Flavours will be facing tough competition from rivals and therefore they need to introduce and bring new taste and menu to influence potential customers towards firm. Following are the main competitors from which businesses would face tough competition while operating in Central London-
Vegan restaurant with lunchtime buffet
Health food store
Portobello organic kitchen
Organic dining with British/Italian menu
Objectives of Full Flavours which are as follows-
To promote vegetarian organic food for benefiting people and environment.
To inform wider community about different aspects of vegetarianism.
To raise the sales by 10% till 2018.
To influence consumers to consume slaughter free food and live healthy life.
Thus, all the stated objectives helps in carrying out relevant business idea and thus promote vegetarian organic food among potential customers in order to enhance vegetarianism. Carrying out effective promotion of vegetarian organic food helps in benefiting people and environment and thus inform to wider community regarding different aspects of vegetarianism. Therefore, through adopting such objectives it results in accomplishing set targets and set up of restaurant is done in an effective and efficient way. From carrying out the objectives of enhancing sales by 10% till 2018 and thus helps in improving business performance. All such objectives will be evaluated by business and thus helps in improving their performance so that set outcomes could be achieved. Through identifying all such objectives it helps in improving business performance and thus attaining set objectives which results in accomplishing desired results.
Restaurant will start out as a sole proprietorship owned by its founders. Thus, Full Flavours is a new start up business and therefore, it is essential for founders to promote the business in market and also keep the business to focus upon the needs of target consumers and thus enhance the business operations. Owners will also require identifying the location and therefore it helps them to start the business operations. Also, undertaking different decisions related to Full Flavours, organic vegetarian restaurant need to establish effectively in regard to improve performance of firm in market.
Further, it is one of the crucial decision which would help Full Flavours owners to start the operations independently in the form of sole proprietorship so that business could be able to launch in target market and improve its productivity (Tanev, Rasmussen and Hansen, 2016). Also, it helps firm to improve its performance and thus sales could be raised in an effective manner. Sole trade ownership is the best method used in regard to carry out the business activities and therefore, it helps in improving performance of firm in market. While another justification for selecting sole trader business is that it results in executing the business operations in target market and thus execute the operations so that best results could be attained.
In regard to analyse the external environment of Full Flavours which results in carrying out greater necessity and thus helps in identifying the factors that affect the business functions. Also, carrying out such tool results in taking into consideration the crucial factors i.e. PESTLE so that its impact and significance upon each factor could be identified. Following is the PESTLE analysis which are as follows-
Political- Such factor involves legal rules and regulations framed by government in relation to perform the business operations. However, beside these laws relating to the employment which results in carrying out the regulation and thus fulfil the favourable environment to employees (Blackburn, Hart and Wainwright, 2013). Here, introducing organic vegetarian food in order to improve service quality and thus comply to the rules and regulations formulated by government. Business form different regulations in relation to carry out effective service quality so that customer satisfaction could be attained. Through carrying out services it results in undertaking effective regulations so that consumers could be attracted towards firm. Also, adopting effective political laws it results in considering it as a barrier and thus helps in following effective regulations so that it does not impact upon Full Flavours business operations.
Economical- Further, economic conditions assesses that the changes in economy results in impacting the business functions. Therefore, it has been identified that economy of London is also rising and therefore taking this into account overall economic condition is also beneficial for Full Flavours to carry out its operations. Due to high growth in the GDP rate it is essential for business to identify the willingness among customers to spend over the restaurant services and do not charge high prices in the form of taxes. However, it proves fruitful for firm in relation to carry out its operations. Beside this, inflation rate is lower and because of which individual power of purchasing increases. Additionally, it has been evident that economic condition of London is strong ad thus it helps in increasing the income level of consumers living in the city and thus they consume more number of organic food (Rutz, Tappel and Zirger, 2014).
Social- It assesses that the changes in taste and preference of consumers results in identifying the needs of target market which is based upon the services that are required by consumers. Also, there is need for Full Flavours organic food restaurant to understand the needs of target market i.e. youth as they are becoming more health conscious and therefore, it helps them to improve their living standards and consume organic vegetarian food. Full Flavours also results in carrying out the main outcomes so that high sales and profitability could be attained.
Technological- It is another crucial aspect and thus adopting innovative technology results in attracting consumers prefering to consume organic vegetarian food. Also, it is essential for business to utilize the place where the business operates its functions. Using innovative technology results in producing high quality organic food and thus influence consumers towards firm (Galai, Hillel and Wiener, 2016). Carrying out effective results it helps in involving new technology and thus bring favourable results within firm. Further, using innovative equipments for producing high quality food products so that customers could be satisfied.
Legal- Further, such factor is linked with different rules and regulations and thus carry out business functions in relation to comply with policies formulated by UK government. Through adhering to such policies it results Full Flavours to follow legal restrictions attached with the business such as paying taxes, legal duties etc. While, other type of laws also need to be complied with the employment generation and thus results in enhancing the number of workers which results in improving business performance.
Environmental- Moreover, such factors results in carrying out overall operations of business and thus do not negatively influence business functions. Full flavours uses effective environmental protection methods so that best practices could be carried out in relation to safeguard the environment and protect the environment from polluting. While, preparing organic vegetarian food it results in carrying out the operations and thus do not impact upon the business operations in market. Full Flavours need to carry out effective environmental practices and do not impact upon the environment so that environmental protection could be attained (Thomas, Gudmundson and Suhr, 2014).
Thus, through carrying out such PESTLE analysis which results in impacting upon business performance and thus execute the activities in relation to safeguard the environment. Also, adopting effective policies helps in protecting the environment and do not impact upon business functions which aims to prevent the environment and carry out effective guidelines so that Full Flavours aims to enhance its operations and influence target customers towards the restaurant.
Full Flavours aim to identify its target customers and thus fulfils their needs so that desired results could be attained. There is a large customer base who are willing to consumer healthy organic food and thus demand of such products are increasing day by day. Also, providing fresh vegetarian organic food results in fulfilling the demands of consumers and enhance the sales of restaurant in market. Owner of restaurant needs to identify its target customers and thus enhance the survival of firm in long term. Moreover, launching the restaurant in physical form through carrying out social media platform and thus influence consumers towards business to identify the needs of clients. Company need to showcase the products that they are going to offer and thus influence consumers through providing them ingredients about the organic food. However, promotional event has been considered as expensive and therefore it is significant for firm to keep a tight control over its costs. Thus, in order to attain these objectives it helps in establishing the budget for accompanying the event successfully.
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For any business to be successful and to gain awareness, it is required to incorporate sound launch event. In this aspect, Full Flavours also need to be focused on this concept so that it can able to reach large set of customers in appropriate manner. Launching is even essential as it supports in spreading awareness among target and potential customers. In order to make the launching of this event as successful, page of Facebook will be created with the name “Full Flavours” and invite will be send to internet users that resides in Central London and other associated area. From this, initiation of launching event can be done.
Here, each set of information regarding the launching of business will be update so that internet users came to know about it. Moreover, image and photos of food will be shared on this page by the admin so that craze among customers can be developed. However, this event will be scheduled on Sunday only at on-site only in order to make people aware about the location of shop. Social media will be an effective mode of sending invite to customers which will eventually aids in gaining high support from customers. Further, notification can be received to friends of friends also which also leads to attracting large pool of customers at the launching event.
Launching will only be done on Sunday as people are having off on the day and therefore more crowd will accumulate for the event. In the event, organic dishes will be served to audiences so that they can taste the same and also a list of ingredients will be displayed. This way, ideas and thoughts can be shared among the owner and customers. From this, interest will be developed among the customers and hence more response will be attained from it. This will certainly aid in boosting the sale of company in near future and inputs from customer might results into developing new organic dishes. Since, it is a new and small business, therefore cost of inviting celebrity cannot be bear by the management. Hence, focus will be laid on mass marketing instead of calling the celebrity. For mass marketing, the cited restaurant will consider print media, radio and hooding in Central London so that more of customers can be attracted towards it.
To make the event more happening, Food theme will be installed where articles and creative image related to food will be installed. From this, a new experience will be witnessed by audiences that will certainly help in gaining a business in near future. In addition to it, invitation to locality will be send by the business in order to attract more of visitors. This will certainly lead to word of mouth marketing that will help in gaining more attention in near future. However, gift and coupons will be offered to customers in order to develop loyalty among them. Hence, above mentioned tactics will be focused for launching event of Full Flavours.
(2) CASHFLOW FORECAST
Cash from Sales
Other external finance/loans
Other cash inflows
TOTAL CASH INFLOW
Payments for materials
operating expenses ( )
Premises (rent, rates)
Wages and salaries
Interest and bank charges payable
Market survey costs
Other preliminary expenses
TOTAL CASH OUTFLOWS
Cash flow summary
NET CASHFLOW FOR PERIOD
OPENING CASH BALANCE
CLOSING CASH BALANCE
Manager of Full Flavours develops a different set of objectives that are related with carrying out marketing. It possess greater assistance in regard to influence target customers and thus focuses upon attaining desired objectives so that successful outcomes could be attained. One of the main marketing objectives involves building greater awareness among targeted youth so that large number of customers could be attracted. Thus, it could be attained through use of promotional tool and thus improve their performance within firm. It helps in improving the promotional tool and thus encourages customers to identify the objectives and attain success.
Business also focuses upon identifying the needs of target market and then aim to fulfil their needs so that sales could be enhanced. Moreover, increasing relationship with customers helps in promoting the business so that awareness among consumers can be attained. Main aim of Full Flavours is increasing the relationship with clients and thus offering them different varieties of organic vegetarian food and thus satisfy their needs. Business identifies the needs of people who are following strict diet and thus offer them quality organic food as it is in great demand and therefore it results in building strong relationship with customers. Firm also aim to use social media campaign in order to fulfil the marketing objectives and thus fulfil the needs of customers.
However, through offering high quality products to customers it helps in providing them appropriate products or services related to organic and thus enhance sales of firm in market. Another marketing objective of Full Flavours helps in becoming market leader so that it creates more awareness and thus influence consumers towards firm. Also, it raises the brand image of firm in market. All these marketing objectives results in benefiting business in terms of creating awareness about organic vegetarian food in market and influence large number of customers so that sales could be raised.
Selected target market of Full Flavours would be young customers of London. Business targets those customers who are concerned about their health and they are following strict diet. Thus, through providing them such organic vegetarian food results in influencing them towards business and results in satisfying their needs. With the help of offering products that target all segments in market and offers wide range of organic products so that needs of every individual could be attained.
Full Flavours selects young customer because they are more conscious towards their health and therefore satisfies their needs. Restaurant also provides happy and lively atmosphere that encourages people to visit the restaurant and enjoy wide range of organic food. There are wide rang of dieting women are encourages to visit the restaurant as they are conscious about their health and thus visit such restaurant that does not offer them high calorie food. Full flavours chef tries to prepare organic food menu which is extremely delicious and thus as compared to other meals it is not at all weak.
However, the main target market for Full Flavours involves Vegan food which provides health food to youth in regard to fulfil their needs. Business targets to every segment customers especially youth and thus identifies their need so that each and every segment group could be influenced towards restaurant. Business should not target only high class or middle class customers that segregates the income level as well. However, Full Flavours provides clean and safe environment to target customers and therefore, it results in fulfilling their needs and thus offer them quality products or services and satisfies their needs. Company focuses upon uses varied ingredients and thus results in influencing consumers towards business through satisfying their needs and attain set targets.
Marketing strategies for each target market
While, adopting marketing strategy business aims to pay huge focus upon promotional strategy so that large number of consumers could be attracted. Thus, creating awareness among target market it results in focusing upon enhancing the business performance of Full Flavour restaurant. Business aims to keep economic pricing and thus focus upon attracting middle class customers who are concerned about their diet and eating habits. Adopting such target strategy results in influencing consumers towards business and promote the products or services in target market. Thus, it focuses upon using print media, distribution pf pamphlets ad brochures etc. so that large number of customers could be attracted.
Also, social media is considered as one of the best method through which company could make its presence more suitable and thus influence target people to raise their performance. Business also focuses upon adopting innovative strategy so that they could influence target consumers and thus results in carrying out effective marketing strategy. Selecting target market i.e. youth who prefer to consume diet products and thus enhance the sales and profitability of firm in market. Full Flavours chooses effective communication methods such as social media promotion and thus results in improving business performance and thus results in carrying out effective performance.
Further, adopting promotion and advertising method it results in offering product and service quality so that specific modifications could be attained in regard to reach the customers in the segment and thus enhance the sales and performance of firm in market. Moreover, adopting through using social media methods and thus pamphlets and thus improve the performance of firm in market. With the help of using effective marketing strategy it helps in reaching the target market so that customers could be attracted towards firm. With the help of using effective promotion and advertising helps in reaching end consumers and thus prefer to enhance the sales and profitability of firm in market.
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Also, using effective communication strategy will prove useful for firm to bring in relation to adopt marketing mix strategy results in reaching customers so that best results could be attained. With the help of using such method it results in enhancing the sales and profitability aspect so that best results could be attained. Adopting such marketing strategy results in influencing consumers to choose appropriate market segment and need to identify strategy which results in influencing target consumers and then enhance the business performance so that success could be attained. Using effective promotion strategy results in attracting large number of customers so that sales and profitability of firm could be attained. With the help of using effective strategy using social media strategy and thus enhance the sales and profitability of firm and thus raise their sales and profitability.
There are various products being offered by Full Flavours which are related to diet and organic food so that consumers could be satisfied who are health conscious.
Selecting such product category within organic food results in influencing target consumers so that large number of consumers could be offered wide range of products.
Business focuses upon keeping low prices so that they can influence large number of consumers and thus improve the sales and profitability of firm in market. Full Flavours offers products through physical location and do not operate in online medium thus through such way it results in identifying the needs and wants of target market.
Through selecting effective pricing strategy such as low prices for organic food at the starting of new venture results in influencing target customers and thus enhance business performance in market.
Full Flavour launches its restaurant in Central London and thus influences target consumers so that it is being launched through physical location. The place should be viable and attractive so that customers could be attracted towards the restaurant. Also, identifying the place of distribution from where Full Flavours would be distributing the organic products obtains advantage in the form that they could set up their venture in an effetive way.
In regard to select appropriate place it would help firm to enhance its profitability so that large number of customers could be attracted. Further, choosing effective location helps in influencing consumers and thus enhance the sales and profitability of firm in market.
Full Flavours promotes its products or services in the target market and thus attract customers through using effective channels. Mainly firm uses social media strategy and thus attracts customers towards firm so that large number of consumers could be attracted.
Main aim of adopting such promotion strategy results in influencing consumers through enhancing their sales and profitability. Also, using such method results in attracting wide range of customers and thus improve their sales and performance within market.
Blackburn, R. A., Hart, M. and Wainwright, T., 2013. Small business performance: business, strategy and owner-manager characteristics. Journal of small business and enterprise development. 20(1). pp.8-27.
Blank, S., 2013. Why the lean start-up changes everything. Harvard business review. 91(5). pp.63-72.
Galai, D., Hillel, L. and Wiener, D., 2016. How to Create a Successful Business Plan: For Entrepreneurs, Scientists, Managers and Students. World Scientific.
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