Various aspects are requiring to properly identify and examine so that new venture can be successfully launched in the market. Here are such aspects:
- Identify and examine various sources needed to set up “Turn a Table Café”.
- Analyse needed skills and capabilities and how it can be developed or attained to become a successful entrepreneur.
- Brief explanation of different promotional activities that will be beneficial for “Turn a Table Cafe
- Producing a budget for setting up and provide recommendation on suitable legal form of business.
As per the changes in course of time, firms are getting emerge so as to implement successfully in market areas. Due to globalisation, small firms get a chance to expand their functional and operational areas to grow over marketplace. In UK, there are several small business entities are being opened in order to provide innovative products to people at lower rates. Beside this, technological advancement also supports in improving quality of work life; it results attaining and retaining customers for long term period. While launching any new venture, entrepreneurs are required to consider several factors like – planning, operating time, start up capital and team size; through which all working activities will be performed in well being manner (Datta, Mukherjee and Jessup, 2015). The present assignment is based upon Turn a Table cafe which is established in local streets of London so as to provide fast food services to people. On the other hand, the report will be describe identification of target market in which a firm is going to be expand. Readers will also come to know about intangible and tangible resources. A cash budget will be prepared for pre-launching of business.
P1 Investigation of new venture for identifying specific target market
The mentioned enterprise, Turn a Table cafe is a newly established venture in UK with an aim to deliver effective and delicious fast food services to people. Its attractive and innovative interior is enough able to attain and retain customers towards it. Inside the cafe people feel piece, there is place where they can easily spend time with friends, release stress level and reading novels with a sipping of coffee and other beverages. Before launching their business, Turn a Table cafe recognise interest of local communities of Queens street and after that prepare action plans. Fusilli pasta and cafe Mocha are the special offerings of the restaurant, additionally other products of Tum a Table cafe are – breakfast pizza, avocado toast & Poached eggs, garlic bread, oatmeals, pizza, burger, chocolate shots etc. There is also a gaming zone where individuals and kids enjoy games if they want, but for this management takes extra charges.
Thus, it can be said that Turn a table cafe has come up with variety of new ideas and innovations by making experiments in food recipes with a motive to deliver best fast food and beverages to people. The unique nature of service helps the firm to attract more and more people from target market and increase sales at the same time (Ghimire and et. al., 2015). Following are the elements which should be considered while launching any venture in target market, such are stated as under: -
Identification of target market – Its a procedure through which entrepreneurs can assess most profitable areas so as to launch their products and services at there. Basically, segmentation of target markets are based upon several elements like – age, gender, interest, values, level of education and income level of people. Sometimes, it is quite difficult for business owners to evaluate all these aspects and provides products accordingly. Although, the target market of Turn a table cafe and restaurant is focused on adults, kids, teenagers as well a families; and accordingly there has seen set different different sections which people can avail as per their comfort zone. Apart from this, the restaurant is also tend towards middle class people as they can easily enjoy all food services at reasonable prices.
Competitive analysis – It is one of the indispensable factor which should be taken into account by entrepreneurs on ore before introducing their new business. Competitive analysis enables people recognise all those internal and external components which has a vast impact on firm's sales and working activities (Ke and et. al., 2015). Turn a table cafe has many large competitors which have great brand value, i.e. Cafe coffee day, Starbucks etc.; usually customers' prefer to go those places which have strong market goodwill. Thus it is essential for the mentioned restaurant to provide much qualitative and effective food items which are able to attain wide range of customers.
P2 Specific tangible and intangible resources
Turn a Table cafe offers best varieties of coffee in local streets of London; Queen Street is place where vast amount of people comes everyday. To make their firm more effective and efficient, management uses high quality of food ingredients which are involved to make coffee. The small business buys coffee beans from African countries. Apart from this, certain resources also have to be needed for entire maintenance of operations in cited restaurant, such as -
- Tangible resources – It involves physical resources, i.e. equipments, plants, machineries, furniture, vehicles, inventory and human resources that can be touched and feel. (Tangible Vs. Intangible Resources, 2017) Turn a table cafe uses innovative machineries which gives fast production; it results delivering process also be fast. Apart from this, furniture of the restaurant is designed by considering space at premium; colour of the walls is light which makes them recede in appearance. Small square tables and fold tables gives flexibility to the layout.
- Intangible resources – It consists lack of a physical form and all the legal factors include in intangible assets. For instance – patients, copyrights, trademarks, logos of the respective firm as well as relationship with target audiences. Therefore, it is essential for entrepreneurs to identify such elements as they help organisations to face all challenges by ensuring future growth and success. Turn a table cafe is highly emphasised on generating value added products for customers in order to accomplish its desired outcomes in a certain time period.
P3 Credible proposal to launch a new venture
Formulation of a proposal for new business venture helps it to get rid out from all flaws or threats and aids to accomplish objectives in the best possible manner.
Proposal of a new business venture: -
Turn a table cafe is a small business which is implement by an individual with an aim to earn profits by delivering some kind of fast food services to people. Basically, its a Complimentary firm because there is no shop of beverage products in Queen street.
Turn a table cafe provides various products and services, like – pastries, coffee, sandwiches, deserts, cock, baked cookies, cakes, Chinese and Italian food items as well. Although, the restaurant is new in market and located in local street of London; it builds in 3000 sq. feet. The venture is focused on simple and original food from local, seasonal ingredients, they kept to use organic materials for whole interior, (wood. Plywood and kraft paper) and natural color so as to exemplify the theme. As per the name, table and chairs in the cafe can be easily folded and turned out.