The assessment will cover following questions:
- Prepare a business plan that determines the opportunity in the developing Eat and Rest operations.
- Write an outline business plan explaining the nature of the business undertaking.
- Evaluate the purpose of a plan is to show potential investors that you know your business.
This report is about new business to start in Wales, UK. These days there is more trend of hotels and restaurants because in UK people are working and they have busy schedule. Hence business start up is about restaurant named as “Eat and rest” which provide rest facility to corporate people on hourly basis. This is new trend which is not present in market. With resting facility, corporate people are able to take rest in mid for small intervals. There is requirement of finance to operate which are helps to establish business.
Start up means company begin with some new idea. These organisations are small and have less amount of funds. They have to make strategies through which they can raise money from investors such as angle investors, venture capital, etc. start up must have new and attractive idea through which they can exist in market. Entrepreneur is the person who has new idea and make strategies to attract investors (Bhamra and Lofthouse, 2016). They have high risk and low availability of resources. In this report, person is thinking to open restaurant in Wales, UK. In this restaurant, there is facility to rest on hour basis in between of work. Target customers of “ Eat and rest” is corporate people. This idea was clicked being sales sector personnel face frustration to deal with market players. So in order to deal with this situation, promoters think to launch this idea and sustainability can be achieved.
As business will operates in society, so it is important to make strategies according to market trends. There are different policies which has to be taken care by entrepreneur in order to compatible in market made make long term sustainability in industry. In order to start new business, it is important to analysis market policies and then business policies are framed accordingly. Entrepreneur is thinking to start restaurant which provides rest facility on hour basis between busy schedule of corporate men and women. This is different concept but at the same time there are some threats and opportunities which has to be considered in perusing this business. In order to analysis these threats and opportunities from environment PESTLE analysis is done (Bosselmann, 2016).
- Political- In political factor, government norms, rules and regulations are considered. While performing business in Society, government norms are one of the important aspect which has to be taken in considered. In UK, restaurants plays important role in economic development of country, so political parties provides concessions in tax rate,. This is opportunities for entrepreneur of “Eat and rest” for growth of business enterprise.
- Economical- In economical factor, financial data is considered. This factor is important for start-up because there is less funds available with entrepreneur and they have raise funds from external sources such as bank loan, crowd funding, venture capital, etc. In case of “Eat and rest”, entrepreneur have less funds so there is requirement of external funds. For instance if tax rate of bank loans gets increased, then it source is expensive and it creates threat for business establishment (Bruenig, 2016).
- Social- Restaurant culture is much trendy in UK because people are busy and they have less time to cook. Apart from this young people of Wales are also working in order to stabilise their living of standard. So in this case, they have less time to rest “Eat and rest” is providing place to rest from busy schedule. This concept is new and as per culture of UK, there is requirement of such restaurant as per culture of UK. This is opportunity for entrepreneur having such idea.
- Technological- Technological changes are frequent in environment. In case of start up, there is less of funds and it is not possible to frequent upgrade techniques. Hence this is threat for business idea of new start- up “Eat and rest”.
- Legal- Legal norms means laws, regulations which is important and significant for business existence. There are some laws for employees such as safety and security act, equal remuneration act, food licensing act, etc. So in order to support running of business, entrepreneur of “Eat and rest” must take help of legal personnel which provides timely updates to policies of association. This reduce possibilities of government interference and smooth running of business. This factor is opportunity of long term existence in market. While in case no proper legal assistance is taken, then this factor might be threat for “Eat and rest”.
- Environmental- Environment of “Eat and rest” must be consumer friendly. There must be separate place for rest apart from eating segment. Employees must be polite and curious to provide best services to customer. This increase growth prospects for “Eat and rest”.
Related Sample- Analysis of External Environment Through PESTLE - Nestle
Marketing analysis helps to know what are growth prospects for new idea in industry. Market analysis is important for entrepreneur before starting business. There are different sectors in industry in which business can be started by entrepreneurs of “Eat and rest” thought of restaurant because this sector have boom in economy (Clark, Feiner and Viehs, 2015). Restaurants have scope of development because consumers are more expending in eating out. There are many restaurants which have varieties of food items but there is no restaurant which provides rest facility with eatable. This provides rest to corporate people and they can gain energy with small rest.
There is requirement of funds for different activities such as promotion, advertisement cost, maintenance, purchasing of equipments (tables, sofas, bed, other furniture, cooking machinery), ambience of restaurant, etc. are require. There is requirement of around expense of £3200.
Promotional activities (Catalogue)
Rent or lease cost
Operating and miscellaneous expense
Entrepreneurs of “Eat and rest” are thinking to raise funds from venture capital, angle investors, bank loan and crowd funding. These are the ways through which entrepreneur is able to make money for the business and at the same time, they are motivate to come with innovations. Government of UK supports start ups and hence it is easy to raise for “Eat and rest” to raise 0 interest loans (Fernandez-Feijoo, Romero and Ruiz, 2014).
Market segmentation is the process of bifurcating consumers on different bases, characteristics. This is the way through which interest, needs, preference, demands can be analysed and according product and services are provided. In case of “Eat and rest”, resting hour services is launched after keeping segmentation in mind. There are four types of market segmentation. They are as under-
- Demographical- In this customers are divided on the basis of age, gender, income, family, occupation, etc. This segmentation is mainly preferred in auto-mobile industry.
- Behavioural- According to this segmentation, behaviour, mindset, decision, etc. of consumer are different as per change in situation or circumstances. Hence there is difference in preference in availing services of customers. For instance there is difference in demand of customers with their family members as compared with friends (Geissdoerfer and et. al., 2017).
- Psychographic- There is difference in lifestyle and living of standards of people. There is difference in buying power of customers.
- Geographical- In this segmentation customers are divided on the basis of geographical background.
From the above discussion it is clear “Eat and rest” can segment their consumers on the basis of demographical and behavioural. Market segmentation makes easy to market service and satisfy consumer. Through this personal attention can be provided to consumers. In this more emphasise can be given on target audience. In order to expand business, membership provision can be launched, collaboration with corporate office, young generation groups, college students, etc. can be done. Apart from this for future there is provision of collaboration with cab dealers for pick and drop service.
ORGANISATION STRUCTURE AND MANAGEMENT SUMMARY
“Eat and rest” is start- up which provides resting facility to corporate men and women for small intervals. This is new business and hence entrepreneurs are thinking to start in partnership. In partnership, losses as well as profits gets distributed among partners and in case of liquidation they are personally liable to pay debts. There are 4 active partners having profit sharing ratio proportionately (Grey and Tarascon, 2017). “Eat and rest” gets registered under partnership act, which has some legal norms to be fulfilled by promoters. In partnership resources, skills, etc. gets polished and this helps to give best services to customers. Formalities such as name of partners, number of partners, types of partners, capital invested by them, profit, loss, expense, capital sharing ratio, registered office of partnership firm, name of firm, etc. are essential to be fulfilled. This helps in getting partnership deed and legal registration. This documents helps to run business in legal and ethical manner. As “Eat and rest” deals in food sector, so it is important to get food license.
In restaurant there is requirement of Cooks, serving staff, hosting staff, dishwasher. As “Eat and rest” is small scale restaurants, so more personnel can not be hired.
- Cooks- Cooks are important to prepare food items. Core business of “Eat and rest” is restaurant, hence it is important to have cook with good quality eatables. There will hiring of 3 male cook out of which two are full time and one is part time. Part time cook will required in happy hours for fast serves (James, 2014).
- Serving staff- With cook serving department is also important. They provide delivery from kitchen to customer's table. 6 male serving personnel is required. Out of which 1 is part time. Part time workers will work in peak hours. 4 serves at dinning area while 2 serves at resting area or in canopies.
- Hosting staff- In restaurant there is requirement of one female hosting personnel which sits at front office. This is important because when customer enters in restaurant, there must be person who greets and welcome them, takes reservation, handle query, bill are paid at that counter. In order to take feedback, hosting staff must carry slam book, display board and ask customer to fill it. This gives good impression to customers. There are some discounts, offers, promotional activities, etc. planned by managers of “Eat and rest”, then these policies are also disclosed by hosting staff (Junior, Best and Cotter, 2014).
- Dishwasher- There is requirement of 2 male and 1 female dishwasher and I person to clean table. These all are full time employees because there is requirement of such workers at any time. In case of delay in table cleaning or dish cleaning, then this gives negative impression to customers and delay in servicing food.
“Eat and rest” restaurant is new start up started in partnership. This venture provides resting facility to consumer between their busy schedule from office with food services. There re different restaurants in industry but this concept is new.
- In order to make long run execution in industry, there is requirement of innovation and timely up-gradations in services. There is provision of 50% discount for first 50 customers. Hence there is policy of first come first serve. Apart from this there are different promotional offers in form of “happy hours”(Martínez-Jurado and Moyano-Fuentes, 2014).
- Vision of “Eat and rest” is to open outlets of our brand in different corporate areas through franchisee. Mission of “Eat and rest” to be achieved within 1 year is profit of 300£.
- Promoters of “Eat and rest” restaurant needs personnel, funds, techniques skills, etc. These helps to attain goals and objectives and to make “Eat and rest” restaurant as famous brand. This resting service facility will be copyrighted so it can not be issued by other. “Eat and rest” creates trademark of their logo so people can recognise it. There is requirement of investment as licensing fees, trademark cost, etc. which covers in miscellaneous and operational cost.
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CONCLUSIONS AND RECOMMENDATIONS
This task is interesting and business also have new and innovative idea. I perform role of team leader and my responsibility is to overview activities of whole team. Performance of whole team is good. There is requirement of motivation and leading through which team mates are able to perform operations in more effective manner. In team there are people of different mindset, so this affects working style of team. As team leader I have to individually interact with team mates and in case of any query it is resolved. Some decision making power is given to team mates, this affects team working in adverse manner.
As recommendation, there is requirement of different motivational technique through which team mates can perform assign responsibility in effective manner. As there is difference in mindset of team mates, so technique for open communication must be used. This helps to create aware about workings of team. This also provides new and innovative ways through which operations can be done. There must be some entertainment activities candidates can feel refresh and less possibilities of personal grievances. While delivering power, there must be some responsibility associated with it and individual is liable and accountable for is/ her actions.
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- Bosselmann, K., 2016. The principle of sustainability: transforming law and governance. Routledge.
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- Clark, G. L., Feiner, A. and Viehs, M., 2015. From the stockholder to the stakeholder: How sustainability can drive financial outperformance.
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- Junior, R. M., Best, P. J. and Cotter, J., 2014. Sustainability reporting and assurance: A historical analysis on a world-wide phenomenon. Journal of Business Ethics. 120(1). pp.1-11.