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The following business opportunity is to open a multi cuisine Restaurant in UK as its is growing industry and market both in the domestic as well as the international trend. The opportunity is to open a multi cuisine restaurant in London and to generate good amount of revenue by customer by rendering high quality services and products at a formidable price. The multi cuisine will be named as Cravings and will be a multi cuisine restaurant, which will provide every type of and range of diverse food products to their customers. It can be said that the number of customer for a multi cuisine restaurant is high and the marketing strategy size of the restaurant will thus be large as it will be able to render both non-vegetarian and vegetarian food products, which will diversify the range of customer, which the company will be available to.
Restaurant industry and the restaurant market is one of the biggest revenue generating market all around the world. There turnover is huge and the consumer base for such type of business is huge which is a big opportunity for the entrepreneur to use and establish a affect restaurant business in London UK. It can be said that as the firm will be multi cuisine restaurant the size of the market which will be available to the company will be large which will financial benefit the company and will provide exposure to the business in the market. The restaurant business is opportunity for the entrepreneur to enter an significant and profitable industry and to operate in the same (Scarborough, 2016)
Core features and benefits of the opportunity
The core features and benefits, which can be seen in the opportunity, are as follows:
1. The market is huge and there is huge amount of customers in the market which are valuable to the company (Boiko, 2016)
2. The industry is in its growth stage the industry is growing on fast pace, which is beneficial for the company’s future growth in the market, as the market will develop the company, will develop.
3. The easy availability of materials and resources for this business is also a core benefits, which can be received by the entrepreneur while operating under this industry.
4. It can be said that based on the above key features and benefits the company can do well in the market after the start-up (Yu and Wiklund, 2015)
Steps taken to test your idea among target market
The steps that have been taken in order know the target market of the company is as follows:
1. Gathering data relevant to the target market for multi cuisine was conducted to know the demographic aspects of the target market in the current market (Hopp et al. 2018)
2. Identification of the targeted using the relevant data we also performed through effective evaluations of data which was collected through research process
3. Proper classification of the target market was performed to know the target market of the company to ensure that the company is able know the population it has to target for rendering services (Harrington, 2016)
Size and profile of the target market
Target market is the population, which the company will target for promoting their services and will try attracting this population which will ensure effective operation of the firm in a significant manner. It can be said that Cravings has diversified range of target market, which is key feature of being a multi cuisine. It can be seen that in demographic manner people from 18-45 are the highest population which are interested in eating out in some restaurants which will be the main target market of the company. There are 65.5 million over 18 in the city which will be the target market of the company and this shows the size of the target market which the company has to attract for its operations. It can be said that in this way the company will be able to build an effective consumer based in the market (Harrington, 2016)
Direct and indirect competitors
In every market, there are competitors, which have both direct and indirect competition of each other. It can be said that for start-up firm it is important that competitors are identified to know their strengths and weakness based on which the company is able to render effective services to the customers in an efficient manner. It can be said that the firm has huge competition in the market, as there are various companies and restaurants in the market. Although the range of customer is high which will not affect the sale of the company but the major direct competitors of the firemen are The blacksmiths arm and Jimmy’s Restaurant Wimbledon which are an established restaurants in the multi cuisine segment. Direct competitors are the competent operating in the same segment and having a direct impact of their competition to the business. The indirect competition to the company is fast food companies and cafeterias like Subway, McDonalds, Cafe Coffee day which derive a huge number of populations to their operations in the market. They are considered as indirect competitors as because they do not working in the same segment but has competitive effect of the firm indirectly by driving customers (Heslop and Johnston, 2015)
Plans for promoting for proposed opportunity
Promotion and advertisement is one of the most crucial elements within a stray business. It can be said that for making the following opportunity viable and successful the company will have to promote and advertise the products and services of the company to attract the target market towards the firm (Kusumaningrum and Hidayat, 2016). The advertisement and promotions of the firm will be done through digital advertisement as because it is a prominent platform which can be used for promoting and advertising the restrain. The social media and digital media user in the city as well as the country is huge and thus is an effective media through which the target market can advertised and attracted. Offline advertisement will also be done through leaflets and banners. The company in the initial days will offer the discounts and complimentary dishes to to promotes the services and attract the customers (Watsonet al. 2018)
The sale strategy of the company is very simple and is derived through two basic assumptions that the consumer through promotion and advertisement will increase which will eventually in the consumer base of the company. The sale strategy of the company is to render high quality service and food to the customer at an formidable rates combined with a joyful ambience within the restaurant to make the customers experience at the restaurant and joyful one this will help the company to retain the customer. The company will also associated with some delivery system to render home deliveries to customer order food online through various online ways such as Uber eats which enhance the sales of the company and will give the sales of the company and exposure in the market. The company will also be looking to provide stall of their flooding various locations to increase sale of the food products provided by the company in the market (Smith, 2018)
Finances required to fund the opportunity
The startup cost below will show the total amount of funds which will be required by the firm in order to start the business in a efficient manner.
Start Up Cost
Begning cash requirments
Total Startup Cost required
Sources of finance for the proposed opportunity
There are various sources of finance, which are present to startup firm, and they are as discuses below:
1. Debt finance: Debt finance is a source of finance in which the entrepreneur can take debts from the available varying sources. There are a number of resources available in the markets that provide the facility of financial debts.
2. Equity finance: It is one of the sources of finances in which the company could sell some of its shares to acquires monetary value. However this benefit could only be attained by the firm that are already existing
3. Venture capital: In this source of finance an external investor could be identified that would make investment in the business venture activities.
Therefore, in respect to the new business venture of Cravings the entrepreneur should consider venture capital for its major source funding. Since the startup, company could easily get investors from the markets. As the investors, consider the start up options as an opportunity for growth and development. Moreover, the entrepreneur would be able provide easy return on the investments to the investors from the profit share value. In addition to this the venture capital is more of an advantageous source of funding rather than any other funding option.
Profit and loss statement of the company for year 1
Profit and Loss statements for Cravings
Cost of Good sold
Packaging and Shipping
Contingency plans and risk assessments
operate a restaurant in recent society full of uncertainty there must be proper planning known as contingency planning to ensure that the risk that Surround the organisation while it operates in full phases does not impact much. Following structure present the list map that may hamper the operation management of the organisation the “Cravings” (Sadgrove, 2016).
Probability of Occurrence
From the above Risk Probability Map, there is clear evidence regarding the probability of occurrence and impact of raised up on the organisation that is to be newly formed named as “Craving”.
Management challenge in the organisation the craving that is to be presented in society seems to have a high probability of occurrence but a low impact of risk over it general work condition. This is why it is clearly place in the very first quadrant of the risk map where the relation between probability of occurrence and impact of risk is presented (Brink, 2017).
When discussing about high chance of occurrence we see that Customers dissatisfaction is kept in second quadrant. We observe from the above map that the probability of occurrence of the problem in the organisation is high and their impact over the organisational work if occurs will have high concern. Food poisoning and insurance malfunction have low chance of occurrence but have low and high impact over the organisation respectively (Brustbauer, 2016).
In order to ensure proper contingency plan for mitigating the management challenge that could occur in the organisation the management team of “Cravings” must ensure a democratic format of leadership where every organisational worker has their own se and decisions are taken in accordance to the benefit of every management work in the organisation (Negnevitsky, Nguyen and Piekutowski, 2015).
Considering the effect of customer dissatisfaction proper receptionist and waiter must be appointed who have communication skills and sense of understanding the views of the customers when they face any issue.
Plans for managing the new business or the growth opportunity and Operational plans
For the constant chance of making the organisation success in long run it is essential that the management must be prepared for the challenges that have to come in future. When discussing about the operational plan the organisation that craving will be placed in the market where there is gathering of both students and people working in offices. With the premises being presented to students there will be requirement of Wi-Fi and small indoor games to make them feel comfy. There will be soothing music around the cafeteria (Wright, Zeltmann and Griffin, 2017).
In requirement of the equipment for the cafeteria the Cravings, coffee machine, grill machine, cooking utensils, liquid gas furnace, table, chairs and air condition are required in the very best and possible time.
Legal or regulatory requirements
In requirement for the legal or related requirement for starting the captive the text and good service tax that is GST nowadays must be properly filled up with proper tax file number. Keeping the organisational financial is safe required proper accounting system that could have institute for daily good practice of accounting work in easy method. Insurance also falls under regulatory requirement for an organisation to safeguard them from unfortunate period (Jacques et al. 2016). Getting in touch with the local Council for the approval of developing an organisation in the society is one of the most important aspects that falls on the legal or regular requirement. The questions and the guideline presented by the local Council of the society help in guiding the management to form a new organisation with proper safeguard aspect.
From the above information regarding the preparation and planning for a new business organisation in the society there has been enough explanation of the ways and the aspects that must be included. Most interestingly the work has provided with information, Regarding every aspect of market analysis, understanding of customers, preparation of expected budget, expected profit and loss and many others that actually is required to prepare for operating new cafeteria in the society. The assignment have also provided above operational plan and legal requirements that would help them to mitigate problem while operating in long run.
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