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- Critically identify, analyse, evaluate, model and make informed judgements on the complexity of factors which may contribute to the success or failure of a new venture including: – human resources and management; management knowledge; entrepreneurial skills, and development contexts which may contribute to new venture success or repositioning/change/turnaround.
- Determine, identify and evaluate the critical tasks, resources and management planning within new venture life cycles, including the challenges and opportunities faced at each stage in the life cycle of the venture
You have decided to open a business of your own and you require funding for the business. You have been invited by a group of potential investors to present your latest initiative for them to consider. You are required to develop a Business Plan.
1. Business Description – Should provide the products or services offered by the business. Also contain the goals and objectives being proposed. It also discusses the supplier information, agreements and ownership structure.
2. Business Opportunities – Should contain the potential customer, geographical area, business competitors.
3. Marketing Strategy – Should present the costing and pricing, sales projection, and marketing plan.
4. Business Operations – Should include the operational function, services offered, and personnel.
5. Finances – To include the revenue, expenses, and financial projections.
Your Business Plan should convince your audience (of managerial and Financial members) to lend you their support.
Using Assignment 1 present your plan in a presentation format. This should consist of a maximum of 15power point slides with prepared answers to expected questions
The aviation industry has picked up the pace with flights getting affordable for the regular traveler. With the advent of new and technologically advanced airports being built, there is a large business space for the food outlets at these airports. The idea here is to open a new age airport café/restaurant that runs on a 24-hour basis and provides comfort food at an affordable rate. The location of the airport in consideration here would be Heathrow Airport in London, which is also one of the busiest airports in the world. This report includes details on business operations, marketing strategy, financial projections and opportunities that it caters to.
Business Plan Description
Specialty cafes and restaurants have an annual turnover of about £5m and this figure is growing at a rate of 20% every year at UK airports (Thompson, 2007). To capitalize on this, the idea is to open an authentic British Café at Heathrow, Terminal 3. This café is planned to have a flavor of our busy lives with featuring magazines from different domains and interests, offering newspapers and putting up LED screens that cast sports and business news across the café. This restaurant will provide high-end premium tea and coffee along with British café food. Since the number of early morning flyers is high, special emphasis will be given to a quality English breakfast. Special combinations and offers shall be provided to prepare this British breakfast. Since this is the main feature, extending it to an all-day breakfast mode makes more sense. Sandwiches, bacon, eggs, sausages, baked beans, etc. will comprise 70% of the menu accompanied by sandwiches and beverages. The store will also feature official merchandise to attract children and hence, bring in more customers.
The café will be situated in one of the waiting areas on Terminal 3 before boarding so that customers can come in when they have to kill time just before the flight. It will also provide takeaway facilities for food to be carried on the flight. The objective of this café would be to give that lasting 'British' experience to the traveler before he/she leaves this place for some time. Thus, it will be essential to maintain premium quality and authenticity. The planned seating currently is of 20 persons at a time, but there shall be areas to stand and read as well.
There are also plans to introduce a mobile application once the customer base is established, which will be extended into a loyalty program for frequent customers. This is established from the fact that it is cheaper to market yourselves to your current customers and induce repeat purchases than acquiring new customers (Reinartz, 2010). Customers can use their points gained from previous purchases to order food on their phone applications while they're going through security checks in order to save time and avoid queues. It is also planned to collaborate with a couple of airlines to allow their points to be utilized for purchasing food at the airport café. This way, customers can establish a brand-connect with the café and it will be helpful if we are to establish and expand this franchise at other airports in the future.
Talks have been established with 4 suppliers as of now including Brakes Bros. Ltd. and Allpress Ltd. who can provide supplies like coffee, bread, raw meat, etc. at expected costs in order to maintain a margin of above 55%. The current agreement has been proposed for 2 years, which can be extended to another 3 years. The airport café shall be operated in a full ownership structure with the help of initial funding.