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1. 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.
2. 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
The following business plan outlines the idea of opening a café/full-service restaurant at the Heathrow Airport, Terminal 3. The aim of this business is to provide quality British food and experience to travelers who are looking for something authentic at the airport before leaving the country. The café will consist of special all-day British breakfast, which shall be its selling point. Apart from regular food and beverages, the café will offer reading and entertainment sources, official store merchandise, free Wi-Fi and a dedicated loyalty program. The current list of restaurants at Terminal 3 doesn't have any authentic British restaurants and especially for an all-day breakfast setup. The idea is to capitalize on this market opportunity and provide customers with maximum value. The target market here would be business and leisure travelers as well as airport staff visiting Terminal 3.
The key ingredient of pushing sales is to offer premium quality at affordable rates. Hence the suppliers have been so chosen as to provide goods at optimum prices and the entry price on the menu would be kept around £6-8. Since the customers are usually in a hurry, the emphasis would be provided to serve quick and light items at affordable prices. The marketing strategy would be to build customer relationships and induce repeat purchases. The number of people to be employed will be 14 including chefs, managers and the waiting staff working in shifts. By financial projections, the margins are targeted to be above 55% and the profit at the end of the third year above 14%. With a loan of £50,000 from the bank and cash funding of £30,000 from the owner, the business plan would need around £1,00,000 for making this a success.
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.