Starting a new business is a dream for many entrepreneurs at the same time they are also aware that starting a new business isn’t that easy. Some entrepreneurs invest good amounts and launch the business but they usually fail to continue the business. It implies that starting a new business may not be difficult but running the business and growing it is really a challenge. This research project explains about starting a new sandwich restaurant at two locations which are near Dallington Park and Dallington post office. In-depth industry analysis, market analysis and other aspects with respect to starting a new sandwich restaurant at these locations are covered in this paper. Results from the research reveal that it is a potential business venture because there aren’t any sandwich restaurants in the identified locations.
Table of Contents
2.0 Company description.
3.0 Industry analysis.
4.0 Market analysis.
5.0 Marketing plan.
6.0 Management team and company structure.
7.0 Operations plan.
8.0 Product or service design and development plan.
9.0 Financial plan for the first year of trading.
1.1 Prospect of entrepreneurship in the UK
Many large successful businesses (like McDonald’s, IBM’s) were small entrepreneurship when they were started (Coulter, 2014). This means small entrepreneurship is the foundation of big companies and brands. In the UK, there are huge opportunities for entrepreneurship. A study by National Statistic (2015), in 2014, the value of UK entrepreneurship was over £7 million. However, they are facing some challenges. The main challenges of small and start-up businesses in the UK are the shortage of resources that in turn create difficulties to increase market share and customer retention (Morris et al., 2014). These challenges can be turned into opportunities by using effective marketing and advertising tools like social media marketing (Steve and Caroline, 2014).
1.2 Aims and structure of this report
The aim of this report is to develop a business plan for a new and start-up entrepreneurship. The name of the business is “Grandwiches”. The first part of this report provides an overview of the proposed entrepreneurship. The second part of this report conducts an analysis of the UK food industry. In the third part, market analysis is done, and then the marketing plan is done in the next part. The next part of this report outlines the management team and company structure. Then, the operation plan, product/service design are developed. Finally, a financial plan is developed for the first year of trading.
2.0 Company description
2.1 Business background
The business venture which has been selected as a part of this project is to launch dedicated sandwich snack food restaurants. The name of the restaurant chain will be Grandwiches and all the restaurant stores will be opened in selected locations. One of the main reasons for planning for this business is sandwich is one of the items which can be consumed any time of the day.
2.2 Ownership structure
The business is a private limited company. It is a partnership Company. As there are four members in the group the objective is to open two restaurant chains at two locations which helps in managing the restaurant operations in a better manner. The location for the business is near Dallington Park and Dallington post office. The initial investment is £40,000, where each partner will contribute £10,000.
2.3 Products and services
The basic product will be a sandwich and it is known that there can be numerous varieties carved out of it. Products will be mainly categorized as vegetarian and non-vegetarian. Most of the products are meant for office goers and college students lacking time to make their breakfast. Other products like shakes, cakes and pastries will be provided. Nature of products is mainly classified as different kinds of fresh-made sandwiches and Freshly made smoothies /Coffee. Key characteristics/features of products are high nutrition values, fresh and healthy food, cheaper prices, Supply from reliable suppliers, Value-added features, and a variety of menu – Italian, English, Indian and Chinese Fillings.
2.4 Vision and mission of Sandwiches
The vision of a business refers to the key point where the business to want reach, whereas mission is the way of reaching out to that key point (Morris et al. 2014). The vision of Grandwiches is to be a leading food retailer in the UK, and the mission is to gain competitive advantages in the market with its quality, integrity and excellent services.
2.5 Aims and objectives of Sandwiches
Aims of a business refer to the target point of reaching out, where the objectives are measurable goals and strategies of achieving business aims (Murris et al. 2014). The key aim of Grandwiches is to gain expected profits by developing a strong customer base and customer retention. The objectives of Grandwiches are outlined as follows:
3.0 Industry analysis
3.1 Industry size and structure
The UK restaurant industry is worth more than £40 billion (Angelis, 2013), where the British sandwich industry is estimated to be over £ 8 billion as these triangular bread pieces have become an essential item for most of them in the country (Knight, 2017). UK people buy about 4,000,000,000 in a year that is worth around 8,000,000,000, where over 300,000 work in this sector (British Sandwich Week, 2018).
3.2 Industry Structure
British consumers enjoy and engage in the sandwich industry through different channels. The UK sandwich industry is very diverse from top-end fine dining to quick service (takeaway) outlets. Restaurants in the UK can mainly be classified as fine dining, branded dining, casual dining, and quick service outlet (Krystallis and Chryssohoidis, 2015). The chain restaurants dominate the UK sandwich industry, where the number of chains has increased and the size of chains has decrease a bit over the recent years. The newer brands are more remarkable in the UK sandwich industry. The largest 13 brands have now about 2500 outlets and limited-service restaurants lead over 100 tallies (Angelis, 2013). The structure of the sandwich industry is fragmented as there are organizations of all sizes serving 54.4% of the UK’s population with sandwiches (Mawson, 2013)………………….