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Start-up tends to depict the firm in the very initial stage of operation Start-up are generally founded by one or more entrepreneurs who want to develop an ethe product or the services for which they would tend to believe there is an extreme demand. The commercial idea for reason to set of firms would entail for food products and service that are being offered to these item that are needed to be marketed. The business plan will focus mainly to be investigating for launching new venture in the UK. The core elements of the food business are the strategy, design, marketing, sales and operation and finance. It will also discuss the financial skill and capabilities for the business needs. Further, it will highlight the different promotional activities for launching the new firm. Finally, and budget for launching a new venture would be discussed.
The name of the New Venture that is going to be launched is Living Food Pvt Ltd.
Logo
Legal Formation
A private corporation can be formed in a variety of ways to start a business or the foundation of a new enterprise The incorporation of an existing sole proprietorship or partnership entity into a corporation. A partnership or single proprietorship can be converted into a corporation in one of three ways. By purchasing the firm. It might be a full acquisition of the firm's assets and liabilities or a partial acquisition of some assets and liabilities. The payment might be conditional on an itemized or delayed sale. A corporation becomes a co-owner, which is later dissolved by the formation of partners (Abuselidze and Katamadze, 2018). A firm that becomes a close associate and subsequently dissolves by declaring the company's current partners to be just one owner of the newly established business, necessitates the following actions. Moreover, to create a private company following the regulations. The Business Memorandum of Association is signed by the proprietor of the business condition, as well as specified extra individuals (usually family members and friends) or partners of the existing company.
Nature of business and idea
The nature of the food business would subtly describe the type of the commercial activities for what its overall goals are. It also describes its legal structure, and the idea and products or the service for everything a commercial that does to reach its goals. Further, the nature of the food business would also depict the issue and the focus of the Living food offering towards the customers. Living foods is an international food retail chain in some grocery stores lit leads to too much to be denied. Business ide for most the foodies, and finding the ingredients means running around the town market from the different nationalities it the item are available. The most successful businesses not only make a profit but also show signs of future expansion, whether through product expansion or branching out into new areas. Working in a developing market is advantageous since you can take advantage of new advertising opportunities and ensure that your reach continues to increase.
Tangible and intangible resources are critical for the organisation because they allow it to focus on the future and give it meaning (Bocken and Snihur, 2020). Intangible assets include things like business knowledge and abilities, whereas tangible assets include things like technology and buildings. Tangible assets may be bought and sold on the stock exchange, but intangible resources cannot be purchased since they are gained via education and many days of hard labour. The appropriate management of resources is a critical aspect of a corporation's financial performance. A corporation that uses both categories of resources earn more money than one that does not. Intellectual, technological, and social resources are examples of intangible resources. Technological resources include both a group's ability to innovate and the rate at which it produces new technologies. Trademarks are examples of intellectual resources that may be derived from a company's technology resources (Bocken and Snihur, 2020). Intangible assets are objects that have gathered through time and are firmly embedded in the history of the business. Intangibles are difficult for competitors to analyze or repeat since they are interwoven in a variety of procedures (Muwardi et al., 2020). Moreover, the tangible resources that are mainly used for opening a new business would be financial resources which include the cash balance, gearings, and debtors and creditors. Also, the tangible resource would include physical resources like the current state of building materials, productive capacity. Also, organizational resources include the firm formal reporting structure and over it, formal palling, controlling, and coordinating of the system. Whereas the intertangle resources that are needed for a new venture (Living Food Pvt Ltd) are the patents, copyright, trademarks, and goodwill.
Moreover, being specific about the tangible resource have a benefit that includes the quality of product, displays the virtual merchandise, also the layouts of the store that would include cleanliness, well-spaced product display, attractive decor, Higher Superiority if brands, variety, and an assortment of products (Shih and Yang, 2019). Further tangible benefits would include the faculties like escalator or elevator, mode of payment (Point of Sales dressing rooms and parking facilities). Intangible advantages include enhanced customer happiness, increased staff motivation, increased market share, and a more positive image for a unique product for Living Foods Pvt Ltd.
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Target Customer and Target Market
As Living food Pvt ltd is a food-based product it generally targets the youth more as compared to the other age groups. Typically, with the target market, this firm would learn about the individual in that area where they want to sell the product (Blake et al., 2019). It is by looking at the “age, education, gender, occupation, level of income, and type of household”. Moreover, the evidence can assist individual the firm to forecast the buying pattern for the individual in an area. For example, if firms look at an area where there is a fitness freak or health-conscious residents individual, would they expect a lot of interest in nutritious food products and health drinks. It is by the demographic features of the consumers the targeting is being specified. The company is based in Birmingham and will operate business in the West Midlands online.
Market Segmentation
Market segmentation for Living Food Pvt Ltd would be based on the category of food which is used to segment their product are the price, location, cuisines, and product lines. Customer segmentation is the process of grouping consumers based on common behaviors or perhaps other qualities. The categories should be homogenous within themselves yet simultaneously diverse concerning one another (Griva et al., 2018). It would be based on behavior segmentation is that about the interest and activities. For Instance, if living Food Pvt ltd wanted to market to teenagers who like a food product that contains chocolate composition, they might purchase adverting space on the site that has articles and news regarding this age group. About 40% people live in Birmingham will prefer the food items because of their origin and culture (BCC, 2021).
Competitor and industry analysis for achieving competitive advantage
Porter Five Forces
The Porter forces it would be to recognize in Living Food Pvt ltd are
Threat to New Entry
New entrants in the Products and Services sector bring with them innovation and new ways of doing things, putting pressure on Living Food Pvt Ltd through price cuts, cost cuts, and value offerings to customers. To maintain a competitive advantage, Retail Food Group Limited must address all these concerns and develop effective skills.
Bargaining Power of Suppliers
Almost all companies in the Consumer Services market receive their raw materials from a variety of sources. Suppliers with dominating market positions have the potential to reduce Living Foods Pvt Ltd.’s market margins (Bhattacharyya, 2019). Consumer Services vendors use their negotiating leverage to obtain higher pricing from Consumer Services companies. In the Consumer Services industry, more status bargaining power diminishes overall profit.
Bargaining power of Buyers
Buyers may be a challenging lot. They want to get the best products for the lowest feasible price. This has a long-term influence on Living Food Pvt ltd profitability. The greater the negotiation power and capacity to seek growing offers and reductions, the smaller and more powerful Retail Food Group Limited's client base.
The threat of substitute products or services
When a service or product meets equal client demands in various ways, the profitability of the industry suffers. Food Products like mango drinks or orange drinks during summer, work as a replacement for other types of food products (Bhattacharyya, 2019). If a substitute good or brand provides a value offer that is notably different from the industry's current options, it poses a considerable risk.
Rivalry Among the exiting Competitor
If competition among existing companies in an industry is severe, prices will fall, reducing the company's overall profitability. Living food Pvt Ltd is a wanted to be a global services company in a highly competitive business. This competition has an impact on the company's long-term viability.
Source (Bhattacharyya, 2019)
Skills and Capabilities For launching a new venture
The top business skill and capabilities that are needed to launch a new venture would be
Communication skills
The entrepreneur wants to be an effective communicator, It is when include is a solo entrepreneur to run any top global firm or a small business firm like Living Food Pvt Ltd. They need to understand how they would tend to communicate effectively and all tall the stakeholder and the capable stakeholder who are in touch with the business. The stakeholders An entrepreneur must be able to successfully communicate with employees, investors, customers, creditors, colleagues, and instructors (Schoemaker, Heaton and Teece, 2018). If a businessman cannot articulate the value of his or her firm, he or she is unlikely to be productive. They must be adept in all types of communication, including one-on-one and in-person discussions, discussion groups, written communication, and internet or social media effects.
Sales skills
These kills mostly occur through any soft skill that goes hand to hand with the communication necessary to the successful. It is the entrepreneur, this person needs to be able to sell anything and everything (Kaski, Niemi, and Pullins, 2018). Further an entrepreneur wants to sell the business idea to a capable investor and the product or the service to the user and with the personnel.
Finances Skill
Accountants, financial experts, financial officers, underwriters, financial officers, and others employ finance talents, both hard and soft. Each profession has its own set of skill requirements, however, there are a few skills that are required regardless of position or degree of expertise (Kaski, Niemi, and Pullins, 2018).). Finance skills were required to keep accounting systems and financial security working effectively inside a corporation.
Business Strategy Capabilities
While a successful businessman is defined as having built a successful organization, business planning is the fourth most critical skill that an entrepreneur requires. Entrepreneurs frequently attain success in their firms by sheer force of will. An entrepreneur may create a business plan on the go by utilizing good communication skills, sales abilities, a keen focus, and a b desire to learn. Nonetheless, while starting and growing a firm, the design and growth strategy must be founded on sound business sense and talents. A successful businessman must have a well-thought-out strategy in place to take their company from excellent to outstanding.
Importance of building credibility in a start-up venture
Credibility is important for small businesses and larger corporations. It is without this include businesses might struggle to attract the retain the customer. Further, credibility helps individuals to build trust with the customer and also put a little legwork and showcase to them that into can be trusted. However, credibility cannot be built-in night time it takes time. In context, the importance of credulity is mostly important because it needed to be developed and cultivate the earned with mutual trust and respect (Liu, Qu and Scherpereel, 2020). The leaders are those who have the credibility to develop an organizational culture with an enchanted moral, and elevated workers' performance and effective relationships. Trust and trustworthiness can help new firms avoid legal problems by preventing consumers or people from envisioning a reason to engage in legal disputes. Customers are more likely to be satisfied with the way a company conducts itself if they feel it is credible and trustworthy.
Explain the risk factors associated and how to overcome the change and challenges.
There are the five-risk factor that is associated with making a new business
All of these above risks are vital elements for preparing the initiating the use venture Also, being an entrepreneur means being willing to take and look at these risks and also to decide it here are calculated risk looks like a better idea for the organization.
Explain and apply ‘Bootstrapping’ in your business context.
Bootstrapping is the process of starting a business using just personal savings, including borrowed or invested funds from friends or family, as well as revenue from early sales. Existing funding techniques, such as investor support, crowdsourcing, or bank loans, are not used by self-funded firms (Jayawarna, Jones, and Macpherson, 2020). It is rather as the name would suggest that entrepreneurs should pull themselves up by their bootstraps to utilize their capital for launching their products.
Living Food Private Limited would Apply different processes of Bootstrapping.
It is that looking for the commercial that would need less start-up for the capital.
It is the business that would generate the fast cash (living Food private Limited needs capital for their business when they would grow to a larger business context.) and Tasing the Waters.
Trying Bartering
When starting a business, it is preferable to have as much start-up cash as possible. This means you can swap the products you need for those needed by others. However, before engaging in this type of transaction, ensure that the objects being transferred are of comparable worth.
Cutting down on the Expenses
Starting a business with an extra or additional cost that is not required would help living food Private ltd to grow in a much better position (Jayawarna, Jones, and Macpherson, 2020).
Making a partnerships
It is the best way to run a small business without any huger expense and added stress. On oneself, the stress is being divided among each partner and eventually, the business would function ins a smooth manner.
Benefits of networking
It would intend to acquire new business that would lead using the contacts that one makes when they make individual which might open a new door for trade opportunities for Living Food Private limited. Further, it would so identify best practices as networking is also a great way to recognize the best practice of firm benchmarks. Living food that belongs to other individuals and finding out what the later software program is, or the employee management practice can bring betterment to the business.
Resources
Advice and opportunities.
Promotional activities plan for the launch of a new business.
There are four components of the marketing mix, Product, Price, Place, and Promotion.
“Living Food Pvt Ltd” deals with nutritious food items and health drinks. It is always focused that the quality of the product should be maintained (Lahtinen, Dietrich, and Rundle-Thiele, 2020). The customers should be supplied fresh foods not rotten or stale foods. Moreover the food is not only the product, the service provided by the staffs, packaging, parking facilities; sitting capacities etc. all are part of the product.
The place selected for opening the store is Manchester of UK. This place is very famous and it will be easy for the customers to reach the store (Lahtinen, Dietrich, and Rundle-Thiele, 2020). Seeing the present situation, the industry is trying to take orders from the customers online, through phone or emails. The industry is also opening home delivery options so that it will be able to reach the target customers. This will attract the customers more as they can enjoy the food sitting at home comfortably.
Promotional activities are done with the help of advertising on TV, radio, newspapers, and social media (Lahtinen, Dietrich, and Rundle-Thiele, 2020). Other promotional activities are maintaining public relations, content marketing, and face-to-face marketing.
The price of the food items is kept low so that all sections of customers can purchase products (Sudari, Tarofder, Khatibi, and Tham, 2019). There are offers and discounts on certain products and referral codes are also provided.
Among these four components Pricing is the most important component as price changes bring change in the market values. It affects the budget and effectiveness of the market. If the price of a product is kept low than the competitors, the customers get attracted. It results in an increase in ‘click-through rate’ and an increase in ‘conversion rate’. These two rates are different for different products due to the elasticity of the price of the products (Sudari, Tarofder, Khatibi, and Tham, 2019). The high price of a product increases the budget while the low price leads to increasing ineffectiveness.
Messages are sent to the targeted customers informing them about the facilities the store is offering (Kim, Song, and Lee, 2019). Sign-up forms play an important role as in the form the customers give their details and hence the store will be able to send messages through email.
Making videos attract customers is necessary and encouraging the customers to participate can help in the promotion of the business (Kim, Song and Lee, 2019).
Looking for feedback through social media is helpful for the industry. When the customers give feedback they tell about their level of satisfaction (Kim, Song, and Lee, 2019). The company can look after the complaints of the customers and make a change in the product accordingly.
The marketing objective of the store “Living Food Pvt Ltd” is to build up the trust of the customers (Hussain, 2018). This will also help to increase the number of times the customers visit the store. The strategy should be to fill the seats of the store as much as possible; this will make the customers think that the store is of high demand.
The time of opening the store is 10 am to 8 pm. The store is opened at this time so that the customers going to the office can take food from this store (Batat, 2021). The duration of the store serving customers is maximized so that customers can visit the store at any time according to their convenience. The store is kept open almost for 10hours with staffs working in shifts to better serve the customers. The store is situated in Manchester of UK
The budget of “Living Food Pvt Ltd” is almost 6000$. The budget is kept low in the starting and with the expansion of the business and increase in profit, the budget will be increased.
A plan that is made based on revenue and overheads is called the budget. It is the assessment of the amount of money that a company will gain or outflow over a definite period. Through this process, a company can have control over the money. It is a plan to spend money throughout the month or year for all purposes. A budget can change with the situation and is not rigid. It shows ways to spend money correctly and it is beneficial to everyone. One can achieve their financial goals with the help of a budget. A budget helps to understand the relationship with money. One can keep track of their income and expenditures and then they will find ways to make adjustments to their money. A budget helps to save enough for the future (Cazenave et al., 2018). When a budget is made it always have a place for saving money for emergency purpose. This can be saving money for a vacation or medical emergency. Once a budget a made, it saves people from overspending money and repays debts that were taken previously. It makes people manage financial decisions beforehand and face sudden challenges.
A budget can be for an individual, a team, a corporate, an administration, or anything else that is related to spending money. Thus, we can also say that the Budget helps to manage monthly expenditures, sudden events, and accidents without taking debts. There are three kinds of budgets, one is a surplus budget where profit is maximum, a balanced budget where profit is equal to the expenses, and the last one is deficit budget where expenditure is more than profit. To run a business effectively and efficiently budget is necessary and this is a corporate budget. The budget development process starts by making suppositions for the coming budget period (Cazenave et al., 2018). The suppositions are related to project sales drifts, cost drifts, and the factors affecting the whole industry and sector. Before making the budget suppositions are made relating to the market, associations with the sellers that give offers.
It is necessary to plan the expenses before launching a new industry and to escape any unexpected expenditures (Broder, Zambrano, Lee, and Marken, 2018). There are many steps to making a budget before launching a new industry. The pre-launch costs for “Living Food Pvt ltd” are:
|
Expenses |
Amount |
|
Permits and Licences |
£100 |
|
Incorporation fees Logo design and Website design |
£250 £100 |
|
Down payment for rental property |
£500 |
|
Office furniture |
£400 |
|
Start-up inventory |
£500 |
|
Insurance |
£700 |
|
Computers and other tech equipment |
£1000 |
|
Promotional materials |
£300 |
|
Employees salary |
£2000 |
There are different sources of financial resources that “Living food Pvt ltd” can utilize to start their retail business afresh. There are six different sources of financial resources for start-up industries.
Putting money into the business from previous savings and assets is one of the main sources to start a new business (Naumkin, 2020). In the retail industry “Living Food Pvt Ltd” the investor is investing money from previous savings and this proves that the investor has a long commitment to the project of starting the business and is ready to take any kind of risks.
The money given by loved ones like father, mother, friends, and family is considered to be the loved money that is required to be paid only when the business experiences profit (Naumkin, 2020). The investor should always be conscious before taking this money because there might be instances when the loved ones desire to have equity in the business.
The investor of “Living food Pvt Ltd” can adopt financial resources from Venture capital. This capital is helpful only if a company is trying to make a huge profit (Naumkin, 2020). Venture capitalists search for business that is solely dependent on technology and has high chances of growth. Venture capitalists stand with promising projects and so they expect a healthy return on the money they invested.
The retail industry can receive financial help from Angels. Angels are very rich individuals or the executives of a company who have already retired and they like to invest their money in small industries (Dvorsky, Rozsa, and Petrakova, 2018). They give financial support as well as share their management knowledge and work experience. They like to invest in the initial stages of starting the business with a huge amount of money.
The new retail industry can get financial help from the government but governments grants are not easy to receive. Before getting the grants the industry needs to describe the whole project, the advantages gained from the project, and a detailed plan of the project (Dvorsky, Rozsa, and Petrakova, 2018). The government then evaluates all these aspects and then gives the industry subsidies and grants.
A small and medium-sized industry like “Living Food Pvt ltd” depends upon loans from the bank for their financial help (Dvorsky, Rozsa, and Petrakova, 2018). The plan of the business should be appropriate to get loans from a bank. The businesspersons should provide a personal guarantee to get loans from a bank.
Living Food Private Limited has different promotional techniques to launch. For companies, a Facebook profile is an amazing free marketing tool. Post photos, links, blogs, and anything else that appears to be linked to the business and attractive to your target audience on social media. Use Facebook Insights to learn more about what connects with your target demographic.
It is also an important social media platform that would help to promote their launch, their product what they want to sell to attract new customers. Should include the audience-specific hashtags, apply the right filter, and engage the competitor with followers for living Food Private limited.
YouTube
Living Food uses its own YouTube channel to market. The different adverting during any blogs, or music video can be their promotional medium. Further, due to its popularity and functionality, YouTube might be an efficient marketing medium for businesses(Febriyantoro, 2020). Your firm might utilize YouTube to present or market products, portray your brand's “style,” monitor responses, provide customer assistance, and aid customers in spreading the word about the business.
Promotional Activity
|
Promotional Activity |
Type of Promotion |
Cost |
|
|
Using of location targeting, use of the target induvial their most likely be used for the items of the newly opened store, Intriguing the consumer with ambient atmosphere and entice the new customer with fund free events as all of these details should be sahre3d over their Living foods Private Limited Facebook page. |
£ 3000 |
|
|
Showcasing the brad, choosing the filter, use of the hashtag on Instagram only promotion page engaging the Instagrammers. |
£ 650 |
|
YouTube |
Post a range of videos that display your products from various angles. Share videos of your products in action to demonstrate their capabilities and get shoppers thinking about how they may utilize the item to meet their specific needs. |
£ 550 |
The ROI is the most popular profitability metric that has been utilized and evaluated over how well an investment has been performed and expressed based on the percentage that has been calculated by dividing the investment net profit by the starting cost or outlay. It is dependent on the ROI calculation
“ROI = (Net Profit/Total Cost)*100”.
However, for Facebook Page for Living Food Private ltd can be measured in some ways For example if living food is running Facebook ads and one could see the direct return generated from the advertising click (Bertram et al., 2018). The individual does not use ads and could still see the return in the form of ads, users testimonials, and referral traffic.
The effectiveness of the different promotional activities would tend top he assist in identifying the different promotional activities. It is that efficiency for evaluation for the concern with the process by which for a plant that has been delivered to produce the outputs. Further, the promotion outcome from the communications and the activities that would rise in a way would optimize the use of the marketing.
Hence, to conclude, the business plan help to achier and redefine the firm needs, the contingency of the management is to achieve the goal, and the main point that is justified for why the business will succeed to find and many promotional activities of Living Food private limited to survive for the long run for their success in the market. It is that new start-up it can be viewed identified for the change, taking the risk and responsibility and creating the and values towards the customer will provide an extensive gain for living foods to run in the long haul.
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