Business Plan Vegan Story Case Study

Table of Contents

Business Plan Vegan Story Case Study
Introduction - Business Plan Vegan Story Case Study
Marketing Strategy- Marketing Mix
Premises and equipment need
Financial Highlights

Pages: 8 Words: 2044

Introduction - Business Plan Vegan Story Case Study

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Business Details

Vegan Story is the name of the company that is in the works. To better serve the company's vegan clients, the firm operates as a vegan restaurant that creates new vegan menu items. It is a restaurant in London, UK that specialises on Vegan Story, a newer trend in the city. The restaurant was founded on the principle of serving healthy, tasty vegan food to the public. In addition to this, the restaurant's goal is to create new meals that use exclusively vegan products that are derived from the supply chain in a sustainable way. The firm vehemently opposes animal cruelty, and sustainability will be a major aspect of the restaurant. A full range of food service options, such as dine-in, takeout, and home delivery, will be offered by the business (Tipu et al., 2019). Customers who reside within three kilometres of the restaurant will be able to have their food delivered for free. Using the app created by the company's administrator, patrons may reserve a table at the restaurant ahead of time.

Aims and Objectives

The company's aims and objectives is to become London's premier vegan restaurant, serving up delectable dishes crafted with locally sourced, organically farmed products. The organization's objective is to increase the number of vegans in UK while simultaneously fostering a culture that accepts Vegan Story.

Market Information- Size, and Growth

Vegan Story will first operate in London and will later expand in other parts of UK. As observed, there is a high demand of vegan food in UK and the company can explore the area to increase the growth (McKenzie and Sansone, 2019).

SWOT and Competitive Advantage

Strengths	a. Price to be reasonable b. Ambiance and environment
Weaknesses	a. Wait times to be long b. Noise levels
Opportunities	a. New competitor menu b. Promotions
Threats	a. New competitor in locality

Firm

Type of Competitor

Competitive Advantage

Chi Vegan

Primary

a. Exhibiting sustainable management practises to promote brand image and brand portfolio

b. 100% plant-based restaurant

Glowbal

Secondary

There are a variety of meal options accessible at a reasonable price at the same location thanks to smartphone apps.

(Source: Lubis et al., 2019)

Details of Customers

Customers who are giving up on non-veg and milk products are the main target of the company. Since, the restaurant is based on vegan products targeting these customers will help the company to earn more profits (Ferreras-Garcia et al., 2019).

Marketing Strategy- Marketing Mix

*P’s*	*Impact*
Place	The restaurant will begin operations in all parts of UK, and will employ internationalisation and expansionism strategies to broaden its customer base throughout the country (Watson et al., 2018). In addition, the firm will use a variety of tactics to broaden its client base throughout the market, which will not only help it expand its target audience but also allow it to implement the principles of market expansionism.
Price	When it comes to increasing profit margins and keeping new rivals at bay, the corporation will use a premium pricing approach. As a final step, the company will adopt a premium approach to discover areas of improvement and attract new clients (Watson et al., 2018). With the premium pricing approach, they may build a secure position in the current market, which will result in a strong client base and good customer retention in their company.
Product	The firm will employ natural components to manufacture excellent cuisine for clients, and the supply chain management method will be fully developed inside the organisation. For the purpose of promoting a favourable brand image and brand portfolio inside the organisation, the corporation will also give free delivery services to older people and coronavirus sufferers (Watson et al., 2018). Neither meat nor dairy products will be used in the company's food production. There will be no dairy in the company's products.
Promotion	It is expected that Vegan Story would make use of low-cost marketing strategies such as social media and print media to increase its client base and to disseminate knowledge about the different discounts and offers the organisation offers (Watson et al., 2018). Email marketing is also going to be used by the company as a strategy to keep clients engaged and the customer engagement process will be more efficient and effective as a result. As a whole, the company's marketing approach will be based on market demand.

Premises and equipment need

Area required for the restaurant is 500 sqft so that they can accommodate a huge number of people and few area is kept for cooking purposes as well. The requirements for the restaurant are chairs, tables, refrigerator, utensils, cooking items as well.

Key People

The organisation requires 25 people, each of whom must possess a certain set of skills and competences in order to carry out their duties effectively. In order to engage with customers on a regular basis and address their demands, the organisation must have excellent communication skills and a positive mind-set. Employees must also have customer service abilities in order to increase the company's connection with customers and also its growth and development. Self-management skills are also needed by the personnel of the company so that they can remain patient while serving consumers.

Financial Highlights

Projected profit and loss statement
Year 1	Year 2	Year 3
Sales	397600	437600	413100
Less: Cost of sales	133300	150000	184100
Gross profit	264300	287600	229000
Operating expenses
Business Insurance	12000	15000	18000
Advanced booking and ordering software	5000	10000	10000
Staff recruitment and training	20000	30000	32000
Internet and other marketing expense	15000	15000	20000
Electricity and property maintenance	9600	12600	15600
Staff salary	14400	25000	28000
Miscellaneous	3000	5000	5000
Rental	18000	18000	18000
Total operating costs	97000	130600	146600
Operating profit	167300	157000	82400
Less: Interest	35000	35000	35000
PBT	132300	122000	47400
Less: Tax 28%	37044	34160	13272
Net profit	95256	87840	34128
Net Margin	23.96%	20.07%	8.26%

Particulars	Year 1	Year 2	Year 3
Net profit	95256	87840	34128
Cash from operating activities:
Cash generated from customers	1000000	1300000	1500000
Increase in current liabilities	0	10000	14000
Increase in current assets	0	-70000	-100000
Total operating cash flow:	800000	1240000	1414000
Cash from investing activities:
Non-current assets purchased	-12000	-45000	-55000
Total investing cash flow:	-12000	-45000	-55000
Cash from financing activities:
Cash received from the owner	25000	25000	25000
Total financing cash flow:	25000	25000	25000
Net cash inflow	908256	1307840	1418128

References

Ferreras-Garcia, R., Hernández-Lara, A.B. and Serradell-López, E., 2019. Entrepreneurial competences in a higher education business plan course. Education+ Training.

Lubis, T.W.H., Absah, Y. and Lubis, A.N., 2019. Analysis of Restaurant Business Strategy in Developing Business using SWOT Analysis.

McKenzie, D. and Sansone, D., 2019. Predicting entrepreneurial success is hard: Evidence from a business plan competition in Nigeria. Journal of Development Economics, 141, p.102369.

Tipu, S.A.A., 2019. Business plan competitions in developed and emerging economies: What do we still need to know?. Journal of entrepreneurship in emerging economies.

Watson, K., McGowan, P. and Cunningham, J.A., 2018. An exploration of the Business Plan Competition as a methodology for effective nascent entrepreneurial learning. International Journal of Entrepreneurial Behavior & Research.