Generating an effective, well written business plan is a necessity for any business wishing to achieve success and maximise profit.
I began to generate business ideas and concepts on a grid (Appendix 1) by brainstorming plausible business ideas concerning my chosen industries which are Food and Drink, Sport and Leisure, Technology and Electronics, Toys and Retail. I then selected the most favourable 5 business ideas by diligently evaluating them and weighing up the positives and negatives of each one (Appendix 2).
Out of these 5 ideas I then selected the most promising 3. Establishing that these business ideas were realistic was obvious, but other factors such as profitability, expense, practicality, innovative qualities, and market research were taken into consideration when selecting my top 3 business ideas as I believe these are some of the most important qualities for a business to possess before setting up. These factors will have a huge impact upon business survival, competitive advantage, maximising profit and overall success. The 3 business ideas in which, after close analysis, were most appealing in terms of advantageousness and profitability were the ideas I selected as I believe they held the most potential for business success (Appendix 3). I then on to conduct further research on these 3 ideas in order to assist me in deciding my final idea (Appendix 4).
After close analysis of these 3 ideas I concluded that the product/business idea which held the most chance of success was the fast food restaurant offering cuisines from different around the globe. I decided to name this business ‘Round the World’. I selected this business idea as my most favourable due to its uncommonness and large target audience. I felt that these two factors were determinative in terms of the business success (for further reasons why this idea was selected see Appendix 3).
Round The World
This business will be based on the average fast food restaurant, for example, the concept of ordering, then being given the opportunity to eat in or take out etc. I have chosen to operate and function this way as it has already been seen as successful amongst other business alike. However this businesses unique selling point (USP) is what will distinguish it from other businesses, giving it a unique factor therefore increasing chances of sales and maximising profit. This business will offer fast food which originates from many different countries. The menu will include:
Curries, rice, nan bread etc. (India)
Noodles, fired rice and chicken etc. (China)
Hot Dogs, burgers, fried chicken, fries etc. (USA)
Fish and Chips, English breakfast (U.K)
Green curries and meat dishes (Thailand) and many other well-known traditional foods from other countries. I feel that this wide variety of food will separate my business from others in terms of creativity as most sell the same. For example, if a customer wishes to purchase Chinese style takeaway food products, he/she will have to make an order from a takeaway business in which specialises in selling this type of food; this same theory applies to a customer wishing to purchase Indian takeaway food. The existence of my business eliminates this problem of decision making and will contribute to a faster, more efficient service. This business will operate as an Ltd and sell via high-street store. I will also offer customers the opportunity to order online and come in store to collect as this will create greater convenience for the customers and potentially boost sales as selling online as well as in store will increase target audience, however I have decided that customers will not be able order and have their products delivered. This is because cost will increase due to employees needed to deliver the product to the customer. Also offering a service of delivery would defeat the whole object of my business concept and prevent customers from…