P1: In this task I will prepare and present a business plan. The business I have chosen to use is a franchise called Subway. I will be focusing on the 10 headings shown below.
Your chosen business type
My idea is to set up an established franchise. Therefore I have chosen to start up is Subway. It is a franchise business that has more than 1,493 in the U.K and Ireland alone. Also they have 32,502 stores in 91 countries world wide. Franchising is the practice of using another firm's successful business model. Subway is a business that primarily sells submarine sandwiches also many stores offer Cookies, muffins, and Danishes which may be purchased in a variety of flavors. Although it is already a well-established brand name, I believe that in the correct location my own store will have the potential to make a lot of profit and survive.
Your aims and objectives
The main objective of any business is to maximise their profit levels. The aims and objectives for my business will be to make a profit also to increase customer satisfaction, because if the customers are satisfied they will want to come back. In my Subway store I am aiming to start the first drive through restaurant, as I believe this will attract even more customers.
Existing Subway missionary statement: "To provide the tools and knowledge to allow entrepreneurs to successfully compete in the Quick Service Restaurant industry worldwide, by consistently offering value to consumers through providing great tasting food that is good for them and made the way they like it."
Additional research other objectives businesses might have.
Your unique selling point and the competitive edge you will have
My businesses unique selling point will be giving my customers the choice to choose which fillings or types of breads they wish to eat for their sub, also offer a wide range of toppings and sauces. There are nearly two million different sandwich combinations available on the SUBWAY menu. This flexibility will give the customer their needs and we will gain the loyalty.
Potential demand for your new business
There is a lot of demand for subway, as it is a food franchise and there is also a high demand for food. I can work out the overall potential demand for my business by looking at other subway franchise stores and speaking to their owners. I will also carry out primary and secondary research such as surveys and ask the local people what they think. After conducting research and analysing it I will then be able to get an idea of the level of demand.
This is a link that contains additional information
http://www.acquaint.me.uk/SOW/Identifying_Target_Market.pdf
How you will balance your personal and business needs.
I believe having a balance between my personal and business needs will not be that difficult as subway is an international franchise and as the owner I will not have to be working their everyday 9-5. I will have trained employees working in the store. Therefore I will have enough time to manage my personal needs as well as business needs and responsibilities. I will have a set time when I will visit the store and make sure things are running smoothly.
Here is an article on the balance between work and life.
http://www.healthatwork.org.uk/pdf.pl?file=haw/files/Work-lifeBalance.pdf
Potential profitability
As subway is already a developed business, the profit levels will depend on the location of the new store, also the area. There is a lot of demand for subway as it is a healthy food choice. I will estimate that my stores potential profitability will be:
Weekly: £5,000
Monthly: £5,000 x 4 = £20,000
Annually: £20,000 x 12 = £240,000
Looking at the estimated figures I think that my business will do well and I will make a profit.
Business trends
The trend for subway is pick and mix. Before this trend it was previously the BLT. A trend that Subway has followed is having cash cards for customers. These are used just like gift cards or personal spending cards. Customers can use this card to pay for meals also money can be added to the card at any time.
Below is the link to the article
http://www.restaurantnewsresource.com/article25408-SUBWAY_Restaurant_Chain_Introduces_Electronic_Cash_Cards.html
PESTLE analysis
This examines the external environment and the global factors that may affect a business. It can provide a quick and visual representation of the external pressures faced by a business.
Your self-esteem
When starting the business my self esteem will be low, as I will be new to all of this and I will not be so confident. Therefore to improve my self esteem I would like to have a mentor such as Emma Wimhurst. This is because she uses a 7step business discipline scheme which has proven to work. This scheme helps to achieve optimum control, growth and have an impact in order for your business to boom. I believe that this will help me improve my self esteem and confidence.
http://www.bstartup.com/seminars/emma-wimhurst.html
How business planning will help you to ensure your success
For a business to be a success they must first have a plan that is realistic. A plan will make it easier to keep organised and do everything properly. It will help the business get started and run properly. The plan for my business would be:
· Type of business
· What market you want to target
· Human resources
· Financial resources
· Growth and developmenthttp://www.bized.co.uk/virtual/bank/business/planning/index.htm
Your chosen business type
My idea is to set up an established franchise. Therefore I have chosen to start up is Subway. It is a franchise business that has more than 1,493 in the U.K and Ireland alone. Also they have 32,502 stores in 91 countries world wide. Franchising is the practice of using another firm's successful business model. Subway is a business that primarily sells submarine sandwiches also many stores offer Cookies, muffins, and Danishes which may be purchased in a variety of flavors. Although it is already a well-established brand name, I believe that in the correct location my own store will have the potential to make a lot of profit and survive.
Your aims and objectives
The main objective of any business is to maximise their profit levels. The aims and objectives for my business will be to make a profit also to increase customer satisfaction, because if the customers are satisfied they will want to come back. In my Subway store I am aiming to start the first drive through restaurant, as I believe this will attract even more customers.
Existing Subway missionary statement: "To provide the tools and knowledge to allow entrepreneurs to successfully compete in the Quick Service Restaurant industry worldwide, by consistently offering value to consumers through providing great tasting food that is good for them and made the way they like it."
Additional research other objectives businesses might have.
Your unique selling point and the competitive edge you will have
My businesses unique selling point will be giving my customers the choice to choose which fillings or types of breads they wish to eat for their sub, also offer a wide range of toppings and sauces. There are nearly two million different sandwich combinations available on the SUBWAY menu. This flexibility will give the customer their needs and we will gain the loyalty.
Potential demand for your new business
There is a lot of demand for subway, as it is a food franchise and there is also a high demand for food. I can work out the overall potential demand for my business by looking at other subway franchise stores and speaking to their owners. I will also carry out primary and secondary research such as surveys and ask the local people what they think. After conducting research and analysing it I will then be able to get an idea of the level of demand.
This is a link that contains additional information
http://www.acquaint.me.uk/SOW/Identifying_Target_Market.pdf
How you will balance your personal and business needs.
I believe having a balance between my personal and business needs will not be that difficult as subway is an international franchise and as the owner I will not have to be working their everyday 9-5. I will have trained employees working in the store. Therefore I will have enough time to manage my personal needs as well as business needs and responsibilities. I will have a set time when I will visit the store and make sure things are running smoothly.
Here is an article on the balance between work and life.
http://www.healthatwork.org.uk/pdf.pl?file=haw/files/Work-lifeBalance.pdf
Potential profitability
As subway is already a developed business, the profit levels will depend on the location of the new store, also the area. There is a lot of demand for subway as it is a healthy food choice. I will estimate that my stores potential profitability will be:
Weekly: £5,000
Monthly: £5,000 x 4 = £20,000
Annually: £20,000 x 12 = £240,000
Looking at the estimated figures I think that my business will do well and I will make a profit.
Business trends
The trend for subway is pick and mix. Before this trend it was previously the BLT. A trend that Subway has followed is having cash cards for customers. These are used just like gift cards or personal spending cards. Customers can use this card to pay for meals also money can be added to the card at any time.
Below is the link to the article
http://www.restaurantnewsresource.com/article25408-SUBWAY_Restaurant_Chain_Introduces_Electronic_Cash_Cards.html
PESTLE analysis
This examines the external environment and the global factors that may affect a business. It can provide a quick and visual representation of the external pressures faced by a business.
Your self-esteem
When starting the business my self esteem will be low, as I will be new to all of this and I will not be so confident. Therefore to improve my self esteem I would like to have a mentor such as Emma Wimhurst. This is because she uses a 7step business discipline scheme which has proven to work. This scheme helps to achieve optimum control, growth and have an impact in order for your business to boom. I believe that this will help me improve my self esteem and confidence.
http://www.bstartup.com/seminars/emma-wimhurst.html
How business planning will help you to ensure your success
For a business to be a success they must first have a plan that is realistic. A plan will make it easier to keep organised and do everything properly. It will help the business get started and run properly. The plan for my business would be:
· Type of business
· What market you want to target
· Human resources
· Financial resources
· Growth and developmenthttp://www.bized.co.uk/virtual/bank/business/planning/index.htm
No comments:
Post a Comment