Individual Project: Entrepreneurial Business Plan
Contents
Executive summary.................................................................................................................... 3
Introduction ................................................................................................................................ 4
Business Goals ........................................................................................................................... 5
Management Plan....................................................................................................................... 5
Market research and analysis ..................................................................................................... 7
Competitors Analysis ............................................................................................................. 7
Customer Analysis ................................................................................................................. 7
Industry Analysis.................................................................................................................... 7
Marketing plan ........................................................................................................................... 8
Segmentation, Targeting and Positioning .............................................................................. 8
Marketing Mix Strategy ....................................................................................................... 10
Operational plan ....................................................................................................................... 11
Financial plan ........................................................................................................................... 12
Action plan ............................................................................................................................... 12
Conclusion ............................................................................................................................... 15
References ................................................................................................................................ 17
Executive summary
The following business plan is developed for a new business of a moving restaurant.
The new business will be initiated in the Australian region. The new business will be named,
“Dine on Wheels.” The key services that will be provided by this mobile restaurant will be
tourism services and dining services in combination. This is a new business venture requires
to have a well organised and developed business plan. The business plan that is developed
below is a good account of all the components that are required in a good business plan. The
business plan that is developed for the new mobile restaurant business in Australia has
provides well defined and SMART business goals for this business. Along with this, the
business plan has also presented a management plan in order to determine the requirement of
the human resources for this business in order to accomplish its business activities in a
successful manner. The business plan has explored the market research and analysis in order
to find out the level of competition and customers’ perspective and industry analysis. The
business has provided a clear account marketing planning. The marketing planning process
has determined the segmentation; targeting and positioning strategy for the business as well
as marketing mix strategy is also developed for the business. The operational planning for
this business is also done in the following business plan in order to govern the operational
functions of the business in a good way. The business plan has also provided a clear account
of the financial planning for the next three years of the business as this business plan is
developed for the next three years. In order to accomplish all the activities of the business and
to executive entire planning process, there is a need for having an effective action plan and in
this series; an action plan is presented in the business plan in order to make the business plan
executive successfully.
Introduction
The current business environment is full of business opportunities for the new
business initiators. In order to have a clear recognition of the new business opportunities and
using those opportunities to an effective level, the entrepreneurial skills of an individual assist
to a good level. The principles of entrepreneurship govern that the person who establishes a
new business with the exploitation of the new market opportunities is an entrepreneur. The
real entrepreneurs are those which start a new business that sells entirely new products or
services (Baumol and Blinder, 2015). The entrepreneurs are required to have creative and
innovative ideas and skills in order to create a new business. A new venture before initiated
requires proper planning on the part of the entrepreneurs or business leaders (Hackley, 2009).
The entrepreneur needs to determine that the new business idea for the new business venture
is entirely new and lucrative to attract consumers of a particular market where it is targeted to
be established. After the generation of the business idea, it is crucial on the part of the
business leaders to have determination of the business goals so that the business can be
directed to achieve those goals in an effective manner. A business plan process requires
planning of the different business functions such as human resource management planning,
marketing planning, operational planning, and financial planning. Prior to conduct all these
planning processes, it is required to have a proper market research and analysis. An action
plan is also required for making the business plan accomplished successfully. In this series, a
business plan is developed for a new business idea of “Dine on Wheels.” This business will
be new business idea which will be a mobile restaurant that will provide the dining services
to the consumer with visiting activities. The business will be initiated in Australia. Australian
is a good destination for this business as it is a tourism hub for both local and global visitors.
Business Goals
This business of mobile restaurant that is aimed to be initiated in Australia will
require determination of some key business goals that need to be attained in the next three
years. These business goals are presented below:

To initiate the business with such an approach that the introductory phase of the
business determines high degree of success for it

To win the market share of 15% in the first year of the business in the Australian
market

To win the competitive advantage for the business with the help of unique selling
propositions of the business

To render value added, unique and differentiated services to the consumers in order to
develop a strong customer base

To have business expansion in the coming one year with the maintenance of the
service excellence
Management Plan
The management planning for a new business requires the people that need to be
involved in the business for its proper management. In order to conduct this business of the
mobile restaurant, Dine on Wheels, there will be a good requirement for a management team,
In order to manage the business, there will be a need for the management team in which there
will be human resource manager, marketing manager and financial manager, and operation
manager to govern all the business functional areas with specialisation and perfection (Bach
and Edwards, 2012). The business will be managed in moving buses. The buses will have
dining facilities in which snacks and other Australian food will be served to the consumers.
At the initial level the restaurant business will start 5 buses for visitors. Each bus will have a
capacity of the 50 visitors in a single trip. The buses will have a start point as pick up point
and end point for dropping the visitors. The pick point will be in Melbourne, Sydney and
Canberra. The end points will be determined according to the choices of the consumers.
In order to manage this business, the human resource manager will determine the
recruitment and selection of the all the managerial people as well as staff people including
drivers, accountants, waiters, booking keepers, and other staff people that will be required for
facilitating dining services to the visitors (Condrey, 2010). In the marketing department, the
human resource manager will appoint the marketing manager of the business who will
undertake all the marketing activities of the business such as governing the duties and
activities of the marketing executives that will be involved in the process of marketing,
advertising and promotion of the new business. The marketing manager will also determine
the sales targets of the business in order to meet those tasks in a successful manner.
The other role of the human resource manager will be to appoint the financial
manager for the business. The financial manager will need to govern the process of planning
for finance acquisition and fund arrangement. The financial manager will also determine the
activities of the fund allocation (Bandy, 2013). The financial manager will also plan for the
revenue targets and sales targets that need to be meet with the help of funds available. The
financial managers will also take care of the role of accountants.
The other management planning process that will be governed under the management
plan is the appointment of the operations manager and the operations team that will care the
transport activities and dining activities of the business. The operations manager will require
governing the routes of the buses, booking system of the visitors, and provision of proper
dining facilities for them. The operations manager will also required to govern the service
process of the business to determine whether there are accomplished successfully or not. All
these activities are required to be governed by the operations manager to maintain the
operational excellence of the business (Damsch, 2009).
Market research and analysis
Competitors Analysis
The tourism industry has been becoming highly competitive as the overseas
destinations for tourism have been increasing to a great rate. All the tourism companies are
providing tremendous travel experience to the consumers in order promote their tourism
business to a good level. The travel and tourism business organisations in this series are
required to develop those tourism services that can help the organisations to consider the
choice and behaviour of the tourists for the tourism activities (Bennett and Carter, 2001). The
motivation of the travel experience is also needed to be increased due to high degree of
competition in Australian tourism industry. The global tourists are now looking forward for
the new tourisms destinations in order to become competitive and have sustainable business
position in the market.
Customer Analysis
In the tourism industry of Australia, one key issue is the changing needs of the tourists
and their changing tourism behaviour. The consumers in the present world are very much
media savvy as the use of internet has been increasing. The tourists have a good degree of
access to the information about the tourism sector (Perdue, Immermans and Uysal, 2004).
The tourists have a good knowledge about the different tourism destinations then they have
ever before. In addition to this, the tourists are very much sensitive for the tourism services
that are provided to them. The tourists want highly excellent and effective tourism services
that can be provided to them in a particular region like Australia. The tourists need to have a
good experience of tourism in the present as well as future business world.
Industry Analysis
The domestic tourism in Australia accounts for more than 3 quarters of the tourism GDP. The
domestic tourism activities have been declined in the recent years and hence there is a need
for introducing different kinds of new tourisms and visiting services for both the domestic as
well as international tourists. In order to promote the domestic travel and tourism, the
government of Australia and Tourism department of Australia are making new investments.
There has been experienced a dramatic fall in the tourisms industry of Australia in the recent
years and hence there is a need for increasing the expenditure on tourism by the industry in
order to promote new business ventures to establish their business successfully in Australian
industry (Perdue, Immermans and Uysal, 2004). There is a need for making tourism services
reasonable in Australia and hence the tourism industry of Australia needs to promote the new
business ventures. In the domestic tourism industry of Australia there is a need for improving
the quality experience for the consumers. The destinations are required to be developed in
order to render higher value to the tourists. The quality experience is a prime requirement for
the visitors in Australia. There are no day trip activities in Australia and even there is a lack
of home entertainment (Bennett and Carter, 2001). In the recent years the global financial
crisis has also affected the business of tourism companies and hence there is need for
promotion of the new kinds of tourism services and facilities for both domestic as well as
international tourists.
Marketing plan
The marketing plan for this new business venture requires the development of
segmentation, targeting and positioning strategy for the business as well as determination of
the marketing mix strategy. The marketing mix strategy will determine the product strategy,
price strategy, place strategy and promotion strategy for the business.
Segmentation, Targeting and Positioning
At the first level, the segmentation strategy is developed for the new business. The
market segmentation for the new mobile restaurant business will be done on the basis of the
demographic segmentation and psychographic segmentation criteria (Ellis, et al. 2010). The
demographic segmentation of the business is done with the consideration of the demographic
factors of the consumers including their age, gender, and income level. The psychographic
segmentation of the business is done with the consideration of the lifestyle patterns of the
consumers, their living standards and their purchasing patterns. With the consideration of all
these factors, the segmentation of the market for Dine on Wheel business will be done. The
segmentation criteria will include the people of all age groups in both genders who belong to
middle income families and high income families. This market segmentation will be the best
suited segmentation criteria for the business success of the new business at the initial level
(Ellis, et al. 2010). The psychographic segmentation will be done with the consideration of
the lifestyle patterns of the consumers such as those people who have modern lifestyle
patterns and good living standards. The purchasing power of the consumers is also considered
as a key psychological factor for determining the customers for the new business of mobile
restaurant.
On the basis of the demographic and psychographic segmentation, the target market that has
been selected for the new business of moveable restaurant is the family visitors and
professional visitors. The family visitors include both domestic and international customers
who are visit Australia and Australian cities for tourism purpose for spending their holidays
and other occasional events. The other customers will include the professional visitors who
want to visit Australia for business purpose and for their business meetings and deals and
industrial tours. These customers tend to spend their spare time in visiting Australia and its
visiting places (Ellis, et al. 2010).
In order to position its business into the Australian market, Dine on Wheels will require
demonstrating and defining its service attributes and features in a good way that the consumer
can be attracted towards its business in a successful manner. The key business attributes of
the business are providing special food. The business will demonstrate the indigenous food
offering according to Australian dishes and tastes. The guests and visitors will be able to visit
and enjoy different locations of Australia in the restaurant cum bus services. The visitors will
be offered with the good quality food products (Ellis, et al. 2010). The visitors will be
provided comfortable and enjoying services and they will be able to visit tourist spots of
Australia. The visitors will be provided with the customised food products. With the help of
all these features the business will be able to position itself into the new market successfully.
Marketing Mix Strategy
Product Mix
The product mix strategy of the new business will require demonstration of the key
features of product and services. The service features of the business will include the offers of
sightseeing for the visitors with the enjoyment of the different kinds of indigenous food items
of Australia (Roslender and Wilson, 2013). The visitors will be provided with comfortable
services and effective service offerings.
Price
The pricing strategy that will be suitable for the business of new business venture will
be the penetration pricing strategy. As per this pricing strategy the business will keep the
prices of its services moderate or low at the initial level and in the later phases when the
business will become popular it will increase its prices with regular intervals in order to
increase its market share and profitability to good level (Roslender and Wilson, 2013).
Place
In the place mix, the business will follow dual distribution strategy as it will deliver
its services through both online means and through its business units. The business will also
determine the picking point and dropping point in the determination of the distribution
strategy of the business (Roslender and Wilson, 2013). In order to render more and more
services to the visitors, the business will need to increase its picking points so that maximum
number of tourists can take benefit of this opportunity.
Promotion
As a part of the promotion strategy for the new business, it will be good to promote
the business with the help of print media and social media. It will be good to promote the
business on social media means such as Facebook. The business should make its Facebook
page and advertise and promote its business on it. The other means will be the newspaper
articles and magazines as these means approach larger number of customers on the same time
(Sheehan, 2011).
Operational plan
There will be a need for having effective operational plan in order to govern all the
business function with good degree of flexibility and effectiveness. The operational plan will
be developed in order to govern both internal and external business operations for the
business. The integrated operational strategy will be the best one for governing these
functions. The integrated management of the operational functions both internal and external
will be effective to govern the operational functions in a good manner (Stolt, 2010). The
internal operational activities of the business will require management of the arrangement of
seats for visitors, ensuring the seat availability and time services for the visitors to pick them
from the defined points. It will be required to govern by the operation manager that all the
services defined to the visitors are provided them with required degree of effectiveness. The
internal operational functions will require governance of the food quality maintenance for the
visitors. The food will be served in such a manner that visitors can enjoy it during their trips.
The food preparation will be done according to the tastes and preferences of the customers. In
the internal operational functions of the business, it will also be ensured that food preparation
is done with the consideration of the hygienic factors and proper cleanliness is maintained. In
line with all these operational functions, the business will also require to manage external
operational functions and the business plan will help to do this process. The external
operational functions will require the determination of the routes of the visit in such a way
that visitors can have a view of all the major visiting locations and tourisms spots of
Australia. The determination of the routes will be the key point in the external business
operational process (Stolt, 2010). The external business operations will also include the
management of the booking services of the restaurant. The booking will be taken through
dual process including offices of the business as well as through online means on the business
website. There will be required to manage both the internal operation functions and external
operation function in an integrated manner in such a way that booking are take according to
the seat availability and seat and other dining services are organised according to the booking
orders. The integration of the operational functions will be the main aspect of the operational
plan of the business.
Financial plan
Financial planning:
In order to ensure effective and efficient processing of the new business venture
within existing business environment, it is essential to have effective financial planning for
the business. The financial plan for the business is quite related to the identification of the
new source of funds and investment avenues for the new venture. In addition to this, in
financial planning, effective forecasting of the future sales and returns would be taken into
account for the purpose of anticipating the viablity of the business venture.
Investment planning:
As the initial investments, the organization is a required to employ some intensive
amount of fixed cost investments in purchasing of different equipments. Since the proposed
business is related to the moving restaurants within the city, there is a need of having
equipments including buses. In this regard, at initial level, total 4 buses will be aimed to
purchase which will be the major fixed cost investments for the company. In this regard, as
per the most optimum conditions, the company will enjoy profitable conditions in the second
and third year. In this condition, in the second year, the company will purchase 2 more buses
and in the third year, the company will plan to purchase one more bus. In the first year the
company will develop a booking office.
In this regard, the investment planning will be reflected as below:
Buses
180,000 120000
60000
Other fixed cost expenses
60,000
10000
10000
Working capital needs
30,000
10000
5000
Total investment
270,000 140000
13500
This initial investment will be arranged with the help of bank loans and owner’s
equity. For the first year, among the total requirement of AUS$ 270,000, about AUS$ 10000
will be arranged with the help of owner’s own equity and remaining 170,000 will be arranged
with the help of bank loan.
Cost planning:
For the purpose of anticipating the profitability of the business venture, there is a need of
having effective cost planning. In this respect, for the first year, total cost anticipation for the
one bus will be presented as below
Particulars
Amount (In AUS$)
Fuel and transportation expense
500
License and permits
300
Food preparation and Raw material
500
Expenses on ambiance
100
Salaries and advertisement expense
200
Total
1600
On the basis of this analysis, it can be revealed that for the company, the business venture
would be proved as a successful and effective business venture which will be continued in
later years.
Action plan
The action plan for implementation of the developed business plan will be the key
requirement of the business. The business plan will require a sequential action plan with
significant steps:

At the first level, the business plan will require to have a clear assessment of the
market situation. The market research will help the business to find out the time of the
execution and implementation of the business plan. This market research will not only
help the business plan to find out the best suitable time for its implementation but it
will also help the business to find out the prime locations in Australia where it should
start it business.

At the next level of the business plan, the business will need to review of the customer
tastes and preferences in Australia. The business will need to find out the frequency of
the visitors in Australia in order to determine the degree of customer attraction and
determination of the market share for the business (Kotler and Keller, 2011).

At the next level of the action plan, the business will need to introduce the business in
the determined locations of Australia. At this level of the action plan the business will
need to determine the marketing strategies and advertising and promotion strategies
that it should use in order to promote the business in the immediate market with
required degree of success (Stacey and Wilson, 2014).

At the next level, the business action plan will require to make all the arrangement in
internal and operational planning process in order to determine the service execution
for the visitors as desired by the business with the service excellence level. The
business at this stage will arrange the buses on the pickup points and will give
demonstration of the business to them in order to attract them to the business (Kotler
and Keller, 2011).

At the last stage, the business evaluation and monitoring will be done to make the
improvement in the business process with the help of the results in order to make
improvement in the required areas.
Conclusion
The business plan that has been developed for the new business is highly effective in
nature. The business plan has all the key determinants that are essential to make a new
business venture implemented successfully and meeting all the desired outcomes and goals of
the business successfully. The business plan has provided a key idea about the operational
planning for the business that is crucial to determine the degree of success of the business.
The three years financial planning process that is prepared in the business plan will provide a
strong direction to the business in order to govern the operation functions in such a way that
it can meet the expenses requires in the business process to a good level. The business plan
also provides a clear marketing planning process that determines the marketing mix strategy
for the business as well as the segmentation, targeting and positioning strategy that can help
the business to govern all the business functions in a proper manner. The human resource
planning process will be helpful to arrange all the human resources to govern the different
functional areas of the business.
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