Business name: Best Choice Eateries and Deliveries
Executive summary
This personal business plan outlines what I plan to do after I leave university. The name of the business in mind is Best Choice Eateries and Deliveries, which will work according to the needs of many people who need more time to make meals. The company will also deliver quality food to different destinations, including homes and offices. There are several questions that I plan to answer as I establish this business and serve the whole community at large. The marketing position statement urges customers to visit the company and experience the business’s quality products and services. Some checkpoints and milestones will indicate the business’s success and help the business identify the factors that may positively or negatively affect the business. After identifying the negative aspects, I will develop risk mitigation strategies to ensure the company stays afloat even during tough times. Entrepreneurial ethics are essential for the business as it ensures that all staff are honest and treat all our customers respectfully. Generally, the company is efficient, customer-oriented, technologically capable, inspirational, innovative, and quality-driven.
Vision and opportunity.
After I leave university, I plan to start an Eatery that would serve different people from different walks of life. This vision is driven by the numerous opportunities available in the service industry. Additionally, people must eat daily, and I want to provide them with the best services. By offering quality services, I am assured they will return to get more of my products and services (Kumar et al., 2021). They will also refer their friends and family, thus helping me to build my business and increase profits. The main aim of starting up an eatery is to make a coin for me, make a profit and do something I am passionate about. My purpose is also to ensure that people get value for their money. I will ensure I get the best people to offer services in the Eatery and the best foods on the menu. Some of the questions that compel me to begin this Eatery include:
- What is my passion, and how can I use it to help other people in society?
- What are the current trends that make the service industry evolve each day?
- What are some opportunities that can help me meet my goals?
The service industry has more opportunities that arise every day. People have also become so busy with their jobs, and they may need more time to make food for themselves and their families. Therefore, an eatery would get customers from offices and families since delivery options will be incorporated into the daily operations. Those in their workplaces can order the foods they want for breakfast, lunch, or dinner, and the staff will deliver them. Families can also collect their meals to be delivered to their homes at any time (Ellis, 2020). During the day and at the end of the day, the Eatery will have several customers who would like to end the day with a hot meal without having to go through the hustle of cooking it. Even though the market is saturated with similar businesses, I will make my products and services more unique to ensure that I get more customers and compete well with my competitors.
Marketing and implementation strategy.
My market position statement will be: “You want the best meals in the comfort of your home or office? Best Choice Eateries and Deliveries got you!”
This marketing positioning statement will work because people will be interested in a service provider that caters to their needs in the comfort of their desks, whether at home or in their workplaces. Additionally, the statement also connects with the target audience- those that may have tight schedules and thus need help cooking or making their meals (Lee et al., 2019). All customers are assured of custom-made meals they can order, and they get them delivered anywhere any time. The statement also emphasizes its uniqueness in providing customers’ orders and allowing them to work, thus not losing any minute of their working hours looking for places to eat. The stamen is clear and notifies the customers of how easy it is to get their specific services, and one can quickly identify the n=benefits that come with seeking the benefits of the Eatery.
The compelling value my business will offer to employers and society is customer commitment and differentiated products and services from similar companies. The company seeks to comfort customers while ensuring quality products and services. By treating all my customers well, I am assured that they will become loyal and even spread the word about the excellent products and services of the Eatery (Drummond et al., 2020). By establishing this business, I will be different from other UAE students who look for white-collar jobs after they are done with their education. Instead, I will be creating employment for myself and other people. Some formal work can also take time to come by, and establishing the Eatery will enable me to do what I enjoy while offering the best services to the members of my community. The broader population will also enjoy the benefits that I provide, and I will allow them opportunities to give feedback and continually improve services according to that feedback.
Risks and Mitigation.
The first key milestone in this plan is getting all the finances necessary to start the Eatery. The finance should manage to cater for the premises, salaries for the few employees needed at the beginning and the amount needed to purchase raw materials for the first few months. After the Eatery runs, another milestone is realizing a profit and breaking even after the initial investment. After achieving these checkpoints, I will only ensure that the business remains relevant in the market while maintaining the same quality services as the first day it was established (Morrish & Jones, 2020). Breaking even will be the primary measure to show that the business has succeeded. Additionally, more customers every day will show that the business is flourishing and that people are satisfied with the products and services that the Eatery has. The long-term indication of success is when I can open up another chain of eateries in different parts of the country and attain the same level of customer recognition, thus translating to overall success.
One of the external factors that may affect the Eatery includes prices of raw materials in the market that are needed to cook different food varieties according to customer needs. The commodity prices are something other than what the Eatery can control since the prices are universal. However, the management can find ways to work around those prices and ensure the quality of products and services remain constant through all seasons. The positive factors affecting the business include workforce expertise and technological capability. These two factors ensure that the staff produce the best foods under the best conditions and know how to work around technology to advertise and sell our products and services. To mitigate any risks to the business, I will ensure a constant supply of quality raw materials to ensure quality end products. There will be enough reserves to ensure they are available even in their off-seasons to ensure that the Eatery has raw materials (Singh et al., 2021).
Entrepreneurial ethics, personal “board of directors.”
Some of the ethical considerations that I will keep in mind include upholding moral values beginning with myself and all the staff of the Eatery. I will ensure all the staff has specific moral values and serve as examples for our customers. The principal value is honesty, where all employees will do as instructed by customers without going through any shortcuts to achieve what they need. The staff should also respect all customers regardless of how much they spend, their prestige, or their position in the social classes of society (Vallaster et al., 2019). We should all understand that all customers are essential to the business and should be treated with similar respect. Another ethic is responsibility, and all the staff of the business should attend to all customers to the best of their ability; after all, the same customers are the ones who make the business function every day. By observing these ethics, the business will hold a reputable name among all the customers and will manage to prosper within a short time.
Some of the “personal board of directors” include close family members who raised all the finance to make the business a reality. These people will be involved in some decisions that involve the business, and their input will be considered in making any changes needed (Castellanos & George, 2020). They will also help in more advertisement of the business by telling other close friends of the excellent services. They will advise on the best course of action when they feel the business needs to meet its objectives. They will only be on the sidelines, but I will be the sole proprietor of the business. I chose these members of the board of directors because they have dealt with similar businesses before, and their guidance will be influential in steering the business in the right direction. This personal business plan can be summarized as an efficient, customer-oriented, technologically capable, inspirational, innovative, and quality-driven business.
References
Castellanos, J. D., & George, B. (2020). Boardroom leadership: The board of directors as a source of strategic leadership. Economics and Business Review, 6(1), 103-119. Drummond, C., O’Toole, T., & McGrath, H. (2020). Digital engagement strategies and tactics in social media marketing. European Journal of Marketing.
Ellis, M. M. (Ed.). (2020). Vision for opportunity: John Roueche and the community college movement. Rowman & Littlefield Publishers.
Kumar, I., Rawat, J., Mohd, N., & Husain, S. (2021). Opportunities of artificial intelligence and machine learning in the food industry. Journal of Food Quality, 2021, 1-10.
Lee, C., Hallak, R., & Sardeshmukh, S. R. (2019). Creativity and innovation in the restaurant sector: Supply-side processes and barriers to implementation. Tourism Management Perspectives, 31, 54-62.
Morrish, S. C., & Jones, R. (2020). Post-disaster business recovery: An entrepreneurial marketing perspective. Journal of Business Research, 113, 83-92.
Singh, R., Agarwal, S., & Singh, N. (2021). Adaptation of Roster Format in Food Joints. Journal of Case Research, 12(1), 1-7.
Vallaster, C., Kraus, S., Lindahl, J. M. M., & Nielsen, A. (2019). Ethics and entrepreneurship: A bibliometric study and literature review. Journal of Business Research, 99, 226-237.
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