I decided to undertake this particular business plan as it is something that I see myself genuinely doing in a few years time. My research was based on the local Harrogate district. I searched online for other cafes in Wetherby and analysed them. I found out where they were, how successful they were, the profit levels they made etc. The research I carried out was an essential part of the business plan. Once I had the data I could see if my financial targets would be within reach and whether people would be interested in the food service that I would be providing.
I constructed a questionnaire and asked around 40 people their views on my idea, improvements that could be made and features of Notons that they particularly liked. I also asked how much customers would be prepared to spend on food. After analysing my results I researched how my competitors worked and were run. I compared prices and from this was able to employ a pricing strategy. I decided to use cost plus pricing so that I could make a constant profit from the outset.
I described my facilities and location for performing the work. Then I expanded on this,
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It appeared that the idea had potential as there were relatively few similar businesses in the area. I researched other American style restaurants to inspire my business layout and attain accurate stock prices. I also used the Internet to find quotes for gas and water rates. I think I was realistic with the time and resources available. Over-optimism with time and resources is a common error entrepreneurs make. Being realistic was important because it lends credibility to my presentation.
I tried to be logical. I thought like a banker and wrote what he/she would want to see, in an order that makes it easy to find the information. I am able to break even – but it will take a while. I will need to sell around 1700 meals before my income is larger than my costs. To break even quicker I could reduce unnecessary expenditure. I will be able to repay my bank loan given that I only have to pay i?? 850 per month. It will take 10 years to do this.