Vegan and Healthy Food Restaurant Venture Assignment Sample

Introduction Of Vegan and Healthy Food Restaurant Venture

A feasibility study is defined as the analysis and study of the viability of the project being proposed. Before starting a new business venture, it is crucial that effective analysis and study be undertaken so that its viability and success can be predicted. For a new business to be started, it is very necessary that the feasibility study be undertaken, as it provides a base for the business to determine whether it will be running effectively in the near future or not. The present report is based on the analysis of a feasibility study relating to opening a restaurant that only focuses on healthy and vegan food. Here, the major targeted population will be the people who are health conscious and focus on a healthy lifestyle. The current analysis will outline the feasibility of the business idea with regard to its environmental and financial components.

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Main Body

Environmental analysis

SWOT analysis

PESTLE analysis

For the effective start- up of the business it is very necessary that effective environmental analysis is being done before entering into any market. This is very necessary because the environment in analysis help in knowing the current trends being prevalent with the external environment.

• Political factor- The model starts with analysing the political factors includes the changes taking place within the politics and other related areas. In the current working the government are focusing on projects which are good for society (Lancaster and Thabane, 2019). Hence, concept of healthy eating is good and the government will provide different types of rebates over it. With this it can be stated that the political factor supports the business idea and state that it is feasible.
• Economic factor- The economic factors include the changes being taking place within the external environment like the GDP, interest rate and other related aspects. In the current working era interest is reducing and as a result of this HealthyEat can try to arrange for more money for the business start-up.
• Social factor- With regards to the social factor includes changes taking place within the attitude, perception and behaviour of the consumers. In the current environment, people are more focused towards their health and avoid food which is not good for them (Daou and et.al. 2020). Thus, the concept of healthy eating will definitely be liked by the consumers and the business will flourish.
• Technological factor- The technological factor includes the changes being taking place within the techniques being used in the business. When a business operates there are different kinds of technology the use in order to make their operations smooth (Allan, Bell and Husarek, 2020). Thus, HealthyEat ensures that they complain with all the latest technology and try to maintain good quality within their services.
• Legal factor- The legal factor includes the laws and regulations within which the company has to operate. Every country has their own legal aspects and every business has to follow it. With regards to Healthy Eat, it complies with all the laws and regulations which are a needed for running a business. Here is this provides a good feasibility that the business will become viable.
• Environmental factor- The environmental factor includes the changes being taking place within the external environment where in the company operates (Tiscini, R. and et.al., 2020). For successful working it is very necessary that company operates effectively within the external environment. Hence, for this HealthyEat provides its 2 % of earnings within the corporate social responsibility and protection of the external environment.

STP

After the analysis of the external environment, next step comes of STP. This is a model which assist the business in evaluating the segment and the particular target on which the company and its product will be focusing.

• Segmentation- this is the first step of the method wherein the company select the segment on which they will be focusing for the development of the business. Segmentation is being defined as the grouping of consumers on some common basis. There are different ways in which customers can group together like on basis of geographical areas behavioural characteristics and many other ways (Broccardo and Zicari, 2020). In the present case of healthy eat the company will focus on Geographical segment. This segment is being selected as the focus will be on people coming from same geographical background. The reason underlying the fact is that people coming from same background will be having common requirement and this will help company providing the same.
• Targeting- The next step is targeting where in the company from the segment selected target some of the particular population. The segment is large and it is not possible to cover every person (Kristina and et.al., 2019). Hence for this, some of the targets are being selected from the segment beam selected. The major target selected from the geographical segment is people belonging to young age group. This target is being selected because more help conscious and this will help HealthyEat to increase its sales buy attracting large number of young people.
• Positioning- The last step in the STP model is positioning. This is the stage where in the company tries to decide that how they will position themselves among the customers. There are many different companies dealing in same industry and it is very necessary for healthy eat to have some distinction over its competitors. Hence it is very necessary to position them accurately so that it attracts large number of customers. Hence for this healthy eat focuses on providing top quality within its services. The quality is the unique feature which makes healthy eat different from others.

Marketing mix

The marketing mix is being defined as a combination of decisions that the company needs to take in order to improve its work. The marketing mix includes the combination of different aspects that complete the workings of the company as a whole. These decisions need to be taken by the company so that its profitability increases. The different ranges within the marketing mix are as follows:

• Product: The product is being defined as the bundle of satisfaction that is being provided to the customers. In the present case of Healthy Eat, the product being provided to the customer is healthy and vegan food products. With regards to the latest trend of health consciousness, Healthy Eat is also proposing the same and is providing vegan food products, with other customization options available to the customer (Aran and et al., 2019). Here, consumers can select from the different options for vegan and healthy food. Along with this, the consumer can also provide their own requirements, and HealthyEat will provide the same food product to the company.
• Price: The price is referred to as the amount of money that the company charges for the services and products it provides. The price is the cost plus the profit margin, which the company has added. There are different phases of pricing the product within the external environment. Hence, with regards to healthy eating, the company will be focusing on a penetrating pricing strategy (Ablewhite and et al., 2021). This is the pricing strategy where the company first prices the product less, and as it becomes popular with consumers, it starts increasing the prices. This pricing strategy helps the company penetrate the market and allows them to gather a large number of consumers.
• Place: The place is being defined as the way through which the company will provide its services to the ultimate consumers. There are many different ways in which companies can deliver their products and services to consumers. Mostly, there are two ways: one is direct and another is the online method. In the direct method, the consumer comes to the place, takes the products, makes the payment, and leaves. On the other hand, online sources are the medium through which consumers can order the products or services they require online and have them delivered to their doorstep. In the present case of healthy eating, the major focus will be on the combination of both places. This simply means that it will have physical stores and an online presence as well.
• Promotion: The term promotion is defined as a promoting the products and services of the company within the external environment so that a large number of consumers get attracted towards them." For effective working within the highly competitive market, it is very necessary for healthy eating to effectively market products and services. There are different ways in which marketing can be done, which include traditional methods, modern methods, and many others. For promoting the concept of vegan and healthy food products, Healthy Eat will be focusing on the combination of both traditional and modern promotional techniques. The traditional techniques will include print media advertisements, television advertisements, and many others. On the other hand, modern marketing techniques will include the use of social media, SEO, SCM, and other related aspects (André and et al., 2022). The combination is being used by the company as modern marketing techniques are used by the majority of consumers. But there are some consumers who do not use social media, and for them, the use of print media and other related advertisements will help in attracting their interest.
• People: The people in the marketing mix include the employees who are working within the company and trying to improve its performance. Without people, the business cannot run, and for this, it is necessary to eat healthy to keep all the employees happiness satisfied so that they can work effectively and efficiently to meet the objectives of the business (Raina and et al., 2021). The people include both the internal and external stakeholders of the business, and they try to keep them happy so that the services and products of the company are liked by the consumers.
• Process: The process includes the way in which the raw material is converted into the finished good. Within Healthy Eat, the process is very simplified and includes the traditional way of getting the raw materials from outside, making the food products within the company, and then providing them to the consumers. The simplified process is being used as it attracts more consumers at a single time and is very cost-effective.
• Physical evidence: Lastly comes the physical evidence within the marketing mix, which is necessary. The physical evidence includes the infrastructure and environmental conditions within the company. With regards to healthy eating, the atmosphere and the infrastructure of the restaurant are very peaceful and soothing (Tan et al., 2020). It is very necessary for HealthyEat to maintain a good infrastructure, as it will attract customers in the long run. If the infrastructure is not good, it will not attract customers, and they will not come. Hence, this healthy restaurant has focused heavily on infrastructure and the appearance of the hotel.

Budgeted income statement

Financial statements are very important for the evaluation of a business and its success. This is pertaining to the fact that it outlines the profit earned or loss suffered by the company during the financial period. This is very important for new business start-ups, as this will provide a basis for the company to evaluate whether the business will run successfully or not. In the present case of HealthyEat, the financial projection is very important. This is pertaining to the fact that it will provide the company with a basis to evaluate its future workings. This will provide guidance to the company on how to manage its operations so that its projected financial position and profitability can be attained.

With the evaluation of the projected financial statement for the next three months, it is clear that the cash surplus is increasing. For the business to be successful, it is necessary that an effective and sufficient cash balance be present with the company. If the cash balance is negative, it will impact the business and its performance in a negative way. And with the help of the projected financial statement of a healthy company, it is clear that the net cash includes more than the total cash outflows. Hence, this simply means that the income is higher as compared to the expenses, and as a result, there is a cash surplus and not a deficit. With the evaluation of the projected income statement, it is clear that, as compared to last month, every month the cash surplus is increasing. This increase in the cash surplus indicates that the company is performing well and needs to invest this extra cash in other operating activities to improve its performance.

Breakeven analysis

Break-even analysis is being defined as the type of calculation that assists a company in identifying the point where it needs to sell its product at a minimum. This is a point where, after reaching this point, the company starts earning profit. It is very necessary for HealthyEat to evaluate the point after which they will start earning profit. This is a tool that helps with effective decision making and deciding on different levels, after which the company begins to earn more and more profits.

With the help of the projected BEP analysis it is clear that this tool is helpful in evaluating the minimum sales which the company needs to conduct. With the evaluation of the calculation it is clear that for healthy eat it is necessary to produce 6000 units of the product. The reason behind this fact is that when minimum this level of production will be done then only company will start earning more profits. The BEP analysis states that for being in a no profit no loss situation the company needs to produce minimum of 6000. This is particularly because of the reason that when 6000 unites will be produced and above it then the company will start earning profits. In addition to this it is also advisable to healthy eat that they must try to reduce the amount of fixed expenses (Harrison and et.al 2020). Reducing the fixed expenses will assist the company in managing the BEP and it will start to result in increasing profits.

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Conclusion

At last it is included that conducting a feasibility study before starting any business venture is very necessary. This is particularly because of the reason that there are many different changes taking place within the external environment. Thus the use of feasibility study helped the company in evaluating the fact that whether the business will run successfully or not. The above report concluded that conducting the external environmental analysis is very necessary as it helps in identifying the latest trends. Along with this it was evaluated that deciding the segment and target is very helpful as it assisted healthy eat in deciding that geographical segment and young people as a target was helpful for improving the performance of business. In addition to this it was also a valuated that projecting the financial statement is important to have a background relating to bet that how business will operator. At last it was inferred that use of BEP that is break even analysis was helpful in identifying the fact that 6000 units is the no profit no loss point for HealthyEat.

References

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Online

• Vegan Food Industry SWOT Analysis and Future Market Potential. 2023. [Online]. Available through: < https://www.marketresearchreports.com/blog/2023/02/10/vegan-food-industry-swot-analysis-and-future-market-potential#strengths->