RESERVED FOR HIFSA SHAUKAT

Business Plan - Spice Shop

Group: Winnie, Rana, Mariam, Max

Subject: Professional Communication Skills

Word Count: 783

Contents Page

Section 1 Business Proposal P3-

Introduction

Objectives

Mission Statement

Section 2 Research Analysis P4-6-

Primary

Secondary

Target Consumer

References P7-16-

Appendices

Bibliography

· Business Proposal

Introduction:

We personally believe that spices are not easily accessed in Norwich, which brings us to our idea, to set up a Spice shop in Norwich City. We plan to provide spices available in a retail shop premise. Follows a price to weight system; pre orders are accepted for larger amount of spices or specific premium spices that need to be ordered to buy in large quantities. Offering fresh whole spices, which will be grounded upon order and services to mix your own favorite spices to create a special mix will also be available. Furthermore, spice drinks and snacks will be provided at the store for on the spot food and beverage services at our shop with free wifi as another attracting feature. Despite being a spice shop, other defining factors to our shop will also be selling herbs, rice, grains and seeds of different kinds. To promote our spice products not only as cooking material, but also as medical & relaxation commodities. Along with each spice, our store would like to give advice on how it could be used by giving the customer a recipe that matches the bought spice, giving detailed quantities of spices to include in certain recipes.

Mission statement:

We specialize in selling high quality fair trade spices at a moderate price. Our vision is to attract consumers by providing a wide selection of spices. Our business aims to set up premises for the public to have access to spices and herbs easily. Our mission statement is “To bring flavor to your life.”

Objectives:

Our business also brings practical knowledge to the kitchen; even the most inexperienced cooks could make delicious dishes. Our first objective for our business is to survive in the market and hopefully increase our profit by attracting more customers, thus increasing our awareness. Lastly we aim to expand from our initial target market, market demographics changes like outsourcing to food and beverage retailers

· Research Analysis

Primary:

Questionnaire results: Do you normally cook with spices?

As shown above, 31 out of 51 female, 21 out of 48 male are using spices for cooking. This shows there is a potential market for our businesses as the respondents from both genders have a total of 52 people normally cook with spices, which is more than half.

How frequently do you cook?

According to the results we got, more numbers of respondents from the age of 15 to 40 reported they do not always cook but only sometimes. They could possibly be the universities or college students. Respondents aged 41-50 are more likely to be a target customers as 10 out of 17 respondents are reported they always cook. From the age 51 and over respondents do cook sometimes, but comparing with the younger respondents they have a higher percentage of cooking more often than the respondents aged 15-30. Therefore, we decided to put our main focus on the middle age group from 20 and above as a targeted customers.

Checking on the competition:

Herb and spices within Norwich Market is our direct competition, they sell herbs and spices, and unusual items which are difficult to find in the supermarkets. (Smoked pimenton paprika and all kinds of lentils and dried pulses)

Secondary:

Target consumer:

We focus on customers in middle age group, upper 20 and over females, universities/ college students minority groups and even innovative chefs. According to the Food Standard Agency 2014 survey, people aged 16-24 would rather have take outs than cooking themselves. This is the opposite of those aged 60 and over who would rather cook their own meals. 62% of the respondents aged 25 and over are cooking for themselves everyday. 74% women prepare food themselves. Women are more likely to go grocery shopping compared to men with the percentages of 68% to 32%.

Calculating start up financial budget

Given a £100,000 limit, is sufficient capital to start up our Spice retail premises. To sum up total spending, With fixed costs works out to £45,970.84 (Appendix 3) ranging to variable costs works out to £5719.18 (Appendix 4), these figures can judge roughly how much we’ll need for the duration of the start up period. All resources are spent on making a full start up to the business, with these factors taken under consideration is vital to survive the first two years of opening, taking into account all necessary elements to maximize resources selected for start up such as our capacity to sell and stock our product with sufficient staff to cater to all potential customers, has added up to a sum of £15,104.29 (Appendix 2). Our total cost is £67,225.75. Which gives us funds for marketing and future improvements to our business.

· References:

Appendix:

Appendix 2:

Start up cost for the firm

Budgeting for the firm operation long term

Appendix 3:

Fixed Cost

Appendix 4:

Variable Cost

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