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Report: Business Plan for The Taste of India

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Report: Business Plan for The Taste of India

Report: Business Plan for The Taste of India

 1.1 Mission

The Taste of India provides quality food at affordable prices. The quality is a key concern in this organisation. The company would be having in-house testing facilities to test the raw materials that are procured. Absolute attention is also provided on customer satisfaction. Continuous Research and development would provide for a variety in the menu. After attaining a breakeven point the company focuses on adding Chinese and Continental restaurants to its value chain. This would be done by buying of existing businesses. Initial Focus would be on three restaurants that would cater to Indian Cuisine

(McKeever, 2010).

1.2 Keys to Success

·         Excellence in the quality of food that is served

·         Penetration into the market

·         Proper Marketing and branding strategies

(Ford, 2007).

2.0 Company Summary

The Taste of India is a start-up company providing for quality Indian Food at affordable prices in Singapore. Apart from quality the focus would also be on the ‘taste’. The owners have themselves been chefs with few of the best hotels in UK, thus the taste criteria will be strictly adhered to. The focus of the company will be:

·         Providing a superb ambience for the customers

·         Providing Authentic Indian Cuisine

·         Providing Home and Office Delivery Facilities

·         Arranging for events such as birthday parties etc.

With growth and progress the company focuses on diversifying into Chinese and Continental cuisines which would come up under brands like Taste of China etc.  Considering the tourism scenario in Singapore, around 828,903, Indians visit the country every year. This has been the primary focus of the founders for catering to Indian taste.

(Abrams, 2003).

2.1 Company Ownership

The company would be formed in Singapore and would be funded by its principle investors. At the time of writing this plan the company has not yet been chartered and the principle investors are looking into alternatives for the legal formation.

(Young, 2007).

2.2 Investment Required

The total investment required for starting up this venture would be around US$ 2.3 million. This would include fixed costs and variable costs. The fixed costs are the infrastructure related cost and the variable costs are the operational costs. The expenses for leasing three properties for three years would be US$ 1 Million. The total costs involved are shown in the table below:

 

2.3 Company location and facilities

The restaurants would be located in top tourist destinations in Singapore:

ü  Mount Faber

ü  Sentosa Islands

ü  The Head office and the Testing facilities with the main Restaurant would be in the heart of the Singapore City

The facilities provided by the company range from variety in cuisine i.e. South Indian, North Indian, Gujrati, Rajasthani, etc. These restaurants will be true to their name and will provide for the diversity of Indian tastes. The decor would be very authentic and aesthetic. There would be provisions for kid’s entertainment. The youth focus would also be kept in mind, considering the tourism trends which suggest a large number of young Indians visiting Singapore and also the student population of Singapore which has a majority of Indian Students.

2.4 The Singapore Market

The Singapore market is very open and encourages investment. It is very easy to operate in Singapore. The following are the main highlights of the Singapore market in general:

The ease of operations: Singapore has been rated as the easiest place to do business by the World Bank in the year 2010

Tax: The Forbes Magazine in the year 2009 rated Singapore no 11 when it comes to Taxation issues for a business

Place for Business: Forbes magazine, 2010 rates Singapore no 5 on the Words best place for a business.

Economy: The World Economy Forum, 2010 has ranked Singapore no 3 in the World’s economic competitiveness sector.

Openness of the Market: World economy Forum, 2011 suggests that Singapore is the most open market in the world for trade.

Labor Force: As per BERI’s evaluation Singapore is the best place for finding quality and skilled labor force at affordable prices.

(http://www.guidemesingapore.com/)

 

2.5 Industry Analysis       

 

The food and beverages industry has been rapidly growing in Singapore. Major contributors to this growth are associated to the shift in social paradigm and promotion of tourism in Singapore. In today’s world people have become extremely busy and find no time for cooking at home, the food and beverage industry has greatly benefited from this and has shown considerable growth over the years. Singapore has greatly promoted itself as a tourist destination. Events such as the food festivals of Singapore and shopping festivals held annually have been pulling in huge crowds to this nation. The promotion in tourism has benefitted the F&B industry.

As of 2010, the F&B industry in Singapore had an estimated 6,200 establishments employing over more than ninety thousand people. Restaurants account for around 36% of the Food and Beverage industry. The following pie chart shows the breakup of the industry.

 

 

13.0 References

 

Abrams, R., (2003). The Successful Business Plan. 4th Ed. Mc-Graw Hill: CA

Blackwell, E., (2011). How to prepare a business plan. 3rd Ed. Pearson: USA

Covello, J.A., (2003). Your First Business Plan. 1st Ed. ACE Books: London

Ford, B.R., (2007). Ernst & Young Business plan guide. 3rd Ed. Prentice Hall: USA

Holm, S., (2007). Seven step business plan. 6th Ed. Mc-graw Hill: USA



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