Ricer will offer good quality fast food with different tastes and cultural touch found on the main theme of ‘your health your life’. The firm will cater for various cultures and tastes and which will be delivered while it’s still fresh and yummy…
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The services will be based cash on delivery and cash with order. Ricer’s services will be commonly known as Ricer Vending Units. The original trial was conducted in October 25th, 2012 which was highly applauded by most residents within the city and projected to be a success once it will be launched. The business intends to expand gradually through franchises to other cities and states in the next ten years.
The business is projected to be worth £ 250,000 which will serve the local markets that are vast and well segmented. The population consists of 50.6% of female and 49.4% of men while the median age is around 34.8 years and the entire working population is 311,300 and the residential population goes at 506,800 according to statistics done in mid 2009. The City has a higher young age profile which will form an essential market for the Ricer’s products. This profile of the population reveals that the target consumers will most likely be the young and vibrant students and the working group. Thus the products will be distributed near colleges and University campuses, weekend markets and other convenient places such as leisure parks (Daniels, 2002, p. 53).
Strategy and Implementation
Ricer aims to create a brand recognition using its Ricer vending Units through positioning strategically in the entire business district within the city. Upon achieving the brand recognition, the services will be provided and eventually they will be available in major superstores and supermarkets (Stokes and Wilson, 2010, p. 3). Moreover, Ricer will then provide franchises to foster further expansion. 1.5 Management The Ricer will be owned by two ladies with massive experience in the business management, product promotion and hospitality industry. The pioneers are based from two different diversities which include; Chinese culture and the English culture. They were previous staff of a renowned restaurant in the world having worked for about ten years. They intend to employ other staff to help them in the preparation and distribution of food to the target market in the streets. 1.6 Financial Plan Ricer is projected to have a formidable starting financial base even though it will need extra funding to accomplish its goals and objectives. According to the analysis of the forecasts the revenue from the business is expected to grow to ? 7.5 million by year 5 and subsequently to ? 15.75 million by year 10 with an EBITDA amounting to ? 5 million by year 5. An initial survey from the streets it was determined that the firm would need to sell 75 meals to breakeven. The profound financial strategy ascertains that the firm will be more favorable as an acquirement for exit (Bhide?, 2000, p. 5). 1.7 Start-up funds and expenses This business plan will attract the following start up funds and start-up expenses. Start-up Expenses Legal ? 250 Marketing consultants ? 750 Design costs ? 2,500 Payroll expenses ? 12,000 Fuel costs ? 2,500 Business and Liability cover policy ? 5000 Total Expenses ? 23000 Start-up Assets Cash needs ? 250,000 Start-up Inventory ? 50,000 Other Short term assets ? 25,000 Total Short Term Assets ? 25,000 Non-current Assets ? 50,000 Total Assets ? 400,000 Start-up Funding for the fast food firm Investment for the business Rickrosly ? 150,000
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