Business Plan – Spice Shop
Term 1 Nov 2015
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 1: Retail Space http://propertylink.estatesgazette.com/property-details/6024997-64-king-street-norwich-nr1-1pg
Office, General Retail, Offices, Retail. The property comprises the ground floor of a Grade II listed traditional building of brick construction with large timber framed display windows. The unit provides front sales or office area with rear storage, WC and kitchenette facilities. The unit has concrete floors with laminate, plastered and emulsioned walls, night storage heaters and modern lighting
(329 sq ft–£5,000.00 Per Annum)
64 King Street
Norwich
NR1 1PG
View on map
Nearby stations
Norwich (0.3 miles)
Brundall Gardens (5.0 miles)
Salhouse (5.1 miles)
Appendix 2:
Start up cost for the firm
Item Quantity Price Expiry
Premise – Rent 329 square feet £5000 annual cost
Machinery –
Cash register
Computers
Weighing scale
Spice grinder
Casio SE-C450 Cash Register Till x1
HP Pavilion 23-q135na
Touchscreen All-In-One PC x1
Typhoon BellaScales StainlessSteel (x3)
industrial herb spice grinder
£167.94 x 1
£599.00 x 1
£89.97 x 3
= £269.91
£1322.31
5 years
5 years
Furniture –
Shelves
Chairs
Tables
Jars
Containers
wallpaper
Standard Duty Shelving 1830mm High 4 Shelves (x2)
Swift Wooden Bistro Chairs (4 set)
Braemar Flexi Tables Rectangular (1200W x 800D x 730H)
Carina Spice jars (sets of 12) x10
Royal Stainless Steel Spice Jar (sets of 6)
Rustic Wood Scrapwood Reclaimed Wood Wallpaper Beige & Brown tones, Striped wood
£73.00 x 2
= £146.00
£29.75 x 4
= £119.00
£96.00 x 2
= £192.00
£40.99 x 10
= £409.90
£48.99 x 6
= £293.94
£1.75 x 329ft=£575.75
3 – 5 years
2 – 7 years
2 – 4 years
1 – 2 years
2 – 3 years
Flooring hardwood flooring 329 ft £2882.04
20 years+
electrical wiring-
Wires
power sockets
installation
Solid Core Hookup Wire 1/0.6 mm 22AWG Breadboard Jumpers 11 colours 1 – 100m
LAP 13A SP 2-Gang Switched Socket & USB Charger Port White
x1 £100
100m £99
10x£12.00=£120.00
n/a
10 years+
10 years +
lights-
lightbulbs
light switch LE 12W A60 E27 LED Light Bulb
3 Gang 2 Way Light Switch – Gun Metal
x10 £69.9
3x£6.96=£20.88
20 years
security and safety-
surveillance camera
burglar alarm
fire alarm
fire extinguisher
4 Channel Home Security Camera System 960H
DVR HDMI 2 Bullet 600TVL CCTV Cameras
Honeywell Home Wireless Burglar Alarm Kit
C-Tec 4 Zone Fire Alarm System Contractor Kit
1kg dry powder fire extinguisher
x1 £49.99
x1 £179.99
x1 £339.95
3×9.59= £28.77
5 years
5 years
5 years
1 year
plumbing-
toilets
toilet sink
kitchen faucet
bathroom faucet
kitchen sink
Melbourne Ceramic Close Coupled Modern Toilet
Essential Bathroom Inset Vanity Basin
Installation and pipes
Kitchen Faucet Contemporary Pullout Spray / Pre Rinse Brass Chrome
Beta Classic Basin Taps
Wickes Single Bowl Kitchen Sink stainless Steel lh drainer
x1 £99.95
1x£39.00
329×3.31=£1088.99
1x£154.39
x1 £16.99
x1 £29.60
10years
10years
n/a
5 years
5 years
5 years
Total cost
(after VAT) £15,104.29
Budgeting for the firm operation long term
Appendix 3:
Fixed Cost
Item Quantity Price Expiry
Employees 3 £151.20
£43.545.60 Per day
Annually
Water bill N/A £393.00 Per month
F & B approval (licenses) 1 £173.24 Per year
Insurance employer liablity
public liability
property insurance £856.00
Per year
storage cost 22 square feet Included in rent Per year
electricity bills n/a £370.00 Per year
wifi bill 200mb £513.00 Per year
telephone bill unlimited £120.00 Per year
Total cost (after VAT) £45,970.84
Appendix 4:
Variable Cost
Item Quantity Price Shelf life
Vanilla
Green Cardamom
Cinnamon
Cloves
Cumin seeds
Turmeric Haldi
Black peppercorn
Ginger ground
Jalapeno flakes
Chillies
Nutmeg
Fennel Seeds
Coriander Seeds
Cumin Seeds
Bay Leaves
Oregano
Saffron
Total 150 pods
10KG
10KG
10KG
10KG
10KG
10KG
10KG
10KG
10KG
5KG
10KG
10KG
10KG
10KG
10KG
1KG
136KG £146.25
£306.55
£188.68
£374.57
£59.32
£27.86
£101.43
£38.59
£169.90
£44.15
£799
£104.3
£159.8
£173.7
£63.48
£77.2
£554.40
£3389.18 1-2 years
Coffee 10KG £700 2-3 months
Chives
Rosemary
Winter Thyme
Basil
Lemon Grass
Sage
Total 10KG
17KG
20KG
15KG
8KG
10KG
80KG £106.19
£55.73
£79.82
£55.30
£57.55
£73.35
£427.94
1 year
Premium Basmati Rice
Organic Jasmine Rice 100KG
100KG £218.40
£554.40 2 years
Sugar 200KG £114 N/A
Black Tea Leaves 10KG £747.50 6 months
Total variable cost £6150.62
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