pancake business plan pdf

• Email: [email protected]

Business Plan for Pancakes and Crepes Cafe.pdf

• Author / Uploaded
• Nurhidayah Syrn
• Entrepreneurship
• Business Plan
• Business Process
• Business Model

Business Plan for “Pancakes and Crepes Café” Larisa Morozova Bachelor’s Thesis Degree Programme in Hotel, Restaurant a

Views 4,630 Downloads 392 File size 3MB

Report DMCA / Copyright

Recommend Stories

Dough, Roux, Pancakes, Crepes

A.DOUGH Adonan adalah hasil percampuran bahan-bahan pembuat kue seperti tepung terigu dengan air, gula, telur, dan lemak

1 0 3MB Read more

Crepes and Coffee Business Plan

Business Plan Laura Bridgford Dakotah Euton Andrew Moran Executive Summary Company Name: Crepes and Coffee Location:

1,338 247 745KB Read more

Poets and Pancakes

1 mark Who was Subbu’s principal? Mr. S.S Vasan, the founder of the Gemini Studios, was Subbu’s principal. Who was the B

1 0 70KB Read more

Business Plan For Startup Business

 
     

    









2 0 644KB Read more

Business Plan for Dredging Business

BUSINESS PLAN FOR DREDGING BUSINESS BUSINESS PLAN FOR DREDGING BUSINESS EXECUTIVE SUMMARY 1.1 1.2 1.3 1.5 ESTIMATED P

1,335 73 112KB Read more

Business Plan For Students

JUICE FOLLOW YOUR HEART- APPLE JUICE I. EXECUTIVE SUMMARY Apple, (Malus domestica), fruit of the domesticated tree Mal

1 0 341KB Read more

Business Plan For Jollibee

UNIVERSTIY OF LUZON COLLEGE OF ACCOUNTANCY PEREZ BLVD., DAGUPAN CITY BUSINESS PLAN FOR JOLLIBEE FOOD CORPORATION Submi

1 0 334KB Read more

Business Plan For Laboratory

BUSINESS PLAN Medical Laboratory PROJECT BACKGROUND  The total Indian healthcare sector is today INR 240 crores and

26 0 1MB Read more

Crepes and Waffles

INTRODUCCIÓN La Empresa Crepes & Waffles se ha constituido en una de las más importantes empresas colombianas. Con prese

350 12 311KB Read more

Citation preview

Business Plan for “Pancakes and Crepes Café” Larisa Morozova Bachelor’s Thesis Degree Programme in Hotel, Restaurant and Tourism Management 2015 Author Larisa Morozova Degree programme Hotel, Restaurant and Tourism Management Thesis title Business Plan “Pancakes and Crepes Café" Thesis Supervisor Pirjo Nuotio Number of pages and appendix pages 53+31 Nowadays if one wants to establish a new enterprise, a written business plan is a must to have, as the external economic factors make an entrepreneur evaluate each action he or she takes. Particularly, the development of the project related to the restaurant business, is now needed, as the situation in the industry is constantly changing and actions, calculated in advance, will definitely help the entrepreneur in his activities. The goal of this project-oriented thesis is to create a business plan and justify the feasibility of the establishment of “Pancakes and Crepes Café” in Helsinki. The objectives of this project are the following: 1) Launch of the new café; 2) Development of the job descriptions for the staff of the café; 3) Development of the concept of business based on the location of the café; 4) Description of the services that the business will provide to the consumers; 5) Calculation of the financial side of the project. The approach used is the entrepreneurial one, as the business plan and the thesis are analyzed and created referring to it. We believe that our products will be in high demand, thanks to the location of the premises in the center of Helsinki. Firstly, we expect to have a small amount of customers, due to the new business establishment. But later on, by providing the customers with the high-quality products and by conducting an advertising campaign, we expect to attract more new customers. Our products pancakes and crepes, as well as beverages, will be produced only from the best ingredients, and by high-professional cooks using the modern methods of preparation and equipment. We believe that our product will be a success in the consumer market, as it has a reasonable price for this type of business entities, and most importantly - the high quality of the products and great taste. The business plan has been made based on the literature in entrepreneurship and business planning reviewed. The gained knowledge from the literature review has been implemented in the business plan writing. The business idea has been discussed, the mission established, organizational structure developed, and financial plans were provided. In the end, the business plan documentation can be used as a source for attracting investors. The business plan writing process has proved the viability of the new project and shown that this idea of the new company establishment is going to be profitable. Keywords Business plan, entrepreneur, entrepreneurship, production process, financial plans Table of contents 1 Introduction ................................................................................................................... 1 2 Entrepreneurship, its concept and definitions ................................................................ 2 2.1 Qualities of an entrepreneur .................................................................................. 4 2.2 Functions of an entrepreneur ................................................................................ 6 2.3 Characteristics of entrepreneurship....................................................................... 7 3 Business planning ......................................................................................................... 9 3.1 Why do you need a business plan?..................................................................... 10 3.2 Importance of planning........................................................................................ 11 3.3 Benefits of a major business plan........................................................................ 11 3.4 Business model and its types .............................................................................. 13 4 Business plan structure and development ................................................................... 15 4.1 Company formation package and additional supporting documents .................... 15 4.2 Company information .......................................................................................... 16 4.3 Industry outlook and environmental analysis ....................................................... 17 4.3.1 Industry overview ..................................................................................... 18 4.3.2 Sources of competitor information ............................................................ 18 4.3.3 Analysing competitors .............................................................................. 18 4.4 Business objectives and business idea ............................................................... 19 4.4.1 Define the business.................................................................................. 20 4.4.2 Identify your business objectives .............................................................. 20 4.5 Products and services ......................................................................................... 22 4.6 Service operations and manufacturing ................................................................ 23 4.7 Marketing ............................................................................................................ 25 4.8 Management and manpower............................................................................... 26 4.9 Financial plans .................................................................................................... 27 4.9.1 Cash flow statement................................................................................. 29 4.9.2 Sales forecast .......................................................................................... 29 4.9.3 Income statement..................................................................................... 30 5 Business plan for “Pancakes and Crepes Café” .......................................................... 32 5.1 Overview ............................................................................................................. 32 5.2 Limited company formation package and additional supporting documents ........ 32 5.3 Company information .......................................................................................... 33 5.4 Industry outlook and environmental analysis ....................................................... 35 5.5 Business objectives and business idea ............................................................... 37 5.6 Products and services ......................................................................................... 38 5.7 Service operations and manufacturing ................................................................ 40 5.8 Marketing ............................................................................................................ 43 5.9 Management and manpower............................................................................... 45 5.10 Financial plans .................................................................................................... 47 6 Discussion................................................................................................................... 50 References ...................................................................................................................... 51 Appendices ...................................................................................................................... 54 Appendix 1. Memorandum of Association ................................................................... 54 Appendix 2. Start-Up Notification for Limited Liability Companies Y1 .......................... 57 Appendix 3. Personal data form (for authority use) ...................................................... 61 Appendix 4. The lease of the business premises......................................................... 63 Appendix 5. Curriculum Vitae Larisa Morozova ........................................................... 65 Appendix 6. The menu example .................................................................................. 69 Appendix 7. Income Statement ................................................................................... 71 Appendix 8. Cash Budget ............................................................................................ 73 Appendix 9. Equipment cost calculation ...................................................................... 75 Appendix 10. Portion cost and menu prices calculation ............................................... 77 Appendix 11. Food usage and costs calculation (daily/weekly/monthly/yearly) ............ 79 Appendix 12. Appendix to Start-Up Notification ........................................................... 82 1 Introduction The world is constantly changing and developing nowadays. In the era of globalization and numerous opportunities in our fast-paced lives, there is always an excellent platform for creation and implementation of new concepts. The type of people who explore and bring these kinds of concepts and ideas to life are named entrepreneurs. In the recent years, there has been a huge need in evolving the entrepreneurship, as it is of a high importance due to the economic reasons: economy is developing; the new working places appear for the population. The theoretical part of the work will include various points of view on the notion of what an entrepreneurship is and who is an entrepreneur. The special qualities and characteristics needed to become a businessman will be presented. The business plan structure is going to be supported by the solid literature basis, which has been the result of many years’ work of a lot of researchers. The aim of the project is the creation of the business plan for the Pancakes and Crepes Café. The main goal and objective of the business plan is to make a plan, which some entrepreneur could follow in order to establish a new company. The plan will cumulate the most crucial points, which should be taken into account when preparing the business plan. It as well is a written proof for the possible investors and moneylenders, that this kind of business entity has all the potential to be viable and bring profits. The idea for choosing this exact type of the café originates from the author of the business plan’s vision of the future café. The pancakes and crepes are famous all over the world and are considered to be one of the most delicious dishes. Moreover, the preparation of pancakes and crepes has been a national tradition for a long time already in Russia, and being Russian by nationality the future entrepreneur has come up with the idea of the pancakes and crepes style café. The factor of the absence of heavy competition in this particular café type area has been taken into account. In the business plan author’s opinion, the main customers of the newly-established café could be young couples, families with children, women of different age variety, workers who have lunch break, tourists. 1 2 Entrepreneurship, its concept and definitions The term “entrepreneur” derives from the French word “entreprendre”, which stands for “to launch”. Referring to the business concept, it implies “to set up a business”. (Saroj & Mehndiratta 2009, 1). Urmila Rai suggests that the notion of entrepreneurship is a convoluted occurrence. In a wider sense, it pertains to the entrepreneur, his or her perception and vision and the accomplishment of the latter. The main participant is the entrepreneur. Urmila Rai defines the entrepreneurship as “a process of action an entrepreneur (person) undertakes to establish his/her enterprise” (Rai & Desai 2008, 1). Whereas, an entrepreneurship is “a cycle of actions to further the interests of the entrepreneur” (Rai & Desai 2008, 1). Rai points out that one of the characteristics of the entrepreneurship is the capability to find an investment possibility and set up a company, thus to further the economy growth. It can be done thanks to the risk-taking and financial contribution, still under the typical for the entrepreneurship uncertainty conditions. An entrepreneur should be able to combine and get the advantage of all the possible factors of production, stock, manpower, natural resources, and as well of impalpable components, like the capability to put together science-based and industrial attainments. (Rai & Desai 2008, 1.) The idea of entrepreneurship contains an extensive variety of significations. On the one hand, an entrepreneur can be referred to “a person of very high aptitude who pioneers change, possessing characteristics found in only a very small fraction of the population” (Saroj & Mehndiratta 2009, 1). On the other hand, “anyone who wants to work for himself or herself is considered to be an entrepreneur” (Saroj & Mehndiratta 2009, 1). A common and unique denotation of entrepreneurship does not exist, but eventually some educators and thinkers have invented denotations justified by their personal viewpoint. (Saroj & Mehndiratta 2009, 1.) In the Merriam-Webster Dictionary a notion of entrepreneur is defined as the one who composes, oversees, and expects the dangers and difficulties which may occur when creating a new company. (The Merriam-Webster Dictionary, 2015.) A.H. Cole in his works discussed: “my own personal experience was that for ten years we ran a research center in entrepreneurial history; for ten years we tried to define the entrepreneur. We never succeeded. Each of us had some notion of it – what he thought was, for his purposes, a useful definition” (Cole 1959, 10). 2 Cole, suggested that "Entrepreneurship is a purposeful activity of an individual or a group of associated individuals undertaken to initiate, maintain, distribution or aggrandize profit by production or distribution of economic goods and services" (Cole 1959, 13). Entrpreneurship is an evasive idea. The idea of entrepreneurship has been a matter of disputation, as it is decsribed variously by various authors. One part of them sees it as connected with risk, whereas the other one defines it as an invention and a search of adventure. (Havinal 2009, 106.) As claimed by McClelland, “practically all theorists agree that entrepreneurship involves, by definition, taking risks of some kind” (McClelland 1961, 210). McClelland assumes, that two main features of an entrepreneur are the following: act and perform work in a more innovative and excellent manner and find the solutions in the conditions of unsteadiness and variability. Different explanations of the term entrepreneurship define two fundamental components of entrepreneurship: innovation and risk-bearing. (McClelland 1961, 210.) Alternatively, in the opinion of Adam Smith, “the father of political economy, the entrepreneur was a proprietary capitalist, a supplier of capital and at the same time, a manager, intervening between labour and the consumer. Adam Smith also treated him as employer, master, merchant and undertaker, but explicitly identified him with the capitalist”. (Rai & Desai 2008, 3.) As believed by Schumpeter, the pioneering economic theorist to have designated the entrepreneur a leading part in the economic evolution procedure, entrepreneurship is substantially a creative work. The entrepreneur is considered to be a pioneer who brings something fresh to the economy and therefore, makes changes. Entrepreneurs are regarded as work chiefs and not only capital possessors, but individuals of astuteness, motivation, energy and gift, who never miss their chance. (Rai & Desai 2008, 3.) To put it differently, entrepreneurship corresponds to an activity of making something new, establishing, arranging, systematizing, taking risks and dealing with economic uncertainty. Higgins gives an explanation to the denomination consequently, "Entrepreneurship is the function of seeing investment and production opportunity, organising an enterprise to undertake a new production process, raising capital, hiring labour, arranging for the supply of raw materials and selecting top managers for the day-today operation of the enterprise." (Rai & Desai 2008, 6.) Entrepreneurs continually try to find dissimilar, new, uncommon and the one of a kind things to do in order to qualify and fill demand of the consumers. Businessmen do not have to be creators of unique commodities or services, yet shall have the capability of taking advantage and utilizing the systems or items, that have already been created, for 3 the purpose of benefit of the company (for instance, to meet up with a constantly altering requirements of consumers). Currently the fruit juice is catered in tins, in place of bottles, as it enables consumers to carry the product conveniently and discard the vessels afterwards. That is why in the concept of entrepreneurship it is necessary to take use of inventions steadily for the purpose of satisfying customers' needs for various products and services. Every time when a new business is set up, the owner takes a risk. It is always perilous to start doing something unique from a scratch. It can consequently result in gaining economic benefits, or functioning at a deficit, which is influenced and determined by many aspects, such as modification of consumers' tastes, growing competition, deficit of raw materials and etc. An individual with an entrepreneurial spirit should be brave in order to incur an associated risk, and thus an entrepreneur is defined as a risk-taker, not a riskescaper. A risk-taking feature makes an entrepreneur continue striving to win, until he or she scores a success. With no hesitation, the Japanese proverb can be employed to an entrepreneur: “Fall seven times, stand up eight”. While the denominations entrepreneur and entrepreneurship are applied as equivalents, still they are diverse conceptually. (Havinal 2009, 106-107.) 2.1 Qualities of an entrepreneur To get into the idea of what kind of qualities entrepreneurs should possess, we would like to pay attention to the question of what kind of features an entrepreneur should hold. According to Umesh Saroj, an entrepreneur possesses the following utterly essential traits and has the dower of the following qualities: competence to show and take initiative; energetic; self-assurance and self-reliance; inward motivation to win; having leadership traits; ambitious and pushing; comprehensive concentration and knowledge; goaloriented; capability to undertake properly calculated risk; looking for fresh concepts; singularity and uniqueness; craving for constant learning; farsight and prudence; ability to analyze; rational; ingenuity and originality; approval of constructive criticism; communicative and sociable; proper planning. (Saroj & Mehndiratta 2009, 4-7.) In order to get a better understanding of the entrepreneurial nature described above, let's have a look at such a notion as habitual entrepreneurs. Rita Gunther McGrath and Ian MacMillan in their book “the Entrepreneurial Mindset, strategies for continuously creating opportunity in an age of uncertainty” define them as the ones, who “have made careers out of starting businesses, some working within existing businesses and some in independent start-ups. They have in common finely honed skills in forging opportunity from uncertainty” (McGrath, Gunther & MacMillan 2000, 9-10). They take advantage of and 4 make money on uncertainty rather than evading it. They simplify problems, where others can perceive the same things as really complicated. They make use of the knowledge that descends from undertaking calculated risks. They notice when there is a temporary chance to gain something, and realize that it could cost more in case if they are not fast enough to take action, rather than not right. As a result, they will make decisions that are nearly right, instead of spending and wasting much more time on finding a right solution. (McGrath, Gunther & MacMillan 2000, 9-10.) Habitual entrepreneurs share several traits with each other: 1. They enthusiastically look for new possibilities. Habitual entrepreneurs are always ready, continually searching for the opportunity to benefit from change and interruption in the way business is carried on. Their most noteworthy influence takes place when they make totally new business models. New business models alter how incomes are earned, expenses are acquired, or operations are directed, occasionally all through the whole industry. One cause, that the rise of the Internet as another medium of business has been joined by confoundingly high organization valuations, is that investors see its capability to productively change virtually every part of economic life. 2. They seek after opportunities with immense discipline. Habitual entrepreneurs are not only always ready for noticing favourable opportunities, but also ascertain that they follow up on them. They ascertain that they return to their stock of ideas regularly, however they begin to work only when it is needed. They put up money for something only if the competitive field is alluring and the opportunity is ripe to be seized. 3. They approach only the best opportunities. They seek after only the absolutely best possibilities and abstain from depleting themselves and their enterprises by pursuing each alternative. Despite the fact that a lot of habitual entrepreneurs are rich, the ones that achieved much success, stay harshly disciplined about constraining the quantity of tasks they seek after. They pursue a strictly controlled file of opportunities in diverse phases of growth. They strictly connect their strategy with their selection of tasks and projects, instead of dissolving their endeavors too widely. (McGrath, Gunther & MacMillan 2000, 9-10.) 4. They concentrate on execution - particularly, adaptive execution. Both terms are essential. Individuals with an entrepreneurial attitude execute, in other words, they make progress in it. They are as well adaptive - can change courses and path as the true occasion, and the most ideal approach to utilize it, advances. 5 5. They draw in the energies of everybody in their realm. Habitual entrepreneurs attract a lot of individuals - both inside and outside the company - in the seeking after the opportunity. They make and maintain networks of connections, instead of doing it by themselves only; taking advantage of the mental and other various assets people can have and helping those individuals to accomplish their aims also. (McGrath, Gunther & MacMillan 2000, 10-11.) 2.2 Functions of an entrepreneur A businessman may have a great number of capacities and roles to be accomplished in the meantime, however a portion of the vital capacities is refered to beneath:  Production of ideas and filtering out the best and appropriate. An entrepreneur should be creative and able to come up with the various ideas, that can be applied to the new company establishment. He or she should have a critical mindset in order to exclude the options that are not going to be successful, and pay attention to the ones that are viable.  Definition of the business objectives. The company founder should set the objectives clearly and precisely, in order to stick to their implementation as the company set up begins. It makes the process of organizing the business start-up smoother and less stressful, when the exact objectives are described.  Analysis of the product. When studying the new company formation possibility, the future entrepreneur should make a thorough analysis of the product he or she would like to offer to potential customers, evaluate its strengths and weaknesses, the potential demand, whether similar products exist already in the market, and how to make this product unique and different from the existing ones.  Market and business survey and research. This item is closely related to the previous one. The businessman should make a research of the currently existing competitors in the market. How many are there and what kind of products they offer? Are they similar to the ones, which are going to be created by this new company? Or how are they different? Possible location area research.  Determination of the form of organization. The form of the organization, under which the company will operate, should be selected. It needs to be according to the types of operations of the company, and in regards to the type, which will be more suitable and advantageous for the new company to have.  Fulfillment of special and promotional procedures. Promotional procedures, such as for instance, marketing campaigns, should be taken care of in advance, in order 6 to get potential consumers familiar with the new company and its products, get customers attracted by some offers, for instance, or the discount.  Raising of required capital. The funding should be carefully thought of: whether the loan from a bank should be taken, the capital should be applied from investors, or probably the entrepreneur has his or her own savings.  Human asset improvement. The application of new trainings should be always implemented: could be courses, where employees will have an opportunity to gain more knowledge regarding working issues. It will facilitate the working process and bring more profits to the company.  Getting ready for equipment and material acquisition. Find out what kind of equipment, machinery and tools will be required in order to maintain the business work in an effective and efficient manner.  Taking the business functions upon oneself. It will make a company benefit if every employee is responsible, assumes obligations, can be relied on in every situation. (Srivastav 2007, 10.) 2.3 Characteristics of an entrepreneurship Peter Drucker states that, "Entrepreneurship is neither a science nor an art. It is a practice. It has a knowledge base. Knowledge in entrepreneurship is a means to an end. Indeed what constitutes knowledge in practice is largely defined by the ends, that is, by the practice" (Rai & Desai 2008, 7). Setting up a business is much less venturesome, in case if the entrepreneur acts systematically and orderly, and does not break primary and common rules. Therefore, entrepreneurship and innovation are essential for the community in the same way as for the economy, for public-service associations the same way as for the enterprise. It is entirely due to the reason that entrepreneurship and innovation are approached in the way “the more haste, the less speed”: "a product here, a policy there, a public service yonder; because they are focused on this opportunity and that need; because they are tentative and will disappear if they do not produce the expected and needed results; because, in other words, they are pragmatic and modest and that they promise to keep any society, economy, industry, public service or business flexible and self-renewing". Hence, entrepreneurship is a composite occurrence. "Some think of entrepreneurs primarily as innovators, some chiefly as managers of enterprises, some as bearers of risks and others place a major emphasis on their function as mobilisers and allocators of capital" (Rai & Desai 2008, 7.) The main features of entrepreneurship can be grouped and defined as follows: 7  Economic – includes the set up and involves the creation and management of a company.  Inventive: contains innovation procedure.  Determined: is a purposeful activity in search of receiving a profit.  Taking risk: is a typical and integral part of entrepreneurship.  Organization: embraces company formating capabilities.  Human Relations: capability to cooperate with other co-workers and signing duties is a path to prosperity and success.  Adaptability: is the indication of a forehanded businessman.  Invention: business and entrepreneurship are progressive functions.  Abilities and qualifications: this feature stands for certain competences to deal with the situation as it develops.  Values: it is an endeavor to make value acknowledgment of business chances to convey a plan to realization. Therefore, entrepreneurship is a multi-dimensional notion. It is a craftsmanship and additionally a science. (Rai & Desai 2008, 7-8.) 8 3 Business planning In order to evade confronting a defection, every company's work must be carefully designed. A great amount of enterprises collapse because of the absence of careful planning. From time to time, it is considered that one is going to familiarize themselves with all the new steps while moving ahead along the business path. But it turns out to be that the complications only get amassed if are not cleared up within the right period. In order to skip failures and not to go bankrupt, a businessman must phrase the business appropriately before starting on. A business plan is an outline, with a well written description of what is going to be done, when, in what way and what goals should be reached. As well, the accessibility of resources should be taken into account and what aims should be attained. One author suggests that a plan is similar to a highway map for managing any enterprise and the other one mentions that it is like a road map for operating business and evaluating the development, measuring the progress on the road. Another ones parallel it with a sketch for establishing business on a strong base and ascertain that it stands the test of complicated times just as starting time of construction. In order to create a profitable business, an entrepreneur must focus on the subsequent aspects (Srivastav 2007, 24.): 1. "Market scope of the product 2. Scope of customers 3. Competitors 4. Promotional strategy 5. Economic feasibility 6. Workmanship 7. Managerial control 8. Carry forward of business 9. Future prospects (long term future planning) 10. Short term future planning 11. Need for revision/modification/innovation etc. 12. Financial help needed 13. Nature of business 14. Market potential". (Srivastav 2007, 24.) All of the mentioned above aspects must be taken into account prior to starting a business. The plan will detail the company's targets and give a time-table structure for reaching the ultimate aims. Commonly, an entrepreneur may ask oneself a question that what the purpose to create a business plan is. It is time-consuming to compile a sufficient business plan. Despite that, every time the business plan must be made, without exceptions, 9 regardless whether the big or small company is going to be established, as it is the crucial part of setting up a business. (Srivastav 2007, 25.) 3.1 Why do you need a business plan? It will be advantageous for every company if the business plan is put in a written form and made properly. Two most important pros can be mentioned here:  To be used as a manual for your business. The most significant purpose behind making a business plan is to create a manual that you will stick to throughout the existence of your business. An outline of your business is the strategy for success and will give you more instruments to evaluate and carry out alterations that will bring more profit to your business. It will supply you with data on all parts of your organization's past and present operations, and in addition its projections for the following couple of years. Obviously, new entrepreneurs do not have any history and will base the data in their arrangements on assumptions made on the basis of present investigation of the industry. To be of quality, your arrangement must be maintained according to the present-day events. While arrangements exhibited to moneylenders must be bound, you may decide to have your working duplicate in a free leaf folio. At that point you may include present financial statements, renewed rate sheets, late marketing data, and other information as it gets accessible.  As a documentation for funding. A business plan is a necessity in the event if you are going to look for financing. In case if you are looking for capital, the business plan specifies how the hoped-for investment or credit will push ahead the organization's objectives and expand its benefits. Every creditor needs to know how you will keep up your income and reimburse the credit (with interest) on a well-timed basis. Each depositor needs to know how his or her money will enhance the general total assets of the organization and help him or her to accomplish the planned return on investment. You will need to explain how the cash will be utilized and support your figures with strong data, for example, forecasts, industry standards, rate sheets, and so on. Creditors and depositors are allowed for admittance to statistical data that is viewed as typical for different businesses and industries, so make sure that your projections are sensible. (Pinson 11/2004, 2.) 10 3.2 Importance of planning Usually, people make decisions to get into the business, as they become concerned about the concept. They do not want to focus on the thoughts with a perspective to financial practicality, time expected to acquire benefit, get back the initial investment point and things to be made/sold. This typically is the case when someone is so into the concept of the business, that they do not pay attention to sufficient reflection of all the elements of business, or ignore these aspects. Every idea must be in the end settled with a practical test of budgetary feasibility, practical approach and attainability. One ought to ascertain that the identical errors are not recurring and must embrace with altering situations and conditions. One time or two times failure in business is bearable for quite a while. Though, at the same time, it is an exceptionally unfavourable moment for a businessman. A well-done research and planning shall diminish the amount of work to a great extent. In this regard, the market research is really indispensable. Only solicit opinions from friends and partners, who wish only good, should be considered and taken into account. Keep in mind that a well and sensible field test of one's thoughts should be done, before experiencing all the difficulties of starting up a business, which entails a lot of exertion, time, work and cash assets. One should not make any decisions impulsively in regards to business. The measure of time and work required for a plan, depends on the size or type of business, which needs to be considered. There may be two formats for this reason, one basic and the other extensive. Basic format can deal with everyday issues, when the extensive one shall be on long-run arranging. (Srivastav, 2007, 25.) 3.3 Benefits of a major business plan When creating a business plan, one might give thought to the question of what the actual benefits of a major, well-prepared, detailed business plan are. There are some of them listed below, but not limited to: 1. It can be utilized by the company as a device to take after the advancement of the firm, as well, an opportunity to evaluate the situation. A business plan enables an entrepreneur to always keep a track on how the business is developing: if it is a success, or on the path of the failure. As well, we should always keep in mind that as the time passes, people tend to forget what has been planned initially, and which assumptions have been made, for instance, regarding the financial side of the enterprise. Therefore, it gives a chance to easily check if the business is following the initial 11 plan or not, and change the development angle, if required. 2. It assists in looking for fiscal help for external application. If a founder would need to apply for a financial help from investors or bank, then the fact of having a precise, well-structured, major business plan in a written form will definitely have a positive influence on the decision of the moneylenders. They will understand that the company, going to be established, is not some dubious business, but a carefully planned work. 3. It obliges one to be precise about the coming business patterns, and assists in persuading another people. As the plan is being made, the entrepreneur has to describe all the details accurately. Its creation is a matter of a great significance, as the plan gives an exact and thorough description of the current and future condition of the company. Likewise, the plan includes the information about financial side of the business, where it is possible to see if the business is going to be viable or not, which will bring assurance in success. 4. It aids in determining whether the business idea should be endorsed and implemented, and helps explaining one's thoughts and suggestions. While writing a business plan, a future entrepreneur realizes whether the idea, which he or she has, is worth-trying or not. A methodical work should help to embody a theoretical plan into a definite real-life working scheme. Appropriate argumentation for the ideas and projects can prove that the business will be profitable and successful. 5. Study and review of ideas in black and white on a sheet of paper. Before starting any business, one must give adequate time to discovering the attainability of the venture, business sector review, characteristics of item in demand and deficiency. All of these things need to put in a written form, as it will be much easier to rectify errors if they occur. Distinguishing the proof of an absence of benefit, while calculating the presumptive sales and expenses, is obviously better than acknowledging it after the beginning of the business. All this should assist in persuading others. 6. Make a SWOT analysis. If a Strength-Weaknesses-Opportunities-Threads analysis is made, then an entrepreneur will immediately notice all the advantages and disadvantages of the future business. Therefore, it will be quite simple to make a choice of whether this business idea should be implemented or not. 12 7. Plan and evolve a reliable and consecutive strategy. The execution of a business relies on upon the clients' image one wants to depict and the way he or she will handle the business in the future. Having a plan in a written form helps to see the related segments and acretain whether they match well or not. The strategy has to be contemplated and examined with other participants of the business process establishment, verified and revised before starting the business. 8. Attain to one's dedication. Concernment and responsibility are extremely indispensable for an effective business entreprise. They serve as means for evaluating one's concernment prior to starting the business. A properly arranged business shows how much devotion/activity has been included in the plan offered. A lof of ideas stay at the same level just because of absence of commitment. A well-wrought plan helps not to waste time and make appropriate steps to avoid failures and money loss. (Srivastav 2007, 25-26.) 3.4 Business model and its types Various kinds of business models match to various kinds of business companies. A business model is the means by the use of which the enterprise carries its goods to consumers. It depicts in what way a business designs, conveys and catches value. A business model determines in which way the business will convey the value to consumers, makes them pay for this value, and transforms these payings to increment. It is possible to enumerate four main kinds of business models, to which any commercial enterprise can be related:  Manufacturer. A manufacturer takes crude materials and makes a product, or collects premade segments into an item (eg auto makers). A manufacturer may offer its items straightforwardly to its clients, or he or she may as well outsource deals to another organization.  Distributor. A distributor can be any company that buys items straightforwardly from a maker in order to sell one more time either to retail stores, or straightly to the customers. For instance, an auto dealership would buy carriers straightly from the maker and offer them to the population. 13  Retailer. A retail dealer buys an item from a distributor or wholesaler dealer, and after that offers those items to the population. A retail dealer normally has a real location, however likewise might be an online retail dealer, for example, like Amazon.  Franchise. A franchise may be a manufacturer, distributor or retailer, which is determined by the type of franchise you buy. At this point, the franchisee takes over the business model of that franchise. (Job, 25 February 2013.) In regards to our project, we will be classified as a manufacturer, because the goal of our business is to make pancakes and crepes by ourselves, using the raw ingredients. The product will be offered straightly to costumers in our premises; no any other outsourced company will be used for distribution. 14 4 Business plan structure and development During the preparation of the business plan, a lot of literature regarding the business plan structure and development has been reviewed. David H. Bangs; Richard F. Gerson and Nancy Shortwell; Robert Brown, Alan Gutterman and Jeffrey Edmund Curry; Graham Friend and Stefan Zehle; Heather Smith; Dearborn Financial Publishing Staff and Don Schreiber; Linda Pinson and Jerry Jinnett; Charles L. Martin and Michael G. Crisp; James Burk and Richard Lehman. All of the mentioned above authors provide various versions of how to make a business plan. Most of the plans described have much in common, and differ from one another only in some chapters. Having revised many books, and as well counting on the knowledge gained during the studies in Haaga-Helia University of Applied Sciences, in the course Business Start-Up held by Juuso Kokko, a future entrepreneur has made a decision to follow the structure, which was introduced during the lectures in the University by our teacher, as it seems to cumulate all the most crucial parts, which should be included in the business plan's framework. In the beginning, the overview of the company will be given, explaining what kind of business is going to be established, briefly telling what the business idea is about. It will be followed by the description of the business entity, limited company formation package parts (additional supporting documents, licenses) and the company information chapter, where the current CEO and owner information will be provided. The next chapter will consider the industry outlook and environmental analysis, which will be followed by business objectives and business idea section. Further, we will have a look at products and services, service operations and manufacturing sections, marketing, management and manpower sections. Last but not least, financial plans will be reported. At the end of the business plan, we would make a conclusion, summarizing whether the objectives have been made and explaining the viability of the business idea. 4.1 Company formation package and additional supporting documents This part is going to focus primarily on the documents needed to start-up a business. It will contain an information about the required licences and other essential papers, with the absence of which establishment of the new enterprise will not be possible: memorandum of association; articles of association model B; start-up notification for limited liability companies; appendix to start-up notification; the lease of the business premises; curriculum vitae Larisa Morozova; the menu example; income statement; cash budget; sales fore- 15 cast; equipment cost calculation; portion cost and menu prices calculation, and food usage and costs calculation (daily/weekly/monthly/yearly). 4.2 Company Information This is the most critical and most complicated piece of the business plan. The target of this part is to give an unmistakable expression of the following: - What the business is or going to be, How are you planning to carry it on, Why do you assume it is going to prosper - What products/services you plan to offer - What markets you expect to serve, the capacity of those markets and your prospective allotment - In which way you can service those business sectors better than your rivals; - Why you have picked up your specific area/site - What administration and other work force are accessible and needed for the work process - Why (if suitable) debt money or one's equity investment is going to bring more benefits your business. These seven announcements are essential. Jointly they will shape the written policy of your company. Arrangement sets up a path and gives steadiness to your company. (Bangs 2002, 13.) Your whole arranging exertion rests on your impression of what kind of business you are in. Choosing what your business is— and what it is going to be in five years— is the most imperative single choice you need to make. The Description of Business segment replies to these seven principal inquiries: 1. What business would you say you are in? What kind of business is it? Is your business basically to promote, manufacture, or serve? What are your services/products? Who are your clients? Where is your industry on the business life cycle? 2. What is the stage the business is in: A start-up? A development of an existing concern? A takeover of an already operating business? A division of a bigger business? 16 3. What is the business structure: sole proprietorship, partnership, corporation? Your lawyer's and bookkeeper's recommendation is fundamental in case if you are starting up a business. 4. Why is your business going to be beneficial (or keep on growing and developing)? 5. At which point will your business start to operate/has started to operate? 6. How many hours per day and on which days of the week will you be/are you open? 7. Does business operation depend on the seasonality factor? In case if it does, or if the working hours will be settled according to the specific season requirements, describe it while answering the 5th and 6th questions. (Bangs 2002, 14.) 4.3 Industry outlook and environmental analysis The following step is to look at your rivals, both direct (companies alike yours) and indirect. There are three occasions when you should be concerned about the rivalry: 1. When you are going to establish or purchase a business, or come to a market that is new, either in general or particularly for you. Business is naturally rival, and since there is almost no area that is new in business, most advantageous markets have already been worked by someone else. Indeed, in the event that you think you've discovered a fresh out of the box new undiscovered business sector, think thoroughly before entering it. In case if there are no rivals, it is presumably due to the fact that the market can't uphold a business. 2. At the point when another competitor appears. When you concentrate on the rivalry under these conditions, you presumably won't have the adaptability you had before. New rivalry can originate from direct rivals (old competitors and additionally new ones). Yet, it can likewise originate from outside your course of business. 3. Constantly. This continuous observing of the rivalry is an economical type of preventive upkeep, and your best method for defending your client base. While preventing rivalry and safeguarding your survival is essential, being in a position to perceive and exploit new open doors is even more imperative. Continuous observance of the market will let you leave your rivals, new or old, behind. (Bangs 2002, 43.) 17 4.3.1 Industry Overview The principal assignment is to gather some fundamental information about the division you plan to work in. A business plan has to show the knowledge of the more extensive industry, the dangers from new contestants and substitutes, and the rival environment. A comprehension of the strong and weak sides of your rivals will allow you to characterize your enterprise's strategic alternatives. At the minimum, your business plan needs to include all the appropriate figures, for instance, total industry sales value and volumes for the span of the industry and the pattern, and also a rundown of rivals and their market share. (Friend & Zehle 2004, 55, 64.) 4.3.2 Sources of competitor information It is not complicated to look for data about rivals, as they need to interact with potential clients to sell to the market. It is decent to begin from the Internet, empowering you to accumulate leaflets, value records, organization reports, press cuttings, notices etc. As a rule, it is possible to find a lot of data. Most of the companies will need to create at the minimum some accounts, which will be accessible from the appropriate institution. For bigger organizations, yearly reports and accounts and by and large more itemized data, for example, investigation briefings are accessible on depositor relations Internet pages. (Friend & Zehle 2004, 62.) 4.3.3 Analysing competitors Competition among companies is the focal power deciding a business' rival position. It is thus important to analyze rivals in a comparable manner to how you would analyze your own particular business. The possible components of a rival analysis are: current method of positioning; strong sides; weak sides; opportunities; threats; probable modifications in strategy; response to modifications in your company's course; financial power; operational advantage. Obviously, the analysis of rivals will be much less itemized compared to your own business's one, however a comprehension of the rivalry must be shown. Regardless of the fact that you are not yet in business, this investigation helps you and your financial specialists to comprehend future rivals. Investigation of direct rivals ought to begin with a rundown of contending firms and their share of market. This likewise gives an understanding of what rate of firms serve what rate of the market. Your methodology and approach will vary contingent upon whether the industry is fragmented or has a few major participants. (Friend & Zehle 2004, 60.) 18 In order to analyze the rivalry, look at and get use of these questions: - Who are your five closest rivals and what can be considered as their strong sides? - At what state their business is — stable, growing, or declining? - What do you have in common and how do you differ in regards to the operations? - What have you found out from observing their work? - What suits and is good for them; what does not? - In which way will your company be more profitable and attractive than theirs? (Bangs 2002, 44.) According to Gerson R.F., the market attractiveness can be measured with the help of certain criteria: business sector size; market development potential; customer accessibility and potential; payment possibilities; entry/exit potential; rivalry; referral potential; service/product knowledge; acknowledgment; service/product need. (Gerson 1991, 15.) To build up a solid strategic plan for a current or new business, it is important to apprehend the field in which the business will work and the rival strengths inside this field. The following issues should be taken into account: - the size and the significant patterns in the field; - what strategy to follow in order to comply with the changes in the business field. This section presents distinctive ideas and systems for industry and rival examination. These can be utilized at a various degree of details. The business field overview describes the environment for the ones, who study the business plan. The business field life cycle investigation allows us to comprehend the level of development of the business. Basic investigation ought to incorporate no less than a brief review of suppliers, purchasers and the threat from new contestants and substitution, and also a description of rivals, their strong and weak sides. Finally, the major rivals ought to be investigated more precisely utilizing a key achievement component positioning. (Friend & Zehle 2004, 54.) 4.4 Business objectives and business idea This stage in the arranging procedure includes replying an apparently clear question: What kind of business am I going to be in? At this point you presumably have an idea what kind of business you're arranging, however it is useful to distinctly depict what you imagine your business is or is definitely not. At the best, attempt to characterize your 19 business on the premise of the clients you are going to serve and kind of products and services you are going to offer. 4.4.1 Define the business Any company will not be profit, if it cannot fulfill clients’ needs. However, it is generally a company's products and services that differentiate it from rivals and offers ascend to purchaser decision, so an item measurement is as well significant. At the point when characterizing your business, consider these key questions: 1. WHO is the client? Allude to the client image you created while making the situation investigation. In the event that rivals are ingrained, it might be clever to distinguish market niches the rivalry has neglected. 2. WHAT needs of the clients will be fulfilled by the business? Necessities may be extensively sorted as essential (necessity for water, warmth, and so on) or optional (necessity for knowledge, accomplishment, social association, and so on). Appropriately built and situated, most items are fit for fulfilling a few needs at the same time. 3. By what method will the business fulfill client needs? What products and/or services? What innovations? What forms? At the point when characterizing the business, consider not to be excessively tight or excessively expansive. Excessively tight a focus may disregard implicit possibilities (and rivals), when excessively expansive a focus might fall short, making it impossible to give guidance. Note that probable responses to the "who," "what," and "how" questions postured above can run from rather certain to exceptionally wide. (Martin 1992, 26.) 4.4.2 Identify your business objectives Companies do not get to be effective coincidentally. The businessman must build up goals for the company. Objectives ought to be quantifiable and achievable standards for goals. Objectives are normally communicated in regards to durability, development, profitability or incomes. For instance, a goal can be "to amplify profitability," while the relating target/objective might be "to achieve a 12% return on total net assets amid the introductory year of operation." This kind of objective is sufficiently particular that a businessman can constantly assess the business advancement and improve something if needed. It is totally inappropriate for the company not to have objectives and not to control the development 20 of the company. It would likewise be difficult to realize what alterations are needed. The formulating and goals of a business might stay genuinely constant during a lot of time. The business' targets yet are liable to alter representing modifications in environment and modifications in the business' rival impact. They have a tendency to be:  Quantitative. The majority of them are communicated in exact numerical terms, albeit a few are unpreventably qualitative.  Time-outline particular. To indicate a time span for an objective is to consider yourself responsible.  Flexible. On the chance that the business environment alters drastically, you shouldn't be hesitant to change the level of your targets or the timeline for their achievement.  Understandable. On the chance that they're not distinct for you (and your workers), you will experience difficulty accomplishing them.  Realistic. Be fair with yourself (and with any potential depositors), or some problems might arise then.  Consistent. Stay away from multiple goals and objectives, as it could be discrepant. (Martin 1992, 27.) Your objectives and goals figure out where you need to go. As you consolidate your own sight into your business plan, your objectives turn into the main impetus in your organization. They characterize all the administration capacities and focus your requirements for individuals, machinery, and cash flow. Key administration, then, is the procedure of adjusting the greater part of the organization's assets to perform the target by fusing the strategic plan into your corporate culture. Every choice you and your administration group make amid the day requires to be tried against the organization's strategic objectives and target. There is an inconspicuous distinction between an organization's main goal and an organization's objective. A mission is worldwide and depicted as the organization's general aim and course. On the contrary, an objective is particular and typically has a time limit, (for example, one year or three years) or a specific numerical goal (for example, raising sales by 20 percent). (Schreiber 2001,117.) The objectives you choose generally cause a chain response all over your company. In case if one of your objectives is to have your sales increased, it will presumably set a requirement for more workers. In case if you are aiming at increasing profit, you might be required to decrease the amount of employees. If your objective is to expand, you will 21 require more money to purchase more machinery or recruit more workers. Here are a few rules for the objective setting procedure: keep objectives definite, easy to comprehend, and direct. A typical reason that objectives are not fulfilled is that they're excessively dubious. Keep the objective digitally quantifiable (if it is possible), for example, "have ten more new customers per month," or "build up resources under administration by $5 million a year," etc. With a quantifiable objective, workers recognize what direction they're moving toward in the working process, as well as they can measure their advancement along the way. Communicate the targets to all workers. A yearly meeting is a way in which the organization's directors or managers describe objectives for the impending year. This meeting is made at the beginning of January for all workers in order to enable them to comprehend which target every unit is supposed to achieve. Make sure that all the employees can participate. This is one of the most critical gatherings of the year, as it gives an opportunity to everyone in the company to understand the situation the company is in and the company's current position. Ascertain that the objectives turn into a group exertion and team-work. Unless all the employees comprehend what the goals are, acknowledge them, and focus on accomplishing them, they have poor chances to succeed. (Schreiber 2001, 118.) 4.5 Products and services The business plan ought to incorporate a detailed explanation of your organization's essential products. The description of the products should be made in the way that it gives an absolutely vast, exact and precise image for the reader of the business plan. It ought to incorporate an investigation of your organization's major strong sides that will make the development, creation and sales of those items a valuable and beneficial business for future possible investors. For instance, the description ought to show any new approaches and features that may serve as a ground for a specific major favorable position. Thus, it might need an investigation of:  Revenue, expense and implicit markets for the items/services,  Distribution lines for the items, and  Resources and assets of the organization required (currently and in the future) in order to uphold and maintain the items later on. (Brown & Gutterman 2003, 66.) In case if there are any weak sides in your organization's items portfolio, for example, troubles in item improvement for utilization in a specific business sector, you ought to inscribe a description as an aspect of the "risk factors" in the business plan. In the event that a strategy has been produced to cure such weak sides, clarify it. The business plan 22 ought to precisely survey your organization's major item improvement activities, including concerned progress reports and risks. The business plan ought to take a farsighted approach, stressing on the following: - New items that the organization expects growing because of altering market needs; - Techniques and methods that the organization is going to take to undergo rival difficulties; - The present status of every item that your organization has being worked on ought to be portrayed as a component of the business plan; - In case if the product has been created and is ready to be introduced to the marketplace, the organization most likely has already arranged a marketing plan, which needs to be included in the business plan as well. (Brown & Gutterman 2003, 67.) 4.6 Service operations and manufacturing Manufacturing includes a wide assortment of activities devoted to the creation of the organization's products in amounts and at rates compatible with their demand. Manufacturing will denote a considerable cost to the organization, and each exertion ought to be made to decrease manufacturing expenses, so that the organization can acquire a pricing supremacy over contenders. Below there are some of the actions typical for the manufacturing phase: o The design of production equipment and concerned instrumentation, o The outline and execution of quality control methods, o The improvement of a production distribution structure (for instance, delivery and storage procedures), o The production of client assistance programmes, and contracting for obtainment of raw materials and other things needed for manufacturing process. (Brown & Gutterman 2003, 73.) A service supplier will be confronted with a substantial amount of the similar issues as a producer. The essential refinement will be the concentration on the strategy of services rather than the production of items. An service supplier will probably need training resources, training strategies, support for development of services and quality control, a production distribution structure, client service project and methods for providing the materials important to bolster the procurement of the services. It is common that a service purveyor, as well, offers products along with the services, whereas production matters will 23 likewise have a great role then. The organization that is portrayed in this business, will produce and offer its items for sale concurrently. Business plan disclosure issues The business plan ought to portray how the organization is planning to produce its products or set up its service technique, and in which way it will distribute its items to its clients or into suitable distribution channels. The accompanying matters ought to be taken into consideration: - Will the organization hold its production of items or technique of services inside the company or is it going to subcontract with other organizations for the whole or part of the procedure? In case if the organization is planning to be subcontracting, is it going to create the production unit of its own later on? - What is the organization's present production capacity? Is it enough to meet the needs of the organization later on? - What are the most important parts in the production process? How are these parts or segments obtained or determined? What number of suppliers does the organization have? - How much time is needed to receive the parts or to teach service purveyors? How can this postponement affect the ability of the organization to keep up with the growth in demand? (Brown Gutterman 2003, 73-74.) Manufacturing decisions include the procedures by which physical items are produced and immaterial services are granted. The mentioned above decisions are matters of great significance in the general business strategy on the grounds that the item quality, income, control, expenses, and progression of supply are all influenced by the manufacturing options chosen. A few manufacturing decisions ought to be pondered preceding the business start-up. For instance: 1. Will physical items be made or bought? It is enticing to consider that producing items on your own will save your company's money, but it is not always true. Think of the technical knowledge, quality and constancy different producers possess. Likewise, think over the incipient fixed costs that are needed. A pragmatic option may be to first buy from other producers; and later on (maybe) manufacture the products by your own company. Alternatively, think of obtaining significant segment parts from another companies and making the concluding part of production process by yourself. 24 2. What is the capacity level you would like to have? What is the amount of products you would like to manufacture? This choice will affect the size of work space required, how many workers and quality of machinery and instrumentation needed. 3. What raw materials, machinery and stock will be required in the production procedure? Are they easily accessible at a moderate cost? Should the machinery be rented or acquired? 4. What activities are needed in the manufacturing procedure? In which order should they be implemented and what amount of time will be required for each of them, and can they be merged, ignored, quickened or subcontracted? These contemplations will affect the format, the space required, how many workers and what kind of skills are required, and the planning of manufacturing runs. 5. What amount of space will be required? As well, it is essential to arrange required space to store raw materials, stock, instruments, ingredient parts and ready products. Extra space for toilets, staff room, worker/guest parking and an office likewise need to be taken into account. 6. What kind of quality level is the company aiming at? In what way is it going to be evaluated? By what means the steadiness of quality level will be kept up? Who will be in charge of it? Entrepreneurs usually suppose that keeping work of high quality level is and that clients will be averse to pay for it. These ideas might sometimes be proved, but still, for the future, it is frequently more costly to give up quality. Insufficient quality generates disappointed clients, who might opt for some other company services/products, and, as a result, it will be very expensive to find new customers instead of the ones that were lost. (Martin 1992, 47-48.) 4.7 Marketing You have to get your prospective clients to purchase your services/products. It will be achieved by marketing your company. We discussed the significance of market research, which lets us realize who belongs to our market, and who could be our contenders; what kind of business milieu will our company be involved into, and how our services/products will be taken in. We will create a marketing campaign; discuss the significance of building up your business' image and setting up base of off-line and on-line advertising activities. Of course, it is not possible to use each and every part of advertising and marketing strategies, however the point is to provide a decent plan of what points ought to be considered in order to let the business entity develop and become a success. (Smith 2012, 79.) 25 Marketing strategy Prior to getting into marketing the company, one has to examine all parts of marketing. The parts of marketing that are ought to be looked at comprise the 5 Ps: Product. What kind of brand name will be chosen? In what way will the product be introduced to the customer when ordered? Price. What price approach will be selected? The demand for products will be influenced by the cost (price elasticity). In case if you have the opportunity to create your own particular prices, study how the contenders price their products, talk with some specialist in this area, and get the business sector tried in order to find out the ideal price elasticity of your products. Accustom your clients to the worth instead of the cost to guarantee you amplify benefits. Think through whether you are going to provide cheap or sumptuous goods, when you make the pricing. Place. How the goods will be supplied and sold? Will any distribution channels be employed? Promotion. By what means will you let prospective clients learn about your goods? How will you advertise and what kind of actions will you take? Positioning. In what way will consumers descry you within the industry? (Smith 2012, 8081.) The concrete approaches are clarified further in this work, please, refer to the business plan part, marketing section. 4.8 Management and manpower Indeed, even the best goods or the most capable gathering of item designers will not achieve their goal and prosper without great organization management and a proper company structure. Regardless the fact whether the business plan is created for entirely internal use of the organization members, distinguishing the team and management participants is vital. They ought to have an experience and a good reputation in this particular business field. Management and manpower subjects are exigent for all business entities and ought to be investigated and examined circumstantially, when making a business plan. In case if you are making a plan for giving it to investors' consideration/bank, it needs to explain who the organization's owners and managers will be: Manager(s), Executive(s), Owner(s) name(s), their experiences, skills. The plan ought to include the names of the supervisors so that surname and name can be recognized without effort, also gender markers ought to be applied. Further, explain what the skills and experience of the man- 26 agers and how they are identified with their position and responsibilities in the organization. Money lenders need to know whether administrators' experiences are appropriate to the organization's objectives. In order to assess, they must comprehend the individual's career past. If the business is established in the form of Limited Liability Company, which is the most common form type of business association nowadays, obligation regarding administration oversight will be controlled by the board of directors or a similar one. They as well need to be mentioned in the plan. Unquestionably, when making a business plan for future money lenders, make sure that it incorporates data on the present proprietors of the organization. Clearly, the proprietorship structure of the organization is critical in arranging and agreeing upon the conditions of new investment. (Brown & Gutterman 2003, 88-89.) Organizational Structure Company's structure may be an intricate matter. This implies that the best unique system that ought to be utilized to sort out an organization's different numerous functions and its work, does not exist. In addition, it is possible that the ideal company's structure will change in some time, as the organization develops, produces new goods and as alterations start to happen at the senior administration level. In any case, the business plan ought to depict how the workers are organized and in what way the obligations and duties are allocated. The following points are important in regards to the business plan: - Depict reporting duties; - Show how objectives and targets will be established; - Point out how execution will be observed and controlled; - Make recommendations on how clients, purveyors and distributors will cooperate with the organization; - Clarifies how the organization's financial plan structure will be built in order to enable managers follow and check the assignment and use of finances for a specific task. (Brown & Gutterman 2003, 90-91.) 4.9 Financial plans One of the most widely recognized sorts of financing your newly established business is a bank loan. To achieve a goal of lending money for your business from a bank, you will need to present a business plan. The benefit of looking for a bank loan could be that you or some of your family members has a prior history with a bank that eases the procedure. 27 In all the cases, a bank will concentrate on a few things while going through your request. To begin with, they will need to see your business plan in order to get the idea what kind of business is going to be set up, the amount of money you require, and how you are going to expend it. Just as imperative is showing to the bank how your business plans to pay the requested credit back and what the timeframe is. Financial projections appear to be most useful at that point. Banks are in the matter of crediting cash - that is one of their primary benefit focuses. Your undertaking is to show them that you are reliable and that the incomes from your organization are liable to pay back the credit in time. In case if you have a background of maintaining a beneficial business, a chronicled budgetary explanation accompanied with the money related projection could carry it. Unless you have generous resources in your organization and solid yearly incomes, banks are prone to look to the reliability of the proprietors of the business. As such, you and your accomplices' financial records will be checked and you may be obliged to present an individual asset report. Remember that it is an offence to provide false data to a bank— report it by saying a simple truth without superfluous adornment. In case if a new company is going to be established, a lot of banks will lay down the condition that each of the organizers (and potentially their companions) should guarantee the credit. In case if you need to sign an individual guarantee, check whether the bank will consent to withdraw it after some sensible period of time. (Burk & Lehman 2004, 64.) Banks take their interest for the money they lend, which is deductible as a cost of doing business to the borrower. Interest rates differ from one bank to another and can be affected by the sort of loan taken and the apparent credit risk of the debtor. You ought to investigate the different sorts of bank credits accessible to your business to see what is the best option. An installment loan is normally for a particular amount that will be paid back in installments of the debt itself and interest. Numerous business credits have a drifting interest rate that alters with modifications in a standard indicator, for example, the prime rate. A few banks may oblige you to give the guarantee for any business credit. In case if your company does not possess machinery or receivables, the bank may oblige you to set up your house and other individual property to secure the credit. In case if that is insufficient, you and your companions, chiefs, and perhaps essential shareholders will need to sign on the credits to give a guarantee, as stated above. You will likely experience difficulty getting a credit as a start-up in the event that you can't exhibit a capacity to reimburse the credit from incomes. You ought to presumably obtain the help of your bookkeeper to make sure that you describe your plan in credible numbers. It will also be rather useful to have significant number of customers/requests, waiting their turn, in order to exhibit impending incomes. It likewise is beneficial if you have put your own savings 28 into the business, because then it shows your dedication to the business and its prosperity. (Burk & Lehman 2004, 65.) 4.9.1 Cash Flow Statement “The Cash Flow Statement is the financial document that projects what your business plan means in terms of money”. It is the same as a financial plan. It is a planned statement utilized for inner arranging; it gauges the amount of cash that will stream into and out of a business amid an assigned time interval, normally the next tax year. Your benefit toward the end of the year will rely upon the appropriate equilibrium between money inflow and outflow. The Cash Flow Statement recognizes when money is supposed to be gotten and when it has to be expended to settle debts. It as well enables the supervisor to recognize where the essential money will originate from. This statement copes just with current money bargains and deals, and not with depreciation and amortization of intangible assests or other noncash cost things. Costs are expended from money available, assests selling, interest from deposits, incomes received from sales, cash obtained from a creditor, and inflow of funds in place of equity in the organization. (Pinson & Jinnett 2006, 167.) 4.9.2 Sales Forecast “The sales forecast is one of the primary inputs into the business planning process" (Reider 2008, 138). It is essential not just to realize what will be sold, to whom and what the price and profit margin will be, yet additionally to comprehend what the organization is going to offer later on. The company will utilize the future sales forecast to build up its arranged benefit plan. "This becomes the sales budget on which it plans its production budget of goods and services— taking into account what already exists in inventory— and with accurate and realistic costs, its profit plan and cash budget" (Reider 2008, 138). The more prominent the quantity of genuine client orders in the business sales budget, the more exact the benefit plan is going to be. With mistakes and estimates made while taking into account former year's erroneous sales forecasts in the present sales forecast, the company will create or buy more for stock than for clients, which is going to thus lead to inability to follow its profit plan and an negative cash position. Entrepreneurs, managers and sales specialists must take a vital part in assisting to produce precise sales forecasts, whereupon to build up controls to screen and assess against. (Reider 2008, 138.) 29 4.9.3 Income statement “The income statement deals with the operating activities of a company and is intended to provide a report on its performance during the year. The statement gives details of a company’s income and expenditure for the year. Where sales revenue is greater than costs a profit is produced; where the reverse occurs a loss results – hence profit and loss account” (Vause 2005, 61.) The Budgeted Statement of Income consolidates components from a few distinct calendars. "More particularly, the Income Statement draws from the Unit Sales Budget, Headcount Budget, and the Operating Expenses Budget" (Delegate 2004, 76). Duplicating the sales and expense of products sold projections into the Income Statement worksheet is the initial phase in creating the Budgeted Statement of Income. The counting demonstrates the area of the Income Statement, underlining the sales and cost of products sold projections in a supplement to the resultant gross benefit projections. Keep in mind that gross benefit is figured as sales expense of products sold. It allows to see a perspective of the area of the Income Statement in which the values and formulas accounting for the sales, cost of products sold, and gross margin estimations are all uncovered and obvious. Replicating the salary compensations projections into the Income Statement worksheet is the following part in creating the Budgeted Statement of Income. The compensations estimations stream out of the Headcount Cost worksheet that has been created in the management and manpower part of the business plan. The following phase in creating the Income Statement is to duplicate the remaining components of the Operating Expenses Budget (other than compensations; taxes and depreciation, which will be mentioned further), and insert these extra other working expense issues into the Income Statement. Also a line called "income from operations" can be found in the Income Statement, which is computed as gross benefit working costs, which are the expenses needed to operate a company. (Delegate 2004, 76-80.) Pay attention to the fact that the depreciation point does not have any value yet. It is a working cost that is gotten from the Capital Expenditures Budget. Interest cost denotes the costs connected with borrowed money. In case if a company takes a loan, it is frequently needed to pay occasional interest on these obtained capital. Interest cost shows these costs. As well the Income Statement is demonstrated with the supplement of a counting for a term named "taxable income." It can get it by deducting the interest cost from the income from operations. Deciding the intermittent assessment cost speaks to the last count on the Income Statement. While calculating taxes might lool like a basic activity - multiplying the taxable income by a tax rate— in fact it is a quite difficult activity. Income taxes might be demonstrated by utilizing the accompanying recipe: expense tax = taxable income multiplied by tax rate. This is an exceptionally shortsighted way to deal this kind of 30 calculation, that does not address the truth confronting enterprises today. In the event that, for example, you anticipate negative taxable income for a particular timframe in your own financial plan, you ought to alter this counting to demonstrate a tax expense of zero instead of a negative tax cost. Our company's taxable income is shown as positive over all periods displayed in the financial scheme. The following stage is to count the organization's net income, which is characterized as taxable income minus tax expense. Thus, we have the Income Statement, which is ready and furthermore incorporates the cost for renovation and repair works and interest cost. (Proctor 2004, 83-87.) 31 5 Business plan for “Pancakes and Crepes Café” 5.1 Overview The purpose of this business plan is to provide guidance on how to create a business such as “Pancakes and Crepes Café”, give the idea of what are the main stages of the business entity formation, how the financial planning should be done, in general, create a business plan. The parts of the business plan that have been made by the author for one of the courses in Haaga-Helia UAS, have been used as a template, but the new information has been added and the business plan has been updated with a great amount of new data. "Pancakes and Crepes Café" is created to provide quick and quality services to customers, with maximum attention to them, and offer the best quality products, which are not different from the home-made pancakes. Nowadays, people are shortened of time, and most probably have less chance to make pancakes and crepes with a broad assortment of stuffings. Many of us remember with sadness in the heart pancakes, which were cooked for us by our grandmothers and mothers. The café being established gives a chance to reverse to the recollections with a cup of tea, espresso or other beverage of your choice together with our wonderful pancakes. The assortment that will be offered is very wide, but the new dishes will be added to the existing menu from time to time. All dishes are prepared only from natural and fresh ingredients. On working days, the main visitors of the cafe will be young couples, families, students, families with kids, anyone, who wants to feel like at home. The estimation is that there as well will be many customers in the lunch time. On weekends and holidays, the café is perfect for family holidays. The cute design, amicable workers and tasty food will make a memorable experience, and you will wish to come to our café often. Also in our cafe you can celebrate memorable holiday for you and your friends and guests. The goal of this project is to provide the population with a good, quality and always fresh pastry. 5.2 Limited Company Formation Package and additional supporting documents Please find Limited Company Formation Package and additional supporting documents printed out and enclosed to the thesis (Appendices 1-12): - memorandum of association; 32 - start-up notification for limited liability companies Y1; - personal data form (for authority use); - appendix to start-up notification; - the lease of the business premises; All the templates are downloaded from the official website for the entrepreneurs. Some of the templates are represented only in Finnish language, as the English translation was not available. Most of the papers have to be filled in in Finnish language, regardless of the language used in the template itself. As well, the new company will need to make agreements with the public utilities providers, such as for instance the agreement for the energy supply, water supply, The National Supervisory Authority for Welfare and Health Valvira, insurance companies (for instance, IF), bank procedures agreements (OP, Danske, Nordea, Aktia etc.) and some other. 5.3 Company information The form of the organization, under which the company will operate, will be selected as a Limited Liability Company. According to the types of operations of the new company, it will be more suitable and advantageous for it to have this kind of the organization type chosen. Pancakes and Crepes Café – a cozy home restaurant, designed as an apartment in which people lived, live and will live. Cute interior decorations awaken nostalgic feelings in every guest. There are vases with bagels, cakes and vanilla biscuits - on lace napkins here. In the morning you can feel a smell of fresh-made pancakes in our restaurant. At lunchtime and in the evening every guest will have a good and cordial time and try a plate of our most delicious pancakes and crepes. Musical accompaniment from the first minutes will create an atmosphere of nostalgic memories. Of course, in order to fully understand the beauty of the house, you should at any time have a look at the soft light in our window and visit us. The key factor of the success of the business is going to be the emphasis on the healthy-made products and the home-like atmosphere, as well as not a very common business type in Helsinki Metropolitan Area. The products, which will be offered, are pancakes and crepes with a customer’s choice of the toppings and fillings. The menu will be represented by a great variety of options. The choice of drinks will include only non-alcoholic items, such as coffee, tea and milkshakes, 33 as the concept of our café does not match with the alcoholic beverage selling. The main purpose of the business is the manufacturing of the fresh food, and then selling it to the customers. The market we are going to serve is rather widely-defined. The customers can be anyone from the teenagers to the elderly people. The idea of the café suits basically to customers of all ages. As the owner and CEO comes from Russia, she has a good understanding of what kind of food the pancakes and crepes are, how they should be made and thus it gives an advantage for the entrepreneur, though, the new café will not position itself as a Russian café, but an international one. The author of the business plan will simply take advantage of the fact that she has grown in the country where the pancakes and crepes are truly popular among the population, and she can use her knowledge of the production process for the benefit of the company. For the normal function of the company, other employees are also needed. That is why, the organization structure has been made and the responsibilities and the needed amount of staff have been measured. As the business is only being established, the CEO and owner will also work as a hostess. It will be beneficial for a start-up in a way that the money can be saved in the beginning, as it is always tough at the beginning of the operations. Later on, as the business will develop, the new hostess will be recruited. The bank loan will be applied for as the main type of financing the business start-up. The closest five years will be the most difficult ones for the new company. The loan will need to be paid for, the salaries, the taxes. The company type chosen will be a Limited Liability Company, as in our point of view, it is the most suitable structure for the business type discussed in this business plan. It will take 3-6 months before the opening to prepare and organize everything prior to the grand opening. The opening hours will be from 10.30 a.m. till 21.00 p.m. Monday-Saturday, on Sundays the café will be closed. The business operation will depend on the lunch customers and to some extent on the seasonality issue. We suppose that the summer we will be considered as a high season for our enterprise, so that May-August will be the busiest months. It is believed that the typical time for the pancakes and crepes sales is an early morning, starting from 07.00 a.m., as at that time a lot of businessmen go to their 34 work places and they will likely prefer to buy their breakfast on their way to work. As well, there are a lot people living nearby, who also probably would like to purchase our products. In the future, we plan to expand our working hours in such a way, that our café will be open already from 07.00 a.m., but at the moment, starting from the opening, the café will open at 10.30 a.m. Later on, we will monitor the profits acquisition and the customer needs, and will adjust our working hours accordingly. 5.4 Industry outlook and environmental analysis As indicated by Statistics Finland, turnover in service industries increased by 5.0 percent in the period from December 2014 to February 2015 compared to the same time in the previous year. One year prior to that, turnover increased by 1.8 percent. Services are here inspected barring of commerce (Official Statistics of Finland 2015). This proves that the food and beverage industry is continuing to grow. New cafes and restaurants are being opened, as there is a demand for it. Currently in the market there are many cafes that provide similar services, however, there are not many companies offering such products as pancake or crepes. According to Visit Helsinki, the main competitors are Lasipalatsi, Savoy, Bellevue, Troikka, Saslik, and Kosmos (Visit Helsinki, 2015). These are the restaurants that have pancakes or crepes in their menu, some of them are oriented on the Russian cuisine only. The price range is the following: for instance in the Restaurant Bellevue the cheapest pancakes portion with mushrooms is priced 15.70 euros per portion, which is considered as an expensive one in the food and beverage sector for the pancakes portion. Our pricing policy will be much more customer-friendly. The biggest competitor is supposed to be Ravintola Blinit, which has the very similar concept to our business plan. Blinit has two premises: in Vantaa (which has been opened in the summer 2014) and near Linnanmaki. Our business entity is going to be situated in Kamppi area. It is fair to assume that, for instance, Lasipalatsi Ravintola (and the other restaurants mentioned above) will not then be the main competitor for our café (despite of its location), as the prices are rather higher there, but our café will offer more reasonable prices, which is the big advantage in the current time of economy crisis. As well, we can assume that such kind of dishes as pancakes and crepes are popular among 35 customers, as other cafes and restaurants are offering them in their menus, which proves that this is in demand, and the market can uphold the business. The main disadvantage of goods and services of competitors is the high price and not always high quality products. So our main competitors can be cafes, pizzerias, Picnic or similar kinds of cafes. In the recent time, there were so-called "pancake kioskit" opened, especially in summertime. But their number is very small, in other words, there aren’t many companies of the same kind to compete with our business. Currently, consumers have become very picky. And on this aspect we will put an emphasis, when opening "Pancakes and Crepes Café". Cost for our food items in the menu will be quite cheap: starting from six and the most expensive of nine euros for each portion, and as far as beverages are concerned, from one to four euros. Our café will have very convenient working hours, from 10 – 21, with a Sunday – non-working day. Working hours are built in such a way that from 10 am you will already be able to eat our pancakes and have a cup or more of hot coffee or tea. Pancakes and crepes produced in our cafe should be quite popular among consumers, since the huge number of various cafes, snack bars and other establishments of this kind, do not have pancakes or crepes represented in their menus. In order to understand the strong and weak sides of our café, the SWOT-analysis should be implemented. Strengths: - Location in the centre of Helsinki, in the Kamppi area, which has a great trafficability: a lot of locals, tourists, workers who have lunch, other people who are in transit via Kamppi to other cities or suburbs. - Pricing policy, which is customer-friendly, with the prices ranging from 6 to 9 euros for the food portion and from 1 to 4 euros for the beverage. - All the products will be of a great quality and fresh, home-made. Weaknesses: - A new business, not yet familiar for the customers. - A lot of food providers in Kamppi, who also offer low prices for their products. - Lack of experience in business set up. 36 Opportunities: - Opening new premises in other places of the city, in case if the business being established is going to bring enough profits. - Adding new items on the menu. Threats: - Economy crisis, which makes people save money and opt for homecooking. - A lot new entrants/competitors appearing. In comparison to our business, the weaknesses of the competitors businesses’ can be that they have higher prices, and the menu that the customer could be bored with already. The strengths can be the good-quality products, that these restaurants offer and the dining experience, as they are a higher class restaurants, than the one being created. The opportunities can be new menus creation, and therefore, surprising and attracting more customers. Last but not least, threats can be described as also the crisis in the economy, a tough competition: new businesses are being established all the time, new concepts appear. 5.5 Business objectives and business idea “Pancakes and Crepes Café” - is a type of café, the main product of which are pancakes and crepes. Pancakes and crepes – are unique, substantial and nourishing products, cooking of which doesn’t require a lot of time. Savoury or sweet it is equally good for breakfast, lunch or dinner. Pancakes and crepes match well with hot tea or coffee. The most popular varieties of tea and coffee are waiting for you in our café: classic and fruity, with herbs and flowers and coffees with great flavours. 37 Mission and Values Our mission - to build the most modern, successful chain of cafes, offering an affordable and natural food, uncompromisingly adhering to our principles: - "I can" - the main principle of the winner. Enthusiasm, positive attitude, determination help us achieve our goals. - We are positive about the changes, as an integral part of modern life. - Creation and offer of natural, fresh, healthy foods – is the result of high-quality, professional work at all work stages. - Focus on people (guests, partners, colleagues). Dignity and respect for everyone. - Responsibility in the face of each person, society and nature. Ability to take responsibility for our actions. Understand and accept the consequences of our actions and decisions. - Continuous improvement, move forward and find new, innovative solutions to increase the profitability and success of each of our employees. - Our success depends on our ability to work together as a team, to achieve our goals and expectations. Share our knowledge, skills, and experience with colleagues and partners, increasing our overall capacity. 5.6 Products and services The company produces pancakes and crepes and related products and sells them. Products are always of a high quality and fresh. Range and volumes of the manufacturing is going to be relatively significant for this size of cafe. Later on, when the cafe will have its own market share, we are intending to expand and create our own chain with several premises in different parts of the metropolitan area. As the production will develop, such type of service as ordering products through the Internet, the delivery of products to your home or office will also develop and become available. 38 "Pancakes and Crepes Café" is planning to provide the following services: 1) production and sales of pancakes and crepes; 2) providing a takeaway service; 3) the assortment of drink included will be wide: hot drinks, such as a variety of coffees, hot chocolate, different kinds of tea, and cold drinks such as milkshakes; 4) banquets, anniversaries, celebrations (if someone wants to have it in our café). It is also planned to provide such services as delivery of goods at home and in offices. We produce the items that are offered in the menu from barm and non-barm paste. Our customers can easily define that our pancakes are of a very high quality. In the manufacture of pancakes and related products we will not use preservatives or concentrates. The following essential characteristics explain the concept of our café well: • excellent quality • traditional recipe • natural raw materials • great flavour • reasonable cost for the customer The menu of our café can be found in the appendices section. It includes a wide range of pancakes and crepes with various kinds of fillings and toppings. Some of them are already suggested of what ingredients should be included in the portion, but customers can always choose, if they want to add any toppings or mix them. There are savoury and sweet kinds of pancakes and crepes represented in our menu. There are additionally numerous sorts of non-alcoholic drinks represented in the menu, such as various types of espressos, different tea types and milkshakes. The unique thing is a hot chocolate, which is very rare to be found in Helsinki’s restaurants or cafes. As well, there will be milkshakes in the menu. As well, we will apply a technique used by the Starbucks, where we will write the name of the customer on a plastic cup. It creates an extra value for the customer, and does not cost anything to the company. 39 We have as well checked the food expenditure and the expenses to that. They will be depicted beneath regarding everyday use, week by week use, month to month use and in the end per year. Here it is needed to consider the seasonality factor, the high and low seasons and a possible seat-turnover. We have estimated that the high season will be from May-August. The price for one kg has been checked in the real-providers pages. The most challenging part has been to estimate what types of dishes will be more popular, and what kind of daily usage we will have. Based on that, we have calculated the weekly usage and cost, monthly usage and cost, and yearly usage and cost. The table can be found in the appendices. We have also counted, using a recipe costing form, what will be a portion cost and price in the menu that we will have. Gross profit for food items is 65 %. Portion cost includes VAT as well. We have marked the cost difference in % in the table. The cost of the portion has been calculated in the way that how much it will cost for us to prepare a certain dish, and then the margin and VAT has been added to count the price in the menu. Based on the research done, we can also estimate that there won’t be many competitors with same services, so we can suppose that it will be a success. As it has already been mentioned, we would like to open new premises, supporting the same idea. When customers get to know our products and are already familiar with it, we will create a chain of “Pancakes and Crepes Cafes” then. We also realize that different kind of locations, compared to what we are planning to have now, could probably be even more attractive for customers (for instance, Hakaniemi), and therefore we will bear this fact in mind, when opening new units. 5.7 Service operations and manufacturing Description of the business entity As there is currently an extensive number of rivals in the restaurant field, the location of the premises has to be well-thought through. Our location should be convenient for customers, for instance, in the centre, in Kamppi area, as planned. The premises should be located on the street level. As it is possible to see in the figure 1, the idea is that it should consist of street level area (150 m2), terrace and basement (70 m2), in total 220 m2. The renovation of heating, ventilation 40 and electrical equipment should be done already before our renting agreement will be signed. There will be a terrace area for summer season, and in general there will be a street level area, which all in all will have 96 seats (48+48). We also attach a plan of premises: Figure 1. The plan of the premises The furniture and equipment will need to be purchased. We have counted the equipment costs, using real prices of the Finnish providers of equipment, such as, for instance, Metos, which is well-known in Finland. The real-time prices have been taken into account, and depending on the required amount of items essential for the production process, the price per unit has been multiplied by the quantity. All the detailed information can be found in the appendices section. As far as design and furniture are concerned, there are vases with bagels, cakes and vanilla biscuits - on lace napkins here, which are used as a decoration. The style is made in such a way that customers will get an impression of a cozy home restaurant, designed as an apartment in which people lived, live and will live. Cute interior decorations awaken nostalgic feelings in every guest. Windowsills will be covered with herbs, as well there will be artificial butterflies on the lighting items, jars of milk, blossoming plants, all of them in order to make a feeling as if you are somewhere in the countryside. 41 The production process of pancakes and crepes consists of the following stages: 1) order 2) dough production process 3) quality control 4) production of pancakes 5) execution and delivery of order Preparation of pancakes will consume approximately from three to five minutes of our time, contingent upon the sort and amount requested by the customer, as the of sorts of items we provide to customers is vast and in this way it is somewhat hard to envision a common plan of manufacturing procedure. Production Technology Barm preparation for manufacturing of our pancakes is produced by the utilization of mixers, and if there should be an occurrence of the increment of manufacturing volumes, then we are going to use the blending machine equipment. Suppliers and Subcontractors In our business, we are going to use different kinds of subcontractors. They will be connected to: Food and Beverage, such as Heinon Tukku, from which we can offer ingredients; the ones from where we order our furniture and machinery and tableware; the ones we use for repairworks; accounting, bookkeeping and auditing services; bank services; we could also use HR-House for hiring employees to substitute currents ones if they are sick, for instance; electricity and water and also security services. Production plan and the calculation of output Product costs The aggregate expense of manufacturing and item expenses can alter because of the following: - the volume and capacity of manufacture and its frame; 42 - degree of variable expenses per item of yield; - the measure of settled expenses. Variable expenses inscribe: - salaries of employees; - raw material expenses; - operations. Settled expenses comprise of: - amortization; - rent; - time staged compensation for employees. Based on the above, we calculated the cost of our products. On the one hand, we certainly want to get the maximum profit, on the other hand we do not want to attract other competitors to our market segment and lose our customers. Our goal is to maximize profits, with bearing in mind that the price of the product is acceptable to our customers, and they would not opt for our competitors. Therefore, taking into account that task, we will determine the price by "average cost plus profit", but will also not forget about the actual prices. Sticking to the common strategy for computing the costs, when defining the price we will follow this scheme: 1) set the task of price formation; 2) identifying the demand; 3) the forecast of costs; 4) the analysis of competitors' prices and products; 5) selection the method of pricing; 6) the establishment of the final price. 5.8 Marketing The history of many companies shows that marketing is one of the important factors in the way the company reaches success. Many firms had products really 43 attractive for consumers, but have failed due to improper marketing or even the absence of it. Therefore, in assessing the business plan we will be paid great attention to this section. We are going to use 8000 euros for marketing. The campaign will be made for 6 months: approximately one month before the opening and 5 months after the opening. The expenses for marketing are going to be covered by the production process profits. Talking about the marketing strategy, it is considered essential to set a 5P’s analysis, including price, product, promotion, place, positioning. The price range is going to be between six to nine euros per portion of the pancakes or crepes with the customer’s choice of topping/filling. The beverage menu prices will vary from one to three euros per cup. The customers should be ready to pay this amount of money as it is considered to be quite low in comparison to other competitors, and the quality and price ratio is quite good. The products are the pancakes and crepes with a great variety of toppins and fillings, sweet and savoury, ice-cream desserts; tea, coffee and a lot of milkshakes options. The place is chosen in the consideration of the customer trafficability and the chosen location possible competitors’ concentration. The location chosen is beneficial for the business as it is in the central area of Helsinki, and it gives an opportunity to have estimated high profits due to the big amount of prospective customers. The people part is devoted to the staff of the company, as the consumers get their impression of the business from the service they get when visiting a cafe. The staff will be carefully chosen and well-trained, in order to meet high requirements of modern consumers. Last but not least, promotion part should be considered. Various promotional strategies should be developed in order to produce the company awareness among the potential customers. The strategy of market penetration and selling The principle objective of the organization is anticipated business entrance and ensuing development in this field. The primary method of the organization ought to be a complete technique to offer excellent quality goods with cheaper costs, and in addition extending the assortment of items offered. Appropriately, the marketing policy selected is the method of growing demand by invigorating sales, price formation and other elements of rivalry, and therefore, creating a positive image of the cafe. Based on the objectives and marketing strategies, as well as the elasticity of demand, pricing will be implemented by a "cost plus profit" 44 strategy, given the anticipated demand and the behavior of competitors. Prices for pancake products will be calculated based on the level of demand and costs, and profit target. (Caouette, Altman & Narayanan 1998, 252.) Products, which we make, we plan to distribute only in our cafe. With an increase in volume of sales of products we plan to establish possible delivery at home or work place. Our products will not be available through other shops or cafes.We are planning to make advertisement campaign through transportation, on the radio, and by distributing brochures about our café. We have a pretty affordable price, which will also contribute to promote the product to market. In the first week after opening, we plan to sell products on a "1 +1" basis: ordering one serving of pancakes , you get a second one for free. As well, we will use electronic social media resources, such as Facebook, Twitter and Foursquare to attract more customers. We can also improve advertising company by usage of unusual methods of marketing: we provide each visitor the opportunity of 5% discount on our pancakes for 2 days from the date of the last purchase. (UK Essays, November 2013.) So we can make a conclusion that the perspectives of our company entering the market are quite promising. 5.9 Management and manpower Group details, skills, resources and organization There is one member in the organization at the moment: 1) Larisa Morozova – CEO and the owner. As well, she will work as hostess in the café. She has experience from working in the hospitality industry, in F&B, in hotel house-keeping and in travel and tourism and event industries in Sales and Marketing department. The basic functioning of the organization; organization chart / structure has been created and can be found in the figure 2: CEO Chefs (2 full-time, Waiters (2 full-time, 1 part-time) 1 part-time) 45 Figure 2. Organization structure CEO will be the head of the company. She will control Chefs and Waiters. Chefs will also be monitoring the work of waiters. Estimating Labour Costs Staff scheduling plan, based on a typical day and a typical week Figure 3. Labour costs estimation, staff scheduling plan As can be understood from the figure 3, the work schedule has been prepared accoring to the work force needed and taking into the account the opening hours, business oft he certain time of the day, and the working hours per week and month. The salary offered tot he employees is the legally allowed minimum. Later on, after the business is stable in development, the salary raises will be considered, based on the employees‘ experience and performance. The labour costs are counted as well per month and per year, to see the general picture of the expenses needed fort he business functioning. The responsibilities have been also distributed among the workers as described below: 46 CEO's duties will be as follows, but not limited to: • arranges the whole operation of the organization; • is completely in charge of the staff and company's status; • speak to the organization in all the establishments and associations; • governs the business estate; • searching for the suppliers of needed stock and equiment; • looking for clients; • bringing new items that can be added to what the business offers to customers now; • the presentation of the most recent accomplishments of science and innovation; • optimization of the manufacture procedures; • make the timetables for employees and so forth. Chefs: • in charge of planning and creating menus; • cooking and hygiene control and etc. Waiters: • quality customer service; • hygiene issues observance and etc. The use of collective responsibility leads to a significant reduction in the useless waste of the working time and fluctuation of personnel. Compensation of our workers will be up to the profits also. With increasing profits we are going to give rewards for our employees. The average age of our employees is 30 years.We will train our employees and also they will be trained by the staff, that already works in the company. The job advertisements will be placed on mol.fi, and also we will recruit employees through HR-House and Staff Plus. 5.10 Financial plans The financial calculation procedure explanation has been given in the chapter 4.9 of this thesis. As per financial planning part, first of all, we would like to introduce our income statement. Here we have counted the approximate amount of customers we are going to have during low season and high season per month. We have estimated that the high season will be from May till August, and all the other 47 months will be the low season months. We can make a conclusion from the figures presented that we have good sales, and profits, and we can breakeven. Cash budget enables us to see what is going to happen with our business in every month of both high and low season. Next, as shown in the figure 4, we have calculated what amount of money we need to start our business and make it work. We have counted that we need a bank loan of 200 000 euros. We estimated that we will take the loan for 7 years with the fixed interest rate and that we will have payments for our loan two times per year. All the other tables with the results can be found in the appendices section. Calculating the total capital needed Pancakes and Crepes Café Estimation of bank loan needed Rent (2 months) Payroll (2 months) Renovations Tableware and machinery Furniture Machinery Marketing Licences Float Stock (food) Stock (beverages) PA system Total 18 060,00 € 36 315,60 € 36 000,00 € 9 120,00 € 20 000,00 € 60 000,00 € 8 000,00 € 2 500,00 € 3 000,00 € 4 500,00 € 1 500,00 € 600,00 € 199 595,60 € Loan needed 200 000,00 € Figure 4. Total capital and estimation of bank loan needed calculation Taking into consideration that the needed loan amount is quite high, the author of the business plan together with her husband are going to pawn their relate estate (apartment, which has an approximately estimated value of the same amount of money as needed for the loan) on the security of the loan. In the lections of Pekka Heikkila in Haaga-Helia University of Applied Sciences, the author of the business plan has received a thorough instructions of how the income statement, cash budget, loan repayment plan should be calculated. 48 In the appendix 7 there is an income statement represented. The author had to assume the approximate estimated amount of customers in low and high seasons daily, as it is quite hard to calculate it, as well as the amount of dishes and beverages sold. The author supposed that the months from May to August will be very busy, and all the other months will be low season ones. The amount of customers per weekend has been calculated, using the formula 1,3*amount of customer per day. Then the amount per week has been got by adding the weekdays number to the weekend number of customers, for both low season and high season. In the same way the monthly usage and yearly usage were calculated. Sales of food number is the estimated amount of dishes sold multiplied by the average price per dish (calculated per day/week/month of high and low season, and per year). Sales of beverages number is the estimated amount of beverages sold multiplied by the average price per beverage (calculated per day/week/month of high and low season, and per year). Total sales number is the sales of beverages plus the sales of food (calculated per day/week/month of high and low season and per year). Food cost (25% average) is calculated by multiplying sales of food with 0,25 (per day/week/month of high and low season, and per year). The same goes regarding the beverages, but in this case the sales of beverages number is multiplied by 0,41 (41%). Total cost of sales figure is the sum of food cost and beverage cost. Gross profit is got by deducting total cost of sales from total sales figure. Total operating expenses is the sum of payroll, rent, insurance, renovation and repair work costs, machinery and tableware, and electricity and water. Operating income figure is the result of deduction of gross total operating expenses from the gross profit. Income before taxes is received when deducting interest from operating income. Income tax is calculated by multiplying the income before taxes by 26% typical for Finland. Net income is the result of deduction of income tax from income before taxes figure. The cash budget we use the total sales figure for low season and peak season months, putting it the sales line. Then it is possible to get the total receipts figure, by adding the loan needed from the bank amount to the sales per each month (low and high season). Next, the total payments figure is counted: it is the sum of payroll, rent, insurance, renovation and repair work costs, tableware, furniture, food and beverage stock, bank loan payment, PA-system and interest paid. It is counted for all the months per year, bearing in mind that insurance, renovation and repair work costs, tableware and furniture expenses occur only once in the first month. Interest and bank loan payment are paid twice a year, every half a year. Rent is paid every month. Net cashflow is computed per every month, by deducting total payments from total receipts. Closing bank figure is the sum of net cashflow and opening bank figure of the same month, whereas the opening bank figure is equal to the previous month’s closing figure. 49 6 Discussion Entrepreneurship is a type of mentality which can go for risks however only for acceptable ones; a real businessman is the one who can see potential outcomes in a given circumstance, where others do not see any, and is patient enough to work out the thought into a plan, to which budgetary support can be given. It is one of the reactant exercises encouraging activity, advancing and maintaining economic actions for the production and dissemination of affluence. The incitement of entrepreneurship is a component of both inner and outer variables. There is no shortage of thoughts; however there is a genuine lack of men with the correct mix of vision and viable sense to get to be forehanded entrepreneurs in the developing countries. The target is to recognize such individuals and furnish them with the help required, in order to make them progress and prosper. In that case, they get to be real-life examples, an instance to the society; and when the right atmosphere is produced, entrepreneurship turns into a lifestyle. (Rai & Desai 2008, 22.) The aim of the project was a business a business plan creation and justification of the feasibility of the establishment of “Pancakes and Crepes Café” in Helsinki. The main objectives and goals of the project, such as, the concept development, the business idea creation, description of services and products offered for the customers, financial planning part clarification, have been met. The objectives and goals have been reached thanks to the entrepreneurial approach used and the literature overviewed and applied to the project writing. The author of the business plan has realized what the main difficulties of the project implementation can be and what strong and weak sides the project has. As well, the detailed structure of actions, that should be taken when establishing new business, created during the business plan writing, is going to be a helpful tool when starting up “Pancakes and Crepes Café”. The business plan is built in such a way, that it can be used as a template for establishment of other restaurants or similar business types. It can be augmented, altered or updated in regards to the current situation and adjusted to the business that is being set up. On the one hand, the process of the exact real starting point in the company establishment can still seem unclear. On the other hand, all the required financial plans have been made for the future entrepreneur to see how the financial side of the enterprise is planned and how much capital is needed. The author of the business plan assumes that the project has been successfully carried out and the main task of it has been accomplished. 50 References Bangs, D. H. 2002. Business Planning Guide : Creating a Winning Plan for Success. Chicago, IL, USA: Dearborn Trade, A Kaplan Professional Company. Brown, R. & Gutterman, A. 2003. A Short Course in International Business Plans. Novato, CA, USA: World Trade Press. Burk, J., & Lehman, R. 2004. Financing Your Small Business. Naperville, IL, USA: Sphinx Publishing, an Imprint of Sourcebooks, Inc. Caouette, J.B., Altman E.I., & Narayanan P. 1998. Managing Credit Risk: The Next Great Financial Challenge. Frontiers in Finance Series. John Wiley & Sons. Cole, A. H. 1959. Business Enterprise in Its Social Setting. Cambridge, MA: Harvard University Press. Coopey, R. 2005. “Venture Capital and Enterprise,” in Youssef Cassis and I.P. Minoglou (eds.), Entrepreneurship in Theory and History. London: Palgrave. Dalley, J., & Hamilton B. April-June 2000. "Knowledge, Context, and Learning in the Small Business." International Small Business Journal. Finnish Patent and Registration Office. URL: https://www.prh.fi/en/kaupparekisteri/yrityksen_perustaminen/forms_of_business.html Accessed: 17 May 2015. Friend, G., & Zehle, S. 2004. Guide to Business Planning. London, GBR: Profile Books. Gerson, R. F. 1991. Writing and Implementing a Marketing Plan : A Guide for Small Business Owners. Boston, MA, USA: Course Technology / Cengage Learning, 1991. Havinal, V. 2009. Management and Entrepreneurship. New Age International. Daryaganj. Delhi. 51 Infopankki. 2015. URL: http://www.infopankki.fi/en/living-in-finland/work-andenterprise/obligations-of-the-entrepreneur Accessed: 20 May 2015. Job A. 25th February 2013. Entrepreneur Journal. Starting a Business. Types of Business Models. Kokko, J. HAAGA-HELIA 2013. Juuso Kokko lectures and print-out materials. Accessed: 17 May 2015. Ma, H. Tan, J. 2005. Key Components and The Implications of Entrepreneurship. A 4-P Framework. Journal of Business Studies. Martin, C. L. 1992. Starting Your New Business : A Guide for Entrepreneurs. Menlo Park, CA, USA: Course Technology / Cengage Learning. McClelland, D. C. 1961. The Achieving Society. Princeton, NJ: Van Nostrand. McGrath, Gunther R., & MacMillan I. 2000. The Entrepreneurial Mindset. Harvard Business School Press. Merriam-Webster Dictionary. URL: http://www.merriamwebster.com/dictionary/entrepreneur Accessed: 17 May 2015. Ministry of Employment and the Economy. URL: http://www.yrityssuomi.fi/en/perustamistoimet Accessed: 20 May 2015. Official Statistics of Finland (OSF): Turnover of service industries [e-publication]. ISSN=1799-0998. February 2015. Helsinki: Statistics Finland. URL: http://www.stat.fi/til/plv/2015/02/plv_2015_02_2015-05-13_tie_001_en.html Accessed: 20 May 2015. Pinson, L. 11/2004. Anatomy of a Business Plan : A Step-by-Step Guide to Building a Business and Securing Your Company's Future. 6th ed. USA: Dearborn Trade, A Kaplan Professional Company. Chicago. IL. 52 Pinson, L., & Jinnett, J. 2006. Steps to Small Business Start-Up : Everything You Need to Know to Turn Your Idea Into a Successful Business. Chicago, IL, USA: Dearborn Trade, A Kaplan Professional Company. Proctor, K. S. 2004. Building Financial Models with Microsoft Excel : A Guide for Business Professionals. Hoboken, NJ, USA: Wiley. Rai, U. & Desai, V. 2008. Entrepreneurship Development and Business Communication. Himalaya Publishing House. Mumbai. Reider, R. 2008. Effective Operations and Controls for the Small Privately Held Business. Hoboken, NJ, USA: Wiley. Saroj, U. & Mehndiratta, V. 2009. Entrepreneurship Development and Management. Abhisek Publications. Chandigarh. Schreiber, D. & Deaborn Financial Publishing Staff. 2001. Building a World-Class Financial Services Business : How to Transform Your Practice into a Company Worth Millions. Chicago, IL, USA: Dearborn Trade, A Kaplan Professional Company. Smith, H. 2012. Learn Small Business Startup in 7 Days. Milton, QLD, AUS: John Wiley & Sons. Srivastav R.P. 2007. Entrepreneurship Development and Production Management. Himalaya Publishing House. Mumbai. The National Supervisory Authority for Welfare and Health. URL: http://www.valvira.fi/en/valvira Accessed: 20 May 2015. Vause, B. 2005. Guide to Analysing Companies. London, GBR: Profile Books. Visit Helsinki. 2015, URL: http://www.visithelsinki.fi/en/stay-and-enjoy/eat/january-season blinis Accessed: 20 May 2015. UK Essays. November 2013. The Advertising And Promotions Effectiveness Marketing Essay. URL: http://www.ukessays.com/essays/marketing/the-advertising-and-promotionseffectiveness-marketing-essay.php?cref=1 Accessed: 17 May 2015. 53 Appendices Appendix 1. Memorandum of Association 54 55 56 Appendix 2. Start-up Notification for Limited Liability Companies Y1 57 58 59 60 Appendix 3. Personal data form (for authority use) 61 62 Appendix 4. The lease of the business premises 63 64 Appendix 5. Curriculum Vitae Larisa Morozova Europass Curriculum Vitae Personal information Surname(s) / First name(s) Larisa A. Morozova Mobile 0466405487 E-mail(s) [email protected] Nationality Russian Date of birth 16 October 1987 Gender Female Work experience Dates October 2013 - present Occupation or position held Receptionist (trainee) Main activities and responsibilities Name and address of employer     Check in / Check out of the guests; Cashiering and billing, Customer services, and related tasks. Opera system training. Hotelli Seurahuone Helsinki, Kansainväliset Restel Hotellit. Kaivokatu 12, 00100, Helsinki, Finland. (http://www.restel.fi) Dates March 2012 – July 2012 Occupation or position held Sales Manager/ VIP-Hospitality Services, Internship Main activities and responsibilities Name and address of employer   Sales and Marketing of Savonlinna Opera Festival VIP-packages; Participation in production of another VIP - events of the company (Sting concert VIP-lounge, ZZ-Top). Eastway Sound and Lighting Oy (http://www.eastway.fi/eastway) Sinimäentie 8, 02630 Espoo, Finland Assisted in advertising campaign for Russian customers, which resulted in broad marketing of the 65 company among Russian clients and business companies. Dates December 2011-April 2012 Occupation or position held Waitress (Breakfast and Conference Departments). Main activities and responsibilities - Providing excellent customer service during the hotel breakfast; Name and address of employer Dates Occupation or position held - Serving business clients during the business meetings in private dining rooms. Hotel Seurahuone Helsinki, Restel Ltd, Kaivokatu 12, 00100, Helsinki, Finland (http://www.restel.fi) August 2011 – present House-Keeping Department – Room-Attendant (Hotel Seurahuone Helsinki and Crowne Plaza Helsinki), and Shift Manager (Hotel Seurahuone Helsinki) - Managing work of the house-keeping department during the shift; Main activities and responsibilities - Keeping hotel premises in top condition. Name and address of employer Hotel Seurahuone Helsinki, Restel Ltd, Kaivokatu 12, 00100, Helsinki, Finland (http://www.restel.fi), Crowne Plaza, Restel Ltd, Mannerheimintie 50, 00260, Helsinki, Finland. Dates August 2009 - August 2011 Occupation or position held Sales Manager/Travel Consultant Main activities and responsibilities - Manage relationships with customers and various kinds of service providers: tour operators, travel agencies, hotels, car rental companies and etc.; - Organize different kinds of events for tourists; - Provide any kind of customer service, including delivery of travel documents, visa obtaining; - Make customer agreements, work with any kinds of documents with partners and customers; make accounting payments; - Provide excellent customer service and experience by handling sales requests face to face, as well as received by e-mail, phone or via fax; - Answer any queries from customers, such as reservations, change of bookings, cancellations if they would like to make any and etc., and handle them efficiently, so that customers’ needs and expectations are always met; - Handle customers’ complaints in an effective way, and ensure that all the needed actions are taken and the company is represented in a professional manner; 66 - Contact service providers if necessary to ensure that all the guests interests are met; - Teach trainees; - Substitute the Director of the company when he is out of the office and perform his functions. Name and address of employer Constanta Travel Agency (http://www.constanta-tour.ru) Gorkiy street 25 office 323, 185000 Petrozavodsk (Russia) Raised the clients’ base significantly; raised the sales of the company in 50-70%, depending on the season; raised customers’ satisfaction ratings. Education and training February 2014 – March 2014 Dates Name of educational institution European Bartender School, Helsinki, 4 week International Bartending Course Dates 2011 - 2014 Title of qualification awarded Degree Programme in Hotel, Restaurant and Tourism Management, Bachelor of Hospitality Management Name and type of organisation Haaga-Helia University of Applied Sciences (Helsinki, Finland), Member of the providing education and organization The Leading Hotel Schools Of The World. training Dates 2004 – 2009 Title of qualification awarded Specialist Degree in Pedagogy and Methodology Of Teaching, Linguistics; Name and type of organisation providing education and training Karelian State Pedagogical University, Petrozavodsk, Russia Personal skills and competences Mother tongue(s) Russian Other language(s) Self-assessment Understanding Listening European level (*) Proficient user Reading Speaking Spoken interaction Proficient C1 user Proficient user Writing Spoken production Proficient user English C1 Finnish A1 Elementary A1 Basic User A1 Elementary A1 Elementary A1 Basic User German A1 Basic User A1 Basic User A1 Basic User A1 Basic User A1 Basic User C1 C1 C1 Proficient user Social skills and competences Excellent oral and written communication skills and excellent customer care skills gained 67 during my work with customers as a sales manager. Team player, flexible and adaptable to change as I worked in a constantly changing environment. Positive, self-motivated and enthusiastic about providing great customer service. Organisational skills and Approachable and able to build effective relationships at all levels, organized, proactive, as competences I worked with many partners as a sales manager and in different segments in hotel business. Able to work without supervision and solve problems as am extremely responsible and during my work had to cover a lot of tasks by my own. Computer skills and Good command of Microsoft Office tools, Knowledge of Opera system. competences Hobbies Additional information Culinary, Writing, Strong desire to travel     Hygieniapassi, anniskelupassi. CAE (Cambridge Certificate in Advanced English), Level C1, June, 2007. Visitor of MITT travel fair in 2010, Moscow, March. MATKA travel fair 2012, Helsinki, January. Took part in a fam-trip, Spain, April 2010; Dominican Republic, February 2010.  Took part in the International congress of physical and health education teachers, worked as an interpreter, Petrozavodsk, June, 2008.  Participant of workshops, organized by the tour operators in Russia: Coral Travel, Pegas Touristik, Sunmar, Mostravel.  Helsinki University Language courses participant. References are available on request. 68 Appendix 6. The menu example Strawberry berries and strawberry sauce, topped with whipped cream Maple Syrup and butter Nutella Peanut Butter Strawberry Jam Honey & Nuts Apple & Cinnamon Banana & Chocolate Sauce, topped with whipped cream Cherry berries and cherry sauce, topped with whipped cream Almonds & white or milk chocolate sauce Banana and toffee sauce, topped with whipped cream Chocolate sauce or toffee sauce, topped with whipped cream Blueberry berries and blueberry sauce, topped with whipped sauce As a dessert we can offer an ice cream with different tastes Cheese Cheese and tomato Salted salmon and cream cheese Cheese & ham or bacon & mushrooms Ham or Bacon, tomato, onion & cheese Smoked beef, cheese sauce, mozzarella cheese Salami, cheese sauce, mozzarella cheese Cheese, tomato, mushrooms, onion & pesto Minced beef, bolognaise sauce, cheese sauce, mozzarella cheese Sautéed chicken, sautéed champignon mushroom, cheese sauce, mozzarella cheese Our entire menu is available on gluten and wheat free pancakes at no extra cost 69 Hot Drinks Cappucino Caffe Latte Americano Espresso Double espresso Macchiato Hot Chocolate with/without Marshmallow Hot Chocolate with Hazelnut Cold drinks Mango milkshake Vanilla milkshake Chocolate milkshake Strawberry milkshake Peach milkshake Mocca milkshake Cappucino milkshake Hazelnut milkshake Banana milkshake Tea Selection of Hot Tea Earl grey, English breakfast, Green Tea, Chamomile/Fruit tastes 70 Appendix 7. Income statement Pancakes and Crepes Café In high season in high season in high season In high season In low season in low season In low season In low season Weekdays Weekend days Weekly Monthly Weekdays Weekend days Weekly Monthly Yearly (1st year) % Expected amount of customers 250 325 1725 7245 181 160 1023 4296,6 63352,8 Estimated amount of dishes sold 232 255 1461 6136 162 211 1118 4695 62103 Estimated amount of beverages sold 221 287 1525 6405 160 160 960 4032 57874 Average price per dish 8,00 € 8,00 € 8,00 € 8,00 € 8,00 € 8,00 € 8,00 € 8,00 € 8,00 € Average price per beverages 4,00 € 4,00 € 4,00 € 4,00 € 4,00 € 4,00 € 4,00 € 4,00 € 4,00 € 1 856,00 € 2 040,00 € 11 688,00 € 49 089,60 € 1 296,00 € 1 684,80 € 8 942,40 € 37 558,08 € 496 823,04 € 68,2% 884,00 € 1 149,20 € 6 099,60 € 25 618,32 € 640,00 € 640,00 € 3 840,00 € 16 128,00 € 231 497,28 € 31,8% 2 740,00 € 3 189,20 € 17 787,60 € 74 707,92 € 1 936,00 € 2 324,80 € 12 782,40 € 53 686,08 € 728 320,32 € 100,0% Food cost 25% (average) 464,00 € 510,00 € 2 922,00 € 12 272,40 € 324,00 € 421,20 € 2 235,60 € 9 389,52 € 124 205,76 € 17,1% Beverage cost 41% (average) 362,44 € 471,17 € 2 500,84 € 10 503,51 € 262,40 € 262,40 € 1 574,40 € 6 612,48 € 94 913,88 € 13,0% Total cost of sales 826,44 € 981,17 € 5 422,84 € 22 775,91 € 586,40 € 683,60 € 3 810,00 € 16 002,00 € 219 119,64 € 30,1% 1 913,56 € 2 208,03 € 12 364,76 € 51 932,01 € 1 349,60 € 1 641,20 € 8 972,40 € 37 684,08 € 509 200,68 € 69,9% Income statement Sales of food Sales of beverages Total Sales Gross profit 71 Payroll Rent Insurance 18 157,80 € 18 157,80 € 217 893,60 € 29,9% 9 030,00 € 9 030,00 € 108 360,00 € 14,9% 429,17 € 5 150,00 € 0,7% Renovation and repair works 4 000,00 € 0,5% Machinery and tableware 9 120,00 € 1,3% 25 200,00 € 3,5% Electricity and water 2 100,00 € 429,17 € 2 100,00 € Total operating expenses 29 716,97 € 29 716,97 € 369 723,60 € 50,8% Operating income 22 215,04 € 7 967,11 € 139 477,08 € 19,2% 19 285,70 € 2,6% 120 191,38 € 16,5% Income tax 31 249,76 € 4,3% Net income 88 941,62 € 12,2% Interest Income before taxes Break even point 503 997,66 € 72 Appendix 8. Cash budget Pancakes and Crepes Café Cash budget Feb March April May June July Aug Sept Oct Nov Dec Jan Receipts Sales 53 686,08 € 53 686,08 € 53 686,08 € 74 707,92 € 74 707,92 € 74 707,92 € 74 707,92 € 53 686,08 € 53 686,08 € 53 686,08 € 53 686,08 € 53 686,08 € New bank loan 200 000,00 € Total receipts 253 686,08 53 686,08 53 686,08 74 707,92 74 707,92 74 707,92 74 707,92 53 686,08 53 686,08 € 53 686,08 € 53 686,08 € 53 686,08 € € € € € € € € € Payments: Payroll 18 157,80 18 157,80 18 157,80 18 157,80 18 157,80 18 157,80 18 157,80 18 157,80 18 157,80 18 157,80 18 157,80 18 157,80 € € € € € € € € € € € € Rent 9 030,00 € 9 030,00 € 9 030,00 € 9 030,00 € 9 030,00 € 9 030,00 € 9 030,00 € 9 030,00 € Insurance 5 150,00 € Renovation and repair works 4 000,00 € Furniture 20 000,00 € Tableware 9 120,00 € 73 9 030 € 9 030 € 9 030 € 9 030 € Food stock 4 498,78 € 4 498,78 € 4 498,78 € 6 386,23 € 6 386,23 € 6 386,23 € 6 386,23 € 4 498,78 € 4 498,78 € 4 498,78 € 4 498,78 € 4 498,78 € Beverage stock 1 465,00 € 1 465,00 € 1 465,00 € 1 465,00 € 3 569,26 € 3 569,26 € 3 569,26 € 1 465,00 € 1 465 € 1 465 € 1 465 € 1 465 € PA-system 600,00 € Bank loan payment 14 286,00 € 14 286,00 € Interest paid 10 000,00 € 9 285,70 € Total payments 96 307,58 33 151,58 33 151,58 35 039,03 37 143,29 37 143,29 37 143,29 33 151,58 33 151,58 33 151,58 33 151,58 33 151,58 € € € € € € € € € € € € Net cashflow 157 378,50 20 534,50 20 534,50 39 668,89 37 564,63 37 564,63 37 564,63 20 534,50 20 534,50 20 534,50 20 534,50 20 534,50 € € € € € € € € € € € € Opening Bank Closing Bank 0,00 € 157 378,50 177 913,00 198 447,50 238 116,39 275 681,02 313 245,65 350 810,28 371 344,78 391 879,28 412 413,78 432 948,28 € € € € € € € € € € € 157 378,50 177 913,00 198 447,50 238 116,39 275 681,02 313 245,65 350 810,28 371 344,78 391 879,28 412 413,78 432 948,28 453 482,78 € € € € € € € € € € € € 74 Appendix 9. Equipment cost calculation Item Price (incl alv) Furniture for our cafe Amount Total 20000 1 20000 Pancake maker 534 1 534 Cashier table and cashier 332 1 332 Scales 178 2 356 87 3 261 2040 1 2040 169 1 169 53 10 530 Mixer for the preparation of the batter 598 1 598 Counter for kitchen units/utensils 108 1 108 Shelf for long storage 492 2 984 Slicer with rubbing 101 6 606 Flour sifter 434 1 434 Cupboard 1380 1 1380 Slicer 484 1 484 Plate warmer 395 1 395 Frying pans or frying surface 302 1 302 2476 1 2476 Electric oven with two burners 255 1 255 Refrigerated counter to store ingredients 685 1 685 92 1 92 436 1 436 Holder 42 1 42 Freezer 1045 1 1045 Sinks, desks, shelves 1120 2 2240 Rack for electromechanical equipment 240 1 240 Kitchen working table (5 boxes) 895 1 895 89 2 178 114 2 228 Stand for electric boiler 86 1 86 Kitchen table 94 1 94 171 2 342 84 1 84 Three production tables with different sized decks Fridge Half-open shelf without doors Cutting boards Table fridge with 5 boxes Shelf Electric boiler with continuous work Kitchen sink for processing raw materials Table scales Washstand console with lever water supply Shelf for cutting boards 75 Three-section kitchen sink 253 1 253 Table for refrigerated shop-window 446 1 446 1120 2 2240 101 3 303 9120 1 9120 Two-section kitchen sink 159 1 159 Cooker hood 605 1 605 Shelf for cutting boards 84 1 84 Shelf for keeping spices 87 6 522 Microwave ovens 229 2 458 Chopping machine 512 1 512 Lockers for staff 497 1 497 Table for setting up the pancake making stove 426 1 426 2952 1 2952 323 3 969 Coffee machine and boiler for brewing tea Open-dryer for plates Kitchen & cafeteria cutlery Fast cooler Trolley TOTAL 58477 76 Appendix 10. Portion cost and menu prices calculation Item Sweet Pancakes/Crepes Strawberry berries and strawberry sauce, topped with whipped cream 185g Maple Syrup and butter 170g Nutella 166 g Peanut Butter 176 g Strawberry Jam 190g Honey&Nuts 156 g Apple&Cinnamon 230 g Banana & Chocolate Sauce, topped with whipped cream 266 g Cherry berries and cherry sauce, topped with whipped cream 180g Almonds & white or milk chocolate sauce 170g Banana and toffee sauce, topped with whipped cream 236 g Chocolate sauce or toffee sauce, topped with whipped cream 210g Blueberry berries and blueberry sauce, topped with whipped cream 210g Ice cream with different tastes 100g SavouryPancakes/Crepes Cheese 156 g Cheese & tomato 182 g Salted salmon and cream cheese 180 g Cheese & ham or bacon & mushrooms 266 g Ham or Bacon, tomato, onion & cheese 250 g Smoked beef, cheese sauce, mozzarella cheese 196 g Salami, cheese sauce, mozzarella cheese 160g Cheese, tomato, mushrooms, onion & pesto 220 g Minced beef, bolognaise sauce, cheese sauce, mozzarella cheese 210 g Sautéed chicken, sautéed champi- Portion cost (incl. Price in the VAT 14% and mar- menu gin 65%) Cost difference % 3,94 7,5 47,5% 3,16 3,3 3,04 3,73 3,68 3,63 4,23 7 7 7 7 7 7 8 54,9% 52,9% 56,6% 46,7% 47,4% 48,1% 47,1% 4,45 9 50,6% 3,93 8 50,9% 4,08 8 49,0% 3,11 7 55,6% 4,71 9 47,7% 0,2 3 93,3% 3,04 3,65 4,56 6 7 9 49,3% 47,9% 49,3% 4,07 8 49,1% 3,41 7 51,3% 4,07 8 49,1% 3,98 8 50,3% 3,99 8 50,1% 3,23 7 53,9% 3,69 7,5 50,8% 77 gnon mushroom, cheese sauce, mozzarella cheese 251 g Drinks Hot drinks Cappucino210 g CaffeLatte280 g Americano100 g Espresso50 g Doubleespresso50 g Macchiato70 g Hot Chocolate with/without Marshmallow 300 g Hot Chocolate with Hazelnut 300 g Cold drinks Mango milkshake 390 g Vanilla milkshake 390 g Chocolatemilkshake 385 g Strawberry milkshake 370 g Peach milkshake 390 g Banana milkshake 445 g Mocca milkshake 305 g Cappucino milkshake 298g Hazelnutmilkshake390 g Tea Selection of Hot Tea (Earl grey, English Breakfast, Green Tea, Chamomile/Fruit tastes) 250 g TOTAL 0,02 0,03 0,02 0,02 0,03 0,02 0,8 3 3,5 2,5 2,5 2,5 2,5 4 99,3% 99,1% 99,2% 99,2% 98,8% 99,2% 80,0% 0,8 4 80,0% 1,01 0,98 0,91 1,05 1,02 0,93 0,97 0,98 0,96 4 4 4 4 4 4 4 4 4 74,8% 75,5% 77,3% 73,8% 74,5% 76,8% 75,8% 75,5% 76,0% 0,035 1 96,5% 97,465 238,5 59,1% 78 Appendix 11. Food usage and costs calculation (daily/weekly/monthly/yearly) Daily Price usage Daily euro/kg kg cost Weekly usage Weekly kg cost Monthly usage Monthly kg cost Yearly usage Yearly cost MEAT Chicken fillets 3 3,2 9,6 9,6 28,8 41,28 2064 6192 12,4 2,1 26,04 6,3 78,12 27,09 335,916 1354,5 16795,8 6,7 2,3 15,41 6,9 46,23 29,67 198,789 1483,5 9939,45 Ham 12,4 1,6 19,84 4,8 59,52 20,64 255,936 1032 12796,8 Bacon 7,9 1,6 12,64 4,8 37,92 20,64 163,056 1032 8152,8 23,5 0,88 20,68 2,64 62,04 11,352 266,772 567,6 13338,6 11,8 1,3 15,34 3,9 46,02 16,77 197,886 838,5 9894,3 3 4,3 12,9 12,9 38,7 55,47 166,41 2773,5 8320,5 green salad 7,1 2,4 17,04 7,2 51,12 30,96 219,816 1548 10990,8 white onion 0,7 1,2 0,84 3,6 2,52 15,48 10,836 774 541,8 garlic 0,8 0,9 0,72 2,7 2,16 11,61 9,288 580,5 464,4 mushrooms 13 2 26 6 78 25,8 335,4 1290 16770 peaches 3,8 1,9 7,22 5,7 21,66 24,51 93,138 1225,5 4656,9 apples 1,5 2,9 4,35 8,7 13,05 37,41 56,115 1870,5 2805,75 mangos 4,2 2,5 10,5 7,5 31,5 32,25 135,45 1612,5 6772,5 lemons 3,8 1 3,8 3 11,4 12,9 49,02 645 2451 2 3,2 6,4 9,6 19,2 41,28 82,56 2064 4128 cherry berries 14 1 14 3 42 12,9 180,6 645 9030 strawberry berries 6,5 1,8 11,7 5,4 35,1 23,22 150,93 1161 7546,5 9 1 9 3 27 12,9 116,1 645 5805 3 1 3 3 9 12,9 38,7 645 1935 butter 3,1 1,3 4,03 3,9 12,09 16,77 51,987 838,5 2599,35 crème fraiche 2,1 0,9 1,89 2,7 5,67 11,61 24,381 580,5 1219,05 chocolate ice cream and with other tastes 2,8 1,5 4,2 4,5 12,6 19,35 54,18 967,5 2709 vanilla ice cream 2,2 1 2,2 3 6,6 12,9 28,38 645 1419 whipped cream 3,5 2 7 6 21 25,8 90,3 1290 4515 cream 1,9 2 3,8 6 11,4 25,8 49,02 1290 2451 milk 1,5 8 12 24 36 103,2 154,8 5160 7740 Salami Minced meat/beef Smoked beef 123,84 FISH Salted salmon VEGETABLES tomatoes FRUITS and BERRIES bananas blueberry berries DAIRY PRODUCTS margarine FLOURS 79 white flour 1 10 10 30 30 129 129 6450 6450 3,9 1 3,9 3 11,7 12,9 50,31 645 2515,5 10,7 0,2 2,14 0,6 6,42 2,58 27,606 129 1380,3 baking flour 0,5 1 0,5 3 1,5 12,9 6,45 645 322,5 potato flour 1,4 1 1,4 3 4,2 12,9 18,06 645 903 rye flour 1,2 1 1,2 3 3,6 12,9 15,48 645 774 salt 3,5 0,2 0,7 0,6 2,1 2,58 9,03 129 451,5 sugar 1,7 4 6,8 12 20,4 51,6 87,72 2580 4386 soda 1,6 0,1 0,16 0,3 0,48 1,29 2,064 64,5 103,2 spice kit 100 0,2 20 0,6 60 2,58 258 129 12900 mustard 3,5 0,3 1,05 0,9 3,15 3,87 13,545 193,5 677,25 vinegar 1,2 0,08 0,096 0,24 0,288 1,032 corn flour baking powder SPICES & SWEET 1,2384 51,6 61,92 honey 7 0,5 3,5 1,5 10,5 6,45 45,15 322,5 2257,5 vegetable oil 3 1,5 4,5 4,5 13,5 19,35 58,05 967,5 2902,5 4,5 0,6 2,7 1,8 8,1 7,74 34,83 387 1741,5 cacao powder 5 0,6 3 1,8 9 7,74 38,7 387 1935 marshmallow 9,7 0,8 7,76 2,4 23,28 10,32 100,104 516 5005,2 12,5 0,6 7,5 1,8 22,5 7,74 96,75 387 4837,5 7,1 0,15 1,065 0,45 3,195 1,935 13,7385 96,75 686,925 6 0,15 0,9 0,45 2,7 1,935 11,61 96,75 580,5 olive oil white chocolate cinnamon vanilla milk chocolate 10 1,5 15 4,5 45 19,35 193,5 967,5 9675 dark chocolate 12 0,5 6 1,5 18 6,45 77,4 322,5 3870 1,9 10 19 30 57 129 nuts 4,5 0,7 3,15 2,1 9,45 almonds 6,3 0,9 5,67 2,7 hazelnuts 7,6 0,6 4,56 toffee sauce 9 0,7 maple syrup 11 EGGS eggs 245,1 6450 12255 9,03 40,635 451,5 2031,75 17,01 11,61 73,143 580,5 3657,15 1,8 13,68 7,74 6,3 2,1 18,9 0,5 5,5 1,5 11,5 0,2 2,3 strawberry sauce 7 1 blueberry sauce 8 nutella NUTS 58,824 387 2941,2 9,03 81,27 451,5 4063,5 16,5 6,45 70,95 322,5 3547,5 0,6 6,9 2,58 29,67 129 1483,5 7 3 21 12,9 90,3 645 4515 0,8 6,4 2,4 19,2 10,32 82,56 516 4128 15 0,5 7,5 1,5 22,5 6,45 96,75 322,5 4837,5 honey 5,9 0,7 4,13 2,1 12,39 9,03 53,277 451,5 2663,85 peanut butter 9,6 0,7 6,72 2,1 20,16 9,03 86,688 451,5 4334,4 SWEET SAUCES/SYRUPS/JAMS white chocolate sauce 80 strawberry jam 6 1,4 8,4 4,2 25,2 18,06 chocolate sauce/milk chocolate sauce 7 0,9 6,3 2,7 18,9 cherry sauce 8 0,3 2,4 0,9 4 0,1 0,4 3,6 0,15 108,36 903 5418 11,61 81,27 580,5 4063,5 7,2 3,87 30,96 193,5 1548 0,3 1,2 1,29 0,54 0,45 1,62 HERBS parsley dill 5,16 64,5 258 1,935 6,966 96,75 348,3 mint 6 0,3 1,8 0,9 5,4 3,87 23,22 193,5 1161 rosemary 8 0,09 0,72 0,27 2,16 1,161 9,288 58,05 464,4 67,08 258 3354 105,651 580,5 5282,55 herb mix 13 0,4 5,2 1,2 15,6 5,16 cream cheese 9,1 0,9 8,19 2,7 24,57 11,61 Pesto 10 0,1 1 0,3 3 1,29 Cheese sauce 8 0,9 7,2 2,7 21,6 Bolognaise sauce 6 0,5 3 1,5 mozzarella cheese 5 0,8 4 5,4 3 Assortment of teas 7,5 Coffee 5,3 CHEESE and SAVOURY SAUCES Cheese Edam 12,9 64,5 645 11,61 92,88 580,5 4644 9 6,45 38,7 322,5 1935 2,4 12 10,32 51,6 516 2580 16,2 9 48,6 38,7 208,98 1935 10449 5 37,5 15 112,5 64,5 483,75 3225 24187,5 5 26,5 15 79,5 64,5 341,85 3225 17092,5 TEAS AND COFFEES TOTAL 412,541 1237,623 81 5321,7789 266088,945 Appendix 12. Appendix to start-up notification 82 83 84

Report "Business Plan for Pancakes and Crepes Cafe.pdf"

Get instant access to detailed competitive research, SWOT analysis, buyer personas, growth opportunities and more for any product or business at the push of a button, so that you can focus more on strategy and execution.

Table of contents, building your pancake business plan.

• 13 June, 2024

Starting Your Pancake Business

Before diving into the process of starting a pancake business, it’s essential to gain a comprehensive understanding of the market and analyze the competition. This section will cover the market overview and competitive analysis, providing valuable insights to help you make informed decisions for your pancake business.

Market Overview

The pancakes market has witnessed significant growth in recent years. According to a report, the global pancakes market was valued at USD 911.33 million in 2021 and is expected to expand at a CAGR of 4.0% during the forecast period, reaching USD 1153.12 million by 2027 ( LinkedIn ). This growth presents an opportunity for aspiring entrepreneurs like yourself to tap into this thriving industry.

To effectively navigate the market, it’s crucial to conduct thorough market research. This research will provide you with a holistic view of the total market, including the industry chain, market dynamics, and segment markets by type, application, and region ( LinkedIn ). By understanding the target market, you can optimize your marketing efforts, tailor your messaging, improve your product, and gain a competitive advantage ( Farm Food Drink ). Consider factors such as consumer preferences, trends, and demographics to ensure your pancake business aligns with the needs and desires of your target audience.

Competitive Analysis

Analyzing the competition is crucial to identify your unique selling proposition and develop strategies that differentiate your pancake business. Conducting a competitive analysis allows you to understand the strengths and weaknesses of existing players in the market. This analysis includes examining their market share, concentration ratio, and overall business strategies ( LinkedIn ).

By understanding your competitors, you can identify gaps in the market and areas where you can excel. Look for opportunities to differentiate your pancake business through branding and storytelling. Brands like Kodiak Cakes and Birch Benders have successfully differentiated themselves by telling authentic and distinct stories that resonate with their target audience ( LinkedIn ). Craft a compelling brand story that showcases your unique value proposition, quality ingredients, or special recipes. Emphasize the emotional benefits of your pancakes to attract customers and create a lasting impression.

By conducting a thorough market overview and competitive analysis, you’ll be equipped with valuable insights to develop a strong foundation for your pancake business. Use this information to shape your business plan, brand positioning, and overall strategy, setting yourself up for success in the competitive pancake market.

Developing a Business Plan

When starting a pancake business, it’s essential to develop a comprehensive business plan that outlines your strategies and goals. This section will cover two crucial aspects of developing a business plan: market research strategies and branding and storytelling.

Market Research Strategies

Conducting thorough market research is a crucial step in developing a business plan for a small food business like a pancake venture. While large corporations may have extensive resources, market research for small businesses can be adapted to be simpler and less costly, as suggested by Farm Food Drink .

To begin, it’s recommended to start with secondary market research. This involves gathering data from existing sources such as reports, articles, or surveys conducted by other businesses. This initial step is quick and economical, making it suitable for small food businesses. Secondary research provides valuable insights into market trends, customer preferences, and industry benchmarks. It helps in identifying potential opportunities and understanding the competitive landscape within the pancake business sector.

Analyzing competitor websites can be an effective strategy to gain insights into branding, messaging, packaging, pricing, and distribution channels. By studying your competitors’ approaches, you can identify gaps or opportunities in the market that can be leveraged for your pancake business.

While secondary research is valuable, it’s essential to complement it with primary research. This involves conducting interviews or surveys to gather data directly from your target market. Primary research helps validate or quantify the insights obtained from secondary research, providing you with a deeper understanding of your potential customers’ needs, preferences, and purchasing behavior.

Understanding your target market is crucial for effectively marketing your pancake business. It allows you to optimize your marketing efforts, tailor your messaging, improve your products, and gain a competitive advantage. By conducting market research, you can identify your target audience, their demographics, their preferences, and their purchasing power, enabling you to develop a successful marketing strategy.

Branding and Storytelling

Branding plays a vital role in establishing a distinct identity for your pancake business. It encompasses your logo, colors, typography, and overall visual identity. Your branding should reflect the unique aspects of your business, such as the quality of your pancakes, the ambiance of your establishment, and the values you uphold.

Storytelling is an effective way to connect with your customers and create an emotional connection. By sharing the story behind your pancake business, such as its origins, inspiration, and commitment to quality, you can engage customers on a deeper level. Storytelling humanizes your brand, making it more relatable and memorable.

When developing your branding and storytelling, consider the following questions:

• What makes your pancakes unique and special?
• What values and principles drive your pancake business?
• How can you create an emotional connection with your target audience through your brand?

Crafting a compelling brand story that resonates with your target market is crucial for building customer loyalty and differentiation in a competitive market. By effectively communicating your brand story through various marketing channels, including your website, social media, and packaging, you can cultivate a strong brand identity that attracts and retains customers.

In the next section, we will delve into the financial aspects of your pancake business, including investment costs and financial forecasting.

Financial Planning

When starting a pancake business, careful financial planning is essential to ensure the success and profitability of your venture. This section will cover two important aspects of financial planning: investment costs and financial forecasting.

Investment Costs

Before launching your pancake business, it’s crucial to determine the investment costs involved. These costs will vary depending on factors such as location, equipment, supplies, and staffing requirements. Let’s take a look at an example from Pancake Paradise, where the investment costs include expenses such as office supplies ($15,000), transportation ($50,000), and rent expense ($48,000), totaling $1,236,133 ( Studocu ).

To create an accurate and comprehensive estimate of your investment costs, consider all the necessary elements for your pancake business. These may include:

• Kitchen Equipment : This includes commercial-grade griddles, mixers, refrigerators, and other essential kitchen appliances.
• Furniture and Decor : Tables, chairs, lighting, and decor that align with your brand and create an inviting atmosphere for customers.
• Ingredients and Supplies : Flour, eggs, milk, toppings, and other ingredients required for making pancakes, as well as packaging materials and cleaning supplies.
• Marketing and Advertising : Costs associated with promoting your pancake business, including online marketing, printed materials, and social media advertising.
• Licenses and Permits : Fees for obtaining necessary licenses and permits to operate your business legally.

By thoroughly estimating your investment costs, you can create a realistic budget and ensure that you have the necessary funds to launch and sustain your pancake business.

Financial Forecast

A financial forecast is a projection of your business’s future financial performance based on historical data and anticipated market conditions. It provides insights into revenue, expenses, and profitability. Let’s consider the financial forecast for Pancake Paradise in 2023 as an example ( Studocu ).

According to the forecast, Pancake Paradise is projected to generate sales of $1,270,080 in 2023. After deducting all expenses, including operating costs and taxes, the business is expected to achieve a net income of $390,434. This results in a total revenue of $1,660,514.

Creating a financial forecast for your pancake business will help you gauge its financial viability and plan for future growth. It allows you to assess the profitability of your venture, identify areas for potential improvement, and make informed decisions regarding pricing strategies, cost management, and revenue generation.

To develop an accurate financial forecast, consider the following key factors:

• Sales Projections : Estimate the number of customers you expect to serve and the average transaction value based on market research and competitor analysis.
• Expenses : Identify and estimate all costs associated with running your pancake business, including ingredients, labor, rent, utilities, marketing, and ongoing maintenance.
• Profitability Analysis : Calculate your gross profit margin, operating profit margin, and net profit margin to understand how efficiently your business is generating profit.
• Cash Flow : Assess your cash inflows and outflows to ensure that your business has enough liquidity to cover expenses and sustain operations.

By regularly reviewing and updating your financial forecast, you can adapt your business strategies to achieve your desired financial goals and navigate any potential challenges that may arise.

Financial planning is a critical component of building a successful pancake business. By accurately estimating your investment costs and creating a comprehensive financial forecast, you can lay a solid foundation for your business’s financial health and growth.

Business Analysis

To ensure the success and sustainability of your pancake business, it’s essential to conduct a thorough business analysis. This involves reviewing your balance sheet and performing a break-even analysis.

Balance Sheet Review

A balance sheet provides an overview of a company’s financial position at a specific point in time. Let’s take a closer look at the balance sheet analysis for Pancake Paradise in 2022, which showcases the distribution of assets:

Figures courtesy of Studocu

By carefully reviewing the balance sheet, you can gain insights into the composition of your assets and their respective proportions. This analysis helps you understand the allocation of your resources and identify areas where adjustments or improvements may be necessary.

Break-Even Analysis

A break-even analysis is a crucial tool for determining the point at which your business’s total revenue equals its total costs. This analysis allows you to understand the minimum number of units or sales required to cover your expenses.

For Pancake Paradise, the break-even analysis calculates the number of units needed to cover costs. The formula used is B = FC / (P – VC), where B represents the break-even units, FC represents the fixed costs, P represents the selling price per unit, and VC represents the variable cost per unit.

Based on the provided information ( Studocu ), Pancake Paradise requires 17,856 units to break even. This calculation assumes a selling price of Php 40 and a variable cost per unit of Php 20.

The break-even analysis is a valuable tool for understanding the financial viability of your pancake business. It helps you set realistic sales targets and pricing strategies to ensure profitability.

By conducting a comprehensive business analysis, including a balance sheet review and break-even analysis, you can gain a deeper understanding of your financial situation and make informed decisions to drive the success of your pancake business. Remember to regularly update and review these analyses as your business grows and evolves.

Perform Deep Market Research In Seconds

Automate your competitor analysis and get market insights in moments

Create Your Account To Continue!

Automate your competitor analysis and get deep market insights in moments, stay ahead of your competition. discover new ways to unlock 10x growth., just copy and paste any url to instantly access detailed industry insights, swot analysis, buyer personas, sales prospect profiles, growth opportunities, and more for any product or business..

• Resources for Entrepreneurs > Good Business Ideas > How Do I Start a Business

How to Start a Pancakes & Waffles Restaurant

How Do I Start a Business

We've collected some good advice that is written for aspiring entrepreneurs who hope to start a pancakes and waffle restaurant. Read this advice before you open up shop.

Wondering how to start a pancakes and waffle restaurant? We take you step-by-step from start to success.

How to Write a Top Quality Pancakes & Waffles Restaurant Business Plan

A business plan is the skeletal framework for your pancakes and waffle restaurant's mission, goals and strategic vision.

In contemporary business culture, business plans are also litmus tests used by external interests to assess real world viability and marketability.

For the sake of accuracy, you'll want to educate yourself about how to write the market analysis section of a business plan . While a robust market analysis can be a selling point for a pancakes and waffle restaurant startup, weak market research is a sure giveaway for a business that hasn't invested adequate effort in planning.

Location, Location, Location

For the most part, pancakes and waffle restaurants target local customers. You may think you know your community well, but it's worth doing some additional homework on your area. What types of people live nearby? Are income levels rising or falling in the area? Great demographic data can be obtained from the Census Bureau, so that is a good place to start any site location research project.

Investigate the Competition

Prior to opening a pancakes and waffle restaurant in your town, it's a smart move to determine how many competitors you have. Use the link below to find competitors in your area. After clicking on the link, type in your city, state and zip code to get a list of pancakes and waffle restaurants near you.

• Locate Pancakes & Waffles Restaurants Near You

Prior to opening your doors for business, be sure you fully understand the competitive landscape and where your new business will fit in.

Turning Competitors Into Collaborators

If you want to open a pancakes and waffle restaurant you really ought to talk to somebody who is already in the business. Local competitors are not going to give you the time of day, mind you. What's in it for them?

On the other hand, an individual who has a pancakes and waffle restaurant in another town may be willing to share their entrepreneurial wisdom with you, given that you don't compete with them in their area. In that case, the business owner may be more than happy to discuss the industry with you. If you are persistent, you can find a business mentor who is willing to help you out.

How do you find a pancakes and waffle restaurant entrepreneur that lives outside of your area?

Here's one way to do it. Just use our link below, find somebody and call them.

• Research Pancakes & Waffles Restaurant Owners In Other Cities

Getting Started in Pancakes & Waffles Restaurant Ownership

As a prospective pancakes and waffle restaurant owner, your entry options are limited to buying a viable business or building one from scratch.

Startup pancakes and waffle restaurants can be attractive because they allow the entrepreneur to have more control and greater influence. Yet startups are also more difficult to finance because their nature is inherently risky.

Acquired pancakes and waffle restaurants are known quantities - and are less risky for lenders. Buying a business means that you'll have access to a documented financial history, an established business model and other factors that are unknowns in a startup � and that makes the ownership opportunity less of a risk to both you and your pancakes and waffle restaurant's key stakeholders.

Is Franchising the Right Option?

Your chances for doing well with your venture are much better when you join the ranks of franchisees in lieu of doing everything yourself.

If your goal is to start a pancakes and waffle restaurant, it's worthwhile to check out whether franchising might alleviate your startup process.

The link below gives you access to our franchise directory so you can see if there's a franchise opportunity for you. You might even find something that points you in a completely different direction.

• Want to Start a Franchise Business?

Other Useful Articles for Startup Entrepreneurs

These additional resources regarding starting a business may be of interest to you.

Coming Up With Good Business Ideas

Share this article

Additional Resources for Entrepreneurs

Lists of Venture Capital and Private Equity Firms Franchise Opportunities Contributors Business Glossary

• Terms of Use
• Privacy Policy
• Franchise Directory
• Entrepreneurial Resources
• Small Business News
• Gaebler France
• Gaebler Mexico
• Gaebler Philippines
• Gaebler Czech Republic
• Gaebler Germany
• Gaebler China

Copyright © 2001-2024. Gaebler Ventures. All rights reserved.

Creamy Pancake Feasibility Studies

The document is a feasibility study for a proposed business called Creamy Pancake, which will be a partnership owned by seven students. The business will operate a pancake store located in Paranaque City that aims to serve tasty and affordable pancakes. The study outlines the company description, technical details of the business like production process and layout, management plan, marketing strategy, financial projections, and supporting documents. The main goal is for Creamy Pancake to become one of the popular pancake stores in the Philippines by serving delicious pancakes at a reasonable price. Read less

Related slideshows

Recommended for you

The document provides details about Joshua's Anime Store business plan, including: 1) An executive summary introducing the business of selling anime-inspired products like comics, pins, laces, and stickers made in the Philippines. 2) Personal details of the three student proprietors and their adviser. 3) An overview stating the business will be Muntinlupa's leading anime store selling quality Filipino-made items with a vision of satisfying customers.

The document provides background information on factors that affect students' mathematics performance. It discusses how positive attitudes and understanding the real-world applications of math can improve performance. The conceptual framework outlines how student-related factors like interest and study habits, and teacher-related factors like personality, teaching skills, and instructional materials influence mathematics performance. The study aims to determine the extent of these factors and their relationship to performance among high school students.

This marketing plan proposes introducing a new ready-to-drink bubble tea product called "Bubble Buzz" to be launched by The Coca-Cola Company. The plan analyzes market trends showing growth in the functional drink segment. It identifies the product's strategic role in strengthening Coca-Cola's portfolio and target market as adventurous Generation Y consumers. Competition in the functional drink and bubble tea markets is examined, along with barriers to a successful product launch. The marketing strategies aim to achieve forecasted sales growth and profits by capturing market share in this new beverage category.

Robinsons Malls is one of the largest shopping mall operators in the Philippines owned by Chinese Filipino entrepreneur John Gokongwei, Jr. It has a strong market position with experienced business units and skilled workforce. However, it faces threats from increasing costs and external risks. Robinsons' marketing strategy is to engage customers and give them a sense of belonging by experiencing the malls. SM Malls is also a major player in the Philippine retail industry owned by Henry Sy, Sr. and Felicidad T. Sy. It has a large network of over 45 stores nationwide but lacks an online presence. Both malls generate most of their sales from merchandise and real estate but also rely on customers' materialism and social interactions

Lovato Bakery Café is a partnership between 5 individuals operating out of Ampang, Selangor, Malaysia. The business was established in March 2013 and specializes in producing and selling cheese tarts in 5 flavors. The business plan outlines the company's vision, objectives, management structure, marketing strategy, and financial projections. It identifies key competitors in the area and provides sales forecasts projecting over RM1 million in annual revenue.

The document discusses several traditional Philippine art forms including puni from Bulacan which involves decorating with folded coconut leaves. Singkaban from Bulacan are elaborately designed bamboo arches used as decorations. Pabalat from Bulacan refers to intricate paper cutouts as well as the cultural practice. Taka originated in Paete, Laguna and are paper mache sculptures made using carved wooden molds. Pagbuburda from Taal and Lumban, Laguna is the art of embroidery, especially of floral designs, on fabrics.

If you want to help or donate please donate at my paypal: [email protected] entrep SUPPORT ME: https://www.buymeacoffee.com/dyokimura6 CHECK MY GAMING CHANNEL: https://www.youtube.com/channel/UCoKOObshfyyxhVkw1VjyQNA

This is the product proposal paper prepared by the students of Capitol University major in Marketing Management and Human Resource Management taking up Introduction to Entrepreneurship Feasibility Study paper.

The document provides a business plan for Smoothy Juice Company Ltd, a juice manufacturing company that will produce juices like orange, mango, and cocktail special. It details the production process which involves juice extraction, removing bitterness, treating pulp, and aseptic filling. The production plan also describes the key equipment needed like pasteurizers to ensure high quality juices are produced.

This document contains biographical information about two individuals: 1. Maricris Mendoza Villaflor from Sta. Maria, Laguna who graduated from Laguna State Polytechnic University in 2011 with a Bachelor's degree in Secondary Education. 2. Abba Paola Flores Bautista from Siniloan, Laguna who is also a 2011 graduate of Laguna State Polytechnic University with a Bachelor's degree in Secondary Education. Both individuals list their personal details, education history, skills, seminars attended, research undertaken, affiliations, and references.

Pagbasa at Pagsusuri ng Iba't Ibang Teksto Tungo sa Pananaliksik

REFLECTION ON CONSUMER BEHAVIOR, METHODS OF RESEARCH AND PRODUCT MANAGEMENT 1. What did you learned on the subject? 2. How did it change your life? 3. How would you apply it in your daily life?

This document presents a business plan for a sandwich shop called Sandwich World. It outlines the menu, which will include various types of sandwiches and beverages. It discusses the vision, objectives, target customers, and competitive advantages of the shop. Financial projections include sales forecasts, equipment costs, profit/loss calculations, and cash flow statements. The shop is projected to reach profitability within two years and have a 24% return on investment.

The Sleepy Armadillo Coffee House aims to create a welcoming environment for customers and employees while providing quality coffee products and services. Located in Ashland, Oregon, the coffee shop will offer freshly brewed coffee using various techniques as well as coffee beans, cups, gifts cards, baked goods, and coffee making equipment. The owner's goals are to distinguish the coffee shop with great tasting coffee at reasonable prices, build community through free social events, and create a comfortable place for people to socialize while treating all with respect.

This feasibility report proposes establishing a tapioca ice cream shake stall that sells flavored drinks mixed with tapioca pearls and topped with ice cream. The stall aims to provide unique, tasty products at affordable prices to appeal to customers of all ages. Key objectives are promoting the stall's image, ensuring quality products and service, and maintaining a profitable layout. The stall will offer small, medium, and large cups in various flavors. Marketing will target everyone who enjoys shakes, with strategies like special monthly flavors. Financial projections estimate startup costs of P57,000 and capital of P100,000, with P43,000 remaining for operating expenses.

J.CO Donut & Coffee Marketing ( Principles of Marketing ) Faculty of Communication and Media Universiti Selangor

The document summarizes a business plan for a snack delivery service called Snacks-To-Go. It will deliver snacks to student organizations at universities in Cebu City. The plan discusses the target market of student organizations, competitors, marketing strategy, operations, management, and financial projections. Snacks-To-Go aims to make snack provision more convenient for events by delivering orders on time. It expects demand to grow 10% annually over the next 5 years.

DevOps has emerged as a key practice that fosters collaboration between development and operations teams.

TALENT ACQUISITION AND MANAGEMENT LECTURE 2

NewBase Energy is pleased to present you with the latest energy NewBase 05 July 2024 Energy News issue - 1736 by Khaled Al Awadi , Founder & S. Editor.NewBase Energy is pleased to present you with the latest energy NewBase 05 July 2024 Energy News issue - 1736 by Khaled Al Awadi , Founder & S. Editor.NewBase Energy is pleased to present you with the latest energy NewBase 05 July 2024 Energy News issue - 1736 by Khaled Al Awadi , Founder & S. Editor.NewBase Energy is pleased to present you with the latest energy NewBase 05 July 2024 Energy News issue - 1736 by Khaled Al Awadi , Founder & S. Editor.NewBase Energy is pleased to present you with the latest energy NewBase 05 July 2024 Energy News issue - 1736 by Khaled Al Awadi , Founder & S. Editor.

00966583759617.حبوب الإجهاض في دبي | أبوظبي | الشارقة | السطوة | سعر سايتوتكCytotec يتميز دواء Cytotec (سايتوتك) بفعاليته في إجهاض الحمل، الدفع عند الاستلام سايتوتك mifepristone حبوب اجهاض الامارات تنزيل الحمل الاسقاط علاج الاجهاض تسقيط خصيم وين احصلها طريقة cytotec للاجهاض المنزلي الجنين اريد انزل طرق للاجهاض هل يوجد دواء الإجهاض في الشهر الأول الثاني بروجسترون الميفيبريستون والميثوتريكسات اطيح بغيت وين دواء دوا من كيف اتخلص الدورة الشهرية بخصم كم سعر ... mifepristone tablet - cytotec شي ينزل الحمل حبوب تطيح الجنين اشياء تنزل الجنين اطيح سايتوتيك لاجهاض للاجهاض يطيح شي يجهض الحمل حبوب تنزيل الحمل في الشهر الثاني الأول حبوب اجهاض الحمل في الشهر الثاني الأول المجهضات الطبية الميفيبريستون والميثوتريكسات ميسوبروستول والتخلص من النزيف ما بعد الولادة. وهو يحتوي على المادة الفعالة ميزوبروستول. يتوفر حبوب سايتوتك للبيع في الدمام، الرياض، جدة، ومكة المكرمة. حيث يسهل الحصول علىها عبر رقم واتساب أو 00966583759617، ويقدم المورد تسليمًا شخصيًا باليد بأسعار تنافسية. تبحث العديد من النساء في المملكة العربية السعودية عن سايتوتك كخيار بديل للعمليات الجراحية التي تكلف الكثير من الوقت والمال، وتحمل مخاطر صحية عالية. يمكنك الآن الحصول على الحبوب الآمنة والفعالة باستخدام اجهاض سايتوتك للبيع في الامارات العربيه المتحده العين دبي ابوظبي ، هناك حبوب اجهاض سايتوتك المتوفرة بنسبة خصم تصل إلى . تعتبر حبوب اجهاض سايتوتك الحل الفعال والسريع لعلاج مشاكل الحمل الغير مرغوب فيه. نحن نتميز بسرعة التوصيل وتوافر حبوب اجهاض سايتوتك في الامارات العربيه المتحده العين دبي ابوظبي . نحن نقدم خدمة طبية مميزة لبيع حبوب اجهاض سايتوتك للبيع في الامارات العربيه المتحده العين دبي ابوظبي ، وهي تعتبر الحل الأمن والفعال للإجهاض. حبوب اجهاض سايتوتك في الامارات العربيه المتحده العين دبي ابوظبي تضمن الأمان والفعالية العالية. احصل على حبوب اجهاض سايتوتك بسهولة وسيتم توصيلها إليك في الامارات العربيه المتحده العين دبي ابوظبي . لا توجد أي تأثيرات جانبية ويمكن الدفع عند استلام الحبوب مباشرة. يمكن شراء سايتوتك في الامارات العربيه المتحده العين دبي ابوظبي من خلال سبلة البيع والشراء. لنتحدث اليوم عن بيع حبوب سايتوتك للإجهاض في الامارات العربيه المتحده العين دبي ابوظبي . في الامارات العربيه المتحده العين دبي ابوظبي ، يمكننا الحصول على حبوب الإجهاض بشكل قانوني وآمن. سنقدم تفاصيل أكثر لفهم أفضل لتأثير حبوب اجهاض سايتوتك والطرق الآمنة التي يتعين على الأفراد اتباعها عند استخدام هذه الحبوب. نحن نقدم حبوب الإجهاض في الامارات العربيه المتحده العين دبي ابوظبي .يتم توصيل حبوب الإجهاض سايتوتك بسرية تامة إلى جميع مدن الامارات العربيه المتحده العين دبي والطرق الآمنة التي يتعين على الأفراد اتباعها عند استخدام هذه الحبوب. نحن نقدم حبوب الإجهاض في الامارات العربيه المتحده العين دبي ابوظبي .يتم توصيل حبوب الإجهاض سايتوتك بسرية تامة إلى جميع مدن الامارات العربيه المتحده العين دبي ابوظبي ولدينا سايتوتك الأصلي من إنتاج شركة فايزر. لشراء حبوب سايتوتك في الامارات العربيه المتحده العين دبي ابوظبي تواصل معنا عبر الواتس اب او الاتصال هاتفيا✙❇ ❈ ((!!௵[© ) حبوب إجهاض للبيع في رأس ... The حبوب سايتوتك في دبي،حبوب00966583759617 الاجهاض للبيع في الامارات والسعودية وعمان ... — حبوب سايتوتك للبيع في الامارات ومصر السعوديةحبوب سقع

In this article, we will look at the compliance calendar or July 2024, which includes Income tax compliances/PF/ESI.

Analyze the idea behind Binance KYC Bypass and compare it to the KYC policies of other cryptocurrency exchanges. Find out about the dangers of trying to bypass KYC and the verification procedure.

Obtaining a Money Changer License in Singapore involves thorough preparation and adherence to regulatory guidelines. Applicants must submit a detailed business plan, demonstrate financial stability, and fulfill stringent anti-money laundering requirements. The Monetary Authority of Singapore (MAS) carefully evaluates each application to ensure compliance with regulatory standards before granting the license. More Information:- https://enterslice.com/sg/money-changer-license-in-singapore

Anton Grutzmache, Co-Founder at Ominisient on The Data Revolution in Banking: From Scoring Credit Invisibles to Fraud Prevention at the Digital Finance Africa 2024 conference.

Simple Ways to Make Your Commercial Space More Energy Efficient In today's world, being energy efficient isn't just good for the planet—it's also good for your wallet. Whether you run a small shop or a large office building, there are plenty of simple steps you can take to reduce your energy consumption and save money on utility bills. Let's dive in! 1. Upgrade Your Lighting: One of the easiest ways to save energy is by switching to energy-efficient lighting options like LED bulbs. LEDs use significantly less energy than traditional incandescent bulbs and last much longer, so you'll save money on both energy and replacement costs in the long run. 2. Install Motion Sensors: Do you have areas in your commercial space that aren't always in use, like storage rooms or bathrooms? Consider installing motion sensors that automatically turn lights off when no one is around. This simple addition can lead to significant energy savings over time. 3. Optimize Heating and Cooling: Heating and cooling can account for a big portion of your energy bills, especially in larger commercial spaces. To save energy, make sure your HVAC system is properly maintained and consider investing in a programmable thermostat. You can also encourage employees to dress in layers to reduce the need for excessive heating or cooling. 4. Seal Leaks and Insulate: A well-insulated building is more energy efficient because it retains heat in the winter and keeps cool air in during the summer. Check for drafts around windows and doors and seal them with weather stripping or caulking. Adding insulation to walls, floors, and ceilings can also make a big difference in your energy consumption. 5. Use Energy-Efficient Equipment: When it's time to replace old appliances or equipment in your commercial space, opt for energy-efficient models. Look for the ENERGY STAR label, which indicates that the product meets strict energy efficiency guidelines set by the Environmental Protection Agency. 6. Encourage Energy-Saving Habits: Sometimes, the simplest changes can have the biggest impact. Encourage employees to turn off lights and electronics when they're not in use, unplug chargers and other devices when they're fully charged, and use natural light whenever possible. 7. Conduct an Energy Audit: If you're serious about improving energy efficiency in your commercial space, consider hiring a professional to conduct an energy audit. They'll assess your energy usage and identify areas where you can make improvements, ultimately helping you save even more money in the long run. 8. Educate and Involve Employees: Finally, don't forget to involve your employees in your energy-saving efforts. Educate them about the importance of energy efficiency and encourage them to come up with their own ideas for saving energy in the workplace. When everyone is on board, you'll see even greater results. LED , Lights , Manufacturers in India , Efficient Lighting , Quality Products

Hi guys! To do the first things first, I have to introduce myself and my background, and we need an explanation for the reason and incentive behind this summary presentation and the series of articles that may follow for more details. I am a game designer with a focus on economy design. After some years of working in game design, I felt the most inspiring thing for me is seeing an increase in a graph (of course, not the churn graph). The combination of this with a focus on features and their results and the needs of the game led me toward becoming a product manager. At first, I started reading about product managers' roles, responsibilities, daily routines, and most importantly, the methods they use for fulfilling their responsibilities. Initially, I tried to implement these methods in our structure, but the deeper I delved into gaming product management, the more methods I found that needed to change to achieve the best results. After some time, I realized that having knowledge of how product managers in application products operate is necessary but not sufficient to call oneself a game product manager. Of course, they invented the wheel, special thanks to them, but the fact is that we do not have a car; we have bicycles or airplanes! So, the same wheel does not work for us! In this series of articles, I want to describe how things are different when playing the role of a PM or GPM, what you need to know, and what are not our primary challenges. How to become a GPM after discussing the pros and cons of being a PM or GPM. If you are going to choose between one of them, you can stop reading this and choose PM! But if you are passionate about becoming a GPM, I suggest you read these, then take a deep breath, make your final decision, take your sword, and be ready to face dragons, without knowing how to use the sword!

Is there anyone significantly outperforming the competition due to their use of Insurtech? Yes! Prograssive's telematics-based pricing sophistication

Local SEO has grown in importance in today's digital environment for companies trying to draw clients from their target region. If you want to take your local SEO to the next level, work with Woosper to maximize the potential of your online presence.

https://bit.ly/3xVXxwq https://bit.ly/3uadezi https://bit.ly/3NM3GBo https://bit.ly/3Rc2xX4 https://bit.ly/3Dm1Hl4 https://bit.ly/42t6U53 https://shorturl.at/pyK23 https://maps.app.goo.gl/8SWMpds72XnHfKMN9 https://industrialcivilconstructions.com/warehouse-roofing-contractors.html https://industrialcivilconstructions.com/blog-industrial-roofing-contractors-chennai.html https://industrialcivilconstructions.com/blog-warehouse-roofing-contractors.html https://industrialcivilconstructions.com/godown-roofing-contractors.html https://industrialcivilconstructions.com/puf-panel-roofing-contractors.html https://industrialcivilconstructions.com/blog-kerala-tile-roofing-constructions-bangalore.html https://industrialcivilconstructions.com/blog-mangalore-tile-roofing-construction-bangalore.html https://industrialcivilconstructions.com/blog-roofing-contractors-chennai.html https://industrialcivilconstructions.com/blog-metal-roofing-contractors-chennai.html https://industrialcivilconstructions.com/blog-terrace-roofing-contractors-chennai.html https://roofingshedconstructions.com/Warehouse-Roofing-Contractors.html https://roofingshedconstructions.com/industrial-roofing-contractors.html https://roofingshedconstructions.com/Godown-Roofing-Contractors.html https://roofingshedconstructions.com/Metal-Roofing-Contractors.html https://roofingshedconstructions.com/Terrace-Roofing-Contractors.html https://roofingshedconstructions.com/Steel-Roofing-Contractors.html https://roofingshedconstructions.com/Kerala-Roofing-Contractors.html https://roofingsheetmanufacturers.com/warehouse-roofing-contractors.html https://roofingsheetmanufacturers.com/industrial-roofing-contractors.html https://roofingsheetmanufacturers.com/terrace-roofing-contractors.html https://roofingsheetmanufacturers.com/kerala-tile-roofing-contractors.html https://roofingsheetmanufacturers.com/mangalore-tile-roofing-contractors.html https://roofingsheetmanufacturers.com/godown-roofing-contractors.html https://roofingsheetmanufacturers.com/kerala-style-roofing-contractors.html https://bestroofingsolutions.in/Terrace-Roofing.html https://bestroofingsolutions.in/Metal-Roofing.html https://bestroofingsolutions.in/Roofing-Contractors.html https://bestroofingsolutions.in/godown-roofing-contractors.html https://bestroofingsolutions.in/roofing-construction.html https://bestroofingsolutions.in/warehouse-roofing-contractors.html https://bestroofingsolutions.in/Industrial-Roofing-Contractor.html #factoryshed #factoryroofing #factoryroofingcontractors #commercialfactoryroofing #factoryshedconstruction #factoryshedcontractors #factoryroof #factorysteelroof #factorymetalroofing #roofshed #roofingshed #roofingshedcontractors #roofingcontractor #chennai #madurai #tirunelveli #trichy #thanjavur #coimbatore #kanchipuram #vellore #dindigul #kumbakonam #salem #nagapattinam #thoothukudi #tiruppur #sivaganga #hosur #kanniyakumari #karaikudi #cuddalore #ambur #erode #nagercoil #pudukkottai #neyveli #tiruvottiyur #pallavaram #tamb

KALYAN MATKA | MATKA RESULT | KALYAN MATKA TIPS | SATTA MATKA | MATKA.COM | MATKA PANA JODI TODAY | BATTA SATKA | MATKA PATTI JODI NUMBER | MATKA RESULTS | MATKA CHART | MATKA JODI | SATTA COM | FULL RATE GAME | MATKA GAME | MATKA WAPKA | ALL MATKA RESULT LIVE ONLINE | MATKA RESULT | KALYAN MATKA RESULT | DPBOSS MATKA 143 | MAIN MATKA

Front Slide ConvertKit: Best Email Marketing Tool for 2024 Next Slide What is Email Marketing? Email marketing involves promoting products or services via email to potential customers. Tools like ConvertKit enhance the effectiveness of email marketing by helping you reach your target audience and elevate your business. Next Slide What is ConvertKit? ConvertKit is a top email marketing tool, favored by content creators and small businesses. It offers features like automation, landing pages, sequencing, and broadcasting, making it ideal for generating and converting leads efficiently. Next Slide Key Features of ConvertKit 1. Landing Pages: Easily create customizable landing pages. 2. Forms: Embed forms on your website to generate leads. 3. Automation: Automate email responses with pre-built templates. 4. Broadcasting: Send personalized emails to thousands of subscribers. Next Slide Key Features of ConvertKit 5. Sequencing: Automate email series to convert leads into customers. 6. Integration: Integrate with platforms like affiliate sites and e-commerce. 7. Commerce: Start an e-commerce business without a website. 8. Creator Pro: Advanced features for selling high-cost products. Next Slide How ConvertKit Can Help Your Business Grow 1. Convert Casual Visitors: Turn social media followers into subscribers. 2. Build Relationships: Customize emails to build strong audience relationships. 3. Source of Earnings: Use trust to convert subscribers into sales. Next Slide Join ConvertKit Affiliate Program ConvertKit's affiliate program offers free training, premium tools, and a 30% commission for referrals. Next Slide ConvertKit Pricing Plans ConvertKit has Monthly and Yearly plans with Free, Creator, and Creator Pro tiers. Start with the free plan and upgrade as needed. Next Slide ConvertKit Alternatives 1. Mailchimp: All-in-one marketing platform. 2. GetResponse: Focus on landing pages and email lists. 3. ActiveCampaign: Advanced follow-up sequences. 4. AWeber: Building mailing lists and designing newsletters. Next Slide ConvertKit vs. Mailchimp - Automation: ConvertKit offers advanced options. - Landing Pages: ConvertKit has more templates. - Customer Support: ConvertKit offers 24/7 support in all plans. - Email Sending Limit: ConvertKit allows unlimited emails. - Migration: ConvertKit offers free migration services. Next Slide ConvertKit vs. GetResponse - Simplicity: ConvertKit is user-friendly for small businesses. - Sequencing: Easier to use in ConvertKit. - WordPress Plugin: Available in ConvertKit. - Charges: No charges for duplicate signups in ConvertKit. Next Slide Conclusion Email marketing is an excellent method to showcase your business and sell high-value products. ConvertKit is a robust tool to help you reach your target audience and start earning.

A descriptive case study on Indian Ecommerce logistics market

Strategies for effective transition and operational planning to help your organization adapt and thrive in the face of change.

Method and Practical

More Related Content

What's hot, what's hot ( 20 ), recently uploaded, recently uploaded ( 20 ).

• 1. UNIVERSAL COLLEGES OF PARAÑAQUE, INC. Provider of Health Science, Business, I.T., Teacher & Engineering Education 8273 Dr. A. Santos Avenue, Sucat, Parañaque City Telephone No: 381-96-23
• 2. UNIVERSAL COLLEGES OF PARAÑAQUE, INC. Provider of Health Science, Business, I.T., Teacher & Engineering Education 8273 Dr. A. Santos Avenue, Sucat, Parañaque City Telephone No: 381-96-23 A Feasibility Study on Proposed Business Name “Creamy Pancake” In Partial Fulfillment of the Requirement For Degree of Bachelor of Science in Business Administration Submitted By: Lopez, Maraia Angelic D. Lagbas, Ma. Meryll Gonzales, Khristine Mariel G. Cachila, Mariedol Castano, John Alexander C. Lanorias, Alyssa Mari Dela Cruz, Kristel Marie Submitted To: Prof. Josart Tubay, CPA, MBA Adviser October 2016
• 3. UNIVERSAL COLLEGES OF PARAÑAQUE, INC. Provider of Health Science, Business, I.T., Teacher & Engineering Education 8273 Dr. A. Santos Avenue, Sucat, Parañaque City Telephone No: 381-96-23 Creamy Pancake Page i TABLE OF CONTENTS TABLE OF CONTENTS...........................................................................................................i APPROVAL SHEET ..............................................................................................................vi ACKNOWLEDGMENT .......................................................................................................vii DEDICATION ......................................................................................................................ix CHAPTER 1. INTRODUCTION ......................................................................................... 1 A. Vision ....................................................................................................................... 1 B. Mission ..................................................................................................................... 1 C. Goals and Objectives........................................................................................... 1 CHAPTER 2. TECHNICAL STUDY..................................................................................... 2 A. Company Description........................................................................................... 2 B. Company Ownership............................................................................................ 3 C. Company Logo...................................................................................................... 4 D. Company Tagline.................................................................................................. 4 E. Product Description............................................................................................... 5 F. Production Process................................................................................................ 7 G. Location Description............................................................................................. 9 H. Layout ................................................................................................................... 11 I. Operating Procedures ........................................................................................ 14 J. Materials and Equipment................................................................................... 16 K. Advertising Expense ............................................................................................ 33 L. Rent Expense........................................................................................................ 33 M. Utilities.................................................................................................................... 34 N. Labor Requirement ............................................................................................. 36 O. Service Schedule................................................................................................. 36 P. Waste Disposal..................................................................................................... 37 CHAPTER 3. MANAGEMENT STUDY............................................................................. 38 A. Human Resource Management ....................................................................... 38
• 4. UNIVERSAL COLLEGES OF PARAÑAQUE, INC. Provider of Health Science, Business, I.T., Teacher & Engineering Education 8273 Dr. A. Santos Avenue, Sucat, Parañaque City Telephone No: 381-96-23 Creamy Pancake Page ii i. Organizational Chart ...................................................................................... 38 ii. Staffing .............................................................................................................. 39 iii. Recruitment Process........................................................................................ 42 iv. Personnel Policies ............................................................................................ 43 v. General Company Policies Rules on Discipline........................................... 46 vi. Human Resource Salary ................................................................................. 48 B. Gantt Chart.......................................................................................................... 50 C. Resource Planning............................................................................................... 51 D. Quality Control..................................................................................................... 52 CHAPTER 4. MARKETING STUDY.................................................................................. 54 A. Marketing Objectives.......................................................................................... 54 B. Market Segmentation......................................................................................... 54 i. Geographic Segmentation............................................................................ 54 ii. Demographic Segmentation......................................................................... 54 iii. Psychographic Segmentation....................................................................... 54 iv. Behavioral Segmentation............................................................................... 55 C. Plan of Distribution............................................................................................... 55 i. Target Market Strategy................................................................................... 55 ii. Market Needs................................................................................................... 56 iii. Market Trends................................................................................................... 56 iv. Market Growth................................................................................................. 56 D. Competitive Advantages .................................................................................. 58 E. Marketing Strategy.............................................................................................. 58 i. Product ............................................................................................................. 58 ii. Price................................................................................................................... 59 iii. Promotion ......................................................................................................... 61 iv. Place ................................................................................................................. 66 v. Packaging Design ........................................................................................... 67 F. Product Positioning.............................................................................................. 69 G. Competitor’s Analysis.......................................................................................... 69
• 5. UNIVERSAL COLLEGES OF PARAÑAQUE, INC. Provider of Health Science, Business, I.T., Teacher & Engineering Education 8273 Dr. A. Santos Avenue, Sucat, Parañaque City Telephone No: 381-96-23 Creamy Pancake Page iii H. SWOT Analysis....................................................................................................... 70 I. Demand Analysis................................................................................................. 70 i. Distribution of Survey Questionnaires............................................................ 72 ii. Result of the Survey and Data Analysis ........................................................ 73 J. Supply Analysis..................................................................................................... 93 K. Demand-Supply Analysis.................................................................................... 97 L. Projected Sales .................................................................................................... 97 CHAPTER 5. SOCIO-ECONOMIC STUDY..................................................................... 98 A. Government......................................................................................................... 98 B. Country ................................................................................................................. 98 C. Industry.................................................................................................................. 98 D. Labor/Employment ............................................................................................. 99 CHAPTER 6. FINANCIAL STUDY ..................................................................................100 A. Objectives........................................................................................................... 100 B. Summary of Assumptions.................................................................................. 100 C. Schedules ........................................................................................................... 101 i. Sources of Financing..................................................................................... 101 ii. Pre-Operating Expenses ............................................................................... 101 iii. Purchases of Raw Materials & Merchandise ............................................. 102 iv. Raw Materials Used....................................................................................... 102 v. Raw Materials End......................................................................................... 103 vi. Merchandise Used......................................................................................... 103 vii. Merchandise End........................................................................................... 103 viii. Indirect Materials Used ................................................................................. 104 ix. Indirect Materials End ................................................................................... 104 x. Salaries and Wages....................................................................................... 105 xi. Employee’s Benefits ...................................................................................... 105 xii. Depreciation .................................................................................................. 106 xiii. Prepaid Expenses........................................................................................... 106 xiv. Selling Price..................................................................................................... 106
• 6. UNIVERSAL COLLEGES OF PARAÑAQUE, INC. Provider of Health Science, Business, I.T., Teacher & Engineering Education 8273 Dr. A. Santos Avenue, Sucat, Parañaque City Telephone No: 381-96-23 Creamy Pancake Page iv xv. Factory Overhead......................................................................................... 106 xvi. Net Sales Revenue ........................................................................................ 107 xvii. Ending Inventory............................................................................................ 107 xviii. Store Supplies ................................................................................................. 108 xix. Cleaning Supplies.......................................................................................... 108 xx. Utilities Expense .............................................................................................. 108 xxi. Communication Expense............................................................................. 108 xxii. Property Plant and Equipment .................................................................... 109 xxiii. Regulatory Fees and Business Permit Tax ................................................... 109 xxiv.SSS, Philhealth, Pag-ibig Contribution and Withholding Tax Payable.... 110 xxv. VAT Payable................................................................................................... 111 xxvi.Trade and Other Payables........................................................................... 111 xxvii. Operating Expense ................................................................................ 112 xxviii. Partner’s Equity ....................................................................................... 112 D. Major Assumptions............................................................................................. 113 i. Cost of Goods Sold ....................................................................................... 113 ii. Income Statement ........................................................................................ 114 iii. Cash Flow ....................................................................................................... 115 iv. Financial Position ........................................................................................... 117 v. Changes in Equity.......................................................................................... 119 E. Financial Analysis............................................................................................... 121 F. Supporting Documents..................................................................................... 125 i. Mayor’s Permit ............................................................................................... 125 ii. Sanitation Permit to Operate....................................................................... 126 iii. BIR Permit ........................................................................................................ 127 iv. BIR Certificate of Registration ...................................................................... 128 v. DTI Certificate of Business Name Registration ........................................... 129 vi. SEC Certificate of Incorporation ................................................................. 130 vii. Articles of Partnership.................................................................................... 131 viii. SSS Contribution Table 2017 ......................................................................... 136
• 7. UNIVERSAL COLLEGES OF PARAÑAQUE, INC. Provider of Health Science, Business, I.T., Teacher & Engineering Education 8273 Dr. A. Santos Avenue, Sucat, Parañaque City Telephone No: 381-96-23 Creamy Pancake Page v ix. SSS Employer Regisration.............................................................................. 137 x. Philhealth Premium Contribution Table 2017............................................. 138 xi. Philhealth Member Registration Form......................................................... 139 xii. Pag-Ibig Contribution Table 2017................................................................ 140 xiii. Pag-Ibig Member’s Data Form.................................................................... 141 xiv. Pag-Ibig Employer’s Data Form................................................................... 142
• 8. UNIVERSAL COLLEGES OF PARAÑAQUE, INC. Provider of Health Science, Business, I.T., Teacher & Engineering Education 8273 Dr. A. Santos Avenue, Sucat, Parañaque City Telephone No: 381-96-23 Creamy Pancake Page vi APPROVAL SHEET This Feasibility Study entitled, Creamy Pancake, prepared and submitted by Maraia Angelic D. Lopez, Ma. Meryll Lagbas, Khristine Mariel G. Gonzales, Mariedol M. Cachila, Allysa Mari Lanorias, John Alexander C. Castaño and Kristel Marie Dela Cruz in partial fulfillment requirements of the degree of Bachelor of Science in Business Administration, has been examined and recommended for acceptance and approval for Oral Examination. PROF. JOSART TUBAY, CPA, MBA Adviser Approved by the feasibility study committee on Oral Examination with grade of ____________ on March 2017. Approved and accepted in partial fulfillment requirements of the degree of Bachelor of Science in Business Administration. PROF. SONNY A. PALACIO, MBA, MPA, Ph.D (Cand) MEMBER PROF. ERIK CAÑEDO-DADO, MBA, CFMP MEMBER PROF. EMMA TRINIDAD, MBA CHAIRPERSON PROF. EMMA TRINIDAD, MBA CBA Dean
• 9. UNIVERSAL COLLEGES OF PARAÑAQUE, INC. Provider of Health Science, Business, I.T., Teacher & Engineering Education 8273 Dr. A. Santos Avenue, Sucat, Parañaque City Telephone No: 381-96-23 Creamy Pancake Page vii ACKNOWLEDGMENT With deepest gratitude and appreciation, we humbly give thanks to the people who, with all they can, helped us in making our study a possible one. First of all, we would like to thank Almighty God, for His unconditional love and for all the blessings He is showering each day of our life. With love and gratitude, we thank Him for guiding us during this study and for making it possible one. For the provision He has bestowed, for keeping us and our love ones always safe, especially when we are going home late, for giving us enough knowledge and ability to take this opportunity, and for all the challenges He has given to our group that made us stronger than ever. We thank Him for His comfort during the times that we are about to give up and for healing us when we are sick. By His grace, we were able to finish this study without any conflict. To the institution where we are studying, Universal Colleges of Parañaque, where we are continuously growing as a Bachelor of Science in Business Administration, Major in Financial and Marketing Management student, and to Mr. Domingo Tay for giving us, students, and the opportunity to experience this kind of study that helps build our future. To all professors who shared and continuously sharing their knowledge with students like us and keep on molding us into a better person, we are extending our warmest thanks to Ms. Erik Dado and Mr. Sonny Palacio for being one of our most supportive professors. To our Dean, Ms. Emma Trinidad for her full support, assistance, guidance, understanding and words of encouragement are very much appreciated. It is a genuine gratitude pleasure to express our deep sense of big thanks to our adviser Mr. Josart B. Tubay for his support, advices, guidance, valuable
• 10. UNIVERSAL COLLEGES OF PARAÑAQUE, INC. Provider of Health Science, Business, I.T., Teacher & Engineering Education 8273 Dr. A. Santos Avenue, Sucat, Parañaque City Telephone No: 381-96-23 Creamy Pancake Page viii comments, sharing his knowledge and helped in statistical computation and helped throughout the study. We would like to extend our gratitude to the Nes Commercial Complex, Executive Assistant of Barangay Chairman in Barangay San Dionisio, STI Admission Officer and UCP Head Registrar, Managers of McDonalds Fortunata, McDonalds Gatchalian, Jollibee Waltermart, Jollibee Evacom and Jollibee Olivarez for entertaining and giving us the right information we are looking. A very special thanks to Mr. Joshua Allen L. Baguiwong for helping us in the financial statement of our study and for explaining us how to compute our finances. To our parents and guardians, for their unending love and support, for providing all our needs financially and morally, for their patience and understanding during our tiring days that we can’t help them in the chores, for their never fading advices and for being there for us no matter what. - Lopez, Maraia Angelic D. - Lagbas, Ma. Meryll - Gonzales, Khristine Mariel G. - Cachila, Mariedol - Castano, John Alexander C. - Lanorias, Alyssa Mari - Dela Cruz, Kristel Marie
• 11. UNIVERSAL COLLEGES OF PARAÑAQUE, INC. Provider of Health Science, Business, I.T., Teacher & Engineering Education 8273 Dr. A. Santos Avenue, Sucat, Parañaque City Telephone No: 381-96-23 Creamy Pancake Page ix DEDICATION We wholeheartedly dedicate this study to our beloved and supportive parents, to our helpful classmates and friends and relatives, to our intelligent mentor, Mr. Josart B. Tubay, to the dean of College of Business and Accountancy, Ms. Emma M. Trinidad, to our school, and to our Almighty God,
• 12. UNIVERSAL COLLEGES OF PARAÑAQUE, INC. Provider of Health Science, Business, I.T., Teacher & Engineering Education 8273 Dr. A. Santos Avenue, Sucat, Parañaque City Telephone No: 381-96-23 Creamy Pancake Page 1 CHAPTER I Introduction A. Vision Creamy Pancake envisions itself to be one of the leading companies in the food industry and to be well-known through our brand here in the Philippines by serving the best yet simple, and delicious pancakes. B. Mission Creamy Pancake’s mission is to create and promote our unique batter mixtures of tastiest and budget friendly pancakes that will serve as the gift of happiness to everyone. C. Goals and Objectives 1. To be well known as a pancake business in Paranaque City by making our customer received the gift of happiness as they eat our pancakes. 2. To develop and maintain customers loyalty. 3. To ensure customer satisfaction by serving them the tastiest pancake at affordable price. 4. To help the community by providing employment
• 13. UNIVERSAL COLLEGES OF PARAÑAQUE, INC. Provider of Health Science, Business, I.T., Teacher & Engineering Education 8273 Dr. A. Santos Avenue, Sucat, Parañaque City Telephone No: 381-96-23 Creamy Pancake Page 2 CHAPTER II Technical Study A. Company Description Creamy Pancake is an innovative business that will provide delicious and affordable pancakes with ice cream, syrup, and toppings. The form of business will be a partnership, owned and operated by Maraia Angelic Lopez, Ma. Meryll Lagbas, Khristine Mariel G. Gonzales, Mariedol Cachila, Alyssa Mari Lanorias, John Alexander C. Castano and Kristel Marie Dela Cruz. Creamy Pancake is scheduled to begin operations on January 1, 2017 and it will be located at Nes Commercial Complex, Evacom Avenue, Brgy. San Dionisio, Sucat, Paranaque City. It is near to the college students from STI Paranaque and Universal Colleges of Paranaque. Creamy Pancake aims to be unique compared to other pancake house. It will serve food items that are tasty and will offer customers a quick meal in a comfortable environment. It will target all customers especially the students and people who loved pancakes. The main goal of Creamy Pancake is to be one of the popular pancake stores in the Philippines by serving the best yet simple, and delicious pancakes with love. What sets Creamy Pancakes apart from other commercial pancake stores, aside from its unique batter mixtures is its affordable price, which will benefit students with tight food budget.
• 14. UNIVERSAL COLLEGES OF PARAÑAQUE, INC. Provider of Health Science, Business, I.T., Teacher & Engineering Education 8273 Dr. A. Santos Avenue, Sucat, Parañaque City Telephone No: 381-96-23 Creamy Pancake Page 3 B. Company Ownership Creamy Pancake Company shall be owned and controlled by the seven proponents. It will be a partnership form of ownership whereby two or more persons bind themselves to contribute money, property, labor or skill, and expect to share in the profits and losses of the business. Creamy Pancake’s proponents have agreed that each partner shall contribute ₱ 50,000.00 to the capital requirement of the business money amounting to ₱ 350,000.00 Partner Citizenship Interest Contribution Maraia Angelic D. Lopez Filipino 14.29% Php 50,000.00 Ma. Meryll Lagbas Filipino 14.29% 50,000.00 Khristine Mariel G. Gonzales Filipino 14.29% 50,000.00 Mariedol M. Cachila Filipino 14.29% 50,000.00 Allysa Mari Lanorias Filipino 14.29% 50,000.00 John Alexander C. Castano Filipino 14.29% 50,000.00 Kristel Marie Dela Cruz Filipino 14.29% 50,000.00 TOTAL 100% Php350,000.00
• 15. UNIVERSAL COLLEGES OF PARAÑAQUE, INC. Provider of Health Science, Business, I.T., Teacher & Engineering Education 8273 Dr. A. Santos Avenue, Sucat, Parañaque City Telephone No: 381-96-23 Creamy Pancake Page 4 C. Company Logo The company logo consists of a pancake stack with ice cream on top that represents the product which is Creamy Pancake. The dots surrounding the logo represent the customers. The color brown was chosen to be the motif of the logo because it symbolizes comfort, simplicity and friendly. The syrup that flows represents the overflowing benefits and total quality product that the business can offer. D. Company Tagline “The Gift of Happiness” The company tagline emphasizes the benefits of eating unique batter mixtures of tastiest and budget friendly pancakes.
• 16. UNIVERSAL COLLEGES OF PARAÑAQUE, INC. Provider of Health Science, Business, I.T., Teacher & Engineering Education 8273 Dr. A. Santos Avenue, Sucat, Parañaque City Telephone No: 381-96-23 Creamy Pancake Page 5 E. Product Description i. MAIN PRODUCTS 1. Cold Pancake It is a pancake batter served in 3 layers with a vanilla or chocolate ice cream on top. A choice between chocolate and maple syrup is added to bring the sweetness into your taste. Sprinkles are also provided to show the total gift of happiness. 2. Classic Pancake It is a pancake batter served in 3 layers with butter on top and maple syrup.
• 17. UNIVERSAL COLLEGES OF PARAÑAQUE, INC. Provider of Health Science, Business, I.T., Teacher & Engineering Education 8273 Dr. A. Santos Avenue, Sucat, Parañaque City Telephone No: 381-96-23 Creamy Pancake Page 6 ii. Refreshments 1. Coffee 2. Iced Tea 3. Bottled Water
• 18. UNIVERSAL COLLEGES OF PARAÑAQUE, INC. Provider of Health Science, Business, I.T., Teacher & Engineering Education 8273 Dr. A. Santos Avenue, Sucat, Parañaque City Telephone No: 381-96-23 Creamy Pancake Page 7 F. Production Process Cold Pancake Recipe *Good for 6 servings Pancake Ingredients: 400g (3 cups) flour 3 eggs 350ml (1 ½ cups) milk ½ tbsp baking powder 2 tbsp butter 6 tbsp muscovado sugar Toppings: 6 tbsp sprinkles 6 scoops of Ice Cream 6 tsp syrup Procedure: 1. Crack the eggs into a bowl and beat until creamy. Add in the dry ingredients. 2. Add the butter and milk to the mix. Stir gently as the batter becomes smooth. 3. Get and on the pancake maker. 4. Pour about 2 tsp of batter onto the hot pancake maker. You can pour the six molder with 1/3 cup of pancake batter. 5. Wait for 1 minute to be cooked. 6. Let the cooked pancake be cool for 1 minute. 7. Add 1 scoop of ice cream, 1 tsp of syrup and 1tbsp of sprinkles on top of 3 layered pancakes. Cold Pancake is ready to serve.
• 19. UNIVERSAL COLLEGES OF PARAÑAQUE, INC. Provider of Health Science, Business, I.T., Teacher & Engineering Education 8273 Dr. A. Santos Avenue, Sucat, Parañaque City Telephone No: 381-96-23 Creamy Pancake Page 8 Classic Pancake Recipe *Good for 6 servings Pancake Ingredients: 400g (3 cups) flour 3 eggs 350ml (1 ½ cups) milk ½ tbsp baking powder 2 tbsp butter 6 tbsp muscovado sugar Toppings: 6 tsp butter 6 tsp syrup Procedure: 1. Crack the eggs into a bowl and beat until creamy. Add in the dry ingredients. 2. Add the butter and milk to the mix. Stir gently as the batter becomes smooth. 3. Get and on the pancake maker. 4. Pour about 2 tbsp of batter onto the hot pancake maker. You can pour the six molder. 5. Wait for 1 minute to be cooked. 6. Add 1 tsp of butter and 1 tsp of maple syrup on top of 3 layered pancakes. Classic pancake will be ready to serve.
• 20. UNIVERSAL COLLEGES OF PARAÑAQUE, INC. Provider of Health Science, Business, I.T., Teacher & Engineering Education 8273 Dr. A. Santos Avenue, Sucat, Parañaque City Telephone No: 381-96-23 Creamy Pancake Page 9 G. Location Description The exact location of the business is Ground Floor Nes Commercial Complex, Evacom Avenue, Brgy. San Dionisio, Sucat, Paranaque City. Location is one of the most important aspects of a business and choosing a strategic location adds to the success of any business. In this case, the proponents came up with their own standards in choosing the exact location for their business as follows: i. Convenience – The place is convenient for the customers of Creamy Pancake, since it is easy to locate. It is also convenient for the business because it is surrounded by wet and dry market for supply needs. ii. Cost – Since the business is just new, the proponents decide to find low rental cost which is more advisable and economical. iii. Customer traffic – the place is a high traffic area since it is surrounded by walking people and students from the nearest schools. iv. Safety – The place has a good security since it has a 24 hour Security Guards. v. Visibility – the place is visible to the residences of Evacom and Gatchalian subdivision. It is located at the back of the Lianas Shopping Mall that is why the business is not visible to the National road.
• 21. UNIVERSAL COLLEGES OF PARAÑAQUE, INC. Provider of Health Science, Business, I.T., Teacher & Engineering Education 8273 Dr. A. Santos Avenue, Sucat, Parañaque City Telephone No: 381-96-23 Creamy Pancake Page 10 LOCATION MAP Ground Floor Nes Commercial Complex, Evacom Avenue, Brgy. San Dionisio, Sucat, Paranaque City
• 22. UNIVERSAL COLLEGES OF PARAÑAQUE, INC. Provider of Health Science, Business, I.T., Teacher & Engineering Education 8273 Dr. A. Santos Avenue, Sucat, Parañaque City Telephone No: 381-96-23 Creamy Pancake Page 11 H. Layout
• 23. UNIVERSAL COLLEGES OF PARAÑAQUE, INC. Provider of Health Science, Business, I.T., Teacher & Engineering Education 8273 Dr. A. Santos Avenue, Sucat, Parañaque City Telephone No: 381-96-23 Creamy Pancake Page 12
• 24. UNIVERSAL COLLEGES OF PARAÑAQUE, INC. Provider of Health Science, Business, I.T., Teacher & Engineering Education 8273 Dr. A. Santos Avenue, Sucat, Parañaque City Telephone No: 381-96-23 Creamy Pancake Page 13
• 25. UNIVERSAL COLLEGES OF PARAÑAQUE, INC. Provider of Health Science, Business, I.T., Teacher & Engineering Education 8273 Dr. A. Santos Avenue, Sucat, Parañaque City Telephone No: 381-96-23 Creamy Pancake Page 14 I. Operating Procedures i. Opening Procedure 1. Open the store and get inside. 2. Clean the equipment first by using a rag. 3. Get the broom and dustpan. Sweep the floor. 4. Mop the floor, start by mopping the north side, from left to right up to the end. 5. Check the stocks of raw materials and merchandise, ice cream, ingredients for pancake, syrup, toppings, coffee, juice and mineral water. Preparing the Product: 1. Get the pancake maker in the cabinet. 2. Clean and sanitize. 3. Place it above the preparation table. 4. If the pancake maker is not working, use the pan as substitute for cooking the pancakes. Get the pan in the cabinet; wash it with liquid dishwashing soap. Let it dry for a while and sanitize, then place it on the stove. 5. Clean the container and pitcher for the juice, let it dry and sanitized it. 6. Fill the container with water and ice. 7. Fill the pitcher with water and add the iced tea powdered juice. 8. Mix the juice well. 9. After the powdered juice dissolves, add it to the juice container. 10. Use the gloves in preparing the ingredients.
• 26. UNIVERSAL COLLEGES OF PARAÑAQUE, INC. Provider of Health Science, Business, I.T., Teacher & Engineering Education 8273 Dr. A. Santos Avenue, Sucat, Parañaque City Telephone No: 381-96-23 Creamy Pancake Page 15 11. Get 1 pair of gloves and put it on your hands. 12. Get all the ingredients for the pancake. 13. Put it all to the mixing bowl and follow the procedure in making the pancake. Cashier Duties: 1. Ask the order/s of the customer. 2. Ask them if for dine-in or take-out. 3. Ask what syrup they like: a maple or a chocolate. 4. Get the payment of the customer, count it and give the change if they have a change. Say thank you. 5. Give the receipt to the service crew as his pattern for what he needs to prepare. ii. Closing Procedure 1. Do the cut-off procedure:  Get all the money and count it, then put it in a bag and place it in the money vault. 2. Clean all the tables. 3. Wash all the equipment used, let it be dry and return it to the cabinet. 4. Sweep and mop the floor. 5. Inventory the remaining stocks. 6. Turn off all the gas and electronic equipment and appliances. 7. Lock the store.
• 27. UNIVERSAL COLLEGES OF PARAÑAQUE, INC. Provider of Health Science, Business, I.T., Teacher & Engineering Education 8273 Dr. A. Santos Avenue, Sucat, Parañaque City Telephone No: 381-96-23 Creamy Pancake Page 16 J. Materials and Equipment PRODUCTION MATERIALS Unit Description Supplier Price Quantity Total Whisk Used to stir or beat things like eggs Japan Home Centre Php88.00 1 Php88.00 Mixing Bowl Used for mixing the ingredients Lazada 200.00 2 400.00 Measuring Cup Used for measuring ingredients Japan Home Centre 88.00 1 88.00 Measuring Spoon Used for measuring ingredients Japan Home Centre 88.00 1 88.00 Ladle Used in serving food Japan Home Centre 88.00 1 88.00 Spatula Scraper Used for Japan 88.00 1 88.00
• 28. UNIVERSAL COLLEGES OF PARAÑAQUE, INC. Provider of Health Science, Business, I.T., Teacher & Engineering Education 8273 Dr. A. Santos Avenue, Sucat, Parañaque City Telephone No: 381-96-23 Creamy Pancake Page 17 lifting and turning foods Home Centre Ice Cream Scoop Used for scooping Lazada 245.80 1 245.80 Slotted Turner Used for turning food Japan Home Centre 88.00 1 88.00 Serving Tray Used for carrying things Uniwide 35.00 6 210.00 Pitcher Used for holding and pouring liquids Uniwide 50.00 4 200.00 Plastic Plate Used for eating or serving food Uniwide 10.00 50 500.00 Plastic Cup Used for drinking Uniwide 7.00 50 350.00
• 29. UNIVERSAL COLLEGES OF PARAÑAQUE, INC. Provider of Health Science, Business, I.T., Teacher & Engineering Education 8273 Dr. A. Santos Avenue, Sucat, Parañaque City Telephone No: 381-96-23 Creamy Pancake Page 18 liquids TOTAL Php2433.80 PRODUCTION EQUIPMENT Unit Description Supplier Unit Total Hand Mixer Marubishi MHM 502 5-Speed Hand Mixer -Hand mixer -220V/60Hz -With 5 speeds and turbo function -Full-size beater and dough hooks -Durable and built to last -Power: 200 watts It is used to beat, whip, and combine ingredients, all requiring a smooth functioning set of blades that turn easily and consistently during the mixing process. Lazada 1 Php589.00 Mini Pancake Maker Kyowa KW-2624 Pancake It is used to make delicious mini pancakes in just a few minutes. Nonstick coating makes clean-up Lazada 1 1129.68
• 30. UNIVERSAL COLLEGES OF PARAÑAQUE, INC. Provider of Health Science, Business, I.T., Teacher & Engineering Education 8273 Dr. A. Santos Avenue, Sucat, Parañaque City Telephone No: 381-96-23 Creamy Pancake Page 19 Maker -Non-stick Pancake plates -220v/60Hz -With heat-insulated handle -Safety cut-off thermal fuse -4x4 each plate (inch) -Produced 6 pancakes in 1 minute -Power:1000 watts easy. Electric Stove Wawawei Hot Plate Single Electric Stove -Operating on/off indicator light -Various heat operations -Auto-thermostat -Overheat protection -Non-stick coating -Power:1000W It converts electrical energy into heat to cook and bake. Lazada 1 388.00 Pan A kitchen utensil made of material that does not melt easily; used for cooking. Lazada 1 227.25 TOTAL Php2,333.93
• 31. UNIVERSAL COLLEGES OF PARAÑAQUE, INC. Provider of Health Science, Business, I.T., Teacher & Engineering Education 8273 Dr. A. Santos Avenue, Sucat, Parañaque City Telephone No: 381-96-23 Creamy Pancake Page 20 *The Production Equipment’s useful life is 5 years. It is based on the Table of Estimated Useful Life of the Commission on Audit in the Philippines. PRODUCTION SUPPLIES Unit Supplier Price Quantity Total Spork Greenpak Enterprises 0.25 14,234 Php3,558.50 Paper Bag Greenpak Enterprises 0.40 1,000 400.00 Paper Bowl Greenpak Enterprises 1.35 1,000 1,350.00 Coffee Cup Greenpak Enterprises 0.35 2,420 847.00 Coffee Stirrer Greenpak Enterprises 0.15 2,420 363.00 TOTAL PER MONTH Php6,518.50 TOTAL PER YEAR Php78,222.00 TOTAL PER YEAR & A MONTH Php84,740.50
• 32. UNIVERSAL COLLEGES OF PARAÑAQUE, INC. Provider of Health Science, Business, I.T., Teacher & Engineering Education 8273 Dr. A. Santos Avenue, Sucat, Parañaque City Telephone No: 381-96-23 Creamy Pancake Page 21 *The Production Supplies are good for 1 year and 1 month. Ordering of supplies for a year is made on the 12th month of the year and delivered monthly before the month ends. STORE EQUIPMENT Unit Description Supplier Quantity Total Refrigerator Panasonic NR-B8513ES Two Door Refrigerator 8.5 cu.ft -Two Door -Refrigerator 8.5 cu.ft -Manual Defrosy System -LED Lamp -Flat tension Curve Design -Adjustable slide-out storage shelves -Power: 200 watts It can slow down the bacteria process so you can keep your food for a longer period of time and to keep foods cold. Wilcon Depot 1 Php11,950.00 Water Dispenser Hanabishi HTTWD 500 Table Top Water Dispenser It is a device that cools, heat and dispenses water. Lazada 1 899.00
• 33. UNIVERSAL COLLEGES OF PARAÑAQUE, INC. Provider of Health Science, Business, I.T., Teacher & Engineering Education 8273 Dr. A. Santos Avenue, Sucat, Parañaque City Telephone No: 381-96-23 Creamy Pancake Page 22 -Table top water dispenser -220V/60Hz -Hot and Normal -Table top -Quiet and energy saving -Integrative water tank -Power: 40 watts Cash Register With LCD Display -3,000 price lookups. Find the price for a wide range of products easily. -40 clerk totals. -1-sheet thermal printing. Quickly and easily print receipts so you have records of your transactions. -10-line LCD display for easy cashier viewing. 2- line rear LCD display for customer viewing. -Power: 100 watts Electronic device used to calculate financial transactions. Office Depot 1 9,755.34 Money Safety Vault Deviced used to keep money. Lazada 1 1,299.00
• 34. UNIVERSAL COLLEGES OF PARAÑAQUE, INC. Provider of Health Science, Business, I.T., Teacher & Engineering Education 8273 Dr. A. Santos Avenue, Sucat, Parañaque City Telephone No: 381-96-23 Creamy Pancake Page 23 -Material: Steel -Compact Size -Pre drilled mounting holes are included -No batteries required Speaker -Total power output: RMS 2W x 2 + 4.5W x 1 -Frequency response: Satellites: 120Hz - 20kHz , Subwoofer: 20Hz - 150kHz Used in listening music Lazada 1 1,499.00 TOTAL Php25,402.34 *The Store Equipment’s useful life is 5 years. It is based on the Table of Estimated Useful Life of the Commission on Audit in the Philippines.
• 35. UNIVERSAL COLLEGES OF PARAÑAQUE, INC. Provider of Health Science, Business, I.T., Teacher & Engineering Education 8273 Dr. A. Santos Avenue, Sucat, Parañaque City Telephone No: 381-96-23 Creamy Pancake Page 24 FURNITURE AND FIXTURES Unit Supplier Price Quantity Total Table Lazada 1,500.00 4 Php6,000.00 Table Counter Mandaue Foam 7,000.00 1 7,000.00 Wooden Chair Mandaue Foam 300.00 6 1,800.00 Wide Stool Mandaue Foam 1,500.00 2 3,000 Storage Cabinet Lazada 3,000 1 3,000.00 Clock Japan Home Centre 88.00 1 88.00 Kitchen Cabinet Mandaue Foam 700.00 1 700.00
• 36. UNIVERSAL COLLEGES OF PARAÑAQUE, INC. Provider of Health Science, Business, I.T., Teacher & Engineering Education 8273 Dr. A. Santos Avenue, Sucat, Parañaque City Telephone No: 381-96-23 Creamy Pancake Page 25 TOTAL Php21,588.00 *The Utility Supplies useful life is 5 years. It is based on the Table of Estimated Useful Life of the Commission on Audit in the Philippines. UTILITY SUPPLIES Unit Supplier Price Quantity Total Light LED Mounted Ceiling Down Light -energy-saving -No pollution -It is waterproof -Impact resistant -long lifespan -High brightness Power: -Power: 12 watts Lazada 1,301.63 2 Php2,603.26 Stand Fan Lazada 1,000.00 1 1000.00
• 37. UNIVERSAL COLLEGES OF PARAÑAQUE, INC. Provider of Health Science, Business, I.T., Teacher & Engineering Education 8273 Dr. A. Santos Avenue, Sucat, Parañaque City Telephone No: 381-96-23 Creamy Pancake Page 26 Denki 16" Stand Fan -Using high quality plastic for all plastic parts -Three speed control rotary switch -Adjustable height from 1090 mm to 1230mm, Using high strength steering wheel base -Power: 65 watts Rotator Fan Hanabishi RF16R 16" Rotator Fan -16" Rotator fan -220V/60Hz -360° oscillating fan -Thermal fuse protected motor -Heavy duty switch control Power: 50 watts Lazada 1,198.00 1 1,198.00 TOTAL Php3,499.63
• 38. UNIVERSAL COLLEGES OF PARAÑAQUE, INC. Provider of Health Science, Business, I.T., Teacher & Engineering Education 8273 Dr. A. Santos Avenue, Sucat, Parañaque City Telephone No: 381-96-23 Creamy Pancake Page 27 *The Utility Supplies useful life is 5 years. It is based on the Table of Estimated Useful Life of the Commission on Audit in the Philippines. STORE SUPPLIES Unit Supplier Price Quantity Total Record Book National Bookstore Php60.00 1 pc Php60.00 Stapler National Bookstore 39.00 1 pc 39.00 Staple Wire National Bookstore 7.75 5 boxes 38.75 Ballpen National Bookstore 4.50 10 pcs 45.00 Thermal Paper National Bookstore 54.00 3 rolls 162.00 Calculator Japan Home Centre 88.00 1 pc 88.00
• 39. UNIVERSAL COLLEGES OF PARAÑAQUE, INC. Provider of Health Science, Business, I.T., Teacher & Engineering Education 8273 Dr. A. Santos Avenue, Sucat, Parañaque City Telephone No: 381-96-23 Creamy Pancake Page 28 Pencil National Bookstore 5.00 10 pcs 50.00 TOTAL PER MONTH Php482.75 TOTAL PER YEAR Php5,793.00 CLEANING SUPPLIES Unit Supplier Price Quantity Total Table Napkin Greenpak Entreprises Php35.00 4 pcks Php140.00 Disposable Gloves Greenpak Enterprises 0.45 100 pcs 45.00 Alcohol Uniwide 50.00 2 pcs 100.00 Sponge Uniwide 10.00 2 pcs 20.00
• 40. UNIVERSAL COLLEGES OF PARAÑAQUE, INC. Provider of Health Science, Business, I.T., Teacher & Engineering Education 8273 Dr. A. Santos Avenue, Sucat, Parañaque City Telephone No: 381-96-23 Creamy Pancake Page 29 Dishwashing Liquid Japan Home Centre 66.00 4 pcs 264.00 Rag Uniwide 5.00 10 pcs 50.00 Liquid Hand Soap Japan Home Centre 66.00 4 pcs 264.00 Broom Japan Home Centre 88.00 1 pc 88.00 Dust Pan Uniwide 50.00 1 pc 50.00
• 41. UNIVERSAL COLLEGES OF PARAÑAQUE, INC. Provider of Health Science, Business, I.T., Teacher & Engineering Education 8273 Dr. A. Santos Avenue, Sucat, Parañaque City Telephone No: 381-96-23 Creamy Pancake Page 30 Revolving Mop Lazada 500.00 1 500.00 Trash Bin Uniwide 75.00 2 150.00 Garbage Bag Greenpak Enterprises 0.75 100 pcs 75.00 TOTAL PER MONTH Php1,746.00 TOTAL PER YEAR Php20,952.00 *The Cleaning Supplies are good for 1 year. RAW MATERIALS & MERCHANDISE Unit Brand Name Supplier Price Quantit y Total Flour - Kabihasnan Market 25.00 711,000 kg Php44,500.00 Milk Alaska Kabihasnan Market 18.00 829,500 mL 37,836.00
• 42. UNIVERSAL COLLEGES OF PARAÑAQUE, INC. Provider of Health Science, Business, I.T., Teacher & Engineering Education 8273 Dr. A. Santos Avenue, Sucat, Parañaque City Telephone No: 381-96-23 Creamy Pancake Page 31 Butter Magnolia Kabihasnan Market 38.00 400 pcs 15,200.00 Baking Powder Kraft Waltermart 158.00 15 pc 2,370.00 Egg - Kabihasnan Market 4.00 7,101 pcs 28,404.00 Muscovado Sugar Hawaiian Philippine Company Waltermart 50.00 700 pcs 35,000.00 Chocolate Ice Cream Dan Eric’s Ice Cream Dan Eric’s Ice Cream 100.00 500 L 50,000.00 Vanilla Ice Cream Dan Eric’s Ice Cream Dan Eric’s Ice Cream 10.00 231.5 L 23,150.00
• 43. UNIVERSAL COLLEGES OF PARAÑAQUE, INC. Provider of Health Science, Business, I.T., Teacher & Engineering Education 8273 Dr. A. Santos Avenue, Sucat, Parañaque City Telephone No: 381-96-23 Creamy Pancake Page 32 Chocolate Syrup Injoy Kabihasnan Market 200.00 100 L 20,000.00 Maple Syrup Injoy Kabihasnan Market 200.00 71 L 14,200.00 Sprinkles Injoy Kabihasnan Market 62.70 100 pck 6,270.00 Iced Tea Nestea Waltermart 111.50 300 pck 33,450.00 3 in 1 Coffee Nescafe Kabihasnan Market 5.00 2,400 pcs 12,000.00 Bottled Water Goldleaf Goldleaf 5.00 5,130 pcs 25,650.00
• 44. UNIVERSAL COLLEGES OF PARAÑAQUE, INC. Provider of Health Science, Business, I.T., Teacher & Engineering Education 8273 Dr. A. Santos Avenue, Sucat, Parañaque City Telephone No: 381-96-23 Creamy Pancake Page 33 (Merchandise) TOTAL PER MONTH Php 348,030.00 TOTAL PER YEAR Php4,524,390.00 TOTAL PER YEAR & A MONTH Php4,872,420.00 *The Raw Materials are good for 1 year and 1 month. Ordering of materials and merchandise for a year is made on the 12th month of the year and delivered monthly before the month ends. K. Advertising Expense Materials Supplier Unit Cost Quantity Total Cost Flyers K & M Printing Php2.00 1,000 Php2,000.00 Tarpaulin K & M Printing 1,000.00 3 3,000.00 TOTAL Php5,000.00 L. Rent Expense Description Monthly Yearly 2 m x 3 m 8,000.00 96,000.00 There will be a 1 month advance and 2 months deposit.
• 45. UNIVERSAL COLLEGES OF PARAÑAQUE, INC. Provider of Health Science, Business, I.T., Teacher & Engineering Education 8273 Dr. A. Santos Avenue, Sucat, Parañaque City Telephone No: 381-96-23 Creamy Pancake Page 34 M. Utilities Utilities Provider Electricity Meralco Water Supply Maynilad i. Utilities Expense ELECTRICITY Item Watts Hours Used Per Day kWh Per Day Rate Per kWh Cost Per Day Cost Per Week Cost Per Month Cost Per Year Hand Mixer 200 1 0.20 6.64 P 1.33 P 9.30 P 39.84 P 478.08 Refrigerator 200 24 4.80 6.64 31.87 223.10 956.16 11,473.92 Pancake Maker 1000 3 3.00 6.64 19.92 139.44 597.60 7,171.20 Water Dispenser 40 10 0.40 6.64 2.66 18.59 79.68 956.16 Electric Stove 1000 1 1.00 6.64 6.64 46.48 199.20 2,390.40 Cash Register 100 10 1.00 6.64 6.64 46.48 199.20 2,390.40 Stand Fan 65 10 0.65 6.64 4.32 30.21 129.48 1,553.76 Ceiling Fan 50 10 0.50 6.64 3.32 23.24 99.60 1,195.20 Light 12 20 0.24 6.64 1.59 11.16 47.81 573.70 Total Electricity P78.29 P548.00 P2,348.57 P28,182.82
• 46. UNIVERSAL COLLEGES OF PARAÑAQUE, INC. Provider of Health Science, Business, I.T., Teacher & Engineering Education 8273 Dr. A. Santos Avenue, Sucat, Parañaque City Telephone No: 381-96-23 Creamy Pancake Page 35 WATER SUPPLY Total Consumption Rate Per cu.m Cost Per Month Cost Per Year 15 30 Php 450.00 Php 5,400.00 Description Monthly Yearly 1. Electricity Hand Mixer P 39.84 P 478.08 Refrigerator 956.16 11,473.92 Pancake Maker 597.60 7,171.20 Water Dispenser 79.68 956.16 Electric Stove 199.20 2,390.40 Cash Register 199.20 2,390.40 Stand Fan 129.48 1,553.76 Ceiling Fan 99.60 1,195.20 Light 47.81 573.70 2. Water Consumption 450.00 5,400.00 TOTAL P 2,798.57 P 33,582.82
• 47. UNIVERSAL COLLEGES OF PARAÑAQUE, INC. Provider of Health Science, Business, I.T., Teacher & Engineering Education 8273 Dr. A. Santos Avenue, Sucat, Parañaque City Telephone No: 381-96-23 Creamy Pancake Page 36 N. Labor Requirement Creamy Pancake requires the following employees to operate the business: Position Number of Personnel Store Manager 1 Cashier 1 Service Crew 1 Total Number of Personnel 3 Creamy Pancake Company is composed of store manager, cashier and service crew. The store manager has the overall authority in the store. O. Service Schedule STORE SCHEDULE Day Opening Closing Operating Hours Sunday 9:00 AM 5:00 PM 8 hours Monday 9:00 AM 5:00 PM 8 hours Tuesday 9:00 AM 5:00 PM 8 hours Wednesday 9:00 AM 5:00 PM 8 hours Thursday 9:00 AM 5:00 PM 8 hours Friday 9:00 AM 5:00 PM 8 hours Saturday 9:00 AM 5:00 PM 8 hours Total Operating Hours Per Week 56 hours
• 48. UNIVERSAL COLLEGES OF PARAÑAQUE, INC. Provider of Health Science, Business, I.T., Teacher & Engineering Education 8273 Dr. A. Santos Avenue, Sucat, Parañaque City Telephone No: 381-96-23 Creamy Pancake Page 37 COMPANY SCHEDULE Personnel Time Hours Days Store Manager 8:30am – 12:30pm 8 6 1:30pm – 5:30pm Cashier 8:30am – 11:30am 8 6 12:30pm – 5:30pm Service Crew 8:30am – 12:00nn 8 6 1:00pm – 5:30pm The employee serves as the plant of business. All the equipment used in everyday production can be found there. The business will open at exactly 9:00 in the morning everyday. The employee must be in the workplace 30 minutes before the opening for the food preparation. P. Waste Disposal Creamy Pancake is into reducing the waste. The employee will only cook if there is already an order coming from the beloved customer and there would be a measurement in cooking pancake. Also there would be two (2) trash bins inside the store which have a garbage bag on it to be change everyday. After the business operation, all the waste will put in the trash bins and the service crew is obliged to bring out the garbage bag outside the store to be collected by the garbage collector. The two trash bins will be labelled “biodegradable and non- biodegradable”.
• 49. UNIVERSAL COLLEGES OF PARAÑAQUE, INC. Provider of Health Science, Business, I.T., Teacher & Engineering Education 8273 Dr. A. Santos Avenue, Sucat, Parañaque City Telephone No: 381-96-23 Creamy Pancake Page 38 CHAPTER III Management Study A. Human Resource Management The business proponents have agreed that they will be hands-on with the business to ensure that the business operates according to their agreement and so that they can monitor all transactions the business will undertake. i. Organizational Chart The business will also hire 1 store manager, 1 cashier and 1 service crew. By year 2019, the business will increase the number of service crew into two. Partners/Owners Store Manager Cashier Service Crew
• 50. UNIVERSAL COLLEGES OF PARAÑAQUE, INC. Provider of Health Science, Business, I.T., Teacher & Engineering Education 8273 Dr. A. Santos Avenue, Sucat, Parañaque City Telephone No: 381-96-23 Creamy Pancake Page 39 ii. Staffing Means filling the job positions with the right people at the right time. It involves determining staffing needs, recruiting and screening people to fill this position. Job Title: Store Manager Requirements: a) NSO Birth Certificate b) Resume c) Diploma d) Phil-health e) Pag-ibig Qualifications: a) 1-2 years Store Manager experience b) Leading skills and business orientation c) Customer management skills d) Organizational skills e) Good communication and interpersonal skills f) BS degree in Business Administration or relevant field Responsibilities: a) Develop business strategies to raise customers’ pool, expand store traffic and optimize profitability b) Meet sales goals by training, motivating, mentoring and providing feedback to sales staff c) Complete store administration and ensure compliance with policies and procedures d) Propose innovative ideas to increase market share f) SSS Number g) TIN Number h) NBI / Police Clearance i) Medical Records
• 51. UNIVERSAL COLLEGES OF PARAÑAQUE, INC. Provider of Health Science, Business, I.T., Teacher & Engineering Education 8273 Dr. A. Santos Avenue, Sucat, Parañaque City Telephone No: 381-96-23 Creamy Pancake Page 40 e) Conduct personnel performance appraisals to assess training needs and build career paths f) Deal with all issues that arise from staff or customers (complaints, grievances etc) g) Be a shining example of well behavior and high performance. Job Title: Cashier Requirements: a) NSO Birth Certificate b) Bio-data or Resume c) Diploma d) Phil-health e) Pag-ibig Qualifications: a) Strong communication and time management skills b) Customer satisfaction-oriented c) Attention to detail and mathematical skills d) Sales skills e) High school diploma Responsibilities: a) Handle cash transactions with customers b) Get orders and collect payments c) Issue receipts or change d) Greet customers when entering or leaving establishments e) Maintain clean and tidy checkout areas f) Keep reports of transactions f) SSS Number g) TIN Number h) NBI / Police Clearance i) Medical Records
• 52. UNIVERSAL COLLEGES OF PARAÑAQUE, INC. Provider of Health Science, Business, I.T., Teacher & Engineering Education 8273 Dr. A. Santos Avenue, Sucat, Parañaque City Telephone No: 381-96-23 Creamy Pancake Page 41 g) Pack foods ordered by customers and serve them in the most efficient manner h) Pleasantly deal with customers to ensure satisfaction i) Willingness to provide needed help to kitchen staff j) Serve the order when it is already completed Job Title: Service Crew Requirements: a) NSO Birth Certificate b) Bio-data or Resume c) Diploma d) Single e) Phil-health Qualifications: a) Knowledgeable in various cooking methods, ingredients, equipment and procedures b) Accuracy and speed in executing assigned tasks c) High school diploma Responsibilities: a) Set up and stock stations with all necessary supplies b) Food preparation c) Cook menu items in cooperation d) Clean up station and take care of leftover food e) Inventory stock appropriately f) Ensure that food comes out in high quality g) Maintain a positive and professional approach with coworkers and customers f) Pag-ibig g) SSS Number h) TIN Number i) NBI / Police Clearance j) Medical Records
• 53. UNIVERSAL COLLEGES OF PARAÑAQUE, INC. Provider of Health Science, Business, I.T., Teacher & Engineering Education 8273 Dr. A. Santos Avenue, Sucat, Parañaque City Telephone No: 381-96-23 Creamy Pancake Page 42 iii. Recruitment Process Acquisition of Talents Creamy Pancake will use the different online sites to post its job hiring. And also, walk-in applicants and referrals will be entertained. Applicants may come directly to the store or submit their application forms through e-mail. This is the recruitment process of Creamy Pancake: Position is posted Review aplications and determine short-list Manager interviews scheduled for short- listed candidates Interview short- listed candidates Successful candidate(s) selected References checks Employment offer presented to successful candidate (s)
• 54. UNIVERSAL COLLEGES OF PARAÑAQUE, INC. Provider of Health Science, Business, I.T., Teacher & Engineering Education 8273 Dr. A. Santos Avenue, Sucat, Parañaque City Telephone No: 381-96-23 Creamy Pancake Page 43 iv. Personnel Policies 1. Working Day Schedule Working days are Monday to Sunday. The store is open whether it is holiday. 2. Attendance All employees are required to report for work based on work schedule. Employees should inform the owner/manager the reason for their absence 2 days before their shift. Unless there are sudden reasonable emergencies. 3. Working hours and breaks The store is open from 9:00 AM – 5:00 PM. The regular working hours consist of 8 hours. Lunch break will only be 1 hour, exceeding the timeframe will be considered as over break and would be given a disciplinary action. 4. Standard Performance All employees are expected to perform to the pre-established working standard. The company shall conduct an employee’s performance review every three months. 5. Salary and Wages Salaries or wages are paid on the 15th and 30th day of every month. The cut-off will be 3 days before the said dates. Salaries or wages increase depends on the performance and labor requirements.
• 55. UNIVERSAL COLLEGES OF PARAÑAQUE, INC. Provider of Health Science, Business, I.T., Teacher & Engineering Education 8273 Dr. A. Santos Avenue, Sucat, Parañaque City Telephone No: 381-96-23 Creamy Pancake Page 44 6. Rest Day and Holiday Compensation Rank and file employees who work on their rest day or holiday shall receive an additional compensation provided in the New Labor Code. 7. Vacation Leave All employees are entitled to five working day pay vacation leave upon one year. 8. Benefits i. 13th month pay According to the Philippine Law, Companies are required to give its employee a 13th pay equivalent to 1 month salary. Creamy Pancake will be giving its employee a 13th month pay in accordance to the law. ii. SSS As mandated by law, both employer and employees are to contribute for the social security benefits of the employee in the accordance with the following: will give the employees contribution to the employee accordance to the SSS contribution required. iii. Phil Health As mandated by R.A. 7835 on Medicare Program which is administered by the Philippine Health Insurance Corporation (Phil. Health). Both employer and employees are to contribute for the medical insurance benefits of the employees. iv. HDMF/Pag-Ibig Creamy Pancake will share the monthly Pag-IBIG contribution made by each employee which is equal to 100 pesos for every employee.
• 56. UNIVERSAL COLLEGES OF PARAÑAQUE, INC. Provider of Health Science, Business, I.T., Teacher & Engineering Education 8273 Dr. A. Santos Avenue, Sucat, Parañaque City Telephone No: 381-96-23 Creamy Pancake Page 45 9. Code of Conduct 1st Offence 2nd Offense 3rd Offense 4th Offense Tardiness Verbal Warning Written Warning 3 days Suspension Termination Absence without due cause Written Warning 3 days Suspension 7 days Suspension Termination Negligence of duty Verbal Warning Written Warning 3 days Suspension Termination Immoral conduct Written Warning 3 days Suspension 7 days Suspension Termination Theft 3 days Suspension 7 days Suspension Termination - Unauthorized usage of company property Written Warning 3 days Suspension 7 days Suspension Termination 10. Terminating Employment Termination is deemed to have occurred when an employee is absent from work for three consecutive workdays and fails to contact the manager (Absences without leave). Discharge may be for any legal reason, i.e., misconduct, tardiness, absenteeism, unsatisfactory performance, inability to perform, etc. In some cases progressive discipline may be used, prior to termination, to correct a performance problem. However, certain types of employee misconduct are so severe that one incident of misconduct will result in immediate dismissal without prior use of progressive discipline upon receiving notification of the death of an employee; the supervisor must notify the Benefits Administrator immediately. The Benefits Administrator will process all appropriate beneficiary payments from the various benefits plans.
• 57. UNIVERSAL COLLEGES OF PARAÑAQUE, INC. Provider of Health Science, Business, I.T., Teacher & Engineering Education 8273 Dr. A. Santos Avenue, Sucat, Parañaque City Telephone No: 381-96-23 Creamy Pancake Page 46 v. General Company Policies Rules on Discipline 1. Neatness and Uniform Policy i. Employees are not allowed to wear slippers, athletic shorts or sleeveless undershirts within the store. ii. All employees must practice proper hygiene. 2. Equal Opportunity i. Equal opportunity laws are rules that promote fair treatment in the workplace. Most organizations implement equal opportunity policies -- anti-discrimination and affirmative action policies, for example -- to encourage unprejudiced behavior within the workplace. These policies discourage inappropriate behavior from employees, supervisors and independent contractors in regard to the race, gender, sexual orientation or religious and cultural beliefs of another person within the organization. 3. Lost and Found Policy i. Any item or cash found inside the store and within the vicinity of the store wherein the owner cannot be identified at the time or cash was found should be reported and turned over immediately to Manager- In-Charge. ii. Violation of the Lost and Found procedure is a ground for disciplinary action including termination. 4. No Solicitation Policy i. Solicitation by employees for funds, membership or individual commitment to outside organizations or causes, or attempt to sell non-Creamy Pancake’s merchandise or services is also prohibited on Creamy Pancake’s premises during such employees’ own working time or even when working time.
• 58. UNIVERSAL COLLEGES OF PARAÑAQUE, INC. Provider of Health Science, Business, I.T., Teacher & Engineering Education 8273 Dr. A. Santos Avenue, Sucat, Parañaque City Telephone No: 381-96-23 Creamy Pancake Page 47 5. Non-Harassment Policy i. Visual conduct, including displaying of derogatory objects or pictures, cartoons or poster. ii. Verbal conduct, including making or using derogatory comments. iii. Physical conduct, including touching, assault, impeding or blocking movements. 6. Smoking Policy The Company’s employee is not allowed to smoke inside the Company and/or during working hours. They can smoke only in the designated place and during break time 7. Drug and Alcohol Policy The company is strictly prohibits to all employees by bringing and using drug and alcohol on Company’s property. 8. Holidays The Company will observe the following holidays: New Year’s Day Holy Week Araw ng Kagitingan Labor Day Independence Day (12th Day of June) National Heroes Day All Saints day Bonifacio Day Christmas Day Rizal day New Years’ eve
• 59. UNIVERSAL COLLEGES OF PARAÑAQUE, INC. Provider of Health Science, Business, I.T., Teacher & Engineering Education 8273 Dr. A. Santos Avenue, Sucat, Parañaque City Telephone No: 381-96-23 Creamy Pancake Page 48 vi. Human Resource Salary Creamy Pancake proposed salary for its employee: Hourly Rate Regular Operating Time Base Salary Per Day Overtime Rate Per Hour Store Manager P 70.00 8 hrs P 560.00 P 87.50 Cashier 50.00 8 hrs 400.00 62.50 Service Crew 45.00 8 hrs 360.00 56.25 In some instances, especially if there are customers that are still waiting for their orders to be served, Creamy Pancake may extend beyond its regular 8-hour operating time. In this case, the business will pay an overtime pay to all its employees working during the operation day. FORMULA for Over Time Pay: Hourly rate x 25% + hourly rate As defined by WAGE ORDER No. NCR-16, Section 7, employers or business establishments not having more than ten (10) employees are exempted with minimum wage of ₱454.00 as provided below. “ Section 7. EXEMPTIONS. Upon application with and as determined by the Board, based on documentation and other requirements in accordance with applicable rules and regulations issued by the National
• 60. UNIVERSAL COLLEGES OF PARAÑAQUE, INC. Provider of Health Science, Business, I.T., Teacher & Engineering Education 8273 Dr. A. Santos Avenue, Sucat, Parañaque City Telephone No: 381-96-23 Creamy Pancake Page 49 Wages and Productivity Commission (NWPC), the following may be exampled from the applicability of this Order: 1. Distressed Establishments. 2. Retail/Service Establishment regularly employing not more ten (10) workers. 3. Establishments whose total assets including those arising from loans but exclusive of the land on which the particular business entity’s office, plant and equipment are situated, are not more than ₱ 3,000,000.00; and 4. Establishments adversely affected by natural calamities.” MONTHLY SALARY Base Salary Per Day Working Days Per Month Monthly Salary Store Manager 560.00 26 14,560.00 Cashier 400.00 26 10,400.00 Service Crew 360.00 26 9,360.00 Monthly Expenses for Salary and Wages P34,320.00 Since the owners will act as the Store Manager and Cashier, the Service Crew alone will receive a salary. In this case, the salary of the Service Crew will be part of the expense.
• 61. UNIVERSAL COLLEGES OF PARAÑAQUE, INC. Provider of Health Science, Business, I.T., Teacher & Engineering Education 8273 Dr. A. Santos Avenue, Sucat, Parañaque City Telephone No: 381-96-23 Creamy Pancake Page 50 B. Gantt Chart
• 62. UNIVERSAL COLLEGES OF PARAÑAQUE, INC. Provider of Health Science, Business, I.T., Teacher & Engineering Education 8273 Dr. A. Santos Avenue, Sucat, Parañaque City Telephone No: 381-96-23 Creamy Pancake Page 51 C. Resource Planning 1. Financial Resource Planning In order to establish this firm, the proponents have a total investment ₱350,000.000, wherein each proponent has contributed an amount of ₱5,000.000. This amount will be used in starting the Creamy Pancake business. The excess on the capital contribution will serve as the cash reserve of the business. 2. Human Resource Planning For the next future years, Creamy Pancake will improve its human resources by adding employees such as service crews and cashiers, for the additional branches. The number of the additional employees will be based on the area of the store. Promotion of the employees will depend on their working habits, and to the skills they earned and how they apply it if they are on duty. Promotion for new manager will be a great help to the owners of the Creamy Pancake especially for the success and proper operation of the business. The promotion process will always depend on the educational attainment of the employees and their work performance. Termination for the incompetent employees or workers should be done as needed and it will be based on the Employees Code of Conduct.
• 63. UNIVERSAL COLLEGES OF PARAÑAQUE, INC. Provider of Health Science, Business, I.T., Teacher & Engineering Education 8273 Dr. A. Santos Avenue, Sucat, Parañaque City Telephone No: 381-96-23 Creamy Pancake Page 52 Creamy pancake gives 6 months contract to their employees and every 3rd month a performance appraisal will be done. 3. Machine and Equipment As the addition of the new branches of Creamy Pancake for the future years, adding of equipment and machines are also included. Hi- tech machines and equipment as possible will be the next target to make the processing of products easier and faster. The machine and equipment such as pancake maker, cash register and electric stove should be upgraded. If there are losses, damages on the machines and equipment, a replacement or repair must be done immediately. D. Quality Control 1. Product The business will provide soft and fluffy pancakes. In serving the products a standard temperature will be maintained. The internal temperature for Classic Pancake is 115°F (46.11°C). The temperature is base for preservation of nutritional benefits. For Cold Pancakes, it will be warm, so the ice cream on top will not melt quickly. The internal temperature of these is 80°F (26.67°C). 2. Operations The owners are the main brain for the variety of products that Creamy Pancake produces due to the demand of consumers.
• 64. UNIVERSAL COLLEGES OF PARAÑAQUE, INC. Provider of Health Science, Business, I.T., Teacher & Engineering Education 8273 Dr. A. Santos Avenue, Sucat, Parañaque City Telephone No: 381-96-23 Creamy Pancake Page 53 The service crew is the one that does all the work of mixing ingredients, cooking and preparing the products. Every product has its UTD (used thru date) which shows the holding time of every product. The operation hours starts from 9am to 5pm. The opening time is 9am due to customer’s request for breakfast delights and drinks and closes at 5pm for those who love to eat Creamy Pancakes before going home. 3. Resources The business assures that every raw material serve its purpose to every product made. The company maintains that the ingredients are all clean, new and fresh. Date of expiration of dairy products are monitored and recorded. Products are made when there is an order from the beloved customers. 4. Finances Finances are being distributed properly and handle wisely to avoid irrelatively high cost or expenses. Financing also helps to generate and circulate the sales and profits of the company. The fund has been distributed properly for the entire operation for the benefits of the company by giving premium/ discount during peak seasons such as Christmas, New Year and Valentine’s Day.
• 65. UNIVERSAL COLLEGES OF PARAÑAQUE, INC. Provider of Health Science, Business, I.T., Teacher & Engineering Education 8273 Dr. A. Santos Avenue, Sucat, Parañaque City Telephone No: 381-96-23 Creamy Pancake Page 54 CHAPTER IV Marketing Study A. Marketing Objectives 1. To serve a new style of pancake with ice cream that will satisfy our consumer’s tastes and preferences. 2. To discover the needs and wants of our customers about pancake. 3. To promote a pancake business that customers will patronize. B. Market Segmentation i. Geographic Segmentation The people living in Paranaque City, particularly those who lived in Brgy. San Dionisio and in Gatchalian Subdivision, and also the college students nearby will be the target market for our Creamy Pancake shop. ii. Demographic Segmentation Creamy Pancake’s target market is students, parents, families, and working professionals. iii. Psychographic Segmentation We expect the desire and patronage of our potential customers for there is a big possibility that they will be the reason of the business’ success. These customers tend to be sweet lovers and food explorers.
• 66. UNIVERSAL COLLEGES OF PARAÑAQUE, INC. Provider of Health Science, Business, I.T., Teacher & Engineering Education 8273 Dr. A. Santos Avenue, Sucat, Parañaque City Telephone No: 381-96-23 Creamy Pancake Page 55 iv. Behavioral Segmentation The Creamy Pancake consumers are eating pancakes once or twice a week because they have craving for sweets. And also, consumers are all into quality products with reasonable prices. They will probably purchase pancakes atleast once or twice a week. C. Plan of Distribution The distribution of pancake will be direct to the consumer because Creamy Pancake will not use intermediaries as the products are produced per order. i. Target Market Strategy The business plans to execute Differentiated Marketing Strategy, to market and promote its product to the nearest schools and subdivision. Creamy Pancake might market low cost to a budget-conscious segment and product quality to an affluent market segment.
• 67. UNIVERSAL COLLEGES OF PARAÑAQUE, INC. Provider of Health Science, Business, I.T., Teacher & Engineering Education 8273 Dr. A. Santos Avenue, Sucat, Parañaque City Telephone No: 381-96-23 Creamy Pancake Page 56 ii. Market Needs Many people nowadays, especially those who are sweet lovers try to seek into a new taste of food that will satisfy their sweettooth. Creamy Pancake will serve a unique batter mixture of tastiest and budget friendly pancakes. Creamy Pancake did not only focus on what they have to sell but rather on the buyer needs to be satisfied. iii. Market Trends Today, pancakes are offered with toppings and usually sold during breakfast. Belgian waffle is also in the same line of pancake business. The trends in their waffles (pancake) were patronized since the style is different and they offer different flavors. Creamy Pancake is keeping its trend in having delicious pancakes which will serve as the gift of happiness for everyone that the customers will surely patronize. And aside of its traditional flavors the proponents are planning to create innovation from its flavors and make more delightful pancakes to the customers as they feel loved once they tasted a delicious pancakes. iv. Market Growth A pancake is a flat cake, often thin and round, prepared from a starch-based batter that may contain eggs, milk and butter and cooked on a hot surface such as a griddle or frying pan, often frying with oil or butter. In Britain, pancakes are often unleavened and resemble a crêpe. In North America, a leavening agent is used (typically baking powder).
• 68. UNIVERSAL COLLEGES OF PARAÑAQUE, INC. Provider of Health Science, Business, I.T., Teacher & Engineering Education 8273 Dr. A. Santos Avenue, Sucat, Parañaque City Telephone No: 381-96-23 Creamy Pancake Page 57 American pancakes are similar to Scotch pancakes or drop scones. Archaeological evidence suggests that pancakes were probably the earliest and most widespread cereal food eaten in prehistoric societies. Pancakes have seen an old increase in popularity as consumers seek inexpensive and simple meals at home, rather than dining out. The pancake experienced strong growth in 2009 (Mintel 2012). Pancakes mainly known back then as johnnycakes, flapjacks, hoecakes were mentioned in a first all-American cook book that was published in 1796. The word Pancake appeared in print as early as 1430. It is believed that the Romans in the 1st century AD, ate sweet and savory dishes resembling the pancake made out of milk, flour, eggs and spices. Around 15th century is when people started adding ingredients such as wheat, buckwheat or cornmeal. Today pancakes can be found everywhere in our culture from small food chains to upscale restaurants in metropolitan cities, making unusual twist, unique style and delicious taste to the pancake. Many pancake businesses now do all things to provide the customers a new and satisfying taste of pancake such as innovating the physical appearance of the pancake and adding new flavors that customers are looking for. This generation has many flavors of pancake like Blueberry, Chocolate chip, Blue corncakes, Oat pancakes, Berry topped, Buttermilk, Cherry topped, Banana spice cakes, Peach corncakes, Red velvet pancakes and Crepes suzzette pancakes. It is proving that the pancake market is growing better.
• 69. UNIVERSAL COLLEGES OF PARAÑAQUE, INC. Provider of Health Science, Business, I.T., Teacher & Engineering Education 8273 Dr. A. Santos Avenue, Sucat, Parañaque City Telephone No: 381-96-23 Creamy Pancake Page 58 D. Competitive Advantages Listed below are the advantages of Creamy Pancake over other pancake stores. 1. The ambiance will be soft and soothing, and also music can be played which will surely complement the comfortable, relaxing and refreshing atmosphere. 2. The products are healthy and rich with nutrients. E. Marketing Strategy With the alignment of the business market strategy the proponents set to use the 4P’s of marketing plan which will be the outline for the marketing strategy, those are the product, price, promotion, and place that would be the guideline of Creamy Pancake to strategize market. i. Product Creamy Pancake will make a new style of product that the customers would love. The business will offer flavors of pancake and add ice cream and toppings for it.
• 70. UNIVERSAL COLLEGES OF PARAÑAQUE, INC. Provider of Health Science, Business, I.T., Teacher & Engineering Education 8273 Dr. A. Santos Avenue, Sucat, Parañaque City Telephone No: 381-96-23 Creamy Pancake Page 59 ii. Price Creamy Pancake will offer products in a budget friendly price that will be one of the reasons why customers will surely patronize it.
• 71. UNIVERSAL COLLEGES OF PARAÑAQUE, INC. Provider of Health Science, Business, I.T., Teacher & Engineering Education 8273 Dr. A. Santos Avenue, Sucat, Parañaque City Telephone No: 381-96-23 Creamy Pancake Page 60 The pricing strategy of Creamy Pancake is Penetration Pricing, the business will capture market share by entering the market with a low price relative to the competition to attract buyers. The idea is that Creamy Pancake business will be able to raise awareness and get people to try the product. It will help to generate word-of-mouth and create awareness to the target market.
• 72. UNIVERSAL COLLEGES OF PARAÑAQUE, INC. Provider of Health Science, Business, I.T., Teacher & Engineering Education 8273 Dr. A. Santos Avenue, Sucat, Parañaque City Telephone No: 381-96-23 Creamy Pancake Page 61 iii. Promotion Creamy Pancake will advertise to customers regarding the products through flyers, tarpaulins and social media sites. They can visit and check the business at its own Facebook account, Twitter account and Instagram for more information. Creamy Pancake will employ two different marketing tactics to increase customer awareness of Creamy Pancake. The most important tactic will be word of mouth/in-store marketing. This will be by far the cheapest and most effective marketing programs. The second marketing tactic will be the use of tarpaulins and flyers. This will be low budget plans that will provide community awareness for the business. Creamy Pancake will create accounts on Facebook, Twitter and Instagram so that the power of social media will be used and also to interact directly to the customer. Discounts There must be a year-round discount for the company: Valentines Discount, Summer Discount, School Discount, Rainy-Day Discount and Christmas Discount. Creamy Pancake could offer discounts like buy 1 take 1. Sponsorship Creamy Pancake could sponsor events in schools and in the city where their product name could be flashed in the program. This could establish recall among the viewers.
• 73. UNIVERSAL COLLEGES OF PARAÑAQUE, INC. Provider of Health Science, Business, I.T., Teacher & Engineering Education 8273 Dr. A. Santos Avenue, Sucat, Parañaque City Telephone No: 381-96-23 Creamy Pancake Page 62 Contest Creamy Pancake would also host another Selfie with Creamy Pancake contest that could involve student within a school or several schools. That way, the company projects an image of being youth-oriented as well. Promotion and Advertising Schedule January GOH Loyalty Card Distribution February Valentines Sale March Print Advertisement launch April Summer Sale May Re-advertise June Start-of-School Sale July GOH Loyalty Card Distribution August Rainy-Day Sale September Selfie with Creamy Pancake Contest October Re-advertise School Event Sponsorship November Re-advertise Pre-Christmas Sale December Re-advertise Christmas Sale
• 74. UNIVERSAL COLLEGES OF PARAÑAQUE, INC. Provider of Health Science, Business, I.T., Teacher & Engineering Education 8273 Dr. A. Santos Avenue, Sucat, Parañaque City Telephone No: 381-96-23 Creamy Pancake Page 63 Advertising Materials Flyer (Length: 7 inches; Width: 3 inches)
• 75. UNIVERSAL COLLEGES OF PARAÑAQUE, INC. Provider of Health Science, Business, I.T., Teacher & Engineering Education 8273 Dr. A. Santos Avenue, Sucat, Parañaque City Telephone No: 381-96-23 Creamy Pancake Page 64 1st Tarpaulin (Soon to Open) (Length: 4 meters; Width: 6 meters) 2nd Tarpaulin (Grand Opening) (Length: 4 meters; Width: 6 meters)
• 76. UNIVERSAL COLLEGES OF PARAÑAQUE, INC. Provider of Health Science, Business, I.T., Teacher & Engineering Education 8273 Dr. A. Santos Avenue, Sucat, Parañaque City Telephone No: 381-96-23 Creamy Pancake Page 65 Facebook Account Twitter Account
• 77. UNIVERSAL COLLEGES OF PARAÑAQUE, INC. Provider of Health Science, Business, I.T., Teacher & Engineering Education 8273 Dr. A. Santos Avenue, Sucat, Parañaque City Telephone No: 381-96-23 Creamy Pancake Page 66 Instagram Account iv. Place Creamy Pancake is located in a customer traffic area since it is surrounded by schools, which the students are one of the target market and also the passerby. The place is suitable for its visibility and accessibility for potential customers.
• 78. UNIVERSAL COLLEGES OF PARAÑAQUE, INC. Provider of Health Science, Business, I.T., Teacher & Engineering Education 8273 Dr. A. Santos Avenue, Sucat, Parañaque City Telephone No: 381-96-23 Creamy Pancake Page 67 v. Packaging Design Structure outside the Box Structure inside the Box
• 79. UNIVERSAL COLLEGES OF PARAÑAQUE, INC. Provider of Health Science, Business, I.T., Teacher & Engineering Education 8273 Dr. A. Santos Avenue, Sucat, Parañaque City Telephone No: 381-96-23 Creamy Pancake Page 68 3-Dimensional View Inside 3-Dimensional View Outside
• 80. UNIVERSAL COLLEGES OF PARAÑAQUE, INC. Provider of Health Science, Business, I.T., Teacher & Engineering Education 8273 Dr. A. Santos Avenue, Sucat, Parañaque City Telephone No: 381-96-23 Creamy Pancake Page 69 F. Product Positioning “The Gift of Happiness” The creamy pancake is a gift of happiness to everyone. As they taste the pancake, they will feel the sweetness and love as it would give them the gift of happiness. This is what the company would like to share with them. By spending a budget friendly price, they will remember good memories from their past experiences. Creamy Pancake will be known for treasuring and sharing happy moments to everyone who tasted it. G. Competitor’s Analysis McDonalds & Jollibee are the indirect competitors of the business, since it has no direct competitors in the area. The prices of the Creamy Pancake products are cheaper than its competitors. Creamy Pancake will assure that the business will offer products in a budget friendly price and will be one of the reasons why customers will surely patronize it. PRODUCT PRICE PRODUCT PRICE PRODUCT PRICE Classic Pancake 35.00 2 pcs Pancake Meal 55.00 2 pcs Pancake Meal 50.00 Cold Pancake 40.00 Creamy Pancake McDonalds Jollibee
• 81. UNIVERSAL COLLEGES OF PARAÑAQUE, INC. Provider of Health Science, Business, I.T., Teacher & Engineering Education 8273 Dr. A. Santos Avenue, Sucat, Parañaque City Telephone No: 381-96-23 Creamy Pancake Page 70 H. SWOT Analysis STRENGTHS  Affordable price  Consistence quality of product  Strong management control  Customer traffic area OPPORTUNITIES  Growing market  Expanding business operation  Expanding fast-food industry WEAKNESSES  No reputation yet  Inexperience management  Limited menu range  Limited seating THREATS  Changing trends  Direct competitors in the future  Changing customer taste and preferences I. Demand Analysis According to the Executive Assistant of Barangay Chairman in Brgy. San Dionisio, Sucat, Paranaque City, the estimated population of Gatchalian Subdivision is 5,100. The estimated population of STI College Paranaque is 1,000, this is from STI admission officer. 1,100 is the estimated population of Universal Colleges of Paranaque, this is from the UCP Head Registrar. To get the demand for the project, the proponent used questionnaire method were to gather information. The Slovin’s formula and the stratified Random Sampling Method were used in disseminating the questionnaires.
• 82. UNIVERSAL COLLEGES OF PARAÑAQUE, INC. Provider of Health Science, Business, I.T., Teacher & Engineering Education 8273 Dr. A. Santos Avenue, Sucat, Parañaque City Telephone No: 381-96-23 Creamy Pancake Page 71 To get the sample size, the proponent used this formula: 𝑛 = 𝑁 1 + 𝑁𝑒2 Whereas: N = Total Population n = Sample Size e = Margin of Error (5%) 𝑛 = 7,200 1 + 7,200(0.05)2 = 𝟑𝟕𝟗 The survey questionnaire contains 17 questions. The proponents distributed 379 survey questionnaires in Gatchalian Subdivison, STI College Paranaque and Universal Colleges of Paranaque. The survey’s results are tallied and analyzed to be more understandable, the result is summarized, interpreted and analyze. 𝑃𝑒𝑟𝑐𝑒𝑛𝑡𝑎𝑔𝑒 = 𝑃𝑜𝑝𝑢𝑙𝑎𝑡𝑖𝑜𝑛 𝑝𝑒𝑟 𝑡𝑎𝑟𝑔𝑒𝑡 𝑚𝑎𝑟𝑘𝑒𝑡 𝑇𝑜𝑡𝑎𝑙 𝑝𝑜𝑝𝑢𝑙𝑎𝑡𝑖𝑜𝑛 𝑁𝑢𝑚𝑏𝑒𝑟 𝑜𝑓 𝑄𝑢𝑒𝑠𝑡𝑖𝑜𝑛𝑛𝑎𝑖𝑟𝑒 = 𝑃𝑒𝑟𝑐𝑒𝑛𝑡𝑎𝑔𝑒 𝑥 𝑅𝑒𝑠𝑝𝑜𝑛𝑑𝑒𝑛𝑡
• 83. UNIVERSAL COLLEGES OF PARAÑAQUE, INC. Provider of Health Science, Business, I.T., Teacher & Engineering Education 8273 Dr. A. Santos Avenue, Sucat, Parañaque City Telephone No: 381-96-23 Creamy Pancake Page 72 i. Distribution of Survey Questionnaires Population No. of Questionnaires Percentage Gatchalian Subdivision 5,100 269 71% STI College Paranaque 1,000 53 14% Universal Colleges of Paranaque 1,100 57 15% TOTAL 7,200 379 100% According to the graph, 71% of 379 respondents are respondents from Gatchalian Subdivision, 14% of 379 respondents are respondents from STI College Paranaque and 15% of 379 respondents are from Universal Colleges of Paranaque. 71% 14% 15% Gatchalian Subdivision STI College Paranaque Universal College of Paranaque
• 84. UNIVERSAL COLLEGES OF PARAÑAQUE, INC. Provider of Health Science, Business, I.T., Teacher & Engineering Education 8273 Dr. A. Santos Avenue, Sucat, Parañaque City Telephone No: 381-96-23 Creamy Pancake Page 73 ii. Result of the Survey and Data Analysis Age OPTIONS NO. OF RESPONDENTS TOTAL NO. OF RESPONDENTS PERCENTAGE UCP STI GATCHALIAN 14 – 17 24 9 51 84 22% 18 – 21 28 33 103 164 43% 22 – 25 5 6 71 82 22% 26 and above 0 5 44 49 13% TOTAL 57 53 269 379 100% Interpretation: According to the graph, 43% of 379 respondents are ages of 18-21 years old, 22% of 379 respondents are ages 14-17 years old similar to 22-25 years old and 13% of 379 respondents are ages of 26 and above. Analysis: Therefore, the business will mostly have teenagers and young people, because one of the target markets is the students. 22% 43% 22% 13% 14 – 17 18 – 21 22 – 25 26 and above
• 85. UNIVERSAL COLLEGES OF PARAÑAQUE, INC. Provider of Health Science, Business, I.T., Teacher & Engineering Education 8273 Dr. A. Santos Avenue, Sucat, Parañaque City Telephone No: 381-96-23 Creamy Pancake Page 74 Gender OPTIONS NO. OF RESPONDENTS TOTAL NO. OF RESPONDENTS PERCENTAGE UCP STI GATCHALIAN Male 24 29 123 176 46% Female 33 24 146 203 54% TOTAL 57 53 269 379 100% Interpretation: According to the graph, 54% of 379 respondents are female and 46% of 379 respondents are male. Analysis: Therefore, most of the respondents are female, they want and have craving for sweets. 46% 54% Male Female
• 86. UNIVERSAL COLLEGES OF PARAÑAQUE, INC. Provider of Health Science, Business, I.T., Teacher & Engineering Education 8273 Dr. A. Santos Avenue, Sucat, Parañaque City Telephone No: 381-96-23 Creamy Pancake Page 75 Q1. Do you eat pancake? OPTIONS NO. OF RESPONDENTS TOTAL NO. OF RESPONDENTS PERCENTAGE UCP STI GATCHALIAN Yes 57 53 269 379 100% No 0 0 0 0 0% TOTAL 57 53 269 379 100% Interpretation: According to the graph, 100% of 379 respondents are eating pancakes. Analysis: The business has a potential in the food industry, because all of the respondents will surely patronize the products. There is a big possibility that the respondents will be the customers, since they eat pancakes. 100% Yes No
• 87. UNIVERSAL COLLEGES OF PARAÑAQUE, INC. Provider of Health Science, Business, I.T., Teacher & Engineering Education 8273 Dr. A. Santos Avenue, Sucat, Parañaque City Telephone No: 381-96-23 Creamy Pancake Page 76 Q2. How often do you eat pancake in a week? OPTIONS NO. OF RESPONDENTS TOTAL NO. OF RESPONDENTS PERCENTAGE UCP STI GATCHALIAN Once 36 45 161 242 64% Twice 14 7 81 102 27% Thrice 5 1 19 25 6% Seven Times 2 0 8 10 3% TOTAL 57 53 269 379 100% Interpretation: According to the graph, 64% of 379 respondents eat pancakes once a week, 27% of 379 respondents eat pancakes twice a week, 6% of 379 of respondents eat pancakes thrice a week and 3% of 379 respondents eat pancakes seven times a week. Analysis: Most of the respondents eating habit is once a week, therefore the business will have customers every week. While there is a chance that some of the respondents will eat pancake more than once a week. 64% 27% 6% 3% Once Twice Thrice Seven Times
• 88. UNIVERSAL COLLEGES OF PARAÑAQUE, INC. Provider of Health Science, Business, I.T., Teacher & Engineering Education 8273 Dr. A. Santos Avenue, Sucat, Parañaque City Telephone No: 381-96-23 Creamy Pancake Page 77 Q3. What kind of pancake do you usually eat? OPTIONS NO. OF RESPONDENTS TOTAL NO. OF RESPONDENTS PERCENTAGE UCP STI GATCHALIAN Classic Pancake (Natural) 43 30 162 235 62% Flavored Pancake (Chocolate) 14 23 107 144 38% TOTAL 57 53 269 379 100% Interpretation: According to the graph, 62% of 379 respondents prefer to eat a classic pancake and 38% of 379 respondents prefer to eat flavored pancake. Analysis: Most of the respondents are into the original flavor of pancake and want the natural taste of pancake, because they are used to it. 62% 38% Classic Pancake (Natural) Flavored Pancake (Chocolate)
• 89. UNIVERSAL COLLEGES OF PARAÑAQUE, INC. Provider of Health Science, Business, I.T., Teacher & Engineering Education 8273 Dr. A. Santos Avenue, Sucat, Parañaque City Telephone No: 381-96-23 Creamy Pancake Page 78 Q4. What pancake syrup do you want? OPTIONS NO. OF RESPONDENTS TOTAL NO. OF RESPONDENTS PERCENTAGE UCP STI GATCHALIAN Maple (Natural) 31 21 134 186 49% Chocolate 26 32 135 193 51% TOTAL 57 53 269 379 100% Interpretation: According to the graph, 51% of 379 respondents prefer the chocolate syrup and 49% of 379 respondents prefer a maple syrup. Analysis: The business will offer both maple and chocolate syrup because the respondents love to partner the two flavors in their pancake. 49% 51% Maple (Natural) Chocolate
• 90. UNIVERSAL COLLEGES OF PARAÑAQUE, INC. Provider of Health Science, Business, I.T., Teacher & Engineering Education 8273 Dr. A. Santos Avenue, Sucat, Parañaque City Telephone No: 381-96-23 Creamy Pancake Page 79 Q5. When do you usually eat pancake? OPTIONS NO. OF RESPONDENTS TOTAL NO. OF RESPONDENTS PERCENTAGE UCP STI GATCHALIAN Morning (9:00am- 11:00am) 27 18 144 189 50% Lunch (11:01am- 1:00pm) 3 1 17 21 5% Merienda (1:01pm- 5:00pm) 27 34 108 169 45% TOTAL 57 53 269 379 100% Interpretation: According to the graph, 50% of 379 respondents eat pancakes every morning, 45% of 379 respondents eat pancakes every merienda time and 5% of 379 respondents eat pancakes every lunch time. Analysis: Therefore, most of the respondents preferred to eat pancakes during breakfast and merienda. It seems that they used to eat light meals during these periods. 50% 5% 45% Morning (9:00am-11:00am) Lunch (11:01am-1:00pm) Merienda (1:01pm-5:00pm)
• 91. UNIVERSAL COLLEGES OF PARAÑAQUE, INC. Provider of Health Science, Business, I.T., Teacher & Engineering Education 8273 Dr. A. Santos Avenue, Sucat, Parañaque City Telephone No: 381-96-23 Creamy Pancake Page 80 Q6. Do you eat ice cream? OPTIONS NO. OF RESPONDENTS TOTAL NO. OF RESPONDENTS PERCENTAGE UCP STI GATCHALIAN Yes 57 53 269 379 100% No 0 0 0 0 0% TOTAL 57 53 269 379 100% Interpretation: According to the graph, 100% of 379 respondents eat ice cream. Analysis: Therefore, all of the respondents are eating ice cream. There is a possibility of big demand on the products offered by the business. 100% Yes No
• 92. UNIVERSAL COLLEGES OF PARAÑAQUE, INC. Provider of Health Science, Business, I.T., Teacher & Engineering Education 8273 Dr. A. Santos Avenue, Sucat, Parañaque City Telephone No: 381-96-23 Creamy Pancake Page 81 Q7. What flavor of ice cream do you want? OPTIONS NO. OF RESPONDENTS TOTAL NO. OF RESPONDENTS PERCENTAGE UCP STI GATCHALIAN Vanilla 24 15 103 142 38% Chocolate 23 35 136 194 51% Mango 10 3 30 43 11% TOTAL 57 53 269 379 100% Interpretation: According to the graph, 51% of 379 respondents like the chocolate flavor of ice cream, 38% of 379 respondents like the vanilla flavor of ice cream and 11% of 379 respondents like mango flavor of ice cream. Analysis: Therefore, the business will offer both chocolate and vanilla ice cream because chocolate is the most favorite ice cream of the respondents and vanilla is the next one. 38% 51% 11% Vanilla Chocolate Mango
• 93. UNIVERSAL COLLEGES OF PARAÑAQUE, INC. Provider of Health Science, Business, I.T., Teacher & Engineering Education 8273 Dr. A. Santos Avenue, Sucat, Parañaque City Telephone No: 381-96-23 Creamy Pancake Page 82 Q8. What toppings do you want to be added on your ice cream? OPTIONS NO. OF RESPONDENTS TOTAL NO. OF RESPONDENTS PERCENTAGE UCP STI GATCHALIAN Sprinkles 25 17 84 126 33% Crushed Cookies 3 15 74 92 24% Marshmallow 16 5 54 75 20% Nips 7 7 25 39 11% Rice Crisps 1 3 8 12 3% Chocolate Chips 5 6 24 35 9% TOTAL 57 53 269 379 100% Interpretation: According to the graph, 33% of 379 respondents want sprinkles as their toppings in ice cream, 24% of 379 respondents want crushed cookies, 20% of 379 respondents want marshmallows, 11% of 379 respondents want nips, 9% of 379 respondents want chocolate chips and 3% of 379 respondents want rice crisps as their toppings in ice cream. Analysis: Therefore, most of the respondents love sprinkles toppings that will make them stress free and good vibes. 33% 24% 20% 11% 3% 9% Chocolate Chips Crushed Cookies Marshmallow Nips Rice Crisps Sprinkles
• 94. UNIVERSAL COLLEGES OF PARAÑAQUE, INC. Provider of Health Science, Business, I.T., Teacher & Engineering Education 8273 Dr. A. Santos Avenue, Sucat, Parañaque City Telephone No: 381-96-23 Creamy Pancake Page 83 Q9. How often do you eat ice cream in a week? OPTIONS NO. OF RESPONDENTS TOTAL NO. OF RESPONDENTS PERCENTAGE UCP STI GATCHALIAN Once 26 29 109 164 43% Twice 22 13 87 122 32% Thrice 19 10 47 76 20% Seven Times 5 1 11 17 5% TOTAL 72 53 254 379 100% Interpretation: According to the graph, 43% of 379 respondents eat ice cream once in a week, 32% of 379 respondents eat ice cream twice a week, 20% of 379 respondents eat pancakes thrice a week and 5% or 379 respondents eat ice cream seven times. Analysis: Therefore, most of the respondents are eating ice cream once a week and some are more than once a week because ice cream is their favorite stress reliever food. 43% 32% 20% 5% Once Twice Thrice Seven Times
• 95. UNIVERSAL COLLEGES OF PARAÑAQUE, INC. Provider of Health Science, Business, I.T., Teacher & Engineering Education 8273 Dr. A. Santos Avenue, Sucat, Parañaque City Telephone No: 381-96-23 Creamy Pancake Page 84 Q10. Do you want your pancake accompanied with ice cream? OPTIONS NO. OF RESPONDENTS TOTAL NO. OF RESPONDENTS PERCENTAGE UCP STI GATCHALIAN Yes 49 39 245 333 88% No 8 14 24 46 12% TOTAL 57 53 269 379 100% Interpretation: According to the graph, 88% of 379 respondents answered Yes they want to accompany their pancakes with ice cream.12% of 379 respondents answered No they don’t want to accompany their pancakes with ice cream. Analysis: It seems that most of the respondents want a new kind of pancake with a twist that will satisfy their cravings. 88% 12% Yes No
• 96. UNIVERSAL COLLEGES OF PARAÑAQUE, INC. Provider of Health Science, Business, I.T., Teacher & Engineering Education 8273 Dr. A. Santos Avenue, Sucat, Parañaque City Telephone No: 381-96-23 Creamy Pancake Page 85 Q11. How much do you want to spend on buying a pancake and ice cream? OPTIONS NO. OF RESPONDENTS TOTAL NO. OF RESPONDENTS PERCENTAGE UCP STI GATCHALIAN P 25.00 – P 35.00 28 22 177 227 60% P 36.00 – P 45.00 9 15 45 69 18% P 46.00 – P 55.00 5 5 31 41 11% P 56.00 and above 15 11 16 42 11% TOTAL 57 53 269 379 100% Interpretation: According to the graph, 60% of 379 respondents can spend P25-P35 in buying a pancake. 18% of 379 respondents can spend P36-P45 in buying a pancake and 11% of 379 respondents can spend P46-P55 similar to P56 and above. Analysis: Therefore, most of the respondents want an affordable price but a quality product. Because no one wants to spend a lot of money for a not satisfying pancake. 60%18% 11% 11% P 25.00 – P 35.00 P 36.00 – P 45.00 P 46.00 – P 55.00 P 56.00 and above
• 97. UNIVERSAL COLLEGES OF PARAÑAQUE, INC. Provider of Health Science, Business, I.T., Teacher & Engineering Education 8273 Dr. A. Santos Avenue, Sucat, Parañaque City Telephone No: 381-96-23 Creamy Pancake Page 86 Q12. What time do you prefer to eat pancake with ice cream? OPTIONS NO. OF RESPONDENTS TOTAL NO. OF RESPONDENTS PERCENTAGE UCP STI GATCHALIAN Morning (9:00am- 11:00am) 14 7 65 86 23% Lunch (11:01am- 1:00pm) 9 2 18 29 7% Merienda (1:01pm-5:00pm) 34 44 186 264 70% TOTAL 57 53 269 379 100% Interpretation: According to the graph, 70% of 379 respondents prefer the Merienda time to eat pancake with ice cream, 23% of 379 respondents prefer the Morning time to eat pancake with ice cream and 7% of 379 respondents prefer the Lunch time to eat pancake with ice cream. Analysis: Therefore, most of the respondents want to try a new kind of snack and the business will have many customers during merienda. 23% 7% 70% Morning (9:00am-11:00am) Lunch (11:01am-1:00pm) Merienda (1:01pm-5:00pm)
• 98. UNIVERSAL COLLEGES OF PARAÑAQUE, INC. Provider of Health Science, Business, I.T., Teacher & Engineering Education 8273 Dr. A. Santos Avenue, Sucat, Parañaque City Telephone No: 381-96-23 Creamy Pancake Page 87 Q13. What drinks do you want? OPTIONS NO. OF RESPONDENTS TOTAL NO. OF RESPONDENTS PERCENTAGE UCP STI GATCHALIAN Coffee 12 9 44 65 17% Iced tea 22 29 126 177 47% Water 23 15 99 137 36% TOTAL 57 53 269 379 100% Interpretation: According to the graph, 47% of 379 respondents want to drink iced tea, 36% of 379 respondents want to drink water only and 17% of 379 respondents want to drink coffee. Analysis: Therefore, most of the respondents want a refreshing drink like iced tea. It means that pancake is best to partner with iced tea. 17% 47% 36% Coffee Iced tea Water
• 99. UNIVERSAL COLLEGES OF PARAÑAQUE, INC. Provider of Health Science, Business, I.T., Teacher & Engineering Education 8273 Dr. A. Santos Avenue, Sucat, Parañaque City Telephone No: 381-96-23 Creamy Pancake Page 88 Q14. How long are you willing to wait for your order to be served? OPTIONS NO. OF RESPONDENTS TOTAL NO. OF RESPONDENTS PERCENTAGE UCP STI GATCHALIAN 3 mins 31 28 154 213 56% 4-6 mins 22 15 84 121 32% 7-10 mins 4 10 31 45 12% TOTAL 57 53 269 379 100% Interpretation: According to the graph, 56% of 379 respondents are willing to wait for their order to be served in 3 minutes, 32% of 379 respondents are willing to wait for their order to be served in 4-6 minutes, and 12% of 379 respondents are willing to wait for their order to be served in 7-10 minutes. Analysis: Therefore, most of the respondents want their order to be served quickly where some people are on running late and some are impatiently waiting in taking their orders. 56%32% 12% 3 mins 4-6 mins 7-10 mins
• 100. UNIVERSAL COLLEGES OF PARAÑAQUE, INC. Provider of Health Science, Business, I.T., Teacher & Engineering Education 8273 Dr. A. Santos Avenue, Sucat, Parañaque City Telephone No: 381-96-23 Creamy Pancake Page 89 Q15. In buying a pancake, what factor do you consider? OPTIONS NO. OF RESPONDENTS TOTAL NO. OF RESPONDENTS PERCENTAGE UCP STI GATCHALIAN Quality 34 35 190 259 68% Price 13 11 46 70 19% Service 6 4 22 32 8% Place 4 3 11 18 5% TOTAL 57 53 269 379 100% Interpretation: According to the graph, 68% of 379 respondents consider the quality in buying a pancake, 19% of 379 respondents consider the price in buying a pancake, 8% of 379 respondents consider the service in buying a pancake and 5% of 379 respondents consider the place in buying a pancake. Analysis: Therefore, the respondents consider the quality of the product as a factor, given that they want a fluffy, soft and good quality pancake. To fulfill the customer’s needs and expectations, the business will consider all the factors of pancakes for the satisfaction of every customer that the products they order are worth it. 68% 19% 8% 5% Quality Price Service Place

Pardon Our Interruption

As you were browsing something about your browser made us think you were a bot. There are a few reasons this might happen:

• You've disabled JavaScript in your web browser.
• You're a power user moving through this website with super-human speed.
• You've disabled cookies in your web browser.
• A third-party browser plugin, such as Ghostery or NoScript, is preventing JavaScript from running. Additional information is available in this support article .

To regain access, please make sure that cookies and JavaScript are enabled before reloading the page.

How to open a creperie: a guide for entrepeneurs

Have you managed to get your hands on your family's highly coveted and top-secret pancake batter recipe? Perhaps you've also already stumbled upon the perfect location to open a creperie, and have a bank of creative and delicious recipes ready to be shown to the world? Good news, you already have many of the credentials required for a thriving creperie business.

But before you can start flipping pancakes, there's one last thing to do: develop a business plan to secure your creperie's long-term success.

Before we look at the development of your business plan, however, let's check out the market. 

The state of the creperie market

In a restaurant market where pizza and burgers have already been taken by storm, along with the popularity of salad and juice bars, it looks like the crepe has been left behind.

In light of the fact that the profit margin on this clever blend of flour, eggs and milk can be as high as 90% in some cases, why are more entrepreneurs not entering the pancake market and opening a creperie?

Before rushing head-first into opening a creperie, it's essential to understand the constraints linked to the niche market that is the creperie business. Yes, the late return is exceptional, but these figures are weighed up against other challenges that we sum up in the 3-points below:

1. A relatively low average spend per meal

Firstly, with the average price of a crepe costing between £3 - £4, entrepreneurs entering the crepe market need to think carefully about how to maintain a high enough profit level to cover their costs when they open a creperie. This raises the question of price positioning: will you try to attract customers with cheap crepes or use this opportunity to stock up on fresh herbs and premium cheeses to build up the average spend per head?

2. A large hourly volume for a low price

It's also important to be aware of the demands of running a creperie. The early mornings, pancake batter prep and ensurance that sanitary obligations are met all seem like a lot when you consider that the gross annual salary of a crepe manager is in and around £20,000 after two years of business. When we mix in the stagnant annual turnover of the creperie market, it might make sense that some entrepreneurs might be tempted to back peddle on their plans to open a creperie...

3. A very seasonal activity

And the challenges don't end there - as you need to be aware of the fact you're entering a highly seasonal activity when opening a creperie. This means relinquishing control of your customer flow over to the weather, and constantly monitoring your cash flow. 

If crepes tend to be more popular in the winter season, then bringing in lighter recipes with seasonal ingredients could be the solution when it comes to attracting more customers over the quieter summer months. 

But if pancakes are mainly eaten in winter, to boost the profitability of your pancake business, why not implement the necessary means to change the consumption habits of the fervent pancake lovers? Fresh and light recipes as well as an adapted visual identity could be the solution when you open a creperie.

Although these factors shed a light on why some entrepreneurs feel reluctant to enter the creperie market, it's important not to be deterred by them. The fact that the creperie market is a modest one also means less competition and lots of room for innovation for those entrepreneurs ready to brave it.

Using your market research data to create a business plan and open your creperie

As you'll have understood, the main key to open a successful creperie is to identify your indirect competition (i.e. other restaurants and cafes) as your direct competition is likely to be limited. 

Unless you're setting up in a region rife with creperies, the main question you should be asking yourself will be: how do I get consumers to choose my crepes over the sandwiches and snacks offered by the other cafes on the street?

Your answer to this question will define your whole business plan, as from there you'll be forced to ask follow-up questions including whether:

• you want to offer table service or takeaway crepes, or open a creperie food truck
• you'll exclusively sell crepes or offer other food options 
• you'll set a menu with traditional flavors or come up with experimental recipes 
• you'll open an independent creperie or join an established chain of creperies 

It's up to you to weigh up the advantages and disadvantages of the many options available before opening a creperie, and to lay out these choices attractively in your creperie business plan.

The keys to creating a successful creperie business plan

Put simply, your pancake business plan fulfills two functions:

• by presenting your business model in an attractive way, it helps convince investors to support your venture 
• it also acts as a roadmap for your first few years of business, as you can refer back to it and follow the guidelines within it to ensure you achieve long-term success 

For these reasons, your creperie business plan must not only be convincing but also as realistic as possible.

Each company (and by extension) each business plan - presents different challenges, specific to its industry.

Before creating a creperie, you need to touch on the following factors in the body of your business plan.

Your location

Whether you decide to open a creperie in a town along the coast or smack bang in the centre of a capital city, the location you pick will impact many aspects of your creperie business. While a creperie based in the city centre might face a lot more competition from rival food places, one situated in a seaside resort might be heavily impacted by significantly fewer sales in the winter months.

Your price range

A traditional creperie will use fairly standard marketing tactics and cheap menu prices to attract customers. A conceptual creperie, however, might use slightly more unusual ingredients which would push its prices up. The same goes for its marketing tactics when opening a creperie, as it may be trying to appeal to a very specific market. Whichever concept you go for, make sure you establish a clear  financial forecast for your new business  to match it.

Your long-term goals

As you may have noticed, few franchises come to mind when we talk about opening a creperie. So is that a gap in the market we spy? If you like the idea of expansion in the future, layout the blueprint for this in your business plan by indicating that it's a long-term goal you'd like to work towards.

How to write the business plan for a creperie

Ready to write your business plan and open a creperie? Make your life easier by using business plan software . 

There are several advantages to using specialized business plan software:

• You are guided through the writing process by detailed instructions and examples for each part of the plan.
• You can be inspired by already written business plan templates
• You can easily make your financial forecast by letting the software take care of the financial aspects for you.
• You get a professional document, formatted and ready to be sent to your bank.

Interested? Then you're in the right place, as The Business Plan Shop offers one of the best online business plan softwares on the market. If you don't believe us, try it out yourself for free by signing up here .

Now you know everything there is to know about how to open a creperie. We hope you found this article useful. If you have any questions or queries at all please do not hesitate to contact our team.

Also on The Business Plan Shop

• Business plan template for a creperie
• How to carry out market research for a creperie
• How to evaluate the turnover of a creperie

Know someone who'd like to open a creperie and might be interested in this article? Share it with the click of a mouse!

Founder & CEO at The Business Plan Shop Ltd

Guillaume Le Brouster is a seasoned entrepreneur and financier.

Guillaume has been an entrepreneur for more than a decade and has first-hand experience of starting, running, and growing a successful business.

Prior to being a business owner, Guillaume worked in investment banking and private equity, where he spent most of his time creating complex financial forecasts, writing business plans, and analysing financial statements to make financing and investment decisions.

Guillaume holds a Master's Degree in Finance from ESCP Business School and a Bachelor of Science in Business & Management from Paris Dauphine University.

Create a convincing business plan

Assess the profitability of your business idea and create a persuasive business plan to pitch to investors

500,000+ entrepreneurs have already tried our solution - why not join them?

Not ready to try our on-line tool ? Learn more about our solution here

Need some inspiration for your business plan?

Subscribe to The Business Plan Shop and gain access to our business plan template library.

Need a professional business plan? Discover our solution

Write your business plan with ease!

It's easy to create a professional business plan with The Business Plan Shop

Want to find out more before you try? Learn more about our solution here

How To Write a Business Plan for Pancake House in 9 Steps: Checklist

By henry sheykin, pancake house bundle.

Related Blogs

• Starting a Business
• KPI Metrics
• Running Expenses
• Startup Costs
• Pitch Deck Example
• Increasing Profitability
• Sales Strategy
• Rising Capital
• Valuing a Business
• How Much Makes
• Sell a Business
• Business Idea
• How To Avoid Mistakes

Welcome to our blog post on how to write a business plan for a pancake house! With the breakfast and brunch industry experiencing steady growth, now is the perfect time to jump into the pancake game. According to recent statistics, the breakfast restaurant market in the US generates an impressive $47 billion annually, with an estimated annual growth rate of 5.2%. So, if you're ready to take your love of pancakes to the next level, we've got you covered with this comprehensive checklist of the nine essential steps to set up your own successful pancake house.

Step 1: Identify your target market and competition. Understand who your ideal customers are and research local competitors to determine how you can differentiate yourself in the market.

Step 2: Conduct thorough market research. Dive into consumer trends, preferences, and demands to ensure your pancake house meets the desires of your target audience.

Step 3: Determine the perfect location and size for your pancake house. Consider factors such as foot traffic, parking availability, and surrounding businesses to maximize your chances of success.

Step 4: Define your mouthwatering menu and pricing strategy. Experiment with a wide range of pancake flavors and toppings, and carefully calculate your prices to attract customers while also ensuring profitability.

Step 5: Estimate your startup costs and create a detailed budget. From equipment to renovations, it's essential to have a clear understanding of the financial requirements before launching your pancake house.

Step 6: Develop a strategic marketing and advertising plan. Leverage social media, local partnerships, and other promotional tactics to generate buzz and attract hungry customers to your pancake haven.

Step 7: Establish the legal structure of your business. Choose between options such as sole proprietorship, partnership, or LLC, and consult with a legal professional to ensure compliance with local regulations.

Step 8: Register your business name and obtain the necessary licenses and permits. Protect your brand and ensure you have all the required documentation to operate your pancake house legally.

Step 9: Identify potential sources of funding or financing for your business. Explore options like small business loans, grants, or even personal savings to secure the necessary capital for your pancake house venture.

• Target market and competition
• Market research
• Location and size
• Menu and pricing strategy
• Startup costs and budget
• Marketing and advertising plan
• Legal structure
• Business name registration and licenses/permits
• Sources of funding/financing

Now that we've covered the outline, let's dive into each step, ensuring your pancake house business plan is as fluffy and delicious as your pancakes!

Identify Target Market And Competition

When starting a pancake house, it's essential to identify your target market and understand the competition in your area. By gaining a clear understanding of who your potential customers are and what other businesses are offering, you can tailor your business plan to meet the needs of your target market and differentiate yourself from the competition.

Firstly, identify your target market . Consider factors such as demographics, psychographics, and geographic location. Are you targeting families with children, young professionals, or seniors? What do they value in a pancake house experience? Understanding your target market's preferences and purchasing habits will help you create a menu and atmosphere that appeals to them.

Next, analyze your competition . Research existing pancake houses in your area and evaluate their strengths, weaknesses, and unique selling propositions (USPs). This will allow you to identify gaps in the market that you can capitalize on and areas where you can differentiate yourself.

Tips for Identifying Target Market and Competition:

• Conduct surveys or interviews to gather insights from potential customers.
• Visit competing pancake houses to observe their operations and customer interactions.
• Utilize online tools and platforms to analyze customer reviews and ratings.
• Identify any niche markets or specific customer segments that are currently underserved.
• Consider collaborating with a marketing research firm to gain a comprehensive understanding of your target market and competition.

By thoroughly researching and understanding your target market and competition, you can position your pancake house for success and tailor your business plan accordingly.

Conduct Market Research

In order to ensure the success of your pancake house, it is crucial to conduct thorough market research. This will help you understand your target market, identify your competition, and make informed decisions when it comes to menu offerings, pricing strategies, and marketing efforts.

1. Determine your target market: Start by defining who your ideal customers are. Consider factors such as age, income level, location, and eating habits. Understanding your target market will help you tailor your menu and marketing efforts to resonate with them.

2. Analyze your competition: Take the time to research and analyze your competitors in the area. Identify other pancake houses or breakfast spots and assess their strengths, weaknesses, and what sets them apart. This will allow you to differentiate your pancake house and offer unique value to your customers.

• Visit your competitors and observe their operations, quality of food, and customer service.
• Read online reviews and analyze customer feedback to understand the likes and dislikes of your target market.
• Identify gaps in the market that you can fill.

3. Understand market trends: Stay up-to-date with current market trends in the food and hospitality industry. This includes monitoring popular pancake flavors, new brunch concepts, dietary preferences, and emerging dining preferences among your target market. Adapting to these trends can help you attract and retain customers.

4. Conduct customer surveys: Engage with your target market by conducting surveys to gather feedback and insights. This will help you understand their needs, preferences, and expectations. You can use online surveys, email questionnaires, or even host focus groups to gain valuable insights.

5. Assess local demographics: Research the demographics of the area where you plan to open your pancake house. Consider factors such as population size, household income, age distribution, and economic trends. This information will give you a better understanding of the potential market size and demand for your pancake house.

By conducting comprehensive market research, you will have a solid foundation for your pancake house business. It will allow you to make informed decisions and maximize your chances of success.

Determine The Location And Size Of The Pancake House

Choosing the right location for your pancake house is essential for its success. You need to consider factors such as foot traffic, visibility, accessibility, and competition in the area. Here are a few important steps to consider in determining the location and size of your pancake house:

• Conduct a thorough demographic analysis of the area to understand the population, income levels, and breakfast dining preferences. This will help you identify if there is a demand for a pancake house and the potential customer base.
• Consider the proximity to residential areas and other businesses that can drive customers to your pancake house. A location near schools, offices, or tourist attractions can be advantageous.
• Evaluate the competition in the selected area. Research other pancake houses, breakfast establishments, or restaurants that serve breakfast to understand their offerings, pricing, and customer base. Assess how your pancake house can differentiate itself from the competition.
• Assess the available space in potential locations and determine the size that best suits your business needs. Consider the number of seats you want to offer, the kitchen and storage space required, and any additional areas you may need, such as a waiting area or outdoor patio.

Tips for determining the location and size:

• Visit potential locations during peak hours to observe the foot traffic and assess the demand for breakfast options.
• Consider the parking availability and ease of access for customers.
• Engage with the local community and seek their input on desired breakfast options and restaurant location.
• Think about the scalability of the business. Ensure that the chosen location and size allow for future growth and expansion.

Once you have completed the process of determining the location and size of your pancake house, you can proceed to the next steps, such as defining your menu, estimating startup costs, and developing a marketing plan. Remember that careful consideration and thorough research in this stage can significantly contribute to the long-term success of your business.

Define The Menu And Pricing Strategy

When it comes to running a successful pancake house, one of the most important steps is defining your menu and pricing strategy. Your menu should reflect the flavors and offerings that will set your pancake house apart from competitors while catering to the tastes of your target market.

Start by brainstorming a variety of pancake flavors and toppings that will appeal to a wide range of customers. Consider traditional favorites like buttermilk, blueberry, and chocolate chip, but also experiment with unique combinations to add a touch of excitement to your menu. Don't forget to include gluten-free and vegan options to accommodate dietary restrictions.

Tip 1: Conduct a survey or focus group to gather feedback from your target market on their preferred pancake flavors and toppings. This can help you narrow down your menu and ensure that it resonates with your customers.

Once you have finalized your pancake offerings, it's time to determine your pricing strategy. Take into account factors such as ingredient costs, overhead expenses, and desired profit margins. Compare your pricing to that of your competitors to ensure that it is competitive yet profitable.

In addition to pancakes, think about offering a variety of breakfast items such as eggs, bacon, sausage, and hash browns, as well as beverages like coffee, tea, and juice. This will provide options for customers who may not be in the mood for pancakes and help increase the overall appeal of your menu.

Tip 2: Consider creating combo meals or special promotions to encourage customers to try a variety of items from your menu. This not only increases sales but also adds value for your customers.

Remember, your menu and pricing strategy should align with your target market and the overall concept of your pancake house. Continuously gather feedback from customers and track the popularity of different menu items to make necessary adjustments and optimizations.

Estimate Startup Costs And Create A Budget

Estimating the startup costs and creating a budget is a crucial step in planning for your pancake house. Having a clear understanding of your financial requirements will not only help you determine the amount of funding you need but also give you a roadmap for managing your expenses.

1. Calculate One-Time Startup Costs:

• Start by listing all the one-time costs such as leasing or purchasing the premises, renovations or remodeling, kitchen equipment, furniture, signage, and initial inventory.
• Obtain quotes from suppliers to determine accurate costs for equipment and furnishings.
• Include legal fees, permits, licenses, and any other expenses related to establishing your business.

2. Determine Ongoing Operating Expenses:

• Identify recurring costs such as rent, utilities, insurance, payroll, food supplies, marketing, and advertising expenses.
• Research average industry costs for these expenses and factor them into your budget.

3. Prepare a Cash Flow Projection:

• Estimate your anticipated sales and expenses on a monthly basis for at least the first year.
• Consider how seasonality might impact your business and adjust your projections accordingly.
• Be conservative with your revenue estimates and realistic with your expense projections.
• Seek multiple quotes: Don't settle for the first quote you receive. Comparing prices from different suppliers can help you find the best deals and save money.
• Create a contingency fund: It's wise to allocate a portion of your budget for unexpected expenses or emergencies that may arise during the startup phase.
• Review and update regularly: As your business grows and evolves, your financial needs will change. Regularly review and update your budget to ensure it remains accurate and relevant.

Develop A Marketing And Advertising Plan

When it comes to running a successful pancake house, a well-executed marketing and advertising plan is essential. It will help you build brand awareness, attract customers, and ultimately drive sales. Here are some key steps to consider when developing your plan:

1. Define your target audience: Determine who your ideal customers are and understand their preferences, demographics, and behavior. This will guide your marketing efforts and help you tailor your messages to resonate with your target market.

2. Craft a compelling brand message: Develop a unique selling proposition (USP) that sets your pancake house apart from competitors. This could be your distinct pancake flavors, a commitment to using local ingredients, or exceptional customer service. Clearly communicate your USP in all your marketing materials.

3. Utilize online and social media platforms: Establish a strong online presence through a well-designed and user-friendly website. Leverage social media platforms such as Facebook, Instagram, and Twitter to engage with your audience, share mouth-watering photos of your pancakes, and promote special offers or events.

4. Implement local advertising strategies: Consider advertising in local newspapers, magazines, and radio stations. Explore partnerships with nearby businesses or events to reach a wider audience. Display eye-catching signage near your pancake house to attract passersby.

5. Offer promotions and loyalty programs: Entice customers to choose your pancake house by offering discounts, coupons, or loyalty programs. Encourage repeat visits by rewarding customers for their loyalty and referrals.

• Create a visually appealing and mouth-watering menu to entice customers.
• Engage with your customers by responding to reviews and feedback promptly.
• Host special events such as pancake eating contests or pancake making workshops to generate buzz and attract customers.
• Collaborate with local influencers or food bloggers to showcase your pancake house and reach a wider audience.

Remember, a marketing and advertising plan requires consistency, creativity, and continuous evaluation. Monitor the impact of your strategies, adjust as needed, and always strive to deliver a memorable experience for every customer who walks through your pancake house's doors.

Establish The Legal Structure Of The Business

One of the crucial steps in starting a pancake house is to establish the legal structure of the business . This step will determine how your business is organized and operated legally. Here are some key considerations to keep in mind:

• Research Different Legal Structures: Start by researching various legal structures such as sole proprietorship, partnership, limited liability company (LLC), or corporation. Each structure has its advantages and disadvantages, so it's important to choose the one that best suits your specific needs.
• Consult with a Legal Professional: It's highly recommended to seek advice from a lawyer or legal professional who specializes in business law. They can guide you through the process and help you choose the most appropriate legal structure for your pancake house.
• Consider Liability Protection: Depending on the legal structure you choose, you may have different levels of personal liability for business debts and obligations. Keep in mind that operating as a sole proprietorship exposes your personal assets to potential risks, while forming an LLC or corporation can provide more protection.
• Obtain the Necessary Permits and Licenses: As a pancake house, you'll need to comply with local, state, and federal regulations. This may include obtaining a food service license, health permits, liquor license (if applicable), and any other permits required by your local authorities. Research the requirements for your specific area and ensure you obtain all the necessary permits and licenses.
• Register Your Business: Once you have chosen a legal structure, you'll need to register your business with the appropriate authorities. This typically involves filing the necessary paperwork and paying any associated fees. Depending on your chosen legal structure, you may need to register with the state, county, or city.
• Remember to consult with a qualified attorney or legal professional throughout the process to ensure compliance with all relevant laws and regulations.
• Consider seeking advice from a tax professional to understand the tax implications of different legal structures and make informed decisions.
• Review the local zoning and building code requirements to ensure your chosen location aligns with the intended use of a pancake house.

Establishing the right legal structure for your pancake house is crucial for protecting your interests, complying with regulations, and building a solid foundation for your business. Take the time to carefully consider your options and seek professional guidance to ensure you make informed decisions.

Register The Business Name And Obtain Necessary Licenses And Permits

Registering the business name and obtaining the necessary licenses and permits are crucial steps in starting a pancake house. These legal requirements ensure that your business operates legally and complies with all relevant regulations. Here are the important steps to follow:

• Choose and register a business name: Select a unique and catchy name for your pancake house that reflects your brand and target market. Research whether the chosen name is available and register it with the appropriate local authorities. Consider consulting a legal professional to ensure compliance with trademark laws.
• Obtain local licenses and permits: Visit your local government office or check their website to determine the licenses and permits required to operate a food establishment. This may include a food service license, health permits, and zoning permits. Familiarize yourself with the specific requirements and complete the necessary applications.
• Apply for state and federal licenses: Depending on your location, you may need to obtain additional licenses and permits at the state and federal levels. This could include an employer identification number (EIN) from the Internal Revenue Service (IRS) and a state sales tax license. Research the requirements for your specific jurisdiction and apply accordingly.
• Comply with food handling and safety regulations: In order to ensure the safety and satisfaction of your customers, it is essential to comply with food handling and safety regulations. This may involve obtaining certification in food safety and implementing proper hygiene practices. Stay updated on changing regulations and regularly train your staff in these areas.
• Consider insurance needs: It is advisable to protect your pancake house with relevant insurance coverage. This may include general liability insurance, property insurance, and workers' compensation insurance. Consult an insurance professional to assess your specific needs and obtain appropriate coverage.
• Research all relevant licenses and permits early in the planning process to avoid unnecessary delays in opening your pancake house.
• Keep track of renewal dates for licenses to ensure continuous compliance with regulations.
• Consider joining industry associations or networks that provide resources and support for navigating the licensing and permitting process.
• Maintain accurate records of all documents and approvals obtained, as they may be required for future inspections or audits.

By registering your business name and obtaining the necessary licenses and permits, you demonstrate your commitment to operating a legal and reputable pancake house. Adhering to these requirements helps build trust with customers and ensures your business operates smoothly within the regulatory framework.

Identify Potential Sources Of Funding Or Financing For The Business

Securing the necessary funding or financing is crucial for starting a pancake house and ensuring its success. Here are some potential sources you can explore:

• Personal Savings: Utilize your own savings or investment to fund the business. This gives you full control and ownership.
• Family and Friends: Consider approaching your loved ones who believe in your vision and may be willing to invest in your pancake house.
• Bank Loans: Approach local banks or financial institutions to inquire about small business loans. Prepare a solid business plan, financial projections, and collateral to increase your chances of approval.
• Small Business Administration (SBA) Loans: The SBA offers loans specifically designed for small businesses, which often have more flexible terms and lower interest rates. Research the different loan programs available and assess your eligibility.
• Investors: Seek out potential investors who are interested in supporting food and beverage ventures. This could include angel investors, venture capitalists, or even restaurant industry veterans. Be prepared to pitch your business idea and demonstrate potential return on investment.
• Crowdfunding: Online platforms such as Kickstarter or Indiegogo allow you to showcase your pancake house concept and raise funds from a broader audience. Craft a compelling campaign and offer enticing rewards to attract backers.
• Grants and Sponsorships: Explore grants or sponsorships that specifically support businesses in the food and hospitality industry. Conduct thorough research to identify relevant opportunities and ensure you meet the eligibility criteria.
• Franchising: If you're considering starting a franchise, the franchisor may provide support in securing financing. They may have relationships with banks or offer in-house financing options.
• Prepare a detailed business plan and financial projections: Investors and lenders will want to see that you have a clear understanding of your market, competition, and financial feasibility.
• Network and attend industry events: Building relationships with professionals in the food and hospitality industry can lead to potential funding opportunities and partnerships.
• Consider a combination of funding sources: Diversifying your funding strategy can increase your chances of obtaining the necessary capital.
• Explore local economic development programs: Some regions offer grants or incentives for businesses that contribute to local economic growth and development.
• Be prepared for due diligence: Investors and lenders will conduct thorough research and analysis before committing to funding. Anticipate their questions and have robust answers ready.

Writing a business plan is a crucial step in launching a successful pancake house. By following these nine steps and completing each checklist item, you can ensure that your business has a solid foundation and is set up for success. Identifying your target market, conducting market research, and defining your menu and pricing strategy will help you attract and retain customers. Estimating startup costs and creating a budget, as well as identifying potential sources of funding, will help you plan and manage your finances effectively. Developing a marketing and advertising plan, establishing the legal structure of your business, and obtaining necessary licenses and permits will ensure that you operate within legal guidelines. Finally, registering your business name and considering additional revenue streams will help you maximize your potential and grow your pancake house.

• Identify target market and competition
• Conduct market research
• Determine the location and size of the pancake house
• Define the menu and pricing strategy
• Estimate startup costs and create a budget
• Develop a marketing and advertising plan
• Establish the legal structure of the business
• Register the business name and obtain necessary licenses and permits
• Identify potential sources of funding or financing for the business

By following these steps and completing each checklist item, you will be well-prepared to start your own successful pancake house.

Leave a comment

Your email address will not be published. Required fields are marked *

Please note, comments must be approved before they are published

How to Start a Profitable Pancake Business [11 Steps]

Business steps:, 1. perform market analysis..

Starting a pancake business requires a comprehensive understanding of the market to identify opportunities and gauge consumer demand. A market analysis will help you to position your business effectively and tailor your offerings to meet the needs of your target audience. Here are some steps to guide you through the process:

Are Pancake businesses profitable?

2. draft a pancake business plan..

Starting a pancake business requires careful planning and a clear vision of your goals. A solid business plan is key to securing funding, understanding your market, and guiding your decision-making process. Here are some essential points to include in your pancake business plan:

How does a Pancake business make money?

3. develop a pancake brand., how to come up with a name for your pancake business.

When coming up with a name for a pancake business, it is important to consider the overall theme and style of the business. For a fun and light-hearted vibe, aim for something playful and creative such as ‘Flippin’ Good Pancakes’ or ‘Pancake Pizzazz’. For a more classic and timeless feel, opt for something traditional like ‘The Pancake House’ or ‘Pancake Palace’. Brainstorm different ideas and consider feedback from friends and family to come up with the perfect name that reflects the character of the business.

4. Formalize your business registration.

Resources to help get you started:.

Explore vital resources designed for pancake entrepreneurs to gain market insights, operational tips, and strategies for business expansion:

5. Acquire necessary licenses and permits for pancake.

Starting your pancake business involves ensuring you comply with local, state, and federal regulations. Acquiring the necessary licenses and permits is crucial to operate legally and safely. Below is a guideline to help you get started:

6. Open a business bank account and secure funding as needed.

Opening a business bank account and securing funding are critical steps in laying a solid financial foundation for your pancake business. Not only will a dedicated account help you manage your finances effectively, but securing the right funding can provide the capital needed to cover startup costs and maintain cash flow. Follow these guidelines to set up your financial base:

7. Set pricing for pancake services.

Setting the right prices for your pancake services is crucial for attracting customers and ensuring a profitable business. Consider the cost of ingredients, time, and labor, as well as the prices of competing businesses when determining your rates. Here are some guidelines to help you set competitive and fair pricing:

What does it cost to start a Pancake business?

8. acquire pancake equipment and supplies., list of software, tools and supplies needed to start a pancake business:, 9. obtain business insurance for pancake, if required., 10. begin marketing your pancake services., 11. expand your pancake business..

How To Start a Pancake Business

sidhanta bhoi

Starting a pancake business can be a fun and rewarding way to earn a living while also sharing your love of pancakes with others. Here are some steps to help you get started:

• Develop your pancake recipe: Start by perfecting your pancake recipe. Consider using high-quality ingredients, such as whole grains and fresh fruits, to make your pancakes stand out.
• Create a business plan: A business plan will help you map out the details of your business and set goals. It should include information about your target market, pricing, marketing strategy, and financial projections.
• Choose a business structure: Decide on the legal structure of your business, such as a sole proprietorship, partnership, or corporation. Each option has its own benefits and drawbacks, so consider consulting with a lawyer or accountant to help you choose the best structure for your business.
• Obtain necessary licenses and permits: Depending on your location, you may need to obtain licenses and permits to operate a food business. Research the requirements in your area and be sure to comply with all relevant regulations.
• Find a location: Determine the best location for your pancake business, considering factors such as foot traffic, competition, and rent. You may choose to operate a brick-and-mortar restaurant, a food truck, or a booth at a local farmers market.
• Purchase equipment and supplies: You’ll need a range of equipment and supplies to make and serve pancakes, including a griddle, mixers, utensils, and serving dishes. Research the options and choose high-quality equipment that will last.
• Promote your business: Use a variety of marketing techniques to attract customers to your pancake business. This might include creating a website, social media presence, and local advertising. You could also offer promotions or discounts to attract new customers.

By following these steps and working hard, you can successfully launch and grow your pancake business. Best of luck to you!

To Learn More, Read The Blog Post — Starting A Pancake Business

Written by sidhanta bhoi

Text to speech