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Business Challenge

 

You are going to prepare a Financial planning and forecast the result of 3 yearsin your business based on the Scenario shown at page 2 under Money. Below criteria u are going to meet:

 

Funding & Financial Projections:

– Create Investment appraisal, NPV or Payback methodto show feasibility of business.

Prepare 3 years Income Statement / Balance Sheet to show our performance and position progressive over 3 years.

Initial capital of $11,000. Need to show how we utilise this fund and how we obtain additional funding.

– Loan for bank or financial institution. Government’s grant like PIC or joint development with IDA, iSpring etc

Target capital of $175,000to operate efficiently within regionally but more would be needed to go internationally.

– Justify our income and expenses. Breakeven analysis, cashflows etc

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Scenario – BookFood

 

BookFood – Online Restaurant Booking

 

 

Background

A group of you who are all ex-college friends regularly meet at the weekends for food and drinks and more often than not you end up not being able to eat in the place you want to. One evening when you are sitting at a restaurant table you begin to talk bout new businesses. The discussion quickly turns to the problem about finding a good restaurant table and before long you have started to plan out a business that wil

l change the way that people get the table they want. The idea of BookFood is born and you decide to start up the business without delay.

 

Money

The group can put together about ₤11,000 from savings, and you think that this will allow you to come up with a simple website and a few initial restaurants that allow bookings. In order to scale the business regionally you think you will need to find somewhere in the region of ₤175,000, but much more if the business is to grow nationally and internationally. You think you will have to scale up quickly because others will copy you as soon as you hit the market.

 

Proposition

BookFood will provide an online catalogue of restaurants that allow you to book tables at the restaurant online. The service will include a wide range of restaurants from the most recommended cordon bleu establishments down to the popular local Italian.

 

People

You all have some business experience but none of you have ever started up a business before. You have all worked in restaurants in your summer holidays but you know little about restaurant management. You have good friendships with t

he owners of the restaurants you frequent and you think that they will be very happy to advise you on the development of the approach.

 

Actions to date

You have sketched out a basic booking process and have tested the idea with a couple of local restaurants that are busy enough to accept bookings. A few friends have agreed to try out the service when it is ready for use. You have dome some initial research and found no similar product on the market.

 

Markets

 

You think the easiest market to enter will be the local restaurant market as you live in a reasonably large town. You also think that you will target the over 25s as they seem to have the most disposable income but this is not proven. You think that there is probably much more money to be made in the corporate marketplace but that that might have to wait until the business is a little more mature. 

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