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Business Plan for an online bakery concept

Nguyen, Quy

Laurea University of Applied Sciences

Business plan for an online bakery concept

Quy Nguyen

Degree Programme in BM

%MŃOHORU·V 7OHVLV

October, 2015

Laurea University of Applied Sciences Abstract

Degree Programme in Business Management

Nguyen, Quy

Business plan for an online bakery concept

Year 2015 Pages 69

The main objective of this thesis report is to create a business plan for an online bakery con- cept for the Finnish market. This thesis provides detailed information about the procedures, documentation and legal requirements needed to establish such services. The ultimate goal is to examine the feasibility and the profitability of the business as soon as it is launched. The plan is divided into three main points. Firstly, it indicates the requisites for establishing a business as well as its advantages from theoretical perspective. Secondly, general legal as- pects such as documentation and requirements are discussed to provide information about operating a company in Finland. Lastly, the idea is presented in the form of a business plan in

which explain in detail specific criteria such as the ŃRPSMQ\·V GHVŃULSPLRQ PMUNHP VLPXMPLRQ

marketing and financial plan. The business plan is based on the 4Ps RI .RPOHU·V marketing mix which involves factors such as price, place, promotion and product. The chosen theoretical basis is further developed in the business plan strategy as well as an analysis of potential risks. In order to improve the reliability of the study, qualitative research methods were applied in this thesis project as the main research tools for a case study. In particular, the idea of creat- ing an online bakery store is a business concept where basic entrepreneurship and marketing knowledge is gathered and applied. The data is collected from two different sources. Non- standardized interviews with the head of the manufacturing and marketing department of )MIM·V FMPHULQJ 2\ OMYH been conducted. As a result, insightful explanations and suggestions about the current market situation, prospects as well as existing and potential competitors were collected and analyzed. In addition, primary data was also collected from the MXPORU·V observation ROLOH RRUNLQJ MV MQ HPSOR\HH MP )MIM·V 3OMPV 2\B The results indicate that the niche market for the business idea is profitable in the up-coming years. The priorities of the business plan are an intensive marketing campaign and superior customer services. Keywords online business, marketing, social media marketing, organic, bakery

Table of contents

1 Introduction ......................................................................................... 6

1.1 The purpose of the thesis and research questions ................................... 6

1.2 Delimitations ................................................................................ 7

1.3 Research Approach ......................................................................... 7

1.4 Theoretical approach ...................................................................... 8

1.5 Framework of the thesis .................................................................. 8

2 Theoretical background ......................................................................... 10

2.1 Business plan .............................................................................. 10

2.2 Purposes of a business plan ............................................................ 11

2.3 Marketing plan ............................................................................ 11

2.3.1 The target market strategy ..................................................... 12

2.3.2 Competitor analysis .............................................................. 12

2.3.3 The product and service strategy (Positioning) ............................. 14

2.3.4 Pricing strategy ................................................................... 16

2.3.5 Distribution strategy ............................................................. 17

2.3.6 Advertising and promotion...................................................... 18

2.3.7 Sales strategy ..................................................................... 18

2.3.8 Budgeting .......................................................................... 19

2.4 Selecting a legal format ................................................................ 19

2.4.1 Private entrepreneur (Sole trader)............................................ 20

2.4.2 General partnership ............................................................. 20

2.4.3 Limited partnership .............................................................. 20

2.4.4 Limited Liability Company ...................................................... 21

2.4.5 Co-operative association ........................................................ 21

2.5 PEST analysis .............................................................................. 22

2.6 Business Model Canvas .................................................................. 22

2.7 SWOT analysis ............................................................................. 24

2.8 3RUPHU·V D IRUŃHV MQMO\VLV ............................................................... 24

2.9 Theoretical summary .................................................................... 25

3 Research approach ............................................................................... 25

3.1 Types of research approach ............................................................ 25

3.2 Research methods ........................................................................ 26

3.3 Methodology ............................................................................... 27

3.4 Data collection ........................................................................... 27

3.4.1 Primary data collection through observation ............................... 27

3.4.2 Primary data collection through interview .................................. 28

3.5 Ethical issues .............................................................................. 29

3.6 The reliability of the research ......................................................... 30

4 Empirical part .................................................................................... 31

4.1 Executive summary ...................................................................... 31

4.1.1 Legal form ......................................................................... 31

4.1.2 Mission statements ............................................................... 31

4.1.3 Objectives: ........................................................................ 32

4.1.4 Values and goals .................................................................. 32

4.1.5 Products, services description ................................................. 32

4.2 Market analysis ........................................................................... 33

4.2.1 Result of study .................................................................... 33

4.2.2 3RUPHU·V D IRUŃHV MQMO\VLV ....................................................... 33

4.2.3 PEST analysis for Finnish market .............................................. 35

4.2.4 Market situation and competition analysis .................................. 40

4.2.5 Target customer .................................................................. 42

4.3 Business model canvas .................................................................. 43

4.4 SWOT analysis ............................................................................. 44

4.5 Marketing planning ....................................................................... 45

4.5.1 Product and service development ............................................. 45

4.5.2 Pricing strategy ................................................................... 46

4.5.3 Distribution channel ............................................................. 48

4.5.4 Advertising and promotional planning ........................................ 49

4.6 Financial planning ........................................................................ 53

4.6.1 Cost structure and Start-expenses ............................................ 53

4.6.2 Budgeting .......................................................................... 55

4.6.3 Break-even analysis .............................................................. 55

4.7 Risk management ........................................................................ 55

5 Conclusions ........................................................................................ 56

6 Theoretical linkage .............................................................................. 57

References ................................................................................................ 58

Illustrations ............................................................................................... 62

Figures ..................................................................................................... 63

Tables ...................................................................................................... 64

Appendixes ................................................................................................ 65

1 Introduction

The food and drink industry is the fourth biggest industry in Finland, with the gross production YMOXH RI ½13B2 NLOOLRQ. Meat processing, dairy farming and bakery industry, which account for approximately 50% of the entire production value, represent the three largest sector of the IRRG MQG GULQN LQGXVPU\ (7I 2013B 3URIRXQG NQRROHGJH RI ŃXVPRPHU·V NHOMYLRU MQG GHPMQG together with quality products are the major contribution for the success of the industry. The business idea discussed in this thesis is generated from desire of entrepreneurship during the time the author was working and studying in Finland. Finland LV RQH RI POH RRUOG·V OLJOHst coffee consumption per capita with 1.9 cups of coffee every day (Statista 2014). Dipping pas- tries has always been an important factor in Finnish coffee culture, despite the fact that the consumption of it had decreased since the early 1970s as a result of health education im- provement as well as cultural changes from internationalization (Saarinen 2003). This fact helps the author to create an idea of providing unique and organic pastries products for Finnish customer. Moreover, the tradition coffee culture can be wide-spread again in local coffee shops and pastries stores. There are numerous cakes and pastries shop operated in the capital region (Helsinki, Vantaa and Espoo). In addition, most of the cakes and pastry products are being produced industrial- ly. This causes the lack of quality and freshness for customer. Also, the price of hand-made products from pastries shop is high as they have to cover great costs from production, materi- al, factory and distribution. As a result, the online bakery would be an ideal solution for low start-up capital.

1.1 The purpose of the thesis and research questions

The purpose of the thesis is, firstly, to develop a strategic business plan for an online pastries store to examine its feasibility in Finnish cakes and pastry market; NMVLQJ RQ MXPORU·V NMVLV knowledge about business management and marketing. By feasibility, the plan will delve into the market potential and the profitability of the business ideM LQ )LQOMQG·V ŃMSLPMO MUHM. In- formation and market potential will be scrutinized by applying customer segmentation analy- sis and competitor analysis. Secondly, the purpose of this study is to acquire knowledge and experience to manage a start-up in Finnish bakery market. Last but not least, it helps the au- thors to acknowledge basic requirements when starting a business, from initial procedures, market research, legal aspects to strategic planning. 7 In order to achieve a thorough business plan, the main issues are presented in these following questions: What are the internal and external factors affecting the business idea? How the business idea compete against other competitors since it is an online busi- ness concept?

What is the target customer?

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1.2 Delimitations

As the goal of the thesis is to examine the concept in the form of a practical business plan, only essential subjects would be scrutinized such as market analysis, customer segmentation, competitor analysis, operation, marketing, finance and risks. Particularly, the project will focus on researching and analyzing the niche market, customer segment, basic e-marketing plan (driving traffic to the web store and encouraging sales) and start-up costs. A broader and more extensive study about proposition of product development, risks management, branding and financial and personnel plan are not mentioned in the scope of this project. The availability of official information is also a barrier that the author has to encounter with. Information about Finnish organic bakery market is mostly presented in Finnish, hence, they may not be collected and updated in the dissertation due to the local language barriers. The official data regarding Finnish organic competition is also limited during the information collection.

1.3 Research Approach

The idea of creating an online bakery store is a business concept where basis entrepreneur- ship and marketing knowledge is gathered and applied. The idea would be developed and per- formed as a case study research so that it could sufficiently answer all the research questions mentioned above. Case study research is based on understanding and answering research questions which are

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Kovalainen 2008, 115).

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empirical investigation of a particular contemporary phenomenon within its real life context 8 XVLQJ PXOPLSOH VRXUŃHV RI HYLGHQŃHµB HQ H[PHQP of business research, case study provides an

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an employee, a manager, or a customer (Eriksson & Kovalainen 2008, 115). The advantage of a case study research is its ability to simplify a complex economic issues and illustrate them in a practical term, which is the best suited with the business idea. Fur- thermore, Saunders et al (2009) also states that the variety of data collection techniques, which includes methods such as interviews, observation and documentary analysis, generates unlimited sources for business researchers to explore.

1.4 Theoretical approach

The theoretical background of this study provides knowledge about business plan, PEST analy- sis, and logistics for SMEs and principles of marketing .RPOHU·V 43V PMUNHPLQJ PL[ as well as outbound marketing. Particularly, the business plan answers questions about how business operation is carried out and which set goals have been achieved. Factors regarding products, prices, promotion and distribution strategy is discussed in this paper. The PEST analysis pro- vides a general view of external factors that might affect the business idea. In addition, SWOT analysis and Business Model Canvas (BMC) is also applied in the paper to identify the NXVLQHVV·V VPUHQJPOV MQG RHMNQHVVHV RSSRUPXQLPLHV MQG POUHMPV MV RHOO MV HPSOMVL]LQJ POH core value it offers. Particularly, the theoretical basis supports the author to develop a prop- er business plan. The theoretical approach focuses on elements that support the need and components of an adequate business plan. The idea of creating an online bakery store is a business concept where basic entrepreneur- ship and marketing knowledge is gathered and applied. Therefore, qualitative research meth- od allows author to examine whether scientific theories and models are feasible in reality. The primary data is collected from two different sources. Non-standardized interviews with POH OHMG RI PMQXIMŃPXULQJ MQG PMUNHPLQJ GHSMUPPHQP RI )MIM·V FMPHULng Oy has been con- ducted, as a result, insightful explanations and suggestions about the current market situa- tion, prospects as well as existing and potential competitors are being gathered and analyzed. In addition, the primary data is also collected from MXPORU·V RNVHUYMPLRQ MV POH )MIM·V HP ployee.

1.5 Framework of the thesis

The thesis is explained and presented in three main categories: the theoretical background, the research approaches and the empirical background 9 The theoretical background provides supportive literature about business plan, marketing and its components. It identifies the requisites to establish and operate a start-up business includ- ing a business plan theory and legal aspects. In addition, a PESTEL analysis of Finland is also generated to support the market research of the business idea. The research approaches section provides a thorough plan on how the research is conducted, which data collection has been selected and applied. Furthermore, an ethical issues are also concerned and discussed as well as the procedures that guarantee the creditability of the study. The empirical part scrutinizes the project plan and its performance. Particularly, the plan

presents POH ŃRPSMQ\·V NMŃNJURXQG MQG LPV OHJMO NMVLV. An analysis about market, which iden-

tifies local competition and targeted customers, is emphasized in this section. The marketing plan based on the 4Ps model is presented and analyzed as the focus of this study. It explains

POH ŃRPSMQ\·V RSHUMPLRQ LQ PHUP RI LPV SULŃH SOMŃH SURPRtion and product. Despite there is

lack of exact information concerning financial plan of the company, a concise financial plan- ning is also shown in this section. The final part consists of a risk management as well as a conclusion that summarizes the fea- sibility of the plan. It produces a broad view for readers about the basic definition and the process of the plan. 10

Table 1: Structure of thesis

2 Theoretical background

2.1 Business plan

A business plan is a document that strategically describe M NXVLQHVV·V IXPXUH UHJMUGLQJ NXVL ness goals and strategies to reach them. Friend (2004, 8) defined a business plan as a written

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curate analysis and understanding. )LRUH 200D 10 ORRHYHU GHPRQVPUMPHG M NXVLQHVV SOMQ MV M ´two ² thingsµ SOMQ An organizing tool to simplify and clarify your business goals and strategies A selling document that sells your business ideas and demonstrates that your products or service can make profit and attract funding and/or company resources. 11 In the guide for business planning, Friend also highlighted the importance of a business plan on achieving future goals no matter what the story of the business is. The core of every busi- ness plan is to fulfill the needs of targeted customers by identifying internal factors (man- agement team, investors) as well as external factors (customers, competitors and markets). Moreover, a business plan can also be a useful resource to communicate with suppliers, audi- tors and accountants.

2.2 Purposes of a business plan

There are several purposes of a business plan which support and direct the company going forward. First, and foremost, the business plan are designed in order to secure compMQ\·V form of financing. Finance can be explained as start-up costs, business expansion, R&D and new product development. As a result, the growth prospects for the market and the sources of sustainable competitive advantage for the business will be emphasized on every strategic decision (Friend 2004). Pinson (2004), however, described it as a major role in communicating to possible investors, or creditor in sourcing or securing the initial capital. Moreover, Friend (2004, 9) stated that the basis of business developments, operational man- agement and budgeting can also be illustrated in the business plan. Specifically, this basis can be monitoring and evaluating business performance. This idea creates the clarification in overall management, helps focusing and directs the company towards set goals.

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conflicting views and building consensus, as well as communication the vision, mission and

JRMOV RI OMUJHU ŃRPSMQLHVµ 2004, 9).

2.3 Marketing plan

Nowadays, marketing plays a crucial role in modern business world because it is one of the most powerful tools for marketers to deal and reach their strategic customers. Kotler (2008) defines marketing as a social and managerial process in which individuals and groups obtain what they need and want through creating and exchanging products and value with others. According to Lori Mattern, a cRQPHQP PMQMJHU MP N0LJOP\2 ´M RHOO-crafted marketing plan SURYLGHV JXLGMQŃH RQ ORR RO\ MQG PR RORP \RX RLOO GHSOR\ \RXU PMUNHPLQJ PHVVMJHµB A marketing plan is a comprehensive blueprint described the overall marketing efforts of an organization in term of current market position (products and services, strengths and weak- 12 nesses of a business) and its marketing strategy to achieve specific objectives for a period of time. (Business Dictionary 2015) In addition, marketing planning participates every aspects of a business, ranging from fore-

casting, bench-PMUNHPLQJ POH ŃRPSMQ\·V RIIHULQJV RLPO ŃRPSHPLPRUV SULŃLQJ PR SURPRPLQJ MQG

branding products and services (Lorette 2015). As it is fundamental part of starting a busi- ness, marketing and its strategic plan is broadly researched and applied in the topic.

2.3.1 The target market strategy

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and services. It is essential for marketer to conduct a market research as it provides valuable information that center the business with customers. Together with the marketing mix, a tar- get market strategy is the crucial element of the marketing strategy as it provides under- standings of the current marketing situation and helps company to position and differentiate its offerings accordingly. In addition, Kotler (2008, 156) defines market targeting as the process of evaluating each tar-

JHP PMUNHP·V MPPUMŃPLYHQHVV MQG VHOHŃPLQJ RQH RU PRUH PR HQPHUB It helps marketers to reduce

the potential risks and improve sustainability during the decision-making process.

2.3.2 Competitor analysis

Planning an effective marketing strategy requires more than just understanding customers. Nowadays, firms need to know who are their competitors and satisfy their customers more than the competitors do. This formula helps companies to win the market share and profita- ble relationships with prospects. Kotler & Armstrong (2008) argues that it is crucial for today businesses PR ´HYMOXMPH ŃRPSHPLPRUV MQG ŃRQPLQXRXVO\ GHYHORS competitive marketing strate- gies that position effectively against competitors and having the strongest possible competi- tive advantaJHµ .RPOHU $UPVPURQJ 2008 488)

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objectives, strategies, strengths and weaknesses; and reaction patterns; and selecting which ŃRPSHPLPRUV PR MYRLG RU MPPMŃNµ (Kotler & Armstrong 2008). 13 Figure 1: Steps in analyzing competitors (modified from Kotler & Armstrong 2008, 461) In the competitor study of Porter (n.d.), he demonstrates four fundamental traits of what drive the competitors and what they are capable of doing. The competitive components are illustrated in the Figure 2: Porter's four corner analysis (Modified from Business Knowledge Center, n.d.) 14

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cial goals, corporate culture and philosophy formulates better competitive reactions for dif- ferent changes. Management assumptions of competitive position, organizational value and regional factors help marketers shaping future strategy.

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strategy, resources and capabilities. 3MUPLŃXOMUO\ MQ MVVHVVPHQP RI ŃRPSHPLPRU·V UHVRXUŃHV

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