Introduction
The proposed business plan focuses on describing the development strategy of Island Foods Manufacturing Limited. The company is a small start-up aiming to create a broad diversity of authentic and ready-to-eat Caribbean products and drinks. The products include Jamaican Jerk Chicken, Jamaican Rum Punch, and Jamaican Beef Patty.
Thus, the business plan outlines the strategy for development, which is linked to the current peculiarities of the market and opportunities existing at the moment. The models employed, along with the approach to building the brand identity and generating competitive advantage, are analysed in terms of the existing environment to emphasise their effectiveness and practical utility.
Market Analysis
The choice of the start-up and its nature is linked to the growing interest in authentic food. In the period from 2020 to 2021, it demonstrated stable growth: its size grew from $7.3 billion to $7.81 billion (Roshan, 2021). The compound growth rate comprises 6,7%, which proves the revitalisation of the sphere and its attractiveness to potential investors or businessmen who want to work there (Roshan, 2021). It is predicted that in 2030, its value will reach around $10 billion with a compound growth rate of 6,9% (Roshan, 2021).
In such a way, the choice of the sphere to launch a new project is justified by the positive statistics and the growing clients’ interest in authentic food. Furthermore, because of the economic recovery after COVID-19, it is possible to expect that the buying capacity of customers will also grow, which will create more opportunities for generating stable revenue (Roshan, 2021). In this regard, the selected market is attractive, and the proposed business start-up can evolve and become successful.
Business Environment
At the same time, the business environment has specific features that should be considered in the business plan. First of all, the selected area is characterised by high regional competitiveness as it can attract and retain businesses, entrepreneurs and investors (Shaw, 2012). Moreover, the UK’s market has a developed infrastructure available workforce, and most citizens enjoy a high quality of life (Shaw, 2012).
For Island Food Manufacturing Limited, it means that the company can successfully evolve due to the market’s peculiarities. Furthermore, the rising interest in exotic cuisine among British customer means that the start-up can be successful and generate stable revenue. In other words, the current business environment is beneficial.
Nevertheless, regional competitiveness means the high level of rivalry and presence of other companies providing similar services to clients. The attractive business environment is traditionally associated with the constant emergence of new start-ups (Johnson and Whittington, 2020). The developed infrastructure and clients’ paying capacity create opportunities for other companies focusing on the same target audience.
For Island Food Manufacturing Limited, it means that the venture requires an effective plan and development strategy focusing on creating a competitive advantage that might attract clients and guarantee their loyalty (Johnson and Whittington, 2020). Otherwise, there is a high risk of failure at the initial stages of the project because of the inability to compete with the closest rivals.
Growth Opportunities
The analysis above shows that the planned start-up has excellent growth opportunities. First, the exotic food market is constantly evolving and attracts attention from various population groups within the UK (Roshan, 2021). It means that there is a window of opportunity that can be employed while launching the planned project.
Furthermore, Island Food Manufacturing Limited has the potential to expand globally by using e-commerce and delivery services (Johnson and Whittington, 2020). The current level of this form of business development is sufficient and can create the basis for the successful transformation into a global company with representatives in various regions (Johnson and Whittington, 2020). The expansion of the customer base by using the Internet will also boost sales (Johnson and Whittington, 2020). In this regard, it is possible to forecast further growth and stable development.
Strategy
Planning the brand’s further evolution also requires the employment of the entrepreneurial function. It implies the discovery, assessment, and exploration of existing opportunities to design new strategies and organisational forms that might help to succeed (Cuervo, Ribeiro and Roig, 2007). The establishment of Island Foods Manufacturing Limited is supported by using entrepreneurial skills, such as innovativeness and strategic thinking (Shabbir and Normalini, 2019). They allow to design a unique and robust strategy, differentiate products from those offered by competitors, establish short and long-term goals, and manage the company (Shabbir and Normalini, 2019). It means that entrepreneurship ideas are employed to create the strategy for the start-up’s evolution and further development.
The proposed business venture’s strategy focuses on creating a unique brand image. Island Foods Manufacturing Limited is presented as a new type of company offering clients a unique dining experience. The company positions its products as the dinner party selling point, which is fast, delicious, and can enhance customers’ cooking experiences and skills. This idea is central for planning the further brand’s rise and development as it would help to differentiate the start-up from others and create a recognisable image attractive to clients. It is also planned to establish a transformational business by providing a distinct economic offering, focusing on clients’ success, and offering specific solutions (Bettencourt et al., 2022). It is expected that the given strategy would help to gain a competitive advantage and evolve.
Differentiation
In such a way, Island Foods Manufacturing Limited’s competitive strategy implies differentiation, the establishment of a strong brand image, and the evaluation and employment of existing business opportunities. At the same time, the approaches to marketing within micro and small-sized firms differ from the management of marketing in bigger contexts (Shaw, 2012).
It means that the ideas of entrepreneurial marketing acquire the top priority for the start-up as they allow to recognise existing opportunities and employ them (Carter, 2012). For this reason, the venture’s orientation is linked to the current clients’ preferences and should evolve with them (Carter, 2012). It will help the company to remain attractive and generate stable income.
Business Models
The interaction with clients and partners will be organised in several ways. First, the business-business (B2B) and business-to-customers models will be employed. They will help to maximise profits and interact directly with potential partners and clients who might be interested in foods and products provided by the firm (Johnson and Whittington, 2020). Island Foods Manufacturing Limited will sell products online by using its special website and through a chain of grocery stores placed in various locations in the UK. The combination of these methods will help to interact with various types of clients more effectively and avoid unnecessary complications or delays (Johnson and Whittington, 2020). At the same time, the developed online presence will support the long-term goals, which imply a global presence.
Stakeholders
The successful development of the venture requires finding reliable suppliers and stakeholders. As stated previously, the B2B model will be employed to interact with potential partners, meaning that direct transactions between Island Foods Manufacturing Limited and other businesses will be used. Stakeholders include suppliers, investors, and employees who might contribute to the firm’s growth (Johnson and Whittington, 2020).
Outsourcing the retail structure is a beneficial strategy for small-sized business ventures as it helps to reduce spending on transportation (Johnson and Whittington, 2020). Brands such as Tesco, Sainsbury’s, Asda and Morrison, which play dominant roles in the market, are the potential partners. It means the planned business strategy focuses on collaboration and looking for strong partners as part of entrepreneurial thinking and approach.
Support
Moreover, small-sized business ventures critically depend on the support of local communities and partners. In general, entrepreneurship implies interacting with people to acquire access to resources and clients that might help the brand to evolve. For Island Foods Manufacturing Limited, interaction with local communities during the first phase of its growth is fundamental. First, it would help to get the client base and acquire an enhanced vision of their needs and interests (Cuervo, Ribeiro and Roig, 2007).
Second, by building better relations with clients, the company can cultivate their loyalty and satisfaction levels (Cuervo, Ribeiro and Roig, 2007). The strategy implies building a specific image to meet clients’ demands. It means that the company will be sustainable and integrated with the work of society through the chain of its stores. Loyal clients can benefit from outstanding customer service and positive interactions with the company’s employees and members.
In such a way, the competitive advantage will be generated in several ways. Following the ideas of entrepreneurship marketing, the needs of local communities will be considered to create the basis for developing small-sized projects and establishing a transformational business model (Bettencourt et al., 2022). By differentiating its products from the closest rivals’ offerings, the brand will acquire its customer base and opportunities for further growth.
Furthermore, the firm’s image and reputation, along with its contribution to the development of clients’ skills and experiences, will contribute to its popularisation and becoming one of the leaders in the selected market segment (Cuervo, Ribeiro and Roig, 2007). The given approaches to generating a competitive advantage require effective strategies, established long-term goals and an understanding of the basic principles of entrepreneurship (Cuervo, Ribeiro and Roig, 2007). However, they can help to create the basis for further firms’ growth and transformation.
Branding
As stated previously, branding strategy is a core component of Island Foods Manufacturing Limited’s development and growth. First of all, the venture will emphasise its commitment to providing a unique and exotic dining experience to all clients while promoting diversity, sustainability, and cultivating cooking skills. Second, the brand will focus on its unusual nature due to its ability to provide diverse food from various regions of the globe. This approach is a potent tool to attain higher differentiation levels and make the brand recognisable for clients (Bettencourt et al., 2022).
Moreover, the company will show that it values quality, authenticity, and cultural heritage, which are also appreciated by clients. The branding strategy will be aligned with the major principles of entrepreneurship, such as targeting a specific niche, being honest, and establishing links with the community (Cuervo, Ribeiro and Roig, 2007). As a result, it is expected that this method will help to generate a competitive advantage and evolve.
Marketing Campaign
The branding activities also imply launching a marketing campaign to popularise the venture and make it recognisable for clients. First, social media is one of the most potent marketing tools available to entrepreneurs at the moment (Bessant and Tidd, 2015). By employing platforms such as Twitter and Facebook, businessmen can popularise their ventures and save costs (Kumar, Nanda and Tawangar, 2022). Moreover, it will lead to establishing an innovative model of interacting with clients and remaining aware of their preferences and demands (Bessant and Tidd, 2015).
Island Foods Manufacturing Limited will provide detailed instructions for cooking its products, with a focus on authentic techniques and ingredients. This approach can be viewed as a part of the marketing and advertising campaign as creating a memorable experience will make clients return and use the firm’s services again (Cuervo, Ribeiro and Roig, 2007). In such a way, by combining broad social media usage and its unique approaches to offering its products, the company can save costs and, at the same time, acquire a loyal audience.
It is expected that the approaches to marketing, branding, and cultivating a competitive advantage will help to build an effective entrepreneurship model necessary for the successful evolution of the state. It can be viewed as an enabler approach with the increased attention to prospective projects and their becoming a critical part of the brand’s future evolution (Wolcott and Lippitz, 2007).
At the same time, a transformation business sells a distinct economic offering, meaning that the brand meets these criteria as it provides clients with unique experiences and food (Wolcott and Lippitz, 2007). Moreover, the firm will use existing opportunities and use innovative models to interact with clients. It will contribute to the further growth and acquisition of additional popularity among loyal clients. That is why it is possible to predict stable evolution and growth.
Diversity and Sustainability
Finally, speaking about the aspects guaranteeing the competitive advantage, Island Foods Manufacturing Limited will also provide a unique experience of diversity and sustainability. These aspects are vital for attracting clients and guaranteeing their loyalty (Shaw, 2012). Thus, the brand establishes itself as a provider of a unique, exotic dining experience with authentic Caribbean flowers and ingredients. It emphasises the focus on the cultural heritage of the region and the diversity of flavours.
In other words, the company’s business practices focus on cultivating diversity and inclusion, which is one of the fundamental aspects of entrepreneurship. Another critical aspect is that the company will cooperate with small farmers providing local resources and sustainable ingredients (Shaw, 2012). It is critical for supporting local communities and reducing the adverse effects on the environment (Shaw, 2012). These factors are traditionally appreciated by clients, meaning they will prefer cooperating with the company because of its sustainable image.
Risks
Nevertheless, in planning the company’s future development, it is necessary to consider specific risks that might limit its evolution and outcomes. First of all, the continuously growing rivalry is the first barrier that should be taken into account. However, the focus on diversity and differentiation is the method to meet the challenge and create the basis for successful development (Johnson and Whittington, 2020).
Second, the risks might include the current limitations on interactions and travel because of the COVID-19 pandemic. It can slow down the speed of the venture’s evolution, meaning that a backup plan is required (Johnson and Whittington, 2020). The company will use QR codes and online sales to reach clients, meaning this risk can be mitigated.
Finally, the current global crisis because of the lack of stability and disruption of supply chains can result in the deterioration of clients’ buying capacity (Johnson and Whittington, 2020). For this reason, the risks might be severe and should be considered while planning the development strategy for the venture.
Management
The business plan for Island Foods Manufacturing Limited introduces a specific approach to the company’s management. Entrepreneurship management focuses on utilising imaginative and creative abilities, skills, and competencies to manage a start-up and make it successful (Cuervo, Ribeiro and Roig, 2007). It means that for the selected company, the lack of resources at the initial stage requires using unusual approaches and innovative thinking (Shaw, 2012). The diversity of the provided products, along with the focus on creating a unique experience and promoting authenticity, are unique aspects of management necessary for the brand’s evolution.
Moreover, innovative approaches such as using online sales, e-commerce, and social media and encouraging clients to explore authentic experiences will contribute to better outcomes due to the unique nature of these methods (Bessant and Tidd, 2015). As a result, entrepreneurship management will be the core approach to organising the venture’s work.
Advantages
Thus, the proposed business plan outlines the major advantages that might help Island Foods Manufacturing Limited to pass the start-up stage successfully and grow into a strong company with multiple opportunities for further evolution. The employment of the B2B and B2C models will reduce the number of unnecessary elements and enhance the interaction with clients.
Moreover, online interaction will make products accessible and available to clients from various parts of the UK. Authenticity, diversity, and inclusion will contribute to the creation of a popular and positive brand image, which is vital for the further development of the company and its becoming global. The small initial costs required at the first stage will help to support the start-up at the first stages and support its further transformation.
Future
Finally, the long-term goals of Island Foods Manufacturing Limited imply its transformation into a global company with the chance to enter new markets. First of all, due to the rising Internet presence, the company will expand its client base and income. It will establish the basis for opening new representatives in regions such as the United States, Canada, and Europe. The regional competitiveness of these markets is high, they have the required infrastructure, workforce, and quality of life.
As a result, it is possible to expect that the provision of authentic products from the Caribbean region will be attractive to clients there. For this reason, the established long-term goals seem feasible, relevant, and achievable. They are necessary for the company’s orientation and the effective use of resources in the future.
Conclusion
Altogether, Island Foods Manufacturing Limited is a start-up with numerous opportunities for development and growth. The venture is organised following the basic principles of entrepreneurship and its ideas. The innovative nature of offerings is combined with the use of effective distribution channels, such as B2B and B2C and online sales. The focus on diversity, authenticity, and inclusion will help to build a recognisable brand image and attract numerous clients from various groups.
At the same time, there are some risks, such as the high level of rivalry, crisis, or the strong impact of previous restrictions, should be considered when planning the company’s development. In the future, it is possible to expect the firms’ transformation into a global company with shops functioning in various parts of the globe, such as the USA, Europe, and Canada.
Reference List
Bessant, J. and Tidd, J. (2015) Innovation and entrepreneurship. 3rd edn. Chichester: Wiley.
Bettencourt, L. et al. (2022) ‘The “New You” business’, Harvard Business Review, 100(1), pp. 70-81. Web.
Cuervo, A., Ribeiro, D. and Roig, S. (2007) ‘Entrepreneurship: concepts theory and perspective. Introduction’, in Cuervo, A., Ribeiro, D. and Roig, S. (eds.) Entrepreneurship: concepts theory and perspective. New York, NY: Springer, pp. 1-23.
Johnson, G. and Whittington, R. (2020) Exploring strategy: text and cases. London: Pearson Education.
Kumar, V., Nanda, P. and Tawangar, S. (2022) ‘Social media in business decisions of MSMEs: practices and challenges.’ International Journal of Decision Support System Technology, 14(1), pp. 1-12. Web.
Roshan, S. (2021). Food authenticity market. Web.
Shaw, E. (2012) Entrepreneurial marketing. In Carter, S. and Jones-Evans, D. (eds.) Enterprise and small business: principles, practice, and policy (3rd edn.). Harlow: Wiley, pp. 317-450.
Shabbir, M. S., and Normalini, M. K. (2019) ‘Entrepreneur as an individual review of recent literature on entrepreneurial skills.’ Opción: Revista de Ciencias Humanas y Sociales, 89, pp. 582-599. Web.
Wolcott, R. and Lippitz, M. (2007) ‘The four models of corporate entrepreneurship’, MIT Sloan Management Review, 49(1), pp. 75-82. Web.