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Key Topics
Requirement
Task Details:
An Entrepreneurial Venture - groups are to develop an entrepreneurial product or service that could be commercialised. The group is to assume it is seeking funding of $100,000 to add to the existing funds of $100,000, and include a financial plan for the use of these funds for the first financial year. The product or service should be original and producible (i.e. no science fiction). The primary target market should be local, although secondary markets may be reached via the internet. Pricing, distribution and promotion strategies should reflect this.
The proposal should be communicated in a 2000 – 2500 word report, containing all relevant detail and supporting evidence (in attachments), and a presentations as if to a potential financer. The presentation should be a sale pitch for the business venture.
Solution
Executive Summary
Coffee-Techno Cafe will not be as other cafes. It is focused on providing the customers with the unique enjoyment and communication experience with the help of internet. Coffee-Techno Café will cater to the increasing demand in the market. The customers are looking for access to the internet at the cost-effective level and along with the environment that is socially constructive. Their desire to such environment where they can interact and work among the other people has led to the idea of setting up of this Café. Coffee-Techno Café will give the customers opportunity to engage themselves socially and in an atmosphere that is filled with positive vibes.
The business plan that has been created will obtain financing of AUD $100,000 from the external parties and attract the same amount from the founders. The collective investment amount will be USD $200,000. The former financing option will be procured from the parties that are interested and believe in this business model. The latter financing is from the personal savings of the founders. Coffee-Techno Café will be established as an LLC Corp. The purpose of such formation is to protect the owner and the investors from double taxation and kind of liability that can affect their personal assets. The amount of money that has been planned to invest in the Coffee-Techno Café will help it in full featured opening from the first day of its operation. It has been planned that there will be three more branches of the Coffee-Techno Café in the city. Thus, in total, there will be two cafes in Sydney, Australia.
The Coffee-Techno Café will be focused on opening innovative café that will help in the growth of our socialization. It is expected that the success of the operating activities of the Coffee-Techno Café will help it in getting enough customer base that can make it self-dependent by the second year.
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Background
Coffee-Techno is the new café that will be opened soon in the Sydney. There will be two branches that will operate in the two corners of the city. The purpose of opening the café is to provide affordable access to online communication system. Coffee-Techno is willing to provide full access to all the services that are related to the internet. Coffee-Techno will provide full enjoyment opportunity for the customers in terms of beverages and other things.
Coffee-Techno will attract individuals of various age groups. There will be academic classes that will teach novice about the use of interne. The environment and the friendly training techniques will be the centre of attraction for the customers. The café will give business individuals with the opportunity to enjoy morning coffee with the internet accessibility that can help them conduct their business smoothly.
Coffee-Techno Café’s start-up investment will be on different equipment and renovating the chosen sites and modifying them for better accessibility and look. All the communication equipment will be procured to have better functionality from the day one. This communication equipment will facilitate the customers in accessing the internet. Moreover, laser printers and scanner will be purchased for each of the two cafés. Other expenses might include coffee maker, grinder and other related equipment. Mentioned below is overview of the total expenses that will be incurred collectively in two cafés:
22 Computers (11 each) = USD $44,000
4 Printers (2 each) = USD $2,000
2 Scanners (1 each) = USD $1,000
Software = USD$ 900
2 Espresso Machine (1 each) = USD $21,400
2 Automatic Espresso Grinders (1each) = USD $1590
Other Features:
4 (2 each) Counters for Preparing Coffee = USD $2,000
2 Counter (1 each) to display information = USD $2,000
2 counter (1 each) for drinks = USD $1,000
32 stools (16 each) = USD $3,200
12 Computer (6 each) desks = USD $4,800
Stationery = USD $1,000
4 Telephones (2 each) = USD $400
Decoration = USD $15160
Two sites have been chosen for the two cafés. The selection was based on the following criteria:
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i) Nearness to the business centre
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ii) Nearness to the big restaurants, parking area, and colleges.
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iii) Less rent.
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iv) Visibility of the café
Objectives
Coffee-Techno Café will focus on the below mentioned objectives in the initial year of business:
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i) The major focus will be on the creation of the environment that is unique from the other cafes in the city.
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ii) Attracting the community towards the attractive environment of the café.
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iii) Focusing on the development of the environment that brings people from various backgrounds at one place.
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iv) Selling quality bakery items at appreciable prices.
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v) Cost effective access to all the resources related to internet
Success Factors
Mentioned below are the factors that will help Coffee-Techno Café in moving towards the success:
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i) The unique atmosphere within the café will work as special pillar in differentiating it from the other cafes in the city.
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ii) The café will not be just a place to access the internet, and it will be a place where people will socialise with others.
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iii) The focus of the café would provide proper condition for the experienced user to enjoy the environment and internet accessibility. Moreover, it will support the novice by educating them and involving them in the socialization.
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iv) The fourth differentiating factor will be the best coffee and other items that are not available in other parts of the city.
Coffee-Techno Mission Statement
The mission of the Coffee-Techno is to provide easy and quick access to the internet along with the enjoyment of coffee. Along with that, it gives the customers opportunity to share their experience with the new friends in a comfortable atmosphere. Coffee-Techno is open for all ages and ethnicity.
Service Offering
The service of Coffee-Techno Cafés will include the full access to any kind of internet facility. Other services include printing and scanning of the required document. Moreover, the presence of entertaining environment will bring uniqueness in the service of the company. The cafés will provide customers great bakery items and coffee.
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Place Your OrderMarket Analysis
a) Industry Analysis
The coffee industry in the Sydney has grown exponentially and is expected to gain better market coverage in the future. The contribution of universities and various business houses to the coffee business is substantial. The climate in Sydney is favourable for the consumption of coffee (Jolliffe, 2010). The current trend suggests that the fresh cup of coffee has good popularity among the customers. Moreover, the most of the people prefer to drinks variety of coffee strengths such as strong and medium.
The advent of smartphones and easy accessibility of the internet on the go has reduced the chance of successful operation of the internet café (Halevy and Halevy, 2011). However, the Coffee-Techno has not opened the café to form a ground where people can come and interact with each other that will lead to the development of a social environment (Australia, 2006). The sole of aim of the café is not only the internet business or the coffee business or the bakery business. It is the collaboration of all the variables to create an environment which is conducive to the germination of favourable environment.
The market can see the intense competition among the various café houses. However, there is lack of internet café houses that promotes social interaction (Goggin, 2004). Thus it can be said that the Coffee-Techno café will be one of a kind internet café in Sydney. This is the opportunity for the Coffee-Techno to garner the benefit.
b) Competition
The Coffee-Techno Café considers Starbucks and other coffee houses as the competitors for its business. The reason behind is that these companies also focus on bringing social interaction among the people through providing coffee, and free Wi-Fi access.
Primary Target Market
The primary target market of the Coffee-Techno Café will be the people who are looking for a place where they can sit in a social set up and can work their work without any hassle. Moreover, those people who have not placed their first hand on the internet are also the primary target market of the company. These customers will be catered by the café from the two centres it is planning to open in the initial period. The café will also target business professionals who want some time off of their office place and want to work and spend some time in the social setting. The spacious setup of the café’ will provide enough space to the business professionals to even conduct minor meeting without any issues.
The market segmentation had been done on the basis of profession, that is, university students, office workers, seniors, teenagers, and others. The customers of Coffee-Techno have been divided into two groups. The first group are those who know how to operate the internet and quite familiar with all the functions and are just looking for a place where they can sit in a social setup and enjoy their work. On the other hand, the second group are those who has limited or zero knowledge of the internet and are curious to learn the functionality. The both group of the people, combined, are interested in the environment that can give the opportunity to interact with the people and at the same time give them the functionality to conduct their business.
Marketing
a) Service Offering
Coffee-Techno Cafés will provide the customers complete facility in using the internet and basic software. Mentioned below are the internet facilities that will be available for the Coffee-Techno customers:
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i) Customers will be able to access the external POP3 mails
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ii) There is the facility to sign up for the Coffee-Techno account which can be accessed anywhere in the city. This will be maintained by the Coffee-Techno server.
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iii) Various internet utilities will be present for the easy accessibility.
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iv) Better access to all the online services including paid and unpaid versions.
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v) Customers can access various paid software that are generally not available.
Along with the above, the customers will be given free training in using the internet and learning things that can help them in easy understanding of the online medium. The café is planning to build a client base by providing such training free of cost. Moreover, tasteful coffee and bakery products are likely to bring involvement in the atmosphere.
b) Pricing
Coffee-Techno has based its prices on the drinks it provides and the hours of internet service that has been used by each customer. The Café will charge hourly rate in using the internet services and the other products will be charged as per the standard prices similar to the market. The Café is also focusing on developing a monthly membership option where the users will pay less in comparison to what they are charged usually. This will attract more customers (Teuber and Herrmann).
c) Distribution
The Coffee-Techno is launching with the triple mode of business. On one hand where it is focusing on providing internet facility to the customers, the beverages, and other bakery items, on the other hand, it focuses on the setting up of an environment that can help the people build the relationship. The appreciable news is that there is no direct competitor for the company at the moment. Customers will visit the café to receive the service.
d) Promotion
The promotion strategy of the Coffee-Techno involves pulling the customers to the café. It will focus on building awareness among the customers and is likely to spend $5000 for the purpose. Moreover, it will also focus on local advertising such as Out of Home activities that includes pamphlet distribution and other activities.
Financial Plan
Mentioned below is the breakup financials for Coffee-Techno Café
Critical Risks
Mentioned below are the risks that are associated in operating the café in Sydney:
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i) Whether there will be enough demand for product that will be provided by Coffee-Techno Café in Sydney?
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ii) Whether internet will gain same growth in terms of popularity?
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iii) Whether the people be ready to pay for the service Coffee-Techno Café will offer?
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iv) Whether the cost of accessing the internet from the home will fall to such an extent that it plays down the cafés’?
References
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Australia, Food. Food Australia: Official Journal Of CAFTA And AIFST. 2006. Print.
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Goggin, Gerard. Virtual Nation: The Internet In Australia. 2004. Print.
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Halevy, Alon, and Oriana Halevy. The Infinite Emotions Of Coffee. 2011. Print.
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Jolliffe, Lee. Coffee Culture, Destinations And Tourism. Bristol, UK: Channel View Publications, 2010. Print.
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Teuber, Ramona, and Roland Herrmann. "Towards A Differentiated Modeling Of Origin Effects In Hedonic Analysis: An Application To Auction Prices Of Specialty Coffee". Food Policy 37.6 (2012): 732-740. Web.
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