16 Pages
4005 Words
Introduction Of Waterfall Restaurant Business Proposal: Unique Dining Experience in the Lake District
The UK's tourism-related industry encompasses an extensive number of careers, enterprises, and revenue-generating activities which emphasise on satisfying the needs and desires of tourists. The hospitality sector is vital for the financial well-being of the whole country and provides an extensive spectrum of alternatives for owners of companies and vendors of services. In jobs and professional, it includes tour operators, events organisers, guides for trips, restaurants and culinary workers, adventure sport educators, journalists and blogger whom concentrate in take trips, as well as those who operate hotels and other types of accommodation establishments. Types of businesses it includes Hotels and Resorts, restaurant chains, tourism organisations, operators of tours, transportation businesses, art galleries, outside adventure sports vendors, management of events organisations, and publications for travellers. My recommended business is a unique Waterfall Restaurant that specialises in tourism.
The location of this eatery is going to stick out for being constructed surrounding a real a waterfall providing a fascinating and realistic eating environment. It will feature an array of dishes with numerous dishes that will satisfy both natives' and tourists' preferences. The Waterfall Restaurant's offices and primary operation site will be situated in a gorgeous, beautiful location that's close to a waterfall. The Lake District area in Cumbria, which is known for its beautiful landscapes and aquatic attractions, could serve as a fantastic backdrop for this sort of undertaking. I made the choice on the notion of a waterfall dining due to how it mixes the majesty of the natural world with outstanding food in order to create an unique and unique eating experiences. It capitalises on the best use of the UK's stunning natural beauty through offering travellers an understanding of delicious local cuisine and beautiful scenes from nature. The concept aligns with the increasing trend of environmentally friendly travelling and memorable food. The definition of business is a company endeavour where goods and amenities are given up as a substitute for payment. For business research is the systematic method of collecting, assessment, and analysing data to aid in a company's choices. Almost 40 million foreign visitors entered the UK in the year 2019, having most of them originating from countries such as the USA, the nation of France, and Italy. In the present, the United Kingdom's drinks and food industry pulled approximately 74.7 billion.
Objectives
- To increase the profitability by 8% in the upcoming year 2024.
- To increase the level of client satisfaction by 10% through greater value, greater client satisfaction and more rapid solving problems in next 6 months.
- Resolve to broaden the number of clients serve or enter novel markets with the goal to gain an additional 5% of the market want to proportion.
- Strongly pledge to meet goals for sustainability like a 10% cut in the generation of waste or energy consumption, which are consistent with an increasing need for environmentally friendly tourist methods.
- Offering a review regarding the United Kingdom's tourism services business.
- Promoting a proposal for a "Waterfall Restaurant" as an innovative company model.
Stakeholder Analysis
irrespective of where they fall along the structure of 'interest' or authority, constituents analysis serves as an important instrument used by companies to recognise as well as comprehend a broad spectrum of individuals or organisations that have an interest in the business's activities, decisions and achievements (Fletcher, et.al. 2018). This strategy entails understanding stakeholder' issues, demands, and possible impact on the company's operations as opposed to merely recognising them. Organisations can successfully handle how they communicate with customers, anticipate potential challenges, and match their objectives with the needs of stakeholders by using an audience assessment matrix.
| Stakeholders |
Interest |
Influence |
Impact on business |
Strategy |
| Clients |
High |
High |
Revenue and image are directly affected by how satisfied consumers are. |
Continually obtaining feedback from clients, excellent services and products, and reward programmes. |
| Workers |
High |
Medium |
Service to customers and profitability are influenced by worker happiness (Madura, 2007). |
Continuous interaction, instruction, and equitable pay. |
| Providers |
Medium |
Medium |
An immediate and trustworthy availability of items and services is important. |
Secure relations, occasional examinations, and plans for backup. |
| Shareholders |
High |
High |
Impact the company's approach and expect monetary advantages. |
Direct interactions with investors, shareholder conferences, as well as value development (Fullen and Podmoroff, 2006). |
| Government |
Medium |
High |
Management and conformance might be affected by rules and regulations. |
Compliant organisations, strategic campaigning, and law enforcement agencies. |
| Locals |
Medium |
Low |
The well-being of a neighbourhood may be influenced by company activities. |
Community engagement, corporate social responsibility (CSR) initiatives, and transparent information. |
| Rivals |
Low |
Low |
The dynamics of the market are frequently influenced by competition activity. |
Competitor examination, research into markets, and positioning strategy. |
Stakeholders are placed in order in this analysis of stakeholders matrix based to their degree of impact and interest in the organisation in question. Each interested organization's potential effect on the company's performance is explained in the "The effect on Management" column, and a plan for engagement is suggested in the "Engagement Approach" field.
Market Research
The organised process of buying, investigating, and analysing knowledge and data about an individual market, businesses, or consumer group is commonly referred to as market investigation. It attempts to provide data regarding consumer preferences, habits, and seeks in addition to information about the context of competition and the shifting dynamics within the marketplace in general. Market study's primary mission is to help organisations with making informed choices, developing successful strategies, and identifying opportunities for growth as well as enhancement.
UK tourism service industry - Regarding the national economy, the United Kingdom's travel and tourism sector is a flourishing and significant industry. It consists of an extensive number of businesses and offerings which serve to the demands of holidaymakers and business travellers alike. The United Kingdom delivers an extensive variety of visitor events, including landmarks and cultural symbols to gorgeous scenery and activities in the outdoors. High vacations periods in the United Kingdom tend to fall throughout the height of summer along with major weekends. The United Kingdom's different parts provide unique possibilities for tourism that contributes to the wide range of the nation's vacation spots. Britain is a popular destination for tourism on an international level because it draws both native and foreign visitors (McKeever, 2018). The COVID-19 pandemic seriously impacted the travel and tourism industry, leading to restrictions on travel, reduced foreign travel, and economic uncertainty. Owing to the cyclical character of travel, it may prove challenging to maintain consistent income through the course of a year. Strong rivalry within the industry, with several companies battling for visitor cash, could lower the margins of profit and demand for imaginative advertising strategies.
Potential client (Demographic)
| Age |
25-70 who wants to have unique experience |
| Earrings |
Normal to high income |
| Gender |
Both male and female (Potential Customer, 2023). |
| Location |
Lake district |
Statistical data
| Tourism number |
16.4 million every year |
| Length of stay |
5-6 days |
| Ethnic group |
An assortment of foreign visitors, which include those representing UK, the USA, the European Union, and China. |
Customer preferences and requirements
| Special dining option |
Unusual eating experiences that have become deserving of Instagram |
| Natural attractiveness |
Admiration for the Lake District's amazing elegance |
| Cuisine Research |
Ambition to take pleasure in excellent, broadened cuisines |
Competitor analysis
| Competitor |
Lakeside Eaterie |
Fell View Park |
Waterfall restaurant |
| Type |
Lakeside restaurant |
Pub and grill |
Unique waterfall |
| Location |
Lake Windermere |
Heart of lake |
Natural waterfall |
| Advantages |
Wonderful lakeshore viewpoints, luxurious dining, and an extensive menu |
Provides various kinds of consumers, nutritious, traditional British food |
Incredible atmosphere, surroundings, and beautiful surroundings, along with a distinct consuming pleasure with a differed, outstanding cuisine (Competitor Analysis: What It Is and How to Conduct One, 2023). |
| weaknesses |
Limited outside dining alternatives and more expensive rates may dissuade visitors on a tight budget. |
Does not have unique visual elements and provides few luxurious food choices. |
Potentially seasonally and weather-related challenges Preliminary financial investment in the waterfalls arrangement will be greater |
In regard to dining category, the location, marketing benefits, and comparative drawbacks, the table above clearly compares the Waterfall Dining with its closest competitors, the Lakes Eaterie and The Falling Overlook Grill. It emphasises the unique advantages and problems faced by every establishment in the eating environment in the heart of the Lake District.
Business strategy
Business strategy is a thorough and deliberate strategy or approach employed by an organisation to achieve its objectives over the long term and achieve an advantage over its competitors. It involves taking careful choices about the best way to battle, whether to contend, and the best way to distribute funds so that the organization's operations are in accordance with its goals and vision.
Marketing mix
- Product- a variety of factors including the experience of eating and choices on the menu, the price approach is adaptable and affordable. The price tag of expensive restaurants might be greater in recognition of their unique setting and excellent cuisine (What Is Marketing Mix and Its 4 Ps? 2023). To cater to various kinds of customers, customised deals for activities and reservations for groups are available.
- Price- The primary attraction of the Lake District Waterfall Restaurant's major feature is a captivating a waterfall that is complemented by the outstanding natural elegance of the Lake District area. The food list includes an extensive selection of meals which appeal for various tastes and nutritional requirements, incorporating local specialties and tastes originating from the globe. Furthermore, the dining establishment offers function hosting services for ceremonies, corporate gatherings, and other private events, providing a unique setting for outstanding moments.
- Place- In the middle of the Lake District, an appreciated tourism area, is The Waterfall Hotel and Resort. It provides a combination of indoor and outdoor eating possibilities to ensure customers become delightful in the beautiful vistas and soothing sounds of the cascade of water.
- Promotion- The key objectives of advertising are to build exposure and emphasise the dining establishment's unique selling features. Internet-based conversation, promotional materials, and aesthetically pleasing promotion which demonstrate a cascading waterfall environment constitute every part of the advertising campaigns. Events that are unique and relationships with neighbouring tourism companies are an important part of the advertising strategy that brings in a broad range of customers. Services will be promoted by placing advertisements on social sites.
Financial assessment
Profitability statement
|
Particulars
|
Year 1
|
Year 2
|
Year 3
|
|
(in £)
|
(in £)
|
(in £)
|
|
Sales
|
180000
|
198000
|
227700
|
|
Less: COGS
|
63000
|
69300
|
79695
|
|
Gross profit
|
117000
|
128700
|
148005
|
|
Less: indirect expenses
|
|
Rent & rates
|
25000
|
28000
|
30000
|
|
Salaries
|
27000
|
29700
|
31500
|
|
Other expenses
|
18000
|
25000
|
28000
|
|
Lights & heat
|
12000
|
16000
|
18500
|
|
Maintenance
|
10000
|
15000
|
19300
|
|
Administration expenses
|
8000
|
12000
|
15000
|
|
Promotional expenses
|
7000
|
10000
|
13500
|
|
Interest on bank loan
|
6000
|
4000
|
2000
|
|
Total indirect expenses
|
113000
|
113700
|
127300
|
|
Net profit
|
4000
|
15000
|
20705
|
Tabular presentation clearly exhibits that profitability will increase from 4000 GBP to 20705 GBP at the end of 3rd year. Further, in order to enhance sales revenue focus need to be placed on undertaking promotional strategies or campaign. This in turn further helps in increasing sales and thereby profitability as well.
Swot And Pestle Analysis
SWOT analysis
|
Strengths
|
Weaknesses
|
- Centre genuine waterfalls provide customers with amazing dining experience
- Located in a beautiful location, comparable to that of the Lake the district, offering magnificent vistas.
- A diversified cuisine with numerous dishes to suit varied taste of customers.
- Incorporating environmentally friendly techniques for operations management (Griffin, 2015).
- Opportunity of establishing oneself as an internationally recognised establishment.
|
- Heavily depends on tourism the seasons that might lead to volatility in revenue.
- A waterfall-style restaurant might incur substantial costs related to operation and upkeep.
- Environmental hazards may have an effect on outside consuming places.
- According to the surroundings being natural, number of seats might be restricted.
- Development close to a waterfall could require an enormous initial investment.
|
|
Opportunities
|
Threats
|
- Benefit through the UK's growing travel industry.
- Accommodate major events such as weddings or business parties.
- Organise combined advertisements with neighbouring destinations for tourists.
- Environmentally friendly company practises may assist to bring in consumers whom care concerning the surroundings.
- For greater reach, use reservation systems on the internet and internet advertising.
|
- Economic difficulties or instability can lead customers to shell out fewer bucks on going abroad.
- Dependent upon the unresolved vacations season.
- Battling with rival dining establishments and tourist attractions in the region.
- Tougher environmental laws have an effect on operations.
- More severe weather as a result of warming temperatures.
|
PESTLE analysis
|
Political factors
|
Economic factors
|
- In the food service company, following numerous legal regulations is vital. This encompasses construction regulations, sanitation and hygiene recommendations, and regulations regulating the safety of food. For lawful processes, it is additionally important to stay apprised of modifications to tax regulations, hiring rules, or authorization requirements.
- The quantity of consumers a restaurant receives may be significantly affected by government laws favoured or banning travel.
- Forecasting for the future necessitates staying informed of both tourism developments and legislative proceedings that affect the tourism sector.
|
- The purchasing behaviour of consumers is greatly influenced by economic factors. Recessions in the economy can result in decreased money being spent on dining away that will ultimately have a bearing on the earnings earned by the eatery.
- On the opposite present, throughout boom times, consumers may become more willing to dine at costly establishments.
- Variations in the currency exchange rate could impact the selling price of importation if a dining establishment imports things or supplies outside.
- To effectively control expenditures, it becomes essential to keep track of economic movements.
|
|
Social factors
|
Technological factors
|
- If restaurant services extensive consumers, it is of the utmost significance to comprehend and accommodate differences in culture.
- Increasing consumer happiness may be accomplished through adapting the selections and offerings according to various habits and dietary restrictions.
- Preference for cleaner and dietary-specific food choices is on the rise as trends in wellness and health continue growing.
- By offering these substitutes on the food list, may bring in consumers whom care regarding their physical well-being.
|
- Building a strong online presence is of the utmost significance in this present technological age.
- The earnings of the dining establishment can be substantially influenced by employing technological tools for reservations made via the internet, internet advertising, and customer engagement on social networking channels.
|
|
Legal factors
|
Environmental factors
|
- In order to build an eating establishment near to an artificial waterfall, someone must traverse the difficulties of securing the necessary authorizations and adhering via the rules and regulations.
- To prevent issues with the law, it is necessary that guarantee that one complies with both federal and local laws.
- Restaurants management of employees has to conform to every relevant workplace laws and regulations (Murray, 2008).
- This includes topics such as the security of work environments, rights for employees, and pay and hourly regulations.
|
- Using environmentally friendly practises may give an edge over others.
- Clients with concerns regarding the natural world could be tempted by environmentally friendly adheres to which includes minimising waste, energy savings, and the inclusion of ingredients that are sourced nearby.
- The hospitality industry can be affected by warming temperatures in two ways: directly and indirectly.
|
Digital Applications/Software
Ordering administration, handling payments, and monitoring of sales may be simplified simpler with technology like Square, for example, Toast, which is or Speed Restaurant. Furthermore, it includes services like client data analysis and table administration. Economic management duties like storing expenses, collecting pay checks, and generating reports on finances may be considerably easier with the assistance of applications such the QuickBooks programme, a company like or Fresh Books to manage Companies may maintain updated the state of inventory, simplify decisions, and reduce the amount of wasted food with the help of programmes such Up serve or Ordoro. Programmes like Whenever Working or Assistant can assist with organising human resources-related tasks as well as organising workers. It may develop and sustain relationships with consumers, problem-solving personalised advertisements, and gather feedback from customers with the help of a customer relationship management (CRM) platform like Salesforce or Inbound. It can schedule and manage online comments, communicate with clients, and monitor the success of social media campaigns with the assistance of programmes including Hootsuite or Buffer. An appealing webpage with an incorporated internet booking system may attract customers while rendering bookings straightforward (Altinay, Paraskevas and Jang, 2016). Project administration platforms such Pinterest or Canvas can be working, particularly when planning incidents, promotions, or restorations. Project administration applications like Trello or Dropbox can be working, particularly for organising things, promotions, or repairs. Consumers may employ payment processors such PayPal, which is Stripe, which is or Square for their online as well as smartphone purchases. It can create and split emails for advertising, periodicals, and offers to customers with the support of software such PayPal or Constant Contact, respectively.
Conclusion
By concluding the report in the centre of the Lake the district, the Water Fall Hotel delivers a really remarkable and appealing consuming encounter. It separates themselves among the competitive tourist industry with its beautiful waterfalls the surroundings, diverse gastronomic decisions, and commitment to environmentalism. The eating establishment provides an assortment of choices for the menu, spanning luxurious dining to local delicious foods, in order to make certain that every client has an unforgettable dining experience. It is an attractive choice for travellers as well as residents due to the location's advantages and internet availability. The Waterfall Restaurants respects the four pillars in marketing and carefully combines outstanding products, affordable prices, clever marketing, and successful marketing in order to create a mutually beneficial connection among environment and food.
References
Books and Journals
- Altinay, L., Paraskevas, A. and Jang, S. (2016) Planning research in hospitality and tourism. Second edition. Routledge, Taylor & Francis Group.
- Fletcher, J., Fyall, A., Gilbert, D., Wanhill, S. (2018) Tourism: principles and practice. Harlow: Person Education.
- Fullen, S.L. and Podmoroff, D. (2006) How to write a great business plan for your small business in 60 minutes or less. Ocala: Atlantic Publishing Company.
- Griffin, M.P. (2015) How to Write a Business Plan: A Step-by-Step Guide to Creating a Plan That Gets Results: AMA Self-Study.
- Madura, J. (2007) Introduction to Business. 4th edn. Thomson Higher Education. Available in Additional Resources in Moodle.
- McKeever, M. (2018) How to Write a Business Plan. Berkeley, California: NOLO.
- Murray, J.W. (2008). The Complete Guide to Writing Effective and Award-Winning Business Proposals: Step-by-Step Instructions. Ocala: Atlantic Publishing Company.
Online
- Competitor Analysis: What It Is and How to Conduct One, 2023. Online. Accessed through: <https://tinyurl.com/3jacyuwd>Accessed on: 15/09/2023.
- Potential Customer, 2023. Online. Accessed through: <https://www.wallstreetmojo.com/potential-customer/>Accessed on: 15/09/2023.
- What Is Marketing Mix and Its 4 Ps? 2023. Online. Accessed through: <https://chisellabs.com/glossary/what-is-guerrilla-marketing/>Accessed on: 15/09/2023.
