Table of Contents
The business which has been chosen is based on the coffee shop and the name is café 69. The complete business is based on the restaurant which serves coffee to different age groups of people. All the necessary points included in this report consist of the following things, a summary of your successes, a description of your chosen product and/or service business model, distribution strategy, division of tasks, financial results; revenue and profit, a marketing Plan, major challenges, experience and lessons learned. All the points which are included in the report are based on research and the things identified while doing the work.
The business has seen some ups and downs the start was slow as usual but by putting required time and effort all the objectives have been accomplished, resulting in obtaining the desired result. Some of the most common things which are been observed for doing a business or the necessary points that every entrepreneur must observe in his journey are as follows, a summary of your successes, a description of your chosen product and/or service business model, distribution strategy, division of tasks, financial results; revenue and profit, a marketing Plan, major challenges, experience and lessons learned. This help it to track the progress and a note of the journey is important in long run.
The café 69 is a family restaurant and it offers a wide range of coffee choices which are more than 80 types of different coffee combinations and different snack items such as cake and pastries. The major focus of the business is to promote the organization by building a brand based on the taste it offers to the customer in the mean of coffee. And not only that but also to provide its customer with the unforgettable experience which they can only have at the café 69. All age groups of people can feel comfortable in the place and can enjoy their time with their families and friends (Casadesus-Masanell & Heilbron, 2015).
A business model is a company’s strategy to get the desired result in that particular financial year. The business model which is followed by the café 69 is beverages based on the maximum amount of profit that has been gathered at the store from selling the different available beverages to the customer along with, snacks such as cakes and pastries. (Kotler & Keller, 2016).
The distribution strategy includes how the business delivers its service to the customer and gets profit from it and it has been observed that with changing times online medium is one of the most common types of distribution strategy which is being used by most of the current businesses. The distribution strategy for the café 69 includes both offline and online services. The customer can order from their home and the item will be delivered to them. Also, customers can visit the store and can enjoy their time at the place (Chaffey & Smith, 2017).
The power of work division is very important as there are many different kinds of in a business that is needed to be handled but dividing the work as per the ability of the person is very helpful for the business. Having a team full of potential staff member who is innovative and can do things as per the situation is very important for the organization to grow at a rapid speed.
All the division of the work has been done as the capability of the person, and the necessary manager has been appointed to make sure that the complete operation goes smoothly and the desired objective can be accomplished (Ibarra, et al., 2018).
The financial status of every business is very crucial as the overall growth and how the business has performed in a particular financial year can only be identified by the revenue it generated. When the business was set up and the planning was going on the target or objective that has been set for the café 69 to achieve is to have a sell of almost $ 50000 and it has been observed that the overall sales were done are about $ 48000 which was very good and appreciable. The profit after deducting the cost price is about $ 30000 and it is included as a great success.
The marketing plan was allotted to the marketing manager and it has performed an outstanding job to capture the attention of the desired customer the necessary things which have been done are contributed towards the higher number of customer subscriptions at the café 69. The marketing plan consists of both the online and offline medium of the advertisement as it has been observed that the maximum number of people have shifted towards the online medium which means social media and other similar platforms are the most common places to advertise the ad to get the more number of the customer.
The offline medium of advertisement has gotten old as it requires a large amount of investment and less amount of return which makes it a bad choice to use and the online medium of advertisement has captured the complete market (Kotler, et al., 2015).
While doing business there are many kinds of challenges which has been coming the way and with time they became easy to handle many some of the most common issues which have been observed while doing business are as follows,
- Getting hard to get investors for the business.
In the early stage of the business when the business is not going as per the plan, but with time when the business started to grow this problem also cleared.
- Hard to build a team of diverse backgrounds to work together.
The most common issue is about getting the people to work together so that they can work as a team and get the desired result, necessary training program has been arranged with guidance from the professionals so that they can perform well in their job roles (Salas, et al., 2017).
The overall experience was quite good and it indeed has put an impact on my old lifestyle habits, I have learned the importance of behaviour and how important decision-making, and increased my communication skills and listening skills etc., Some of the most important lessons I have learned from this are as follows, teamwork is very crucial in doing any business, having a team build-up of smart people can speed up the process of growth in the right direction. Having core values is very necessary so that one does not get distracted from its path. The necessary things must be done such as hiring, or firing, the rewards on reviews, and recognizing the hard work of staff members is very crucial from the business point of view.
From the above report, this can be concluded that the business was a success and indeed has provided me with some of the most important lessons which are going to be useful in the further journey of an individual in making a decision and creating a business. All points included in this report consist of the following things, a summary of your successes, a description of your chosen product and/or service business model, distribution strategy, division of tasks, financial results; revenue and profit, a marketing Plan, major challenges, experience and lessons learned. A thorough research has been conducted and the desired results are obtained which have provided the necessary outcomes.
Casadesus-Masanell, R., & Heilbron, J. (2015). The business model: Nature and benefits. In Business models and modelling (Vol. 33, pp. 3-30). Emerald Group Publishing Limited.
Chaffey, D., & Smith, P. R. (2017). Digital marketing excellence: planning, optimizing and integrating online marketing. Routledge.
Ibarra, D., Ganz rain, J., & Agartha, J. I. (2018). Business model innovation through Industry 4.0: A review. Procedia Manufacturing, 22, 4-10.
Kotler, P., & Keller, K. L. (2016). A framework for marketing management (p. 352). Boston, MA: Pearson.
Kotler, P., Burton, S., Deans, K., Brown, L., & Armstrong, G. (2015). Marketing. Pearson Higher Education AU.
Salas, E., Prince, C., Baker, D. P., & Shrestha, L. (2017). Situation awareness in team performance: Implications for measurement and training. Situational Awareness, 63-76.