The term Business is defined as an organized economic activity

Introduction

To outline an idea for a business first of all needs to know what business is and what is business research. The term Business is defined as an organized economic activity that involves the exchange of goods and services for a fair price. It covers all activities whose main purpose is to effectively provide the desired goods and services to society. Business Research is simply defined as the process of gathering widespread data and information from all business areas and incorporating this information to increase sales and profit. I want to establish a restaurant business namely “Food Station” because it creates a wide range of employment, supports government spending through tax revenue, and provides a place for residents to relax and interact. These elements all complement one another well and allow the economy to function as it does. The report shows a clear idea of the business and how it will implement.

Stakeholder Analysis

Stakeholder analysis is a process used to identify and evaluate the importance of individuals and groups that are affected by or can affect a business or organization (Khoda, 2022). In the context of a new restaurant in the UK market, potential stakeholders may include:

Internal stakeholders

Internal stakeholders of “Food Station” are those who are already working for the organization and are located inside the company, such as employees, managers, and board members such as owners, shareholders, etc. The most significant stakeholders are the companys internal owners. They might be a sole proprietor or a company partner. The owners of “Food Station” always want to increase the profit level as well as brand value. Employers are liable for the health and safety of their employees (Abrams and Kleiner, 2003).

External stakeholders

External stakeholders are from outside of the company but also have an impact on the organization which includes people from the community or the organization’s clients such as customers, suppliers, competitors, local communities, creditors, etc. Customers are considered the most important stakeholders of all. All businesses aim to impress and keep customers to ensure the success of the business (Altinay et al., 2016). As Food Station is a restaurant its priority is to make their customer happy and try to ensure the highest satisfaction level of customers. Without the customers, businesses like Food Station would never be survived. It is necessary to have a reliable supplier and a positive relationship with them. In the restaurant business, there is always a need for fresh vegetables so without a reliable supplier, deliveries may not be on time and even be incorrectly stocked (Abrams and Kleiner, 2003).

Both types of stakeholders are an important part of the organization. Internal stakeholders are essential to a companys operation. An organization, for instance, is unable to run daily without employees and managers. Like internal stakeholders, external stakeholders are likewise crucial. Because they will purchase and utilize the goods or services, customers are highly significant external stakeholders. The same goes for creditors, who provide businesses with the money they require to run their businesses (Miller and Washington, 2021).

Market Research

Market research means doing research into a specific market to make better decisions for the company to achieve its goals.

“Food Station” is served food for everyone including children, adolescents, and adults (McIntosh et al., 2022). Potential clients of Food Station, a new restaurant in the UK market may include:

Residents

People who live in the area where Food Station is located are likely to be regular customers (Tracy, 2014).

Tourists

Tourists visiting the area may also be interested in dining at Food Station.

Business professionals: Many people in the UK dine out for business meetings and events, and Food Station may attract this type of clientele (Nguyen, 2022).

Foodies

People who are passionate about food and enjoy trying new restaurants may be interested in dining at Food Station.

Families

Food Stations may attract families with children looking for a place to dine out.

Special occasion diners: Food stations may also attract people celebrating special occasions such as birthdays or anniversaries (McIntosh et al., 2022).

It is difficult to identify the specific needs, wants, and demands of the UK market for Food Station, a new restaurant, without more information about the restaurants concept, location, and competition (Matos et al., 2022). However, some general needs want, and demands that may apply to a new restaurant in the UK market include:

Competitive analysis for Food Station, a new restaurant in the UK market, would involve identifying and evaluating the restaurants main competitors in the area. This would include researching their menu offerings, prices, atmosphere, target market, and level of popularity (Matos et al., 2022). The restaurant industry in the UK is highly competitive, with a wide range of established players as well as new and emerging businesses. Some of the major competitors in the UK market include:

Business Strategy

The term named business strategy is a longterm plan of action designed for the purpose to achieve a particular goal or set of goals or objectives of a business (Griffin, 2015).

The shortterm strategy that is in “Food Station” is as follows:

Increase Daily Net Sales

Regularly checking the daily net restaurant sales might consume some precious hours, but it helps you make and take effective decisions for the restaurant.

Increase Monthly Net Restaurant Sales

A sum of total sales will help to understand the profit and loss statement at the restaurant. The sales report clearly shows and gives an idea to forecast business activities properly (Murray, 2008).

Improve the Menu Items

Improving menu items according to customer feedback and market research that what types of foods customers are interested to consume has a positive impact on restaurant growth.

The longterm strategy that is in “Food Station” is as follows:

Invest in staff

Staff is the most vital component of a restaurant business. Welltrained staff can handle the customers properly. To ensure the quality of these experiences proper training is necessary(Salvi et al F., 2022).

Continuous innovation

The innovation of the restaurant business can take different forms. It would be an innovation of new food items, unique interior design, unique payment systems, etc.

Capitalize on new technology

Innovation of new technology makes our life easier to do our job in a short period.

Make use of social media

social media is considered one of the most cost effecting marketing platforms in this era. Through this, the company can reach more customers in a short period compared to other platforms (Murray, 2008).

PESTLE Analysis

PESTLE analysis consists of the analysis of political, economic, social, technological, legal, and environmental factors that might affect business activities directly and indirectly (McKeever, 2018).

Political factors

Governments regulate the restaurant industry with a variety of rules and regulations. For instance, sometimes customer demands increase during the time of local and national elections. On the contrary, political instabilities may decrease the number of customers.

Economic factors

Economic factor encompasses economic growth, the purchasing power of the consumer, the rate of interest, the inflation rate, the exchange rate, and more. An increasing tendency to eat has caused better revenue for restaurants (Issa and Bou Darwish, 2022).

Social Factors

The busy lifestyle of people has made people more dependent on readymade food instead of homemade food. It has increased the economy of the restaurant industry and sensitivity for transgender personnel are some other societal concerns that affect the food sector directly or indirectly.

Technological Factors

Technology such as accepting payments through smartphones, ordering food via the internet, and Mobile phone access to CCTV cameras has expanded. The future of the restaurant sector lies in automation.

Environmental Factors

The ongoing natural calamities have given rise to awareness about environmental factors. Such as pollution, scarcity of raw metamaterials, carbon footprint, recycling, and others (Issa and Bou Darwish, 2022).

Legal Factors

Legal factors play an important role in restaurant industries, especially for those who perform globally. By changing legislation, businesses must also change their strategies to survive (Saunders et al., 2012).

Recommendation

The restaurant industry played an essential role in the business, socioeconomy, the cultural and intellectual life of a vibrant society. Without a question, one of the biggest and most lucrative industries in the world is the food or restaurant sector. We all have a strong connection with food and the restaurant business is booming! The demand for food industries is continuously growing because of globalization and the improvement of the standard of living.

By executing all the techniques that have been made the business will be successful. First of all, need to make a proper plan for the business. Then try to evaluate the plan to test its effectiveness.

Conclusion

From the above discussion, it has shown that establishing a new restaurant business is not difficult as compared to any other type of business because the industry of restaurant business has already developed in the selected area. The report includes the stakeholder analysis, market research, short and longterm business strategy, and PESTLE analysis. The stakeholder analysis shows a clear idea about internal and external stakeholders. Then the market research gives a clear idea about potential and existing buyers. To execute the overall plan that has been mentioned above the researcher found some scope to run the business. Finally, it can be said that the business can survive in the long run by maintaining and executing the plan properly.

References

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Altinay, L., Paraskevas, A. and Jang, S. (2016) Planning research in hospitality and tourism. Second edition. Routledge, Taylor & Francis Group.

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Griffin, M.P. (2015) How to Write a Business Plan: A StepbyStep Guide to Creating a Plan That Gets Results: AMA SelfStudy.

Issa, Y. and Bou Darwish, A., 2022. Food trends and consumer behaviors in the United Kingdom.

Khoda, B., 2022. Restaurant Market Analysis of Helsinki: establishing an Indian Kashmiri Restaurant.

Matos, F. et al. (2022) ‘Organizational Resilience Factors of Startups: An Exploratory Case Study’, Proceedings of the European Conference on Management, Leadership & Governance, pp. 291–299.

McIntosh, A., Goebbels, M., and Harrison, T., 2022. In focus 4fine dining in a prison: The Clink restaurants in the UK. In Handbook of Niche Tourism (pp. 278280). Edward Elgar Publishing.

McKeever, M. (2018) How to Write a Business Plan. Berkeley, California: NOLO.

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Nguyen, Y., 2022. A startup restaurant’s business plan: authentic Vietnamese kitchen in Vaasa.

Salvi, A., Raimo, N., Petruzzella, F. and Vitolla, F., 2022. The role of communication in restaurant crowdfunding success. British Food Journal, 124(12), pp.43234338.

Saunders, M., Lewis, P., Thornhill, A. (2012) Research methods for business students. 6th ed. Essex: Financial Times, Prentice Hall.

Tracy, B. (2014) Marketing. New York: AMACOM (Brian Tracy Success Library).