The report investigates the new business by using the nine component business model canvas as well as value proposition canvas to decide the critical success factors along with the feasibility of a competency model in Boat Chain Restaurant. This report will analyze the target market of the new market and proposing a plan not to resolve a problem in specific, but to connect with customers in a different way for a new business idea. Along with that this research will include the description of the new business idea and the reason behind choosing this idea. The business model will be elaborated under this report.
Tourism is a biggest industry of Australia that contributes in huge manner in the economy of the country. The huge cuisine, splendid beaches and wilderness are things that tourists look forward to when they explore Australia (Johnson, Christensen & Kagermann, 2008). It has been found that the country has breathtaking beaches and the coastal life is more than food or the beach. It is necessary for the tourism industry to provide extra and innovative services to the tourist of the country as number of tourists visit Australia every year. Tourists look forward to the more relaxing environment over there as it is the experience that fetches them towards the coastline and country. It is required for the tourism to bring together the amalgamation of mouth-watering delicious food and serene waters to provide a better and different experience those tourists remember.
It has been found that the attracting tourists are the easiest way to get the attention of various tourists towards the rich heritage and nature of Australia. The new business idea for this assignment is the link of two striking concepts in which firstly, the coastal view and calm beaches and along with the knowledge of having multi-cuisine restaurants. This idea is referred to as the Chain of Boat Restaurants where a lot of facilities will be provided to the tourists. Customers of this restaurant can sit back and enjoy a boat ride along with that they can have food at the same time. It would be considered as the multi-cuisine restaurant in which kitchen would be entailed which would away from the shore. There would be a facility for the tourists in which they can place an order at the stall situated near the beaches and get the facilities of a combination of the attractive idea in their respective boats. There would be a facility to place an order via phone that can link to the counter at the shore. There would be space of 6-8 chairs and 2-3 tables on per boat. An appropriate name for this innovative idea would be “Food & View”. However, the menu would be limited for this innovative idea. It is required for the business to keep special attention towards the hygiene and ensuring that waste should not be disposed of anywhere by the shore.
The main aim of this innovative idea is to bring the attention of a number of tourists towards the delicious foods and beach view which would contribute to the economic growth of the country. It would enhance the business opportunities to expand business in other places as well and amplify the revenues of the new business (Gibler, Manuel Casado-Díaz, Angeles Casado-Díaz, Rodríguez & Taltavull, 2009).
The new business idea will bring a huge profit for the company as well as a country because it is a different idea in comparison toa normal restaurant. Mitchell, Williamson & Chung, (2015), elaborated that the value proposition keeps huge importance for the business and it is required for getting growth to know more about the latest trends as well as demands of the customers. The benefits associated with this new business idea will be elaborated below which would be helpful in making a clear understanding of the new business idea.
This innovative idea would be helpful to give a new experience to the tourists of Australia that can increase the interest of them to visit again at the same place (Johnson, Christensen, & Kagermann, 2008). Along with that, it can do work as promotional advertisement such as word of mouth which would increase the sales of the business potential. Food &View will provide daily services to the tourists; the new business would also increase the taste for food which would attract a number of customers towards the services.
The new restaurant would increase the profit of food as well as tourism industry as the major objective of this research is to develop the efficiency of the business and amplify the facilities for tourists by providing them a huge range of services at one place. This innovative idea would be able to bring the attention of the tourist towards the new destination with food facility which would amplify the profits for the business (Joyce & Paquin, 2016).
It has been evaluated that the business can expand in new place after getting success in Australia. The new innovative idea is not only related to the food industry but also the tourism industry (Ruhanen, Whitford & McLennan, 2015). It has been evaluated that the rate of tourists is increased in Australia in the comparison of last year. This innovative concept will not only bring the attention of those coming from out but also it brings the attention of local people.
It has been analyzed that the term Feasibility elaborates the suitability as well as capability of a business. Feasibility can be considered as the operation plan review criterion. This business would be able to attain the decided target as it helps in improving the efficiency of the business (Rohrbeck, Konnertz & Knab, 2013). It is vital for the business to set the realistic aims and create on them, along with that it is required for Food & View to analyze the market and the customers beforehand. The leading value of Food & View is the food and the service and the differentiating value is the experience that it provides.
|
Department |
Number of employees |
|
Catering Department |
10 |
|
Research Team |
10 |
|
Chef and Waiters |
12 |
|
Finance and Accounts |
2 |
|
Sales Team |
4 |
|
Marketing and PR |
4 |
The business does not require a massive assumption as it is essentially a service. However, the business would need a preliminary outlay as below:
|
Particulars |
Approximate expenses |
|
recruitment cost and salaries of employees |
AUD 30000 |
|
Infrastructure |
AUD 50000 |
|
Maintenance |
AUD 20000 |
|
Expenses on the sales team |
AUD 5000 |
|
Advertisement and promotion activities |
AUD 10000 |
|
Office overheads |
AUD 1500 |
|
Total |
AUD116500 |
Forecasted revenue
|
Year |
Expected Costs |
Expected Revenue |
|
Year 1 |
AUD 75000 |
>AUD 50000 |
|
Year 2 |
AUD 55000 |
>AUD 75000 |
|
Year 3 |
AUD 50000 |
>AUD 90000 |
Spieth, Schneckenberg & Ricart, (2014),elaborated that the use of business model would be helpful in describing the importance and value of the customers. It has been clearly recognized by this model that customer is more important for the business with a propensity to buy. It is required for the business to have confidence in the expertise as well as in the quality. The role of the value proposition in this business is high because the satisfaction of the customer is keeping huge importance for the business. The partners of the company would be stakeholders and community of Australia. The business will use various promotion strategies in order to attain the target of the company. Lower process strategy will be helpful for the company to achieve the objectives of the company.
It has been found that the company would attain huge profits from this innovative business as it helps in improving the productivity. The business would bring a huge change in both industries which would increase the revenues of the business and amplify the opportunity to expand the business globally (Upward and Jones, 2016). The major critical success factor is the increased volume of the tourists in Australia and the combination of this concept that can amplify the importance of this place (Wu, 2015). Tourists will get what they want from the places in Australia. It is vital to understand that as human beings we are all curious. If one would get good food from the restaurant, there is always a second time. Considering Food & View has 5 boats and is operational from 11 am to 7 pm daily. It has been expected that this business would be increased as promotion increases and a plenty of customers will definitely come back.
Conclusion
From the above discussion, it can be concluded that the role of the business model in starting up a new business is huge as it helps in increasing the number of tourists in Australia. This would increase the potential growth of the business. The report has entailed the depth information about the new innovative business which is Food &Views Multi cuisine Restaurant.The discussion has been made on the business model along with the organizational culture in order to increase the better understanding about a new start-up. Critical success factors have been elaborated under this paper as well.
References
Gibler, K. M., Manuel Casado-Díaz, J., Angeles Casado-Díaz, M., Rodríguez, V., & Taltavull, P. (2009). Late life second move housing choices of international retiree migrants. International Journal of Housing Markets and Analysis, 2(2), 190-210.
Johnson, M. W., Christensen, C. M., & Kagermann, H. (2008). Reinventing your business model. Harvard Business Review, 86(12), 50.
Johnson, M. W., Christensen, C. M., & Kagermann, H. (2008). Reinventing your business model. Harvard Business Review, 86(12), 50.
Joyce, A., & Paquin, R. L. (2016). The triple layered business model canvas: A tool to design more sustainable business models. Journal of Cleaner Production, 135, 1474-1486.
Mitchell, R. J., Williamson, A., & Chung, A. Z. (2015). Comparison of injuries experienced by international tourists visiting Australia and Australian residents. Asia Pacific Journal of Public Health, 27(2), NP1683-NP1694.
Rohrbeck, R., Konnertz, L., & Knab, S. (2013). Collaborative business modelling for systemic and sustainability innovations. International Journal of Technology Management 22, 63(1-2), 4-23.
Ruhanen, L., Whitford, M., & McLennan, C. L. (2015). Indigenous tourism in Australia: Time for a reality check. Tourism Management, 48, 73-83.
Spieth, P., Schneckenberg, D., & Ricart, J. E. (2014). Business model innovation–state of the art and future challenges for the field. R&d Management, 44(3), 237-247.
Upward, A. and Jones, P., 2016. An ontology for strongly sustainable business models: Defining an enterprise framework compatible with natural and social science. Organization & Environment, 29(1), pp.97-123.
Wu, M. Y. (2015). Driving an unfamiliar vehicle in an unfamiliar country: Exploring Chinese recreational vehicle tourists’ safety concerns and coping techniques in Australia. Journal of Travel Research, 54(6), 801-813.
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