ENTREPRENEURSHIP AND PROJECT MANAGEMENT

Queens Bakery is a new type of bakery with eating desserts with your own twist and baking classes. People who come to our bakery are free to choose the ingredients or flavor to decorate the cake in their own style. Just follow the steps on the guideline, everyone can make a cake by themselves. Or if customers don’t want to do it but still desire to choose the topping or flavor, our staffs will do it for them. Moreover, we also comprise the baking classes for all ages every week. These bakingclasses serve for every customer who has the passion for baking but don’t have enough equipment, or chances to try baking.All of us, the founders, are desserts lovers. We think that if you can not only do what you love but also make money out of it, you will have the motivation, passion to purchase and make your business successfully. Queens Bakery is a hospitality company dedicated to providing highquality handmade desserts, bringing the satisfaction in a comfortable atmosphere for clients who seek a fun gourmet experience in a bakery. We intend to make enough profit to generate a fair return for our investors and to finance continued growth and development in quality products and services. We also maintain a friendly, fair, and creative working environment, which respects diversity, new ideas, and hard work.

ENTREPRENEURSHIP AND PROJECT MANAGEMENT

Business Plan: QUEENS BAKERY

TABLE OF CONTENT

EXECUTIVE SUMMARY

Queens Bakery is a new type of bakery with eating desserts with your own twist and baking classes People who come to our bakery are freely to choose the ingredients or flavor to decorate the cake in their own style Just following the steps on guideline, everyone can make

a cake by themselves Or if customers don’t want to do it but still desire to choose the topping

or flavor, our staffs will do it for them Moreover, we also comprise the baking classes for all ages every week These baking-classes serve for every customer who has the passion for baking but don’t have enough equipment, or chances to try baking

All of us, the founders, are desserts lovers We think that if you can not only do what you love but also make money out of it, you will have the motivation, passion to purchase and make your business successfully Queens Bakery is a hospitality company dedicated to providing high-quality handmade desserts, bringing the satisfaction in a comfortable atmosphere for clients who seek a fun "gourmet" experience in a bakery We intend to make enough profit to generate a fair return for our investors and to finance continued growth and development in quality products and services We also maintain a friendly, fair, and creative working environment, which respects diversity, new ideas, and hard work

I THE BUSINESS & PRODUCT

1.1 The nature of business (type and legal structure)

Queens Bakery will be registered as a general partnership with two partners, who will

be jointly and severally liable for the debts of the business with their entire property This type

of partnership must also have a specific agreement to convey all the responsibilities, rights, and duties of the parties involved Each partner owning 50% of the bakery will have equal

control and majority rules in management control Also, this type of partnership does not require to be founded with cash input since a work input is sufficient, so both partners will equally share the cash input and the work input required to start and run the business until it starts being profitable and the earnings can be reinvested on it

Queen Bakery will start out slow with hiring employees due to the financial status of the business, almost the employees will be part-time workers because we won’t take such a heavy responsibility to our employees like full-time workers and most of the cakes will be done by chef (proprietor)

As years pass and the business grow more employees will be hired and put under the supervision of the original workers who will be promoted to leadership positions

Queen Bakery also sets a mission that “To provide high-quality handmade desserts, bringing the satisfaction in a comfortable atmosphere for clients who seek a fun "gourmet" experience in a bakery We intend to make enough profit to generate a fair return for our investors and to finance continued growth and development in quality products and services

We also maintain a friendly, fair, and creative work environment, which respects diversity, new ideas, and hard work

1.2 The products/services

Our cakes are made of only the finest and freshest eggs, flour, milk, buttermilk, fruits, nuts, spices, and oils The products will be served vary from cakes, cupcakes, macaroon or others types of cake To be more specific:

 Cheesecake

 Red velvet

 Tiramisu

 Shortcake

 Tart

 Éclair

 Cupcake

 Macaron

 Muffins

 Chocolate

 Strawberry

 Red velvet

 Cinnamon

 Green tea

 Ginger

 Lemon

 Seasonal fruit

 Honey

 Mocha/ match

 Variety of nuts

 Butter cream

 Cream cheese

 Mini chocolate candies

 Sprinkles

 Candies

 Jelly

 Sugar pearls

1.3 What makes the products/services special/unique

The services Queen Bakery provided will be very unique with delicious treats, like-home atmosphere and reasonable prices The normal thing is customers will be able to dine-in but without any drinks or side orders Just desserts The unique service in Queens Bakery is

that people who come our bakery are freely to choose the ingredients or flavors to decorate the cake in their own style Just following the steps on guideline, everyone can make a cake by themselves Or if customers don’t want to do it but still desire to choose the topping or flavors, our staffs will do it for them There is also the possibility of ordering out, the packing will be plain unless asked else wise Wrapping and delivering is available if they want to send a gift or get a snack

More important, we also comprise the baking classes for all ages every week or every month which will cover everything from the ultimate in stocking your cake making pantry, frosting and decorating layer cakes, continuing on to the different types of cakes and finish with cakes are made by customers We offer more than just a cake decorating class Students are provided with practice time with the instructor, hands-on experience, basic understanding

of the basics in baking and decorating, and design know-how Other decorating and baking courses and kid classes will be offered weekly if we have enough students sign up

II INDUSTRY & COMPETITIVE ANALYSES

Besides local bakery shop, we define our main competitors as several strong brands which are

in the dessert industry and have already gain customers awareness or loyalty They are: Tour les jours, Dunkin’ Donuts, and Mochi Sweets However, these brands are indirect competitors because our bakery model is quite new to the dessert industry and our product/service is differentiated from others

Competitor

Tous les

jours - Have a famous and popular brand name

- Good at customer service

- Have many retail outlets which spread out nationwide and so on

- Price is quite expensive compared

to other local brand

- Facing many competitors on the market since the product is not so special and easy to copy

Dunkin’

Donuts

- Excellent supply chain management

- Brand recognition

- Not spend much for marketing on media ads

- The price of different ingredients and raw materials and high quality coffee beans is increasing

Mochi

Sweets

- Unique product with different flavors: chocolate-mint, passion fruit, ice cream mochi

- Plenty of materials suppliers offer reasonable costs

- The product is hard to store, especially those with ice cream

- Delivery system has not been well-established

The products and services:

Attributes Weight

(Must total 100%)

Ratings (scale=1-5;1-poor,5-excellent) Our

bakery Tous lesJours Dunkin’Donuts Mochi sweet Quality of the

Product

Experience

Competitive advantage is products and services differentiation Our company's products and services have a valuable, unique offering for its consumers They are desserts with customer’s own twist and baking classes We also focus on providing customer fun and amazing experience while still maintain high quality product and service

III MARKETING ANALYSIS AND MARKETING PLAN

3.1 Target markets and market potential for the business

Target market:

Queens Bakery focuses on two significant customer groups: Young Generation, Children and their family We have specifically targeted segments of people with an appreciation for

delicious desserts, a need for comfort and relaxation, especially a desire to eat different, unique desserts in different ways

Young generation from the age of 15 to 24 will be our main daily customers Queens Bakery is

located at the 2nd floor of the IPH building, which surrounded by universities, young workers These customers will want to try something new, but it has to be fast, convenient, and reasonable price Those are all criteria provided by Queens Bakery

Children and family (parents aged 25-40) will be our main events customers The events here

will include birthday, anniversary, graduation, also weekend, etc.Children and their family can gather, enjoy the delicious cakes and feel comfortable Moreover, parents can spend time with their children in baking classes

Market potential:

To determine the number of potential consumers on the market, we should start from the number of citizens in which our store located (Hanoi) According to General Statistics Office of VIET NAM and CIA, the number of population in Hanoi is 7.82 million

Following The Central Intelligence Agency (CIA), the population of Vietnam in each group age structure in 2017 are:

• 15-24 years: 16.23%

• 25-40 years: 44.56%

Having in mind that we have total population in Hanoi, we can calculate the number of people

in each group of these two cities below:

Age Young and teenagers

(16 – 24) (25 – 40)Adults Total Population 1.27 million 3.49 million 4.76 million

Following Vietnam Chamber of Commerce and Industry, the percentage of the middle class of Vietnam in average is 30%, so we can calculate the number of people in the middle class in Hanoi and according to Vietnam Trade Promotion Agency, the domestic consumption rate for deserts is 10% so the consumption people for buying our products is

(30%) Consumption rate for deserts (10%)

Young and

teenagers

(16 – 24)

Adults

In conclusion, the market potential is the number of potential buyers, an average selling price and an estimate of usage for a specific period of time By applying the general formula for this estimation, we have:

MP = N × MS × P × Q Where:

MP = market potential

N = total number of potential consumers

MS = market share—percent of consumers buying from you

P = average selling price

Q = average annual consumption

We got the result of market potential: MP = 14280*0.02*’4.053*35902 = 41,557,886.1936

3.2 Marketing objectives/strategies of business in the market

SWOT Analysis

Strengths

• Bringing a brand new service to the customers

by giving them the chance to make the cakes

themselves or choosing the flavors and topping

for the cakes

• Direct communication with customers and

improved customers interaction through social

networking sites - quick feedback and

comment forms are main features to interact

• Attract the customers by providing baking

classes and events on special days

• Appealing design and layout of the online

marketplace

• Easy arrangement of products

Weakness

• Weak brand name

• A limited marketing budget to develop brand awareness

• Shortage of well-qualified employees

Opportunities

• Improvements in technology (baking

techniques, machines, modern shopping

software)

• The business for cakes restaurant is a potential

market in development in the future

• Advantages from loyal customers who

interested in our services

Threats

• New entrants with competitive products

• Competition from current bakeries (famous and popular ones)

• The inherent high cost of high standard ingredients, equipment

• A slump in the economy that will decrease customer's budgets for parties

Marketing Objectives

We have a plan to open a restaurant serving Desserts with your own Twist (Queens Bakery and Baking courses), and bringing a brand new service, the ways to eating cakes As a new comer for this market, our first marketing objective is how to maintain positive and have a steady growth each month And then experience an increase in new customers who are turned into long-term customers The last one is decreasing the market expenses as a percentage of sales

3.3 Promotional strategy

The Queens Bakery will attract customers by using a mixture of traditional and online

advertising strategies to create a marketing campaign

The main objectives of our promotion strategy are acquiring customers and generate sales; increasing company awareness and brand name recognition among everyone (especially potential customers); collecting market research to create immediate and long-term marketing plans

The following is a list of advertising and promotional channels The Twist bakery will utilize:

- Posting Flyers in and around the area

- Social networking advertising (Instagram, Facebook, own website…)

- Links on related web sites

- Traditional media including direct mailings, magazines, radio

- Registration with all the major search engines

- Create many giveaway programs to attract the customer

Specifically:

- Stimulate the customer to check-in and feedback and tag the Queens in their photo

- Co- linking with food networks like Lozi, Foody, Panda food, sponsor their event, buy advertising

- Create events based on special date (Holding special baking course for couples on Valentine day; Holding baking course for children sometime)

- “Happy day” program- buy 1 get one free when customer wear something pink for example, they will get a discount at 10% for topping

- Create a mascot to become a representative image of the bakery; this mascot will stand in front of the store and sometimes going around and posting newsletters to attract people

- A stunning interior-design to attract customers Especially design the area for the customers to sit and eat cakes

- Website and Facebook page offering selected Bakery’s recipes for free Delivery of

"care packages" to nearby businesses, school with free samples of freshly baked goods

- Free standing sign in front of the bakery announcing specials of the day, discounted combination offers

- Once a week, offering free samples to passers-by (employee will stand outside bakery with tray holding free samples)

- Bakery Club offers with loyalty card, such as free baked good with purchase of 5 baked goods, weekend giveaways, or free coffee with purchase of $2 or more

Some detail plans:

Web Plan

The Queens Bakery website has the dual goal of encouraging visitors to sign up for Bakery e-newsletter then order online and visiting the physical store Products cannot be purchased over the website, but a menu with images of all items will be included as well as the customer can try to add topping on the cake online It can help them to get a delicious cake in real life Beside customers can order online and we will free ship in the area of 5km

The website's main pages will include:

- Menu, including monthly specials

- The promotions

- The place for customer to order online

- Location (including map) and hours

- Contact information (with form for questions and comments), including links to follow Queens Bakery on Instagram or be a fan on Facebook

- Jobs page with open positions at The Twist Bakery

- The news about The Twist

- Archived newsletters with articles on organic baking topics and recipes

Social Media Plan

Our YouTube channel will include videos about our cakes and how to make them, the events, celebrations of the store, a day of our staffs: Human of Queens Bakery, and the tips in baking, decorating, making a marvelous restaurant cake The information of related machines, tools, material in order to make the cake will be updated

Social network (Facebook, Instagram) is our main means of connection to the customers It will be updated frequently with some mini games, give-away, challenges for our customer to enforce interaction between shop and concerned people

A Facebook page for Queens Bakery site will be another venue to promote the e-newsletter to those who sign up as fans Facebook-only promotions will be offered from time to time to encourage fans to share the website with their friends The Facebook page has the goal: to encourage prospects to visit Bakery in person The Facebook page will have an additional goal

of depending the connection between existing customers and Bakery by providing the means for them to interact with Bakery beyond their visits to the store (check-in/feedback) For example, Queens Bakery customers will be encouraged to post discussion topics about “a buffet” bakery and to post photos of themselves at the bakery

An Instagram account will also be utilized Pictures will be uploaded when fresh items are available, posting feedback of customers, posting the space of the bakery and will be used to encourage followers to recommend to their friends and using hashtag #queensbakery

#queensawsometwist

We recognize the key to success as an extensive promotion strategy to attract customers Once additional funding is secured the advertising and promotion plan will be implemented

3.4 Sales forecast assumptions and projections

(The detail is described in Financial Plan part)

IV MANAGEMENT PLAN

The bakery is owned and managed by all of us, the founders, are desserts lovers We think that if you can not only do what you love but also make money out of it, you will have the motivation, passion to purchase and make your business successfully

We came up with the idea desserts with your own twist because we found that even though your cakes taste fine, your decoration is classic, poor, not really look appetizing, and don’t have any creative at all Your business will go down very quickly And then we think why not let the customers decorate it by themselves, they can also choose any flavors they like Therefore, all of us decide to open a bakery to indulge in made-by-you desserts Because of its creative and unique, hopefully our venture will success so far

4.1 Management roles and assigns responsibilities

Management team