Question
The Assessment Task
You are required to produce a professional Business Plan for a new venture in the UK’s
hospitality sector. Please use a template below and answer all the sections required.
Scenario:
Many UK nationals are expecting to holiday more in the UK in 2020, according to research by
Cambridge and Counties Bank. The top reason for the UK’s staycation trend is a drop in the
value of the pound caused by Brexit, which makes foreign holidays more expensive. Other
reasons include: a rise in the underlying costs of overseas travel; barriers to international
travel such as stricter visa requirements; tougher border controls because of Brexit.
Some ideas could include but not limited to:
Spartan holidays
Yoga/mindfulness retreats
Forest micro hotels
Tiny holiday home rentals.
Solution
Executive Summary
This business plan involves a yoga and mindfulness retreat site. The inception of the idea is experience, knowledge, and entrepreneurship skills. Yoga and mindfulness are aimed at providing the clients with mind relaxing techniques to enhance their overall health. The target customers are everyone regardless of their diversity affiliation, such as age, gender, and race. The sick, particularly those managing depression, stress, diabetes, and heart issues, are also targeted. The Yoga and mindfulness is located near a calm water source with a beach to provide the clients with a remarkable experience. Yoga and mindfulness in the UK are in high demand due to the need for wellness and how people are increasingly concerned about their health and wellbeing. Through research, it is evident that people prefer Yoga and mindfulness for improving their overall health. The capital requirement is £ 500,000 with a breakeven point of 4 years.
Table of Contents
5.3 Launch Marketing & Growth Strategies 9
6.3 Suppliers and Third Parties. 10
7.1 Capital Requirements and Funding Options. 12
Appendix A: Yoga Industry Trends. 17
Appendix B: Leading Yoga Online Channels. 17
Appendix C: Competitor Analysis 17
Appendix E: Capital Requirements. 18
1.0 The Business Idea
The business idea entails a yoga and mindfulness retreat for every individual regardless of the diversity affiliation. The yoga and mindfulness sessions are diverse and are conducted by individuals from different beliefs and religions, including Buddhism, Hinduism, Christianity, and the New Religion. However, the central point is that every individual, regardless of culture or belief, can participate. The different types of instructors are present to provide diversity and for introducing new religions and beliefs to the people. The unique business idea is that the yoga and mindfulness sessions will be conducted at facilities near the river with calm waters and a beautiful beach. Also, there will be infrastructure for the indoor sessions.
The sessions are not provided in isolation. Rather, they are combined with nutrition and diverse techniques, including music therapy. The target customers for the idea comprise individuals that want to relax and those with mental health issues. The company acknowledges that people face several mental health issues, and one of the therapies is mindfulness, particularly for individuals suffering from stress and depression (Tiwari, 2016). Therefore, the business idea is to partner with the different health facilities for referral to providing Yoga and mindfulness. Incorporating healthy and delicious foods and various therapies, including tension and muscle release and acupuncture, aims to achieve a unique philosophy for the clients. The business philosophy in this regard is to provide a unique experience for the clients. The client-centred approach is also applied where the yoga and mindfulness sessions are provided according to the individual’s needs, preferences, beliefs, and suggestions.
Figure 1: Yoga and Mindfulness Session (https://i.pinimg.com/736x/06/e2/40/06e2406165fd0f425f285cabca22a2a4.jpg).
- About Self and Reasons for Starting
The inception of the idea is the recognition that people face many challenges, particularly during this COVID-19 pandemic. Several people have lost their families and loved ones, whereas other have lost their jobs. There is also an increase in mental health issues globally. This implies that there is a need for a holistic intervention for these people. Besides the pharmacological intervention, including the medication, there is a shift towards non-pharmacological approaches, comprising of nutrition and exercises (Ganguly et al., 2018). There are also evidence-based interventions, including music therapy, peer support, mindfulness, cognitive behavioural therapy, and Yoga. The combination of these approaches is aimed at enhancing the mental welfare of the individual.
My input into the idea is that I have interests in mental health management. I also have experience with the effect of Yoga and mindfulness. Having attended a one-week session, I can confirm that these therapies are essential in enhancing the individual’s mental health. As an innovative person and through effective research skills, I have identified the gap in Yoga and mindfulness in an area that can serve as a perfect spot due to the calm waters and a beach. Through the research, I have understood the different aspects of Yoga and mindfulness, which I will incorporate in the development and implementation of this idea.
3.0 Market Research
Market research is vital in starting a business. It provides the foundation of the idea and key consideration factors. According to Roque (2020), market research is essential in identifying opportunities, reducing business risks, developing promotional materials, identifying where to advertise, and ensuring competitiveness. The market research comprises the demographics, target customers, and competitors in this yoga and mindfulness idea.
3.1 The Big Picture
The Pilates and yoga industry is vast. It is characterised by revenue of above £ 926 million, recorded in 2020. This was an increase of 6% in 2019 (£ 875 million). There are at least 10,000 yoga teachers with an average salary of £ 27.54 per hour in the UK only. Every week, about 460,000 Britons are taking the classes. The significance of Yoga in the UK is reflected in the biggest yoga YouTube channel being from the UK. This is Yoga with Adriene, which has more than 8 million subscribers. The popularity of Yoga and mindfulness in the UK provides a vast market for venturing into the idea.
The Britons are interested in Yoga throughout the year, and their interests are demonstrated in Appendix A and B. However, the yoga interests increase between December and January by 73%. In 2018, for instance, there was a 92% increase in yoga interests in January. This trend demonstrates that the yoga interests and market have increased each year in the UK. The suitability of the idea is centred on the increase in yoga interests during the COVID-19 quarantine. In the last five years, the interest in Yoga was the highest in March 2020. The demand for Yoga and mindfulness is expected to increase due to Brexit, COVID-19, and the high demand for mental health management services.
3.2 Competitors
The three top competitors can be summarised in Appendix C, comprising the name, competition area, strengths, weaknesses, and how this idea will compete.
4.0 Customer Research
Please click the icon below to receive this assessment for only $15