Bakery Cafes in the US. Industry Market Research schoolwork
Assignment ID Number AFFGEHU83939HD Type of Document Essay Writing Format APA/MLA/Harvard Academic Level Masters/University References/Sources 4 References
Bakery Cafes in the US. Industry Market Research schoolwork
Ono Kine Bakeries Business Plan
- Cover page
- Owner- Olena Spears
- Business name- Ono Kine Bakeries
- phone number
- date of issue
- Table of Contents
- Executive Summary
Ono Kine Bakeries is a start-up bakery located southwest Virginia. The company expect to attract the local customers of bakery products and build a strong market within the city. Products are offered at competitive prices to meet the raising demand of bakery products within the town.
- The company
The company is a start-up founded in 2018 by Olena Spears. The company focus mainly on the provision of bread products to the local market in South of Virginia.
- Key to success
Offer quality services in addition to competitive prices. Moreover, focus on door-to-door delivery of bread products. The company will also aim at offering competitive salaries to employees to ensure that they are motivated.
- Mission Statement
To provide quality products that meet customer value and increase sales through Good governance.
- Business description
Ono Kine Bakeries produces products flour-based products such as cakes, bread, cookies, pies and pastries. The company will be manufacturing and selling the products directly to customers.
- Target customers and market
The target market is the middle and higher income local residence and tourist in south Virginia.
- Growth trends
Demand for bakery products has always been high in south Virginia. It is estimated that the demand for flour-based products will continue to increasing
- Pricing power
The cost of operating the bakery is south Virginia is considerably low. This means that the company can offer products at considerable low price while still making profits.
- Product description
Bakery products are flour-based products such as cakes, bread, rolls, muffins, cookies, pies and pastries. These products are produced through the use of dry heat. What separates Ono Kine Bakeries from other bakeries will the quality of products offered, services offered and prices. Ono Kine Bakeries focuses on providing higher quality products and services. Its prices will be considerably lower.
- Market analysis
- Market research
Statics from IBISworld indicate that bakery industry in United States has continued to growth. In the last five years alone, the industry grew by 3.4%. This year, the income generated by the industry is $8 billion.
Products that will be offered include cakes, cupcakes, cookies, prepared dessert, sweet rolls, coffee cakes, doughnuts, pies, tarts and turnovers. Demand for bakery products differ according to customer demographics. The best customers for cakes and cupcakes are those largest households with children (SBDCNet, 2014). Moreover than half of couples with children spend more on cakes and cupcakes. Hispanic individuals also spend more on cakes and cupcakes. For cookies, the largest revenue is from families with children. Prepared desserts are mostly bought by oldest consumers and married couples with school going children. The best customers for sweet rolls, coffee cakes, doughnuts, pies, tarts and turnovers are households with children (SBDCNet, 2014).
Competition is rife in the baking industry. In south Virginia, competition is mainly from established players such as Windmill Farm Bake shop, Sweet Creations Bakeries, Reunion Bakeries and Espresso, Heritage Bakery and Café, Kolache factory and Fresh Baked Bakery. However, most of the competitions focus on different segments.
- Marketing strategy
Local residents of south Virginia and tourist are the target customers. More specifically, small and large households within south Virginia are the target customers.
- Operation plan
- Production and location
The production plant will be within south Virginia. The bakery will be equipped with the state of the art equipment for production of bakeries.
Different individuals will be employed by the company. At the start, the company will employ about 20 individuals. Half of them will be involved in the production process while the rest will be involved in distribution and sale of the products.
Several suppliers have been identified. George’s Millers has been tasked with the supply of floor. One retail store within Virginia will be tasked with the supply of oil and other necessities.
- company structure
- management team
The company structure will be hierarchical with the owner at the top. The owner will also function as the CEO. Below him will be the general manager. Below the general manager will be the sales manager, accounting officer and the production manager.
- 1st December to 31st December 2018 – completion of legal procedures
- 1st January to 28 January- finding office and manufacturing office
- 1st February to 25 February 2019-expectations for research development
- 1st March to 31st March 2019- product development, purchase or lease of equipment
- 1st April to 30th April 2019- hiring of personnel
- 1st May-start operation
- 31st august-1st quarter earnings.
- Sources of funding
Savings from the owner will be the main source of funding the startup. In addition to owner’s contribution, other source of funding will be loans from banks, contributions and loans from friends and family members.
- Financial plan
- Projected cash flow
The table below presents the projected cash flow for the first 6 months
Month (2019) May June July August September October Beginning cash balance
Cash from operations
Total Available Cash
$10000 $8950 $8100 $7750 $7900 $8520 0 250 500 1000 1500 2000 $10000 $9200 $8600 $8750 $9400 $10200 Less: Capital expenditures
$500 $500 $500 $500 $500 $500 200 200 200 200 230 250 50 50 50 50 50 50 500 500 400 400 400 500 100 100 0 0 0 100 Total disbursement $1350 $1350 $1150 $1150 $1180 $1400 Cash Balance (deficit) $8650 $7850 $745 $7600 $8220 $9120 Add: short-term loans
Capital stock issues
100 50 100 100 100 50 $200 $200 $200 $200 $200 $200 0 0 0 0 0 0 300 250 300 300 300 250 Ending cash balance $8950 $8100 $7750 $7900 $8520 $9370
Industry studies, advertising materials and letters from future customer will be attached in the appendix.
IBISworld. (2018). Bakery Cafes in the US. Industry Market Research Reports, Trends, Statistics, Data, Forecasts. Retrieved from https://www.ibisworld.com/industry-trends/specialized-market-research-reports/consumer-goods-services/food-service-drinking-places/bakery-cafes.html
SBDCNet. (2014). Bakery Business. Retrieved from http://www.sbdcnet.org/small-business-research-reports/bakery-business-2014
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