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How to Write a Milk Tea Business Plan
- October 4, 2022
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Before you can start your milk tea store, you will need a plan. The main purpose of writing a business plan is to show that you have clearly thought out your business ideas, evaluated the competition, know the costs of running your business and the potential profits, and fully understand the risks of opening a bubble tea shop. When you write a Milk Tea Business Plan, you want to follow a specific format and show your investors that you are organized, responsible and know every aspect of your potential business. The SBA has some guidelines you can follow here.
Also, don’t worry if you don’t have formal writing experience– We’ll briefly break down each of the sections you’ll want to include in the business plan for your milk tea shop so that you can clearly communicate your business goals and aspirations to banks if you need a loan , investors or to your business partners.
What’s in a Bubble Tea Business Plan?
Business plans can differ on a case-by-case basis, but generally speaking, you’ll want to include each of the following sections:
Executive Summary
- Opportunity
- Team and Company
- Financial Plan
This is the 200-hundred-foot view of your business plan where you briefly describe your brand, your store, and why you know you will be successful at opening a bubble tea shop. You’ll want to keep everything clear, concise, and to the point. Anyone should be able to gain a basic idea of your business model, what you create, and how you plan to grow by reading through your executive summary.
BubbleTeaology will be an amazing Milk Tea Shop in Chicago, IL. The modern design will fit into a 500-foot square location that is newly constructed in ABC Shopping Mall. BubbleTeaology will be conveniently located in the food court, which receives over 10,000 weekly shoppers and potential customers. Our colorful shop, smiling employees, and authentic Bubble Tea will entice customers to try our expansive menu where we offer premium Milk Tea made with 100% Taiwanese Ingredients. The executive summary should be 1 to 2 pages, and if you’re stuck on this one, you can write it last.
Opportunity:
Here you describe why your bubble tea shop should exist. Are you the first one in the area? Do you have a unique selling proposition or background that suits you to sell milk tea and outperform the competition?
This is a great time to get into the specifics. Oftentimes, creating a business plan can help you discover key weaknesses in developing your business before putting it into action. A great way to realize your unique value prop is to seek out comparable businesses in your area and note what’s lacking. How can you take the baseline of each boba shop in your area and make it 10% better? What about your menu is different than other competitors?
Execution:
This is how you’re going to get everything done. How will you secure your lease, build your store, train your employees, and source equipment and supplies? Also, how will you establish and build your brand, get new customers and keep existing customers coming back for more?
The execution section should also include your plan for your business 3, 5, and 12 months into the future. Have a basic idea of what specific actions you can take to promote your business after opening day. Having a social media plan is essential since 71% of small to mid-size businesses use these apps as a part of their marketing strategy. Be realistic about your timeline. A couple of items are bound to stray from the original plan, but don’t let that derail your progress. It may be helpful to create dates that have a range of dates rather than a fixed deadline so that you can easily adjust your timeline as needed.
Team and Company:
Your team and company will all start with you, but you won’t be able to do everything by yourself. Investors want to be confident that you can find, train and hire great employees who will make sure your Milk Tea Business Plan is a success. Here you will also want to go further into how your brand was created and why it is going to crush the competition! Here are some tips on how you can design your logo and establish your brand.
You will also need to determine what you want your team to carry with you as a part of your brand’s philosophy. What principles should each employee keep in mind while on the clock? How do you want each employee interaction to enhance the customer experience? Ironing out these details ahead of opening day will help ensure consistent, positive customer interactions across the board.
Financial Plan:
Financial plans are crucial to banks and investors. How are you going to make sure that your business makes a profit? You will have both fixed and variable costs in your business. The fixed costs will be things like your rent which will not change every month. Variable costs will depend on how much business you’re doing and will change every month.
For example, you might need 2 employees working at a time to start out, but once things get busy, you will need more, and this variable cost will increase. You will also need to calculate your costs and profits. The best way to do this for a bubble tea shop is to think about your costs/cup and how many cups you need to sell a day to first break even and then make a profit. While writing a business plan for your milk tea shop can seem like a daunting task, it will also help you organize and clarify your ideas. Not only will this help potential investors, but it will help you and give you the best chance of success.
While making all of these calculations upfront can feel tedious, it’s bound to save you more money in the long run. Plus, forming this foundational structure only becomes more difficult when you throw in the complications of having to run a business, so do as much as you can before opening up shop to save yourself some headaches.
Writing Your Milk Tea Business Plan
will help to solidify your own vision for your boba tea store. It will also be necessary to show to any investors or partners that you may have. Also, if you require a loan from a bank, then a business plan is an absolute must. A clear business plan also provides value by making it evident what gaps you need to fill currently and what you’ll need to focus on in the near future. Hopefully, this article has given you a basic overview of how to build the foundational plan for your business from the ground up.
While all of these sections are important to include in your Milk Tea Business Plan , don’t forget to put some thought into the presentation of your PowerPoint or pamphlet. Remember, your business plan will be shown to investors, so first impressions are crucial. Hopefully, this guide makes it easier for you to create a clear plan for your budding boba tea shop.
Once you have your business plan created, then you will want to think about where to get your bubble tea machines , custom products , wholesale ingredients , and how to design your bubble tea store .
Want a head start? Click here for our fully formed example bubble tea shop business plan!
Check out our articles: Are You Opening A Bubble Tea Store? and 5 Reasons Bubble Tea Shops Fail
Sign up below to receive our free ebook on how to open a bubble tea shop to get some more ideas!
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Bubble Tea Shop Business Plan Template
MAR.21, 2018
Do you want to start bubble tea shop business?
Starting a bubble tea shop business is very easy and extremely profitable as well. If you don’t know how to open a bubble tea shop, just go through this milk tea business plan template. It will guide you through everything which you need to know for starting this venture. The first thing you should do is to develop a comprehensive plan for your tea room business model . The business plan will not only help you in startup but it will also help you in taking important decisions for your company over the next years. In case you don’t know how to write a good milk tea business plan, we are providing a detailed milk tea business plan template of a bubble tea shop startup ‘Sam’s Stop’ to help you avoid the trouble of making a plan yourself.
Executive Summary
2.1 the business.
Sam’s Stop will be a licensed and ensured tea shop located in Downtown Manhattan. We will be strategically located in the most suitable place for opening a bubble tea shop business plan.
2.2 Management
The business will be solely owned and operated by Sam Kin who is a graduate from Harvard University and is known for his sharp business acumen and exceptional management skills. Sam will hire a small team comprising of chefs, waiters, assistants and cleaners for operating and managing the shop.
2.3 Customers
Our customers will primarily be the residential community living near our shop. We will offer high-quality and healthy tea latte, milk tea, fruit flavored tea, brown sugar milk, macchiato and slush to our esteemed customers.
2.4 Target of the Company
Our primary target is to become the best tea shop in the New York City within next 3 years of our launch. Our secondary target is to achieve the net profit margin of $10k/month by the end of the first year, $15k/month by the second year, and $25k/month by the third year.
Company Summary
3.1 company owner.
Sam is a business graduate of Harvard University. After completing his Bachelor’s, he worked with a couple of fast food restaurants at executive positions. He is known for his sharp business acumen and exceptional management skills.
3.2 Why the Business is being started
The main motive behind Sam starting a bubble tea business plan is his intense passion for tea room business model . Sam has exceptional business skills and this venture is just his first step into the business world. Within next three years he plans to open five more bubble tea spots in different cities, and after that, he will move towards business plans for restaurants . So, this venture is where Sam will enter the corporate sector.
3.3 How the Business will be started
Sams’s Stop will be launched in a 200-square-feet shop located in the main commercial market of Downtown Manhattan. The shop was previously used as a grocery store, so a lot of work needs to be done for turning it into a tea shop. The company’s financial experts have forecasted following costs for the start-up:
The detailed start-up information is as follows:
Services for customers
It is wiser to plan your services or menu before you think about how to start a milk tea business plan template. You can only plan subsequent things after you know what you will be providing to your customers. Sam’s Stop will offer following products to its customers:
- Milk Tea: Bubble Milk Tea, Brown Sugar Milk Tea, Almond Milk Tea, Hazelnut Milk Tea
- Tea Latte: Black Rose Latte, Oolong Latte Float, Matcha Latte, Tie Guan Yin Latte
- Fruit Flavored Tea: Peach Green Tea, Mango Green Tea, Honey Green Tea, Fresh Lemon Green Tea
- Brown Sugar Milk: Black & Yellow Milk, Black Babo Milk, Red & Yellow Milk
- Macchiato: Rose Tea Macchiato, Jasmine Green Tea Macchiato, Milk Tea Macchiato
- Slush/Milk Shake: Oreo Milk Shake, Mango Slush, Passion Fruit Slush, Ice Cream Shake
Marketing Analysis of bubble tea shop business
The most important component of an effective milk tea business plan is its accurate marketing analysis that’s why Sam acquired the services of marketing experts to help him through this phase. It is only after this stage that a good bubble tea business plan template could have been developed. After identifying the local market trends in Manhattan, the marketing experts and analysts also helped him in developing the bubble tea marketing plan.
5.1 Market Trends
As for a general trend, the market demand for bubble tea businesses is on the rise. Bubble tea is one of the most popular drinks with Americans. The biggest reason behind the popularity of this bubble tea shop business plan template is that people are becoming more health conscious day by day.
As a result, people have started avoiding carbonated drinks and have leaned towards healthy alternatives such as smoothies, slushes, milk and fresh fruit juices. That’s why the number of bubble tea shops has been increasing during the last few years. In short, this industry has a lot of potential and even a small bubble tea shop can yield immense profit provided that you successfully plan it and target your customers.
5.2 Marketing Segmentation
Our marketing experts have identified following type of target audience which can become the potential customers of our tea shop.
The detailed marketing segmentation comprising of the company’s target audience is as follows:
5.2.1 Working Community:
The first category includes the workers and employees who work in the businesses or offices located in the vicinity of your milk tea business plan template. This group leads a strenuous life, burdened with plenty of work and thousands of matters to think upon. It has been observed that this group often takes soft drinks, especially coffee and bubble tea to take a break from their hectic routine. Our tea shop will be the perfect place for them to rest while on their way home.
5.2.2 Residential Community:
The second group of our target customers will be the community residing in the vicinity of our restaurant. Bubble tea is one of the favorite drinks of American teens so we hope to have a lot of sales due to them. Not only teens, adults and middle-aged people also love smoothies, slushes and fresh tea due to health benefits, that is why we classify this group as our second target group.
5.2.3 Passers-by:
The third category includes those people who do not live or work near our tea room business model but have come to the area for any business purpose or commercial activity. We also hope to attract these passers-by with our economical and delicious smoothies, milkshakes and tea. The detailed market analysis of our potential customers is given in the following table:
5.3 Business Target
Our business targets are as follows:
- To become the best bubble tea shop in Manhattan within next 3 years of our launch
- To recover the initial investment within next 1 year of launch
- To open two more tea shops by the end of the second year and three more shops by the end of the third year
5.4 Product Pricing
After considering the market demands, we have priced all our products in the similar ranges as of our competitors. Our product pricing is as follows:
- Small Serving: $3/serve
- Regular Serving: $4/serve
- Large Serving: $5/serve
OGScapital was great working with.
OGScapital is the company I had recently worked with on business plan development. The assigned project manager was very diligent, hard-working, clearly understood set tasks. The project was done before set deadlines, which was even more pleasant for me. I definitely recommend OGScapital as a team of real professionals.
Sales strategy is also an important component of a bubble tea shop business plan template and hence it must be developed with great care and attention must be paid to every detail.
6.1 Competitive Analysis:
We have a really tough competition because bubble tea shops are nearly everywhere in Manhattan but none of our competitors is offering as much high quality and delicious drinks as ours. Our high-quality, healthy and economical drinks, combined with the unparalleled customer service of our staff will give us an advantage over other tea shops in the region.
6.2 Sales Strategy
We will target our customers by following three ways:
- Conducting seminars, webinars, and workshops in different institutions to emphasize the health benefits of bubble tea and other similar drinks.
- Advertising our tea shop in food magazines, newspapers, TV stations, and social media.
- Offering a 20% discount on all drinks for the first three months of our launch.
6.3 Sales Monthly:
6.4 Sales Yearly:
6.5 Sales Forecast
Our forecasted sales pattern is given in the following column chart:
The detailed sales forecast is given in the following table:
Personnel plan
It is highly advisable to prepare a personnel plan before you think about how to start a milk tea business plan templated bubble tea shop since it is one of the biggest contributing factors of the success of any business. The personnel plan of Sam’s Stop is as follows:
7.1 Company Staff
Sam will act as the CEO of the company and will initially hire following people:
- 1 Manager to manage the overall operations
- 1 Cashier to receive cash from the people
- 2 Accountants to maintain financial records
- 4 Sales Executives responsible for marketing and advertising the tea shop
- 10 Chefs for preparing drinks
- 10 Waiters to serve the customers
- 8 Cleaners to clean dishes and other facilities at the tea shop
7.2 Average Salary of Employees
Financial plan.
The final thing to do before you think about how to open milk tea room business model is to develop a comprehensive financial plan which will cover the detailed costs of startup.
8.1 Important Assumptions
8.2 brake-even analysis.
8.3 Projected Profit and Loss
8.3.1 profit monthly.
8.3.2 Profit Yearly
8.3.3 Gross Margin Monthly
8.3.4 Gross Margin Yearly
8.4 Projected Cash Flow
The following column diagram shows the projected cash flow.
The following table shows the projected cash flow:
8.5 Projected Balance Sheet
The following table shows projected balance sheet:
8.6 Business Ratios
The following table shows data about business ratios:
Download Bubble Tea Shop Business Plan in pdf
OGScapital also specializes in writing business plans such as a business plan for a sandwich shop , business plan of coffee shop , business plan of a butchery business startup , donut shop business plan , business plan for a grocery store , restaurant business plan templates and etc.
OGSCapital’s team has assisted thousands of entrepreneurs with top-rate business plan development, consultancy and analysis. They’ve helped thousands of SME owners secure more than $1.5 billion in funding, and they can do the same for you.
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Bubble Tea Business Plan Template
Written by Dave Lavinsky
Bubble Tea Business Plan
Over the past 20+ years, we have helped over 500 entrepreneurs and business owners create business plans to start and grow their bubble tea companies.
If you’re unfamiliar with creating a bubble tea business plan, you may think creating one will be a time-consuming and frustrating process. For most entrepreneurs it is, but for you, it won’t be since we’re here to help. We have the experience, resources, and knowledge to help you create a great business plan.
In this article, you will learn some background information on why business planning is important. Then, you will learn how to write a bubble tea business plan step-by-step so you can create your plan today.
Download our Ultimate Business Plan Template here >
What Is a Business Plan?
A business plan provides a snapshot of your bubble tea business as it stands today, and lays out your growth plan for the next five years. It explains your business goals and your strategies for reaching them. It also includes market research to support your plans.
Why You Need a Business Plan
If you’re looking to start a bubble tea business or grow your existing bubble tea company, you need a business plan. A business plan will help you raise funding, if needed, and plan out the growth of your bubble tea business to improve your chances of success. Your bubble tea business plan is a living document that should be updated annually as your company grows and changes.
Sources of Funding for Bubble Tea Businesses
With regards to funding, the main sources of funding for a bubble tea business are personal savings, credit cards, bank loans, and angel investors. When it comes to bank loans, banks will want to review your business plan (hand it to them in person or email to them as a PDF file) and gain confidence that you will be able to repay your loan and interest. To acquire this confidence, the loan officer will not only want to ensure that your financials are reasonable, but they will also want to see a professional plan. Such a plan will give them the confidence that you can successfully and professionally operate a business. Personal savings and bank loans are the most common funding paths for bubble tea companies.
How to Write a Business Plan for a Bubble Tea Business
If you want to start a bubble tea business or expand your current one, you need a business plan. The guide and sample below details the necessary information for how to write each essential component of your bubble tea business plan.
Executive Summary
Your executive summary provides an introduction to your business plan, but it is normally the last section you write because it provides a summary of each key section of your plan.
The goal of your executive summary is to quickly engage the reader. Explain to them the kind of bubble tea business you are running and the status. For example, are you a startup, do you have a bubble tea business that you would like to grow, or are you operating a chain of bubble tea businesses?
Next, provide an overview of each of the subsequent sections of your plan.
- Give a brief overv iew of the bubble tea industry.
- Discuss the type of bubble tea business you are operating.
- Detail your direct competitors. Give an overview of your target customers.
- Provide a snapshot of your marketing strategy. Identify the key members of your team.
- Offer an overview of your financial plan.
Company Overview
In your company overview, you will detail the type of bubble tea business you are operating.
For example, you m ight specialize in one of the following types of bubble tea businesses:
- Mobile Bubble Tea Business : A mobile bubble tea business can get ready for customers and sell products anywhere, making this one of the most profitable bubble tea business ventures.
- Bubble TeaHouse: In this type of business, customers can lounge in comfort as they enjoy drinking bubble tea. The environment of a teahouse is relaxed, serene and inviting.
- Bubble Tea Bar: A bubble tea mobile bar or cart is the perfect way to start this business by moving among beachgoers, county fair attendees, guests in a park, or anyone on the street.
In addition to explaining the type of bubble tea business you will operate, the company overview needs to provide background on the business.
Include answers to questions such as:
- When and why did you start the business?
- What milestones have you achieved to date? Milestones could include the number of customers served, the number of months with positive cash flow, reaching X number of beaches with mobile bubble tea service, etc.
- What is your legal business structure? Are you incorporated as an S-Corp? An LLC? A sole proprietorship? Explain your legal structure here.
Industry Analysis
In your industry or market analysis, you need to provide an overview of the bubble tea industry.
While this may seem unnecessary, it serves multiple purposes.
First, researching the bubble tea industry educates you. It helps you understand the market in which you are operating.
Secondly, market research can improve your marketing strategy, particularly if your analysis identifies market trends.
The third reason is to prove to readers that you are an expert in your industry. By conducting the research and presenting it in your plan, you achieve just that.
The following questions should be answered in the industry analysis section of your bubble tea business plan:
- How big is the bubble tea industry (in dollars)?
- Is the market declining or increasing?
- Who are the key competitors in the market?
- Who are the key suppliers in the market?
- What trends are affecting the industry?
- What is the industry’s growth forecast over the next 5 – 10 years?
- What is the relevant market size? That is, how big is the potential target market for your bubble tea business? You can extrapolate such a figure by assessing the size of the market in the entire country and then applying that figure to your local population.
Customer Analysis
The customer analysis section of your bubble tea business plan must detail the customers you serve and/or expect to serve.
The following are examples of customer segments: individuals and families or friends.
As you can imagine, the customer segment(s) you choose will have a great impact on the type of bubble tea business you operate. Individuals may respond to different marketing promotions than a group of friends,, for example.
Try to break out your target customers in terms of their demographic and psychographic profiles. With regards to demographics, including a discussion of the ages, genders, locations, and income levels of the potential customers you seek to serve.
Psychographic profiles explain the wants and needs of your target customers. The more you can recognize and define these needs, the better you will do in attracting and retaining your customers. Ideally you can speak with a sample of your target customers before writing your plan to better understand their needs.
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Competitive Analysis
Your competitive analysis should identify the indirect and direct competitors your business faces and then focus on the latter.
Direct competitors are othe r bubble tea businesses.
Indirect competitors are other options that customers have to purchase from that aren’t directly competing with your product or service. This includes coffee houses, tea shops, or other beverage services. You need to mention direct competition, as well.
For each direct competitor, provide an overview of their business and document their strengths and weaknesses. Unless you once worked at your competitors’ businesses, it will be impossible to know everything about them. But you should be able to find out key things about them such as
- What types of customers do they serve?
- What type of bubble tea business are they?
- What is their pricing (premium, low, etc.)?
- What are they good at?
- What are their weaknesses?
With regards to the last two questions, think about your answers from the customers’ perspective. And don’t be afraid to ask your competitors’ customers what they like most and least about them.
The final part of your competitive analysis section is to document your areas of competitive advantage. For example:
- Will you provide snacks or desserts with your bubble tea?
- Will you offer bubble tea with the highest-quality tapioca that your competition doesn’t?
- Will you provide better customer service?
- Will you offer better pricing?
Think about ways you will outperform your competition and document them in this section of your plan.
Marketing Plan
Traditionally, a marketing plan includes the four P’s: Product, Price, Place, and Promotion. For a bubble tea business plan, your marketing strategy should include the following:
Product : In the product section, you should reiterate the type o f bubble tea company that you documented in your company overview. Then, detail the specific products or services you will be offering. For example, will you provide membership cards for frequent bubble tea buyers, desserts with bubble tea selections, or other types of infused teas?
Price : Document the prices you will offer and how they compare to your competitors. Essentially in the product and price sub-sections of yo ur plan, yo u are presenting the products and/or services you offer and their prices.
Place : Place refers to the site of your bubble tea company. Document where your company is situated and mention how the site will impact your success. For example, is your bubble tea business located in a busy retail district, a business district, or a standalone tea house? Discuss how your site might be the ideal location for your customers.
Promotions : The final part of your bubble tea marketing plan is where you will document how you will drive potential customers to your location(s). The following are some promotional methods you might consider:
- Advertise in local papers, radio stations and/or magazines
- Reach out to websites
- Distribute flyers
- Engage in email marketing
- Advertise on social media platforms
- Improve the SEO (search engine optimization) on your website for targeted keywords
Operations Plan
While the earlier sections of your business plan explained your goals, your operations plan describes how you will meet them. Your operations plan should have two distinct sections as follows.
Everyday short-term processes include all of the tasks involved in running your bubble tea business, including answering calls, testing and sampling new bubble tea recipes, paying vendors, and maintaining your shop or mobile tea service.
Long-term goals are the milestones you hope to achieve. These could include the number of customers you plan to serve within 6 months,, or when you hope to reach $X in revenue. It could also be when you expect to expand your bubble tea business to a new city.
Management Team
To demonstrate your bubble tea business’ potential to succeed, a strong management team is essential. Highlight your key players’ backgrounds, emphasizing those skills and experiences that prove their ability to grow a company.
Ideally, you and/or your team members have direct experience in managing bubble tea businesses. If so, highlight this experience and expertise. But also highlight any experience that you think will help your business succeed.
If your team is lacking, consider assembling an advisory board. An advisory board would include 2 to 8 individuals who would act as mentors to your business. They would help answer questions and provide strategic guidance. If needed, look for advisory board members with experience in managing a bubble tea business or successfully running a small medical practice.
Financial Plan
Your financial plan should include your 5-year financial statement broken out both monthly or quarterly for the first year and then annually. Your financial statements include your income statement, balance s heet, and cash flow statements.
Income Statement
An income statement is more commonly called a Profit and Loss statement or P&L. It shows your revenue and then subtracts your costs to show whether you turned a profit or not.
In developing your income statement, you need to devise assumptions. For example, will you serve 30 guests every day, and/or offer family discounts ? And will sales grow by 2% or 10% per year? As you can imagine, your choice of assumptions will greatly impact the financial forecasts for your business. As much as possible, conduct research to try to root your assumptions in reality.
Balance Sheets
Balance sheets show your assets and liabilities. While balance sheets can include much information, try to simplify them to the key items you need to know about. For instance, if you spend $50,000 on building out your bubble tea business, this will not give you immediate profits. Rather it is an asset that will hopefully help you generate profits for years to come. Likewise, if a lender writes you a check for $50,000, you don’t need to pay it back immediately. Rather, that is a liability you will pay back over time.
Cash Flow Statement
Your cash flow statement will help determine how much money you need to start or grow your business, and ensure you never run out of money. What most entrepreneurs and business owners don’t realize is that you can turn a profit but run out of money and go bankrupt.
When creating your Income Statement and Balance Sheets be sure to include several of the key costs needed in starting or growing a bubble tea business:
- Cost of equipment and office supplies
- Payroll or salaries paid to staff
- Business insurance
- Other start-up expenses (if you’re a new business) like legal expenses, permits, computer software, and tea-making equipment
Attach your full financial projections in the appendix of your plan along with any supporting documents that make your plan more compelling. For example, you might include your 5-year business lease or a list of unique tea infusions you’ve created for the market.
Writing a business plan for your bubble tea business is a worthwhile endeavor. If you follow the template above, by the time you are done, you will truly be an expert. You will understand the bubble tea industry, your competition, and your customers. You will develop a marketing strategy and will understand what it takes to launch and grow a successful bubble tea business.
Bubble Tea Business Plan FAQs
What is the easiest way to complete my bubble tea business plan.
Growthink's Ultimate Business Plan Template allows you to quickly and easily write your bubble tea business plan.
How Do You Start a Bubble Tea Business?
Starting a bubble tea business is easy with these 14 steps:
- Choose the Name for Your Bubble Tea Business
- Create Your Bubble Tea Business Plan
- Choose the Legal Structure for Your Bubble Tea Business
- Secure Startup Funding for Your Bubble Tea Business (If Needed)
- Secure a Location for Your Business
- Register Your Bubble Tea Business with the IRS
- Open a Business Bank Account
- Get a Business Credit Card
- Get the Required Business Licenses and Permits
- Get Business Insurance for Your Bubble Tea Business
- Buy or Lease the Right Bubble Tea Business Equipment
- Develop Your Bubble Tea Business Marketing Materials
- Purchase and Setup the Software Needed to Run Your Bubble Tea Business
- Open for Business
Where Can I Download a Free Business Plan Template PDF?
Click here to download the pdf version of our basic business plan template.
Our free business plan template pdf allows you to see the key sections to complete in your plan and the key questions that each must answer. The business plan pdf will definitely get you started in the right direction.
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Jasmine Teahouse
Strategy and implementation summary.
We will combine heavy print advertising with special events and targeted promotions to introduce Simsbury’s residents and tourists to Jasmine Teahouse, and to premium teas in general. Repeat sales depend on consistently high quality products and service. We will thus train every part-time teatender in the proper storage, brewing, and serving of our 52 kinds of tea.
Our teas and chocolates are offered at a price premium that discourages customers seeking cheap, low-quality goods. This not only enhances the feeling of prestige customers get when patronizing our teahouse, but also ensures that customers will have similar expectations of service and quality, based on their socio-economic class. The status and sophistication indicated by suggesting an outing to Jasmine, or a gift basket with our logo on it, will soon become valuable in themselves.
5.1 Competitive Edge
Key Competitive Strengths
- We are committed to providing only high-quality products and services.
Competitive Weaknesses
Our primary weakness is that we are a new business competing against established chains, for customers who may not know how great our products are. To significantly build sales, we must not just find new customers – we must take customers away from existing stores and from their coffee-drinking habits. We can accomplish this only by offering a superior selection of teas and chocolates, and focusing on high-quality service and full service delivery.
5.2 Marketing Strategy
Our marketing strategy needs to accomplish two things: first, to make potential customers aware of Jasmine Teahouse’s opening and location; second, to educate potential customers as to what a teahouse is, and why it is so wonderful. Clearly, with committed tea drinkers, the first will suffice. However, for the rest of our target market, we must strategically define ourselves as the answer to the many different things each group is seeking. Our highly visible location in the historic shopping district of downtown Simsbury will encourage walk-in traffic.
The marketing budget will not exceed 3% of our gross annual sales.
Tea Drinkers Appeal to their gourmet palates:
- Review by the food writer for the Hartford Courant.
Socializers Appeal to their sense of prestige and good taste. Within the local market, we will initially target women looking for an intimate social gathering space. A cozy chat over a cup of tea is just right for exchanging gossip, planning outings, or simply relaxing and pampering oneself.
- Flyers in local upscale boutiques, salons, and restaurants.
Gift Buyers Focus on our wide gourmet selection and convenient location:
- Press releases to local papers, including gift suggestions
- Alliances with local Inns: Each guest staying at a local inn or bed & breakfast will receive a coupon for a half-price pot of tea at Jasmine Teahouse, along with a brochure.
5.3 Sales Strategy
Because Jasmine Teahouse is a new entity, we understand that we will have to prove our company’s worth to upscale tea and chocolate buyers in order to earn their respect and business. Our Sales Forecast depends on establishing a loyal customer base who visits our teahouse at least once every month; we expect a few committed tea drinking “regulars” who will come in more than once a week. In order to achieve this kind of repeat business, every customer, whether on the first visit or their hundredth, will be treated graciously and with respect.
Part of our mission is to educate our customers about tea and tea brewing; however, this must only be done in a respectful fashion. Our knowledge is a resource, and must never be used to make a customer feel uncomfortable or ignorant.
Tea Profiles In addition to our extensive menu describing all 52 teas, the Greys have developed a “Tea Profile” card for new tea drinkers, or customers looking to broaden their tea experience. These cards include questions about taste preferences which will help our teatenders guide the customer to a tea they will enjoy. Our teas vary widely in taste, aroma, smokiness, fruit, and pungency, and very few people will enjoy them all equally. A customer who finds his or her personal tastes met is much more likely to be a repeat customer than one who simply orders a popular tea.
“Tea Tasting” Plates Every week we will offer a different selection of our teas as a “tasting:” 4 to 5 small cups of different teas, labeled and described, with appropriate pastry accompaniments. These plates will allow customers to try new kinds of tea without committing to a full pot. These tastings will be priced at 1 1/2 times the price of a regular pot.
Special Events In addition to our monthly tea tasting parties, Jasmine Teahouse will offer customers the option of reserving the entire teahouse for a party or special event. We anticipate business for bridal and baby showers, as well as a few children’s birthday parties.
5.3.1 Sales Forecast
The following table and chart give a highlight of our forecasted sales. We expect sales to start off conservatively and increase extensively during the Christmas, Valentine’s Day, Easter and Mother’s Day holidays.
Jasmine teahouse expects average sales of just over $16,000 per month for the first year, as we build name recognition and status in the community. In the second and third year we look to see increased sales of roughly 10% per year, as we gain a larger percentage of the market share and increase our customer base beyond Simsbury and into the connecting towns.
- Gift Baskets: Gift baskets start at $15, and can range up to $150 for the largest chocolate and tea selection combinations at holidays. We expect the average gift basket sale will be about $25.
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Home » Business ideas » Food Industry » Bubble Tea Shop
How to Write a Bubble Tea Shop Business Plan [Sample Template]
Are you about starting a bubble tea shop ? If YES, here is a complete sample bubble tea shop business plan template & feasibility report you can use for FREE . Bubble tea is a tea that is sweet and refreshing and that originated in the early 1980s in Taiwan.
There are different names by which bubble tea is known and they are pearl milk tea, boba tea, and Zhen zhu nai cha. Bubble tea is so named because of bubbles that were produced during the shaking process when the tea is being made; also, another reason is its bottom cup which is shaped like a dome.
This Asian drink usually has little balls that are squishy – tapioca pearls – in nature and goes through the drinker’s straw. Going into the bubble tea business requires the entrepreneur to be innovative and creative when mixing blends or thinking up base for the tea.
However, as this is not a popular business you will need the help of a business consultant to help you conduct a market research on the viability of this business. It is from the findings of the consultant that will help you determine if the business is worth starting up or if it should remain just a business idea. After getting positive feedback from your business consultant, you will need to write a business plan for your bubble tea business
A Sample Bubble Tea Shop Business Plan Template
1. industry overview.
Even though Americans are regarded as a coffee society, bubble teas are fighting to ensure that they grab the attention of the American and make them switch to drinking bubble teas. The tea which originated from Taiwan in the early 1980s have seen people who are health conscious dump their other drinks for it.
According to a data report collated by Foursquare, the bubble tea business has increased in popularity as more people were visiting bubble tea stores in 2015 to get or drink bubble teas or to buy the ingredients that would enable them make their own bubble teas at home.
However, even though more people are now switching over to bubble tea, it is yet to reach the scale of some giant coffee stores in the united states of America. Coffee chain stores like Starbucks and Dunkin’ Donuts for instance have over 13,000 and 8,000 stores respectively in the United States of America.
There are also existing tea stores in the United States but they sell non-bubble tea and are yet still far behind the coffee stores, this fact makes it hard for bubble tea to grab a strong hold of the market, as the few bubble tea stores do not have a strong brand presence.
According to statistics, Americans are more of a coffee than tea people, drinking 8 fluid oz. of coffee per day, and only one-third of tea. This fact also places bubble tea on an uncertain level, as it would be hard to break the American coffee tradition.
However, this is not to say that all is doom and gloom for bubble tea, as most beverage drinkers point to the fact that bubble teas offer a refreshing variety as it can be a smoothie or a tea. Also, the fact that there is no caffeine in bubble tea makes it a favorite for those who do not want caffeine in their beverages.
In the United States of America, bubble tea stores are mainly located in the West Coast due to the large number of Asian and Asian-American communities. For instance, in most Asian restaurants in Los Angeles, bubble tea products are often on the beverage menus.
Even though, most of bubble tea’s growth are mainly concentrated in few regions, there is still room for growth, especially as the attention of the media has been caught and as well as much is being done on social media platforms to promote bubble tea.
2. Executive Summary
Due to the fact that bubble teas have started gaining wide acceptance in the United States of America, we are establishing our bubble tea business so as to offer our various customers quality tea as well the choice of having different flavors. We have our customized truck in place to cater to all our customers in parks, and other public places.
Our bubble tea business is located in a strategic location that is not saturated thereby offering us the opportunity of attracting more customers. Also, we are located in a place that is easy for customers and employees to conveniently have access to.
We have carefully considered our competition here in Mississippi and are rest assured that we would stand out from them due to our quality products and services with affordable pricing and also due to the fact that we have laid down publicity strategies that will be effective in making us stand out once implemented.
Due to the fact that we intend to serve our bubble tea in different varieties and also that we believe in having a professional package, we are therefore investing in specialized bubble tea making equipment such as shakers, sealers, and an electric induction heater. We also have invested in quality small equipment such as stirrers, sugar dispensers, tea jubs and a Point of Sale (POS) Machine.
Even though bubble teas are a specific niche, there are still different flavors that our customers can choose from; this is why we have developed a menu that will accommodate different bubble tea flavors to accommodate any of our customers’ wish.
Because we know how important it is to use only quality equipment in making bubble tea , we intend to source for our ingredients from Taiwan. Our purchasing manager has carried out the necessary research on this and has identified quality suppliers and vendors that fit our budget.
Our employees are the face of the business and so we not will only pick competent employees to help run the business but also be able to communicate the brand effectively to our customers. Also, our employees will be trained on how to make bubble tea that are of Teelicious’ standards.
Teelicious Bubble Tea is owned and operated by two sisters Jackie and Robin Turee. Jackie owns a degree in Business Management, whilst Robin has experience in the beverage industry. Both will be bringing their experience and expertise to bear on the business.
3. Our Products and Services
Teelicious Bubble Tea is a tea establishment that deals in all flavors and types of bubble tea. We will sell our bubble tea as a bottled beverage ready-to-drink product. Our bubble tea will be an unusual substitute to traditional tea whilst still providing all the best experience to our different customers.
Teelicious Bubble Tea’s intention is not to make only revenue but also to make sure we have a healthy margin always. Also, we do not intend to sell bubble tea alone as we intend to deal in various products that are associated with bubble teas as well as offer services that are in line with bubble tea and any other bubble tea related business that is permissible under the laws of the United States of America.
Therefore some of the products and services are;
- Different flavors (fruit tea, milk tea) and types (blended, shaken, tea based, smoothie, slush, milk tea or juiced)
- Tapioca pearls
- Jellies and juice balls
- Bubble tea equipment and machinery
- Bubble tea recipes
- Consultancy services
4. Our Mission and Vision Statement
- To be the preferred bubble tea store in D’Iberville – Mississippi, and in the whole United States of America; and to also ensure that we never compromise on quality in the making of our products.
- To achieve our vision, we will make sure to always check on what ingredients are used in our bubble teas, and also deal honestly and transparently with our customers.
Our Business Structure
Teelicious Bubble Tea is a tea company that has been established to make profit as well as favorably compete with its competitors; however, for this to be achieved, we have to ensure that we get our business structure right, as this will go a long way into determining if we will achieve our goals and objectives or not.
Therefore, in getting our foundation right, we intend to get competent and experienced staff that thoroughly understand this business and also have the experience necessary to help us achieve our goals and objectives. The employees we intend to hire must also understand our core values, what we stand for and also be able to communicate this effectively to others as well as to the lower cadre staff.
Due to the fact that we intend to make, sell and serve bubble tea as well as certain ingredients that would be needed for those who intend to make this tea for themselves, we would need several employees assigned to different positions that will cover all the products and services we intend to sell here at Teelicious Bubble Tea.
Below is the business structure that we intend to build at our Teelicious Bubble Tea company;
Chief Executive Officer
Quality Assurance manager
Human Resources and Admin Manager
Purchasing Manager
Accountant/Cashier
Inventory Manager
Store Manager
Marketing and Sales Team
Customer Service Executives
Truck Drivers
5. Job Roles and Responsibilities
- Responsible for the overall strategic direction of Teelicious Bubble Tea
- Communicates and ensures the implementation of the vision and objectives of the organization to employees
- Constantly evaluates the success of the organization
- Ensures that the bubble tea prepared has passed hygienic conditions
- Ensures that low quality ingredients are not bought and used to make bubble tea on behalf of the organization
- Ensure that our standards are not lowered for any bubble tea produced.
- Ensures that all the departments in the organization runs smoothly
- Conducts recruitment and orientation for new employees
- Responsible for carrying our performance appraisals on employees
- Sources for reliable suppliers and vendors of bubble tea ingredients on behalf of Teelicious Bubble Tea
- Prepares and reviews supplier contracts for any loopholes.
- Liaises with the accountant especially during the budget preparation to ensure that accurate figures are used
- In charge of preparing the financial reports and statements on behalf of the organization
- Responsible for administering payrolls to employees working in Teelicious Bubble Tea
- Prepares and submit accurate tax documents on behalf of the organization
- In charge of back room bubble tea ingredients storage
- Secures supplies and makes sure ingredients taken are recorded and accounted for
- Liaises with purchasing manager as to what is needed in the store
- Ensures that there is adequate supply of bubble tea base and other ingredients for customers
- Ensures that the store is well ventilated and conducive enough for employees and customers
- Ensures that the store is well secured at all times
- In charge of conducting marketing research on how best to retain and attract customers
- Carries out retail services on behalf of the organization
- Places adverts on print, electronic and social media on behalf of Teelicious Bubble Tea
- In charge of answering inquiries and also noting complaints of customers and ensuring that they are promptly dealt with
- Keeps and update accurate customer database
- Consistently update knowledge on new information, recipes and technology used in the company as well as the industry as a whole.
- In charge of selling our bubble tea to customers in public places
- Ensures that the vehicle is kept clean always
- Carries out light maintenance on the truck and report major problems to the Admin Manager
- Ensure that the bubble tea store are kept clean always
- Ensures that the conveniences are kept clean for both employees and customers
- Ensure that there are adequate cleaning supplies and replenish depleted supplies
6. SWOT Analysis
The bubble tea business is a great business concept that will see us creating a niche and become recognized in the market. However, due to the fact that we pride ourselves on professionalism, we have decided to hire a business consultant to critically look at our business concept and let us know if we have any chances of survival in this business.
The business consultant intends to use the SWOT ( Strength, Weakness, Opportunities and Threats ) analysis to determine what we were likely to go through in the course of starting and running the bubble tea business in Mississippi. Below is the result that was gotten from the analysis that was conducted on Teelicious Bubble Tea;
There are several strengths which we possess and which will be beneficial to our bubble tea business. First off, we have a strong distribution channel which will ensure that our bubble tea penetrates and is in reach of our customers who are far away.
Secondly, we have employed efficient and competent employees who understand the beverage market and know what it will take to take us to the top. Also, our owners who have the required experience needed to ensure that we become the brand we intend to be.
Our weaknesses stem from the fact that this is not a known segment and so there will be more difficulty breaking into this market and attracting the needed customers especially from the carbonated drinks share market. Also, we would be battling with other healthy drinks in the market in order to create an identity and stand out.
- Opportunities
We have several opportunities that are available to us and they abound in the fact that we intend to continually introduce new products and innovations. Also, we are building a brand that we want to ensure is attractive to global investors and partners.
Due to the fact that every business experiences threats, we expect to experience strong competition from new competition in same location or around us. Also, we also expect issues such as people claiming to have health issues from taking our product.
Regardless of the threats we are going to face, we are optimistic that we would come out tops as we have laid down strategies to ensure we are proactive to these issues.
7. MARKET ANALYSIS
- Market Trends
More people are now health conscious and so there are less people going for carbonated drinks and more people going for healthy alternatives such as smoothies, milk and fresh fruit juices. This has caused more already established carbonated drink companies to go into the production of these healthy alternatives so as to maintain a share of the target market.
Even though this trend barely touches the bubble tea market but anyone in this business will need to be proactive as regards researching new flavors and types that will excite the existing customers while attracting new customers to patronize the business.
Another trend in the bubble tea business is the fact that most bubble tea businesses have gone beyond just making and selling bubble teas to customers , but they have also come up with recipes and DIYs for customers who would want to make these bubble teas for themselves at home.
Also, to garner more publicity for bubble tea, most bubble tea stores have gone beyond selling these tea in basic stores but have ensured that the tea is now sold via van to people in the parks and in other public places, this has raised awareness for bubble tea.
The fact that we are living in an internet age has a great impact on any business particularly the bubble tea business. The website is a good place to advertise and promote bubble tea, as well as social media platforms such as Instagram, Facebook, and Twitter. Also, there are now mobile apps that will allow customers know when there is a new recipe, and also provide tips and advice and even information regarding bubble tea.
8. Our Target Market
As more people are getting increasingly aware of what they take in and are conscious about their health, more people are shifting towards healthy drinks and bubble tea is one of them. This means that there is a huge target market waiting to be grabbed.
- Young professionals
- Corporate Executives
- Business people
- Sports men and women
- Celebrities
- Young adults
Our competitive advantage
Our aim of starting Teelicious Bubble Tea is to ensure that we are the preferred bubble tea business in Mississippi and in the whole of the United States of America. We have our set strategies that will ensure that we can not only make our intended profit but also that we can favorably compete with our competitors.
It is for these reasons that we have drafted several competitive advantages that will enable us remain unique and also set us apart from other bubble tea competitors.
Our first competitive advantage is to ensure that our bubble tea truck gets customized with a vending machine as this will allow us have prepared bases in place and also serve our customers in public places without wasting their time. Our truck will also be well equipped with POS Machines for those who do not have cash on hand to pay.
Another competitive advantage we have is the fact that we are constantly churning out new recipes that will create different flavors and type of the bubble tea. We want our customers to remain intrigued with the different flavors that we have to offer. Asides, from the different flavors we intend to offer, we also intend to ensure that the ingredients used in making our bubble tea are of top quality.
Another competitive advantage we have is our excellent customer service which we offer to all our customers. We know how important having loyal customers are to a business and so through our strategy, we intend to retain more than 80% of our customers while also aiming to attract new ones through our publicity and advertising strategies.
Finally, we have the best employees that are not only experienced but competent as well. We intend to make sure that our employees are not only paid adequately but that they also undergo continuous training that will ensure that their skills are enhanced.
9. SALES AND MARKETING STRATEGY
- Sources of Income
Teelicious Bubble Tea is a bubble tea store that has been established to make different flavors of bubble tea for our various customers and also to ensure that revenue is made and profit maximized from the different products we intend to make for our customers.
Teelicious Bubble Tea therefore intends to generate income by selling the following products to its customers;
10. Sales Forecast
The fact that people are now being conscious about what they drink is a testament to the fact that the demand for bubble tea is about to surge better than before.
This is why our offering of quality bubble tea, our different flavors as well as our positioning in the market has made us quite optimistic that we would not only generate enough revenue but that we would meet up with our target within a year of running our bubble tea business .
Having looked critically at the beverage industry, we have seen that the bubble tea is a great niche for us to go into and having analyzed our chances with the help of a reputable business consultant here in Mississippi, we are quite certain that we will not only grow but thrive in this market.
Our business consultant gathered data and information from the field to help us arrive at the following sales projections below. The assumptions are based on certain factors such as location and type of business. Below is the sales projection prepared on behalf of Teelicious Bubble Tea:
- First Fiscal Year-: $300,000
- Second Fiscal Year-: $600,000
- Third Fiscal Year-: $1,200.000
N.B : The above projections were done based on several assumptions as regards location and also what is obtainable in the industry. Some of the assumptions used in carrying out these projections were based on the fact that there won’t be any major economic downturn and that also there won’t be any arrival of a new competitor between the periods of projections.
Any change in these assumptions would likely lead to a change that could be either cause the sales projections to be higher or lower than the stated figures.
- Marketing Strategy and Sales Strategy
Deciding our marketing and sales strategy is very important to us as we understand that without marketing we will be unable to sustain the business and grow it to the level that we intend. Due to the importance of marketing and sales, we intend to conduct a thorough marketing analysis that will enable us understand the market we intend going into and the best way to penetrate.
Asides from helping us understand our target market, the marketing research would also help us better structure our business so as to be able to be proactive whilst dealing with our customers and their varying demands. Having the right marketing strategy would also help set us apart from our competitors and also allow us to favorably compete with them.
Not getting the marketing strategies right could lead to a lot of customers leaving and potential ones not willing to come in and so we have engaged the services of a reputable marketing consultant who not only understands the beverage market but is also knowledgeable on what to do to enable us have the customers that we might need for our bubble tea business.
The marketing consultant will work together with our marketing and sales team to ensure that all strategies drafted are effectively implemented as well as in accordance with our core values as a company. We also will not neglect the internet as a means to market our products and services at Teelicious Bubble Tea because we are aware of the wide reaching effect the internet has.
Therefore, the marketing and sales strategies that we intend to adopt for Teelicious Bubble Tea are;
- Ensure that we roll out massive advertisements in local newspapers, magazines as well as on radio and television – that will allow us become noticed
- Throw a grand launching party for Teelicious bubble tea that will get us noticed
- Ensure that our business is listed in offline and online directories
- Engage in direct marketing and sales
- Leverage on our social media platform – Facebook, Twitter, Instagram – to ensure that we thoroughly advertise our products and services
- Encourage our customers through discounts and incentives to refer us to others
11. Publicity and Advertising Strategy
The aim of conducting publicity or advertising for Teelicious Bubble Tea is to create customer awareness for our bubble tea and their related products, while also ensuring that we establish a brand that will become a top market leader in this segment of the industry. We therefore intend to explore every means of promoting Teelicious Bubble Tea to our customers – existing and potential.
Because we want very strong publicity and advertising strategies for our brand, we intend to engage the services of a top consultant here in Mississippi who has the reputation and experience that will be necessary for the growth of Teelicious Bubble Tea.
Our aim is to ensure that we are not only known in Mississippi but in the surrounding states and eventually in the whole of the United States of America. Therefore some of the platforms we intend to use in promoting Teelicious Bubble Tea are;
- Sponsor relevant health-related programs in the community
- Ensure that we place adverts in local newspapers and magazines as well as on radio and television stations
- Create a unique logo and place them on all our bottles, trucks, tee shirts and official vehicles
- Visit other blogs and forums to ensure that we engage in discussions about bubble tea thereby educating more people and increasing awareness
- Make use of our social media platforms like Facebook, Instagram and Twitter to reach out and engage our audience
- Distribute our fliers in target locations
- Attend fairs and carnivals in order to sell and promote our products
- Install billboards in strategic locations around and outside Mississippi
12. Our Pricing Strategy
When it comes to setting a price for a product, several considerations are taken such as the quality of the product, how much it took to produce the product and the running expenses incurred in the process of producing the product. There are variant powders and syrups that are used for bubble tea that are of different quality, and so the higher the quality of ingredients used, the higher the price would be.
Because we get most of our products from Taiwan, we also have to factor in shipping costs when setting the price for our bubble teas or the ingredients used in making the tea. We however would like to assure our customers that we intend to ensure that our bubble teas are very affordable and pocket friendly.
Also, in the first two months of business, we would give our customers a discount when they purchase our tea as this we believe will be a way of attracting more customers to our business.
- Payment Options
Because we understand that our customers will want to have access to different payment options when they purchase from us at Teelicious Bubble Tea, we have come up with different payment platforms to accommodate all our various customers.
Therefore the payment options that will be made available to all our customers for any of our products and in any of our outlets are;
- Payment via cash
- Payment via check
- Payment via credit card
- Payment via Point of Sale (POS) Machine
- Payment via PayPal
The above payment options were carefully chosen for us by our bank after a careful consideration on our kind of business, and will work with no hitches for any of our customers.
13. Startup Expenditure (Budget)
Every business needs start-up capital to be able to use in financing some aspects of the business till the business is able to sustain itself, and make profit. Therefore for our bubble tea business, we intend to spend most of our capital to stock up on raw materials, get a truck as well as pay our employees and the bills we might incur during certain points of running the business,
The key areas we therefore intend to spend our start-up capital on are;
- Business registration and incorporation – $700
- Obtaining licenses and permits as well as accounting software and other legal expenses – $1,800
- Cost of purchasing the raw ingredients (powder, syrup, tapioca pearls) – $30,000
- Cost of packaging (bottles and labels) – $10,000
- Cost of hiring business consultants – $5,000
- Insurance coverage (general liability and workers’ compensation) – $2,500
- Operational cost for the first three months (utility bills and employees salaries) – $120,000
- Other start-up expenses (furniture, stationery, computers, phones, and printers) – $2,500
- Marketing promotion (grand opening promotion and general business promotion) – $7,000
- Bubble tea making equipment – $15,000
- Cost of storage equipment and hardware (shelves, racks, bins, cash register, security gadgets) – $15,000
- Cost of purchasing a fairly used van – $30,000
- Cost of launching a website – $500
- Cost of throwing a bubble tea launch party – $5,000
- Miscellaneous – $5,000
From the above report, we would need an estimated amount of $250,000 to be able to start and successfully run our bubble tea business here in Mississippi. The amount basically covers our employees’ salaries and utility bills for a period of three months. It also covers overhead expenses such as bubble tea making equipment.
Generating Funding / Startup Capital for Teelicious Bubble Tea Business
Teelicious Bubble Tea is a family business run by two sisters, Jackie and Robin Turee. We want the business to be in the family and for that reason we have decided against going for external investors that might want to become partners with us during the course of generating capital.
We have therefore decided to limit our sources of capital to just this four sources. Below are the sources we intend to generate capital from;
- Personal savings
- Soft loans from friends
- Loan from Small Business Administration (SBA) Agency
- Loan from bank
N.B: From our personal savings, we were able to generate the sum of $20,000 . We got the amount of $20,000 as soft loans from friends. We approached the SBA for a little that was approved for us to the tune of $60,000. We also have approached our bank for a loan of $150,000 and have submitted the necessary documentation and have been assured that our application will soon be approved; after all necessary documents have been checked.
14. Sustainability and Expansion Strategy
The aim of every business is so as to make enough revenue and eventually profit that will sustain the business throughout its lifecycle. To achieve this, certain factors such as having competent employees, minimizing cost and re-investment of profit as well as having loyal customers is very essential.
Not employing the right staff can be detrimental to one’s business, because not only will the staff not understand what it is the company wants to achieve but they will also not be able to meet up to the productivity quota that the company requires.
It is for this reason that we intend to employ only employees that are competent and also understand what we stand for as a company. We will ensure that our employees are adequately compensated both intrinsically and extrinsically.
As we continue to produce quality bubble tea for our customers, we know that overtime our running costs will be reduced a bit, allowing us to minimize cost and maximize on our profit, which we intend to re-invest back into the company so as to boost its bottom line, ensuring that we remain in business for a long time to come.
Finally, our customers are very important to us for without them, we wouldn’t be in existence, and so we are ready to listen to our customers’ feedback and complaints and ensure that they are promptly attended to. We also intend to ensure that our loyal customers are effectively rewarded with discounts and other incentives especially when they refer other customers to us.
Check List / Milestone
- Business Name Availability Check: Completed
- Business Registration: Completed
- Opening of Corporate Bank Accounts: Completed
- Securing Point of Sales (POS) Machines: Completed
- Opening Mobile Money Accounts: Completed
- Opening Online Payment Platforms: Completed
- Application and Obtaining Tax Payer’s ID: In Progress
- Application for business license and permit: Completed
- Purchase of Insurance for the Business: Completed
- Conducting feasibility studies: Completed
- Generating capital from family members: Completed
- Applications for Loan from the bank: In Progress
- Writing of Business Plan: Completed
- Drafting of Employee’s Handbook: Completed
- Drafting of Contract Documents and other relevant Legal Documents: In Progress
- Design of The Company’s Logo: Completed
- Graphic Designs and Printing of Packaging Marketing / Promotional Materials: In Progress
- Recruitment of employees: In Progress
- Creating Official Website for the Company: In Progress
- Creating Awareness for the business both online and around the community: In Progress
- Health and Safety and Fire Safety Arrangement (License): Secured
- Opening party / launching party planning: In Progress
- Establishing business relationship with vendors – wholesale suppliers / merchants: In Progress
- Purchase of trucks: Completed
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- 1. MING CHUAN UNIVERSITY A business plan for opening take-out milk tea shop in Vietnam Ming Chuan University _ IBT4 Võ Văn Minh Tuấn 4/1/2014
- 2. 1 | P a g e Table of contents Chapter 1: Introduction ..............................................................................................8 1.1 Motivation............................................................................................................................................ 8 1.2Background........................................................................................................................................... 9 1.3 The Introduction about Caramel Shop .................................................................................................... 9 1.3.1 The main field of industrial ............................................................................................................. 9 1.3.2 The organizational structure .......................................................................................................... 10 1.4 Caramel shop business overview.......................................................................................................... 10 1.4.1 Store location ............................................................................................................................... 11 1.4.2 Products and services.................................................................................................................... 12 1.4.3 Facilities, Equipment, and Technologies ........................................................................................ 13 1.4.4 Supplier or Partnering Relationships .............................................................................................. 14 1.5 SWOT Analysis of Caramel shop:........................................................................................................ 14 1.5.1 Strengths...................................................................................................................................... 14 1.5.2 Weaknesses.................................................................................................................................. 14 1.5.3 Opportunity.................................................................................................................................. 14 1.5.4 Challenges ................................................................................................................................... 14 1.6 STP analysis....................................................................................................................................... 15 1.6.1 Segmentation: .............................................................................................................................. 15 1.6.2 Targeting: .................................................................................................................................... 17 1.6.3 Positioning................................................................................................................................... 18 Chapter 2: Literature review.....................................................................................21 2.1 Overview ........................................................................................................................................... 21 2.1.1 Vietnam overview ........................................................................................................................ 21 2.1.2 Ho Chi Minh City overview .......................................................................................................... 22 2.2Analysis business environment in Vietnam Market ................................................................................ 23 2.2.1 Political environment.................................................................................................................... 23 2.2.2. Social and demographic environment ............................................................................................ 23 2.2.3 Economic Environments ............................................................................................................... 23 2.2.4 Cultural environments................................................................................................................... 24 2.3 Beverage market................................................................................................................................. 25 2.3.1 Hot Drinks ................................................................................................................................... 25
- 3. 2 | P a g e 2.3.2 Soft Drinks................................................................................................................................... 26 2.4 Vietnam milk-tea market..................................................................................................................... 28 2.5 Government law for starting a new business ......................................................................................... 29 2.5.1 The steps to complete business registration..................................................................................... 29 2.5.2 Some noteworthy other legislations in Vietnam Enterprise Law....................................................... 30 2.6. Definition of the Business Model Canvas ............................................................................................ 30 2.7. Contents of the Business Model Canvas table (source: Business Model Generation book) ..................... 31 2.7.1 Value Propositions........................................................................................................................ 31 2.7.2 Customer Segments ...................................................................................................................... 32 2.7.3 Channels ...................................................................................................................................... 32 2.7.4 Customer Relationships ................................................................................................................ 33 2.7.5 Revenue Streams.......................................................................................................................... 33 2.7.6 Key Partners................................................................................................................................. 34 2.7.7 Key Activities .............................................................................................................................. 34 2.7.8 Key Resources.............................................................................................................................. 34 2.7.9 Cost Structure............................................................................................................................... 35 2.9 The Business Model Canvas of Caramel milk-tea shop.......................................................................... 36 Chapter 3: Research methodology.............................................................................37 3.1 Research design.................................................................................................................................. 37 3.2 Sampling............................................................................................................................................ 37 3.3 Data collection.................................................................................................................................... 37 3.4 Data analysis ...................................................................................................................................... 38 3.5 Structure ............................................................................................................................................ 38 Chapter 4: Marketing plan........................................................................................39 4.1 Product and product strategy................................................................................................................ 39 4.2 Product feature and benefit.................................................................................................................. 41 4.2.1 Bubble milk tea ............................................................................................................................ 41 4.2.2 Vietnamese traditional coffee ........................................................................................................ 41 4.2.3 Tea.............................................................................................................................................. 43 4.3 Competition........................................................................................................................................ 49 4.4 Promotion and promotional budget ...................................................................................................... 50 4.4.1 Preparation time ........................................................................................................................... 50
- 4. 3 | P a g e 4.4.2 Operation time.............................................................................................................................. 51 4.4 Proposed Location:............................................................................................................................. 55 4.5 Distribution Channels.......................................................................................................................... 55 4.6 Sales Forecast..................................................................................................................................... 57 4.6.1 Best scenario................................................................................................................................ 57 4.6.2 Worst scenario.............................................................................................................................. 58 Chapter 5: Operational Plan .....................................................................................59 5.1 Production.......................................................................................................................................... 59 5.1.1 Quality control .................................................................................Error! Bookmark not defined. 5.1.2 Product development .................................................................................................................... 59 5.2 Location............................................................................................................................................. 60 5.4 Personnel ........................................................................................................................................... 62 5.4.1 How to recruit the person for the job.............................................................................................. 62 5.4.2 Salary expenses............................................................................................................................ 62 5.5 Inventory............................................................................................................................................ 63 5.5.1 Types of stock.............................................................................................................................. 63 5.5.2 Stock control method .................................................................................................................... 63 5.5.3 Stock control systems – inFlow Inventory Software........................................................................ 66 5.7 Organization and Management ............................................................................................................ 73 Chapter 6: Startup Expenses and Capitalization......................................................75 6.1 Sources of capital................................................................................................................................ 78 6.2 Startup Expenses................................................................................................................................. 78 6.2.1 Buildings or Real Estate................................................................................................................ 78 6.2.2 Capital equipment list. .................................................................................................................. 78 6.2.3 Location and admin expenses. ....................................................................................................... 79 6.2.4 Advertising and promotional. ........................................................................................................ 79 Chapter 7: Financial Plan..........................................................................................80 7.1 12-Months Profit and Loss Projection .................................................................................................. 80 7.1.1 Best scenario................................................................................................................................ 80 7.1.2 Worst scenario.............................................................................................................................. 82 7.2 Breakeven point analysis ..................................................................................................................... 84 7.2.1 Best scenario................................................................................................................................ 84
- 5. 4 | P a g e 7.3 Projected Cash Flow ........................................................................................................................... 85 Appendices.................................................................................................................87 I. Logo and Advertising materials ...................................................................................................... 87 I.1 Symbol............................................................................................................................................ 87 I.2 Logo ............................................................................................................................................... 87 I.3 Banner............................................................................................................................................ 87 I.4 Billboard ......................................................................................................................................... 88 II. Menu........................................................................................................................................... 89 III. Maps and photos of location........................................................................................................ 90 III.1 Map of location ............................................................................................................................. 90 III.2 The drawing bench ........................................................................................................................ 91 IV. Detailed lists ofequipment owned or purchased.......................................................................... 91 IV.1 Sugar Syrup Dispenser Machine..................................................................................................... 91 IV.2 Sealer Machine ............................................................................................................................. 92 IV.3 Shaker.......................................................................................................................................... 93 IV.4 Measuring Scoop........................................................................................................................... 93 IV.5 Thermo blocks pot......................................................................................................................... 93 IV.6 Paper cup...................................................................................................................................... 94 References:................................................................................................................95
- 6. 5 | P a g e List of tables Table 1: Caramel basic menu....................................................................................................................12 Table 2: Table of target market buying criteria .........................................................................................19 Table 3: Map buying criteria against competitive positioning..................................................................19 Table 4: Ranking Caramel product's strengths..........................................................................................20 Table 5: Points for 5-D dimension model of some countries (http://www.geert-hofstede.com/) .............24 Table 6: Hot Drinks Volume Sales – Historical Data & Forecasts, 2010-2017........................................25 Table 7: Soft Drinks Value/Volume Sales – Historical Data & Forecasts, 2010-2017 ............................26 Table 8: The Business Model Canvas .......................................................................................................31 Table 9: Caramel milk-tea shop’s business model....................................................................................36 Table 10: The List of Caramel's product ...................................................................................................40 Table 11: Evaluate competitors .................................................................................................................49 Table 12: Preparation cost (Unit: 1,000 VND) .........................................................................................50 Table 13: Promotional leaflet cost (Unit: 1,000 VND) .............................................................................50 Table 14: The product price table (Unit: 1,000 VND) ..............................................................................51 Table 15: The product price of gold time strategy ....................................................................................51 Table 16: Promotion price (Unit: 1,000 VND) .........................................................................................52 Table 17: 12-month promotion forecast for "Gold time" strategy ............................................................52 Table 18: Table of special day during year in Viet Nam ..........................................................................53 Table 19: 12-month promotion forecast for "Gratefulness" strategy........................................................53 Table 20: 12-month promotion forecast for "Good partner forever" strategy, stage 2 .............................54 Table 21: Best scenario of sales forecast...................................................................................................57 Table 22: Worst scenario of sales forecast ................................................................................................58 Table 23: Types of stock ...........................................................................................................................63 Table 24: The advantage and disadvantage of stock control methods ......................................................63 Table 25: Material inventory.....................................................................................................................64 Table 26: WIP inventory...........................................................................................................................65 Table 27: Finished goods inventory ..........................................................................................................65 Table 28: Consumable products inventory................................................................................................66 Table 29: Supplier's information ...............................................................................................................68 Table 30: Months Profit and Loss Projection (Best scenario)...................................................................81 Table 31: Months Profit and Loss Projection (Worst scenario) ................................................................83 Table 32: Breakeven analysis of best scenario ..........................................................................................84 Table 33: Projected Cash Flow..................................................................................................................86
- 7. 6 | P a g e List of figures Figure 1: Caramel organizational structure ...............................................................................................10 Figure 2: The chart shows the ratio of the population by age group in 2009 ............................................15 Figure 3: The pie chart shows proportion of each age group in target group ...........................................15 Figure 4: The percentage of male and female in each age group ..............................................................16 Figure 5: The chart shows the monthly income of Vietnamese in 2009 ...................................................17 Figure 6: Hot drinks 2010-2017 ................................................................................................................25 Figure 7: Soft drinks 2010-2017................................................................................................................27 Figure 8: Distribution channel...................................................................................................................55 Figure 9: Flat organization structure .........................................................................................................73 Figure 10: Caramel's structure...................................................................................................................74
- 8. 7 | P a g e List of pictures Picture 1: Ho Chi Minh City district 10 map ............................................................................................11 Picture 2: Sugar Syrup Dispenser / Fructose Machine ..............................................................................13 Picture 3: Sealer Machine..........................................................................................................................13 Picture 4: A typical sugar level chart ........................................................ Error! Bookmark not defined. Picture 5: Chuan Dai company and their products....................................................................................69 Picture 6: Trung Nguyen's distribution agent............................................................................................70 Picture 7: Highland Honey Bee Co., Ltd...................................................................................................71 Picture 8: Distribution agent of Vietnam Dairy Products Joint-Stock Company......................................72 Picture 9: Product of Ngoc Diep shop .......................................................................................................73
- 9. Chapter 1: Introduction 1.1 Motivation Milk tea(also called bubble tea) is an extremely popular drink in most of Asian countries. It originally started from Taiwan in 1988. Milk teas specialist drink increasingly being offered in cafes, coffees shops and bars.It originates from Asia and is made up of hot or cold tea, milk, sugar and giant black tapioca balls. Ice is then added and the drink shaken to create the bubble effect. Bubble tea is often referred to as pearl shake, tapioca ball drink; bob ice tea and bubble drink among other things. The term "bubble" refers to the tapioca balls in the drink. These chewy tapioca balls, or "pearls," are consumed along with the beverage through a wide straw. Bubble tea is especially popular in many East Asian and Southeast Asian regions such as Taiwan, Brunei, China (including Hong Kong and Macau), Malaysia, the Philippines, Singapore, South Korea, Thailand, Indonesia, Vietnam and Australia populated by urban professionals with high disposable incomes and an interest in alternative eating and drinking venues. Compared to opening a full size restaurant, the startup costs to open a bubble tea cafe are low. The wide range of our contacts & relationships mean we will open a bubble tea cafe with minimal investment ensuring we get the biggest bang for our buck. A bubble tea cafe is not labor intensive, is simple to operate and does not necessitate that the owner be on site. The key is to get things set up correctly in the early stages and to use effective operating systems to save valuable time, effort, and money. We wish we could calculate the total amount of English breakfast tea I consumed over the past year. While working on our thesis, tea drinking was an integral part of the process. There is something about that piping hot and cold beverage that inspires thought, creativity, focus, and hard work. In the modern life, a lot of company employees leave their job because they do not find job interesting. They feel pressured and boring. A section of young people today do not like working for the company after graduated, they like to challenge themselves. They wanted to establish their own company where they can show all their best skills and personal passion. We are people belongs to this part. We learn business and we have passion for business. It goes without saying that necessity is the mother of invention, so merchants created the business to make good use of people’s need of drinking water. In the past, we would drink plain water or tea to quench our thirst. Nowadays, there are much more competitions as more and more prosperous tea cafes spring up. To appeal to more customers, the increased sorts of beverages followed the increase of innovative ideas. Then, bubble tea came into being. Modern people drink beverages instead of plain water. Among that, Bubble tea is a drink in great demand. Imagine this, on a hot summer day; you’re having a cup of refreshing Bubble tea. When having a sip of it, the chewy pearls are full of your mouth. It’s fantastic!
- 10. 9 | P a g e 1.2 Background One of trends which attracts most of the youth is chain of coffee and milk-tea shops. Because they have air conditioning and free Wi-Fi so now they become ideal rendezvous spaces. Many famous milk-tea trade-names appear in recent years such as: Sun flowers shop, Alo tea, -18C, so on. They have a lot of subsidiaries around country. Each year, in Ho Chi Minh area, they also have from 3 to 4 new shops. Especially, around university zones, they usually have about 5 big or small milk-tea shops. This proves that milk-tea is one of favorites drinking of youth community, particularly pupils and students. And we who are Vietnamese students studying in Taiwan are not exception. However, these convenient milk-tea shops still arrears many shortcomings such as: (1) Waiting time too long: Customers who buy take out cups must wait about 10 minutes after they make order then they can get their glasses. At busy time, customers must wait more than 20 minutes. Even when shop is too crowded customers, customers should not wonder why staffs forgot their orders. It is very popular. Customers should learn how to accustom themselves to this problem instead of getting angry. (2) Uncomfortable space: Having a part of community does not like milk-tea shop’s space. Some people want to enjoy milk-tea at home with their family or in the park with their friends. Someone wants to bring milk-tea to their office. But they do not want spend a lot of time for waiting. Besides that shop’s services are not really worthy as they were paid by customers. (3)High price: Because the shop provide air conditions and free Wi-Fi for customers using at shop so these expenses were count on the price of each glass. This makes the price always expensive. But have some customers are not willing to pay for these unworthy services. (4) Take-out milk-tea services do not develop and do not take care. It is still elementary and does not hygienic. Starting from individual favorite, business passion and faults which are still in bubble-tea market, our group decides to make a take-out milk-tea business plan. We will apply Taiwanese’s service style and service system and combine with new flavors from other countries which we learned from foreign friends in 2 years we study in Taiwan. We hope we can bring convenience to consumers. Besides that we also hope with new processing formula, milk-tea not only a beverage but also a nutrition drink for all ages, from kindergarten to the workers or employees working in large firms, especially females. 1.3 The Introduction about Caramel Shop The idea to establish Caramel shop stems from general interests of 4 students who are looking to be challenged themselves after school in the group. We are confident that we will become the first best beverage quality products supplier and professional service style in Vietnam. With the motto to maximize customer satisfaction, Caramel is always striving to bring products and services with excellent value to our customers, confirmed Caramel brand in Vietnam. 1.3.1 The main field of industrial The business: We provide the traditional beverages and beverages come from many countries around the world.(See more our productson menu in Appendices)
- 11. 10 | P a g e 1.3.2 The organizational structure Figure 1: Caramel organizational structure Member of executive board - Mr. VõVăn Minh Tuấn (Alyosha): Executive directorwho initiated idea and makes the shop’s development orientation. - Miss. TrangHồngNgọc (Mizhu): Financial, personnel andmarketing director. - Mr. Nguyễn Cao Chung (David): Supply and processing director and designer. 1.4 Caramel shop business overview The business sector of this thesis belongs to entertainment - beverage field. This kind of business is quite popular in the Vietnamese current market, from popularly level to premium level. Living standards and income of each person, each household is increasing. In recent years, the number of Vietnamese enterprises as well as foreign enterprises and colleges, universities rose quickly. It makes work and study intensity of people becoming higher, it also makes their free time been gradually narrowed. The take-out milk-tea shop was launched which can meet this need. This type of business model has been appeared for a long time and has been growing in developing countries such as USA, UK, Singapore, Australia, and Taiwan. It is for all social grades and has been gotten population interested. In Vietnam market, this business model also has been existed for 10 years but it has not worked efficiently. They lost consumers’ interest because of their service style and unfocused quality. Executive Board Bartender Bartender Salesman Manager
- 12. 11 | P a g e 1.4.1 Store location Because Caramel’s main revenue comes from beverages and target customers are people from 16 to 30 ages so our shop must close to school and official, service and entertainment areas. With above address we think it can meet basic requirements of shop. Shop is located on the busy road (Bac Hai Condominium, Ward 15, District 10, Ho Chi Minh City, and South of Vietnam) that has many peoplegoes around andthere are 3 schools, 1big national university, entertainment areas and hospitals near. The area of shop is 20 square meters which enough to meet the sales and product processing. Picture 1: Ho Chi Minh City district 10 map
- 13. 12 | P a g e 1.4.2 Products and services The main products are milk tea with delicious taste, Vietnam traditional coffee-milk along with fruit smoothies for refreshment and vitamin supplements during hot days in Ho Chi Minh City. Specially, customers can chose how many percentage of ice and sugar (25% - 50% - 75%) and they can mix drinks with extra foods. Table 1: Caramel basic menu Bubble tea flavor (19,000 vnd) Coffee-Milk (11,000 vnd) Tea (12,000 vnd) Fruit juice/smoothies (15,000 vnd) Extra foods (5,000 vnd) Taro Coffee 100% Ginger (Hot) Orange Pudding + Egg + Chocolate Kiwi Coffee-Milk 50-50 Lemon Pineapple Honeydew Coffee-Milk 75-25 Honey (Hot) Lemon Peach Coffee-Milk 25-75 Herbal Kumquat Yogurt Papaya Milk 100% Chrysanthemums Grapefruit Honey Strawberry Fresh milk (Hot) Papaya Ice-cream + Mango + Vanilla + Chocolate + Strawberry Watermelon Red apple Grape Banana Red tea Strawberry Coconut Watermelon Lychee Apple Almond Passion fruit Jelly Chocolate Tomato Bubble (small/big) Passion fruit Pineapple Milk Raspberry Avocado Blackberry Green Apple Grape Oreo cookie The services: We apply the hygienic and best quality services. In addition, there will have delivery milk-tea service for bulk buyers.
- 14. 13 | P a g e 1.4.3 Facilities, Equipment, and Technologies Sugar Syrup Dispenser / Fructose Machineand Sealer Machineimported directly from Taiwan. Picture 2: Sugar Syrup Dispenser / Fructose Machine Picture 3: Sealer Machine Milk tea makingtechnology will follow Taiwan technology.
- 15. 14 | P a g e 1.4.4 Supplier or Partnering Relationships The main raw materials(milk, tea, sugar, pudding …) suppliers comefrom Vietnam. Specially, milk tea flavorand bubble willimported directly from Taiwan. 1.5 SWOT Analysis of Caramel shop: 1.5.1 Strengths Although we are not the first take out milk tea shop but our strengths are professional service style and cheaper prices, it lower from 30 to 50% compared to other milk tea brands. We grasp well customers’ interests and tastes. 1.5.2 Weaknesses A young and new business, which was established from the students, having limited capital resources such as the founders are people who going to graduate; we use our part-time job salary as our main capital. And a small part of our capital is from borrowing our family. 1.5.3 Opportunity Bring Asian’s culture echoes; Vietnam taste is sweeter than the Western nations. Take-out style in professional service is our advantage compare with other milk-tea shops. Meeting customers’ demand in this sector, specify in district 10 where have many our target customers (students, official employees and the busy people). 1.5.4 Challenges The first, competitor is available from our weaknesses, along with the growth of competition from direct competitors. We must be wise. Our store has more shortcomings than other milk tea stores in the same areas such as: small investment capital and new young brand. Secondly is the Vietnam consumers taste. Customers are stricter in choosing drink for themselves. Flavor issue is more concerned, but to ensure health requirements. This is a major challenge in the flavor issue as well as improvement of Caramel store’s hygiene during processing drinks.
- 16. 15 | P a g e 1.6 STP analysis 1.6.1 Segmentation: Segmentation is concerned with identifying different groups of purchasers in a market in order to target specific products and services for each group or segment. According to a research-level there are four major ways of segmenting a market such as: “a Priori segmentation”, “usage segmentation” (also known as declines analysis or pare to analysis), “attitudinal research and cluster analysis” and “needs based segmentation”. We will use the “A Priori segmentation” method. It means the market is split according to pre-existing demographic criteria such as age, sex or social economic status. Age and sex segmentation: The analytical results from the survey of population census in 2009 showed that, the proportion of people aged from 15 to 34 is the highest (for both gender), about 37.4%. This is Caramel target customers. Figure 2: The chart shows the ratio of the population by age group in 2009 (Based on the statistics of page http://www.gopfp.gov.vn/) In the 15-34 ages group, we can see, people from 15 to 19 ages are most crowded, occupied 28%. The second is the group from 20 to 24 ages; it is accounted about 26%. Two remaining groups 25- 29 and 30-34 have proportions respectively are 24% and 22%. Figure 3: The pie chart shows proportion of each age group in target group 0 5 10 15 20 25 30 35 40 45 0-14 15-34 35-54 55-74 75+ Male Female Both gender
- 17. 16 | P a g e (Based on the statistics of page http://www.gopfp.gov.vn/) Meanwhile, the number of men and women in each age group are about equal in the proportion, the difference is not significant. Figure 4: The percentage of male and female in each age group (Based on the statistics of page http://www.gopfp.gov.vn/) Monthly income segmentation: When segmenting customer by monthly income,Vinaresearch Company made clearly four phrases such as low income, average income, pretty income and high income. Firstly, people who have “low income” that means each month their salary below 4,500,000 VND (equivalent to 6,207 NDT). They are usually students who work part time jobs and poor workers or farmers in remote areas. This group is about 4.4%. The second is “average income” group; they have proportion about 13.5%. They are usually new official employees, students working part time jobs in big city. Their salary is from 4,500,000 VND to 7,500,000 VND (equivalent to 6,207 – 10,345 NDT). Pretty incomer is a person who has salary from 7,500,000 to 15,000,000 VND (equivalent to 10,345– 20,670 NDT). And high income group belongs to people who have salary higher than 15,000,000 VND for each month. These two groups have the highest percentages, respectively 39.4% and 42.8% 28% 26% 24% 22% 15-19 20-24 25-29 30-34 0 10 20 30 15-19 20-24 25-29 30-34 Male Female
- 18. 17 | P a g e Figure 5: The chart shows the monthly income of Vietnamese in 2009 (Based on the statistics of page www.vinaresearch.jp) 1.6.2 Targeting: We use concentrated marketing. It is a marketing approach that is aimed at connecting with and selling products to a specific consumer group. This strategy calls for taking steps to identify the target market that is highly likely to be attracted to the products, and developing a marketing plan that is unique to reaching that group of consumers. The process also normally includes planning the delivery of products in a manner that is likely to generate repeat business from those consumers. In many cases, concentrated marketing is an ideal approach for smaller businesses with limited resources, since it does not rely on the creation and use of mass marketing, production, or distribution to reach a wide range of potential consumers. Applying this model in the case of Caramel shop, our concentrationsare middle class who meet these factors: age from 15 to 30, income from 4,500,000 to 10,000,000 VND and busy. We have our own model below: 4% 14% 39% 43% Low income Average income Pretty income High income
- 19. 18 | P a g e While a concentrated marketing approach can help Caramel shop makes the most of a small advertising budget, there are some potential drawbacks with this type of marketing. We will mention more detail in chapter 4. 1.6.3 Positioning The goal of product positioning is to keep our product on top of our customers’ mind when they’re considering a purchase. To be successful, product positioning must achieve three objectives: (1) Differentiate your product from the competition’s (2) Address important customer buying criteria and (3) Articulate key product (or company) characteristics. We use positioning triangle for analysis this part. Firstly, we must know clearly what is buying criteria our target customer uses to evaluate milk- tea products. We also already assign a quantitative weight to each criterion based on opinion of the people surveyed. Caramel's targetcustomers Busy Middle -class 15-30 year olds
- 20. 19 | P a g e Table 2: Table of target market buying criteria No. Percentage Target market buying criteria (prioritized and weighted) 1 10% The origin of bubble 2 10% Short waiting time 3 10% Quality of product components (tea, milk, pudding, fruit and jelly) 4 10% Convenient and delivery services 5 10% Hygiene 6 15% Location and decoration 7 30% Price 8 5% Innovation The second, by using primaryresearch, we find out some famous milk-tea shop in Ho Chi Minh City such as: Sunflower, Tapi tea and Alo tea. They are big competitors of Caramel. Next, by doing secondary research, we can map buying criteria against competitive positioning. These competitors have already success in some criteria. For example: Sunflower, Tapi tea and Alo tea are famous about their decoration of shop. They are all clean shop and when come to those shopscustomers feel comfortable and relax a lot. Those brand all famous because they have many shops in center of each district in big cities.In 3 mentioned brand, pricing of milk tea in Tapi tea is the cheapest and suitable for almost students. But two most important criteria do not have any brand success and have good feedback from customers. Table 3: Map buying criteria against competitive positioning No. Percentage Target market buying criteria (prioritized and weighted) Competitor 1 10% The origin of bubble 2 10% Short waiting time 3 10% Quality of product components (tea, milk, pudding, fruit and jelly) Sunflower 4 10% Convenient and delivery services Sunflower , Tapi tea, Alo tea 5 10% Hygiene Sunflower, Tapi tea, Alo tea 6 15% Location and decoration Sunflower, Tapi tea, Alo tea 7 30% Price Tapi tea 8 5% Innovation After considering overview milk-tea market, we recognize our shop strengths such as the origin of bubble (we can contact with Taiwanese bubble supplier for the best quality), price (we commit our product will cheaper than price on market about 30% but still keep best quality), location (in the middle of residential area) and short time waiting (because we realize that Taiwanese style service more professional that our recent style service. So we believe we can reduce waiting time for customers).
- 21. 20 | P a g e Table 4: Ranking Caramel product's strengths No. Caramel product’s strengths Percentage Target market buying criteria (prioritized and weighted) Competitor 1 5# 10% The origin of bubble 2 10% Short waiting time 3 4# 10% Quality of product components (tea, milk, pudding, fruit and jelly) Sunflower 4 2# 10% Convenient and delivery services Sunflower , Tapi tea, Alo tea 5 10% Hygiene Sunflower, Tapi tea, Alo tea 6 3# 15% Location and decoration Sunflower, Tapi tea, Alo tea 7 1# 30% Price Tapi tea 8 5% Innovation
- 22. 21 | P a g e Chapter 2: Literature review 2.1 Overview 2.1.1 Vietnam overview Vietnam officially the Socialist Republic of Vietnam, is the eastern most country on the Indochina Peninsula in Southeast Asia. With an estimated 90.3 million inhabitants as of 2012, it is the world's 13th-most-populous country, and the eighth-most-populous Asian country. (wikipedia.org) Vietnam, a one-party Communist state, has one of south-east Asia's fastest-growing economies and has set its sights on becoming a developed nation by 2020. Vietnam struggled to find its feet after unification and tried at first to organize the agricultural economy along strict collectivist lines. But elements of market forces and private enterprise were introduced from the late 1980s and a stock exchange opened in 2000. Foreign investment has grown and the US is Vietnam's main trading partner. In the cities, the consumer market is fuelled by the appetite of a young, middle class for electronic and luxury goods. After 12 years of negotiations the country joined the World Trade Organization in January 2007. (BBC News) Vietnam is a densely-populated developing country that has been transitioning from the rigidities of a centrally-planned economy since 1986. Vietnamese authorities have reaffirmed their commitment to economic modernization in recent years. Vietnam joined the World Trade Organization in January 2007, which has promoted more competitive, export-driven industries. Vietnam became an official negotiating partner in the Trans-Pacific Partnership trade agreement in 2010. Agriculture's share of economic output has continued to shrink from about 25% in 2000 to less than 22% in 2012, while industry's share increased from 36% to nearly 41% in the same period. State-owned enterprises account for roughly 40% of GDP. Poverty has declined significantly, and Vietnam is working to create jobs to meet the challenge of a labor force that is growing by more than one million people every year. The global recession hurt Vietnam's export-oriented economy, with GDP in 2009-12 growing less than the 7% per annum average achieved during the previous decade. In 2012, however, exports increased by more than 12%, year-on- year; several administrative actions brought the trade deficit back into balance. Between 2008 and 2011, Vietnam's managed currency, the dong, was devalued in excess of 20%, but its value remained stable in 2012. Foreign direct investment inflows fell 4.5% to $10.5 billion in 2012. Foreign donors have pledged $6.5 billion in new development assistance for 2013. Hanoi has oscillated between promoting growth and emphasizing macroeconomic stability in recent years. In February 2011, the Government shifted policy away from policies aimed at achieving a high rate of economic growth, which had stoked inflation, to those aimed at stabilizing the economy, through tighter monetary and fiscal control. In early 2012 Vietnam unveiled a broad, "three pillar" economic reform program, proposing the restructuring of public investment, state-owned enterprises, and the banking sector. Vietnam's economy continues to face challenges from an undercapitalized banking sector. Non-performing loans weigh heavily on banks and businesses. In September 2012, the official bad debt ratio climbed to 8.8%, though some financial analysts believe it could be as high as 15%. (Index Mundi)
- 23. 22 | P a g e 2.1.2 Ho Chi Minh City overview Ho Chi Minh City formerly named Saigonis the largest city in Vietnam. Ho Chi Minh City is located in the southeastern region of Vietnam, 1,760 km (1,090 mi) south of Hanoi. The average elevation is 19 meters (62 ft.) above sea level. It borders TâyNinh Province and BìnhDương Province to the north, ĐồngNai Province and BàRịa–VũngTàu Province to the east, Long An Province to the west and the South China Sea to the south with a coast 15 km (9 mi) long. The city covers an area of 2,095 km2 (809 sq. mi) (0.63% of the surface of Vietnam), extending up to Củ Chi District (12 mi (19 km) from the Cambodian border) and down to CầnGiờ on the South China Sea. The distance from the northernmost point (PhúMỹHưng Commune, Củ Chi District) to the southernmost one (Long Hòa Commune, CầnGiờ District) is 102 kilometers (63 mi), and from the easternmost point (Long Bình ward, District Nine) to the westernmost one (BìnhChánh Commune, BìnhChánh District) is 47 kilometers (29 mi) The result of the 2009 Census shows that the city's population was 7,162,864 people, about 8.34% of the total population of Vietnam, making it the highest population-concentrated city in the country. As of the end of 2012, the total population of the city was 7,750,900 people, an increase of 3.1% from 2011.As an administrative unit, its population is also the largest at the provincial level. The majority of the population is ethnic Vietnamese at about 93.52%. Ho Chi Minh City's largest minority ethnic groups are Chinese with 5.78%. Cholon – in District 5 and parts of Districts 6, 10 and 11 – is home to the largest Chinese community in Vietnam. Other ethnic minorities include Khmer 0.34%, Cham 0.1%. The inhabitants of Ho Chi Minh City are usually known as "Saigonese" in English, "Saigonnais" in French and "dânSàiGòn" in Vietnamese. A varying degree of English is spoken especially in the tourism and commerce sectors where dealing with foreign nationals is a necessity, so English has become a de facto second language for some Saigonese. Ho Chi Minh City is the economic center of Vietnam and accounts for a large proportion of the economy of Vietnam. Although the city takes up just 0.6% of the country's land area, it contains 8.34% of the population of Vietnam, 20.2% of its GDP, 27.9% of industrial output and 34.9% of the FDI projects in the country in 2005. In 2007, Ho Chi Minh City's contribution to the annual revenues in the national budget increased by 30 percent, accounting for about 20.5 percent of total revenues. The consumption demand of Ho Chi Minh City is higher than other Vietnamese provinces and municipalities and 1.5 times higher than that of Hanoi. In 2007, the city received over 400 FDI projects worth $3 billion. In 2008, it attracted $8.5 billion in FDI. In 2010, the city's GDP was estimated at $20.902 billion, or about $2,800 per capita, up 11.8 percent from 2009. By the end of 2012, the city's GDP was estimated around $28,595 billion or about $3,700 per capita, up 9.2 percent from 2011. Total trade (export and import) reached $47.7 billion, with export at $21.57 billion and import $26.14 billion. In 2013, GDP of the city grew 7.6% by Q1, 8.1% by Q2, and 10.3% by the end of Q3. (wikipedia.org)
- 24. 23 | P a g e 2.2Analysis business environmentin Vietnam Market 2.2.1 Political environment In other to have a political stability, Vietnamese law is accumulating and adding international law: the antitrust laws, intellectual property rights and the patent invention … Vietnamese law, which is improving gradually, creates a healthy competition between domestic and foreign companies. Presently, position of Vietnamese consumers is growing rapidly. The State’s support policies to promote economic development through fiscal policy and monetary policy to ensure high growth rates, encouraging investment is essential due to the preferential policies: taxes, land, consultancy and support services. We know opportunity isscaling up nationwide production thanks to loans from state banks. And also still have challenges is fierce competition from other corporations. 2.2.2. Social and demographic environment Vietnam's population is currently about 86 million people, ranked 13th in the world, with increasing levels average 947 thousand people per year. Population concentrated in two major cities of Hanoi and Saigon. The Vietnamese population structure is in the period of "The golden population structure"in which population of working age groups are approximately higher two times than the population of dependent age groups. Its advantages are the young people make up the majority, appropriate vibrant and dynamic business activities. It also has some difficulties such as causing pressure on employment, education and high unemployment issues. Average income figures indicate the average income of Vietnam by the end of 2012, approximately 1749 in one year. Predicting by 2013 the Vietnam’s average income reached to 1900 USD. Vietnam’s incomes increases leading to consumers have more choice to ensure their level of satisfaction. 2.2.3 Economic Environments The economic growth of Vietnam reached a high intraday in 2005-2007, but in 2008-2009 the growth rate decreased about 2% by the deflationary policies of the state. In 2010, the economy was soon out of deterioration and gradually recovery and rapidly growth (6.78%). So economic recovery and growth will make customer’s spending for basic needs much more. According to Professor Pham Song, chairman of Vietnam Medical Council "Vietnam is one of the non-alcoholic beverages markets that has the fastest growth rate in the world. The survey figures showed that an average each Vietnamese person drinks about 3 liters of non-alcoholic beverages per year. Predicting to 2015, the total amount of drinks in Vietnam will increase nearly 50% compared to 2007 in other to serve the consumers’ beverages needs”. This is an advantage for market development of Caramel.
- 25. 24 | P a g e 2.2.4 Cultural environments Vietnamese cultural environment has some characteristics such as: power distance, individualism, masculinity or femininity, uncertainty avoidance and long term orientation. Vietnam has a longstanding agricultural culture for thousands of years.Vietnamese people generally are friendly and diligent. People in the north are considered politically sensitive, hardworking and always seek to avoid risk.The Northern greatly influenced by Chinese culture, due to over 1000 years under the domination of feudal China.In addition, Vietnam and China have come together in the socialist path for many decades.According to the assessment of Professor Hofstede (in1980), Vietnam culture belongs to the kind of high power distance, follow the trend individualism and the rate of uncertainty avoidance is average. Table 5: Points for 5-D dimension model of some countries (http://www.geert-hofstede.com/) Countries Power distance Individualism Femininity Uncertainty avoidance Long term orientation Vietnam 70 20 40 30 80 China 80 20 66 30 118 Japan 54 46 95 92 80 Thai 64 20 34 64 56 USA 40 91 62 46 29 Denmark 18 74 16 23 (does not have) Recently, Vietnamese have a new trend in eating that is focusing on healthy. Their eating habits are changing. Besides having a delicious meal, Vietnamese consumers also concerned about food or drink which can to keep healthy. So Caramel need to make strategies which assure about product quality and safety - taste of Vietnamese, especially Southerners like sweet and sour drink. Vietnam consumers have high psychological nationalistic pride. Caramel is taking advantage of the 100 % owned capital Vietnam Company. Vietnamese youths interesting in explore new things, they like to experience themselves.
- 26. 25 | P a g e 2.3Beverage market 2.3.1Hot Drinks Table 6: Hot Drinks Volume Sales – Historical Data & Forecasts, 2010-2017 Hot Drinks Volume Sales – Historical Data & Forecasts, 2010-2017 2010 2011 2012f 2013f 2014f 2015f 2016f 2017f Coffee sales (‘000 tonnes) 39.19 42.36 45.42 49.87 54.21 58.78 63.49 68.18 Tea sales (‘000 tonnes) 208.40 220.38 233.24 248.69 266.03 284.81 308.73 322.73 (Note: f = BMI forecast. Source: General Statistics Office,Company information, Trade press, BMI) Figure 6: Hot drinks 2010-2017 (Note: f = BMI forecast. Source: General Statistics Office,Companyinformation, Trade press, BMI) Vietnam’s sturdy economic growth over the next few years will continue to fuel demand for higher value food and beverage products, such as coffee. Vietnam’s massive youth population, for whom visiting cafés and drinking coffee is a growing lifestyle choice, is another major positive. As this group of young, aspirant consumers enters the workforce, the accordant rise in their level of incomes will serve to further buoy the demand for higher-value coffee products. The tea sector is also set to experience strong growth over our five-year forecast period, buoyed by rising incomes and increasing domestic demand. 0 50 100 150 200 250 300 350 2010 2011 2012f 2013f 2014f 2015f 2016f 2017f Hot Drinks 2010-2017 Coffee sales (‘000 tonnes) Tea sales (‘000 tonnes)
- 27. 26 | P a g e These dynamics will continue to attract the sights of multinational coffee producers, in turn imbuing the sector with greater dynamism over our forecast period. As a case in point, Masan Consumer has acquired a 50.1% stake, valued at around VND1.07trn (US$51mn), in the Vietnamese coffee producer Vinacafe Bien Hoa Joint-Stock Company. By acquiring a controlling stake in Vinacafe, Masan clearly wants to put itself in a strong position to leverage on the exciting demand dynamics in the Vietnamese coffee sector. Reflecting Vinacafe’s strength in the Vietnamese coffee sector, the coffee producer recorded an impressive 30% CAGR in its headline sales between 2006 and 2010. Also looking to capitalize on Vietnam’s coffee potential, Nestlé plans to increase its coffee sourcing from local farmers in Vietnam and has committed to a new coffee factory in the country. The US$270mn factory will be constructed in the south-east province of Dong Nai and will produce Nescafé-branded products for the domestic and international markets from 2013. Meanwhile, Philippine food major Jollibee Foods Corporation in early 2012 announced it was to acquire a 50% interest in Superfoods Group, which will give it a 49% stake in SF Vung Tau Joint Stock Company in Vietnam and a 60% share in Blue Sky Holdings in Hong Kong. The acquisition of a majority interest in the SuperFoods Group could expedite Jollibee’s international push given the former’s reach across the coffee markets of Macau, Hong Kong and Vietnam. 2.3.2Soft Drinks Table 7: Soft Drinks Value/Volume Sales – Historical Data & Forecasts, 2010-2017 Soft Drinks Value/Volume Sales – Historical Data & Forecasts, 2010-2017 2010 2011 2012f 2013f 2014f 2015f 2016f 2017f Soft drinks sales (MNliters) 1,694.54 1,820.11 1,937.14 2,087.21 2,226.31 2,382.92 2,523.34 2,712.36 Carbonated soft drink sales (MNliters) 846.38 905.34 948.96 1,026.30 1,111.06 1,201.26 1,295.74 1,391.62 Soft drink sales growth, liters (% chg. y-o-y) 20.37 7.41 6.43 7.75 6.66 7.03 5.89 7.49 Soft drinks sales (VNDmn) 48,430,761 58,936,203 69,720,789 79,057,398 90,567,804 103,254,858 117,311,874 132,630,353 Carbonated soft drink sales (VNDmn) 7,102,612 9,016,364 10,246,674 11,619,255 13,270,648 15,065,525 17,062,862 19,241,779 Soft drink sales growth, 21.76 21.69 18.30 13.39 14.56 14.01 13.61 13.06
- 28. 27 | P a g e VND (% chg. y-o-y) Soft drinks sales (US$mn) 2,531.14 2,853.60 3,314.51 3,800.84 4,403.98 5,078.94 5,836.41 6,631.52 (Note: f = BMI forecast. Source: General Statistics Office,Company information, Trade press, BMI) Figure 7: Soft drinks 2010-2017 (Note: f = BMI forecast. Source: General Statistics Office,Company information, Trade press, BMI) We are witnessing a rapid emergence of competition in the Vietnamese soft drinks market. The opportunities provided by a rapid middle-class emergence in Vietnam are firmly within the sights of domestic drinks producers such as PepsiCo Vietnam, Tan HiepPhat and Coca-Cola Beverages Vietnam, and the companies’ aggressive initiatives in terms of product innovation, portfolio expansion and advertising will only instill greater dynamism into the sector. The maturation of a massive youth population and rising consumer affluence are translating into a burgeoning appetite for soft drinks. As consumers move up the income ladder over the coming years, an accelerating premiumisation momentum in the sector means that value sales are expected to increase more dynamically over our forecast period. An intensifying influx of sector investments will provide another major impetus to drive industry growth. In particular, we expect domestic soft drinks manufacturers to ramp up their initiatives in terms of product innovation, portfolio expansion and marketing. In the regard of portfolio expansion, local soft drink manufacturers are gradually calibrating their portfolio towards healthier and functional beverages such as fruit juices and ready-to-drink teas as they look to tap into a growing health awareness trend in the country. 0.00 1,000.00 2,000.00 3,000.00 4,000.00 5,000.00 6,000.00 7,000.00 0.00 500.00 1,000.00 1,500.00 2,000.00 2,500.00 3,000.00 2010 2011 2012f 2013f 2014f 2015f 2016f 2017f Soft Drinks 2010-2017 Soft drinks sales (mn litres) Soft drinks sales (US$mn)
- 29. 28 | P a g e Reflecting a shift of consumer preferences towards healthier beverages, PepsiCo Vietnam and Coca-Cola Beverages Vietnam have been losing market shares in recent years due to declining sales of carbonates, according to anecdotal reports. However, with the health awareness trend remaining well-entrenched over the coming years, we expect more domestic soft drinks manufacturers such as PepsiCo Vietnam and Coca-Cola Beverages Vietnam to expand their non-carbonates offerings going forward. As a case in point, Big C recently introduced its private label fruit juice range Casino Bio to cater to the burgeoning domestic demand for health and functional beverages. As competition intensifies in the Vietnamese soft drinks market, domestic producers are also looking to differentiate themselves through branding and marketing initiatives. Coca-Cola Beverages Vietnam and Tan HiepPhat have executed some of the biggest advertising campaigns in Vietnam through various formats such as print advertisements, television and the internet. These initiatives have not only bolstered consumer awareness of the different soft drinks brands but also encouraged greater soft drinks consumption in the country. Moreover, domestic soft drinks manufacturers will continue to engage in product innovation by offering different bottle formats and sizes in an attempt to cater to the varying consumer tastes and preferences. For instance, Coca-Cola Beverages Vietnam and PepsiCo Vietnam produce their soft drinks in varying sizes, and this has facilitated their reach to the end-consumer market. As more companies hop on the product innovation bandwagon, this will bring about greater dynamism in the sector and further fuel sales growth. 2.4Vietnam milk-tea market Bubble Tea was introduced into Vietnam by the end of 2002 and the fastest growing since 2008. Bubble Tea is a beverage originating from Taiwan with a very strange flavor combinations mild flavor of tea, with delicious pearl and fatty flavor is a phenomenon for teenager and it has quickly became a favorite snack in Vietnam Most of the business model in Taiwan milk tea sold close small glass style brought while in Vietnam developed a lot of different forms of business such as business chain , sale or sold in place to bring on or delivery to suit every customers , and includes many ongoing promotions . We can say the profits from this business model are very large and very large market now, so here is the investment destination for many business enterprises. The attractiveness of pearl milk tea is not embedded in the education of clients and students, but also spread to all workers and employees in many occupations, ages. It is easy to catch the milk tea shop adjacent to the school gate, watching the dorm walls, in the streets, in markets, supermarkets,dormitories,condominiums, office buildings...
- 30. 29 | P a g e 2.5Government law for starting a new business To establish a new business in Vietnam, any individual or organization needs to understand clearly and comply with strict legal regulations in the state of Socialist Republic of Vietnam. 2.5.1 The steps to complete business registration The first thing should be noted is “Enterprises of all economic sectors shall be entitled to conduct any business lines that are not banned by law”(based on Article 7- Chapter 1-Vietnam Enterprise Law) Secondly, we need to follow these steps to establish enterprises and have business registration: Step 1: To make the business registration (according to Article 15 - Chapter 2 -Vietnam Enterprise Law) 1. Persons decided to establish an enterprise must submit a complete business registration dossier as provided for by this Law to a competent business registration office and shall be responsible for the truthfulness and accuracy of information contained in the dossier. 2. The business registration office shall examine the business registration dossier and issue a business registration certificate within ten working days as from the date of receipt of the dossier; if refusing to issue a business registration certificate, it shall notify the applicant thereof in writing. The notification must clearly state the reason for refusal and requirements for amendment or supplement. 3. The business registration office shall examine and be responsible for the validity of the dossier when issuing a business registration certificate; and shall not be allowed to ask applicants for any document other than those provided for by this Law. 4. The time limit for issuing business registration certificates associated with specific investment projects shall comply with the law on investment. Step 2: Preparing business registration dossiers of private enterprises (according to Article 16 - Chapter 2 -Vietnam Enterprise Law) 1. Business registration application, made according to a form set by competent business registration offices. 2. Copy of the people's identity card, passport or other lawful personal certification. 3. Written certification of legal capital issued by a competent agency or organization, for enterprises conducting business lines which are required by law to have legal capital. 4. Practice certificates of the director and other individuals, for enterprises conducting business lines which are required by law to have practice certificates as provided for by law. Step 3:Submitting dossiers and waiting to get certificate of the business registration.
- 31. 30 | P a g e 2.5.2 Some noteworthy other legislations in Vietnam Enterprise Law 2.6.2.1 Article 21Contents of business registration applications 1. Enterprise name. 2. Address of the enterprise's head office; telephone number, fax, email address (if any). 3. Business lines. 4. Charter capital, for companies, or start-up investment capital of the enterprise owner, for private enterprises. 5. Capital share owned by every member, for limited liability companies or partnerships; number of shares owned by every founding shareholder, types and par value of shares, total number of shares of each type eligible for sale offer, for joint-stock companies. 6. Full name, signature, permanent address, nationality, number of the people's identity card, passport or other lawful personal certification of the owner, for private enterprises; of owner or his/her authorized representative, for one-member limited liability companies; of every member or every member's authorized representative, for limited liability companies with two or more members; of every founding shareholder or every shareholder's authorized representative, for joint-stock companies; of every general partner, for partnerships. 2.6.2.2 Article 24 Conditions for the grant of business registration certificates Enterprises shall be granted business registration certificates if they fully meet following conditions: 1. Registered business lines are not prohibited; 2. The enterprise name complies with Articles 31, 32, 33 and 34 of this Law; 3. There is a head office that complies with Clause 1, Article 35 of this Law; 4. Business registration dossier is valid as provided for by law; 5. Business registration fee is fully paid as provided for by law. Business registration fees shall be determined on the basis of the number of registered business lines; specific fee rates shall be stipulated by the Government. 2.6.Definition ofthe Business Model Canvas The Business Model Canvas is a strategic management template for developing new or documenting existing business models. It is a visual chart with elements describing a firm's value proposition, infrastructure, customers, and finances. It assists firms in aligning their activities by illustrating potential trade-offs. (http://en.wikipedia.org/)
- 32. 31 | P a g e Table 8: The Business Model Canvas 2.7. Contents of the Business Model Canvas table (source: Business Model Generation book) 2.7.1 Value Propositions a. Definition This block forms the central spine of the whole model. Business Model Generation summarizes the role of this block as follows:describe bundles of products or services that create value for a specific customer segment. It also value delivered to the customer (benefit or cost) and value propositions assigned to customer segments. To understand value propositions clearly, managers can solve customers’ problem smoothies and easily to meet customers’ needs to make them satisfied. b.Attributes A good customer value proposition will provide convincing reasons why a customer should buy a product, and also differentiate your product from competitors. Gaining a customer's attention and approval will help build sales faster and more profitably, as well as work to increase market share. Understanding customer needs is important because it helps promote the product. A brand is the perception of a product or service that is designed to stay in the minds of targeted consumers.
- 33. 32 | P a g e Business Model Generation provides this list of attribute-adjectives:newness, performance, customization, full service, design, brand or status, price, cost reduction, risk reduction, accessibility and convenience or reusability. In conventional push-marketing, almost all of these will lead to a ‘race to the bottom’. By contrast, in pull-marketing, all of these can lead to strong differentiation and perceived high-value – but only if linked to the shared-vision of the shared-enterprise. Any value-attribute that doesn’t align with the values of the shared-enterprise – for example, an emphasis on price or cost-reduction within a luxury- oriented market – will probably cause more harm than good. 2.7.2 Customer Segments a. Definition Customer segment block defines groups of people or organizations that your business aims to reach and serve. Customer segments have needs that justify a distinct offering. They are reached though different Distribution Channels and require different types of relationships. They have different levels of profitability and may be interested in a sub-set of the Value Proposition. b. Types Segmenting your customers into groups according to their needs has a number of advantages. We can sort customer segment in many ways such as mass market (for example, fast-moving consumer- goods), niche market (for example, anglers, doll’s-house collectors, dental supplies), segmented within a market (for example, low-end versus high-end fashion), diversified from an organization’s perspective (for example, Amazon Retail versus Amazon Kindle versus Amazon Web Services)and multi-sided market (for example, newspaper advertising, web-based search) 2.7.3 Channels a. Definition The Channels block is shown in the center-right region of the Business Model Canvas. The book asserts that this block: describes how a company communicates with and reaches its Customer Segment to deliver a Value Proposition. It has some functions such as: raising awareness among customers about a company’s products and services,helping customers evaluates a company’s value proposition, allowing customers to purchase specific products & services, delivering a value proposition to customers and providing post-purchase customer support. b. Types Direct Indirect Owner - Sales Force - Web Sales - Own Stores Partner - N/A - Partner Stores - Wholesaler
- 34. 33 | P a g e c. Phases There are some phases we need to note when building this block: awareness, purchase, delivery, and after sales. For each phrases, manager must proposed the proper strategy. 2.7.4 Customer Relationships a. Definition The Customer Relations block is shown towards the upper right on the Canvas. The book states that this block: describes the types of relationships a company establishes with specific Customer Segments. A comment about motivations, which the book summarizes as: customer acquisitions, customer retention and boosting sales (upselling). b. Types Moving on, the book summarizes typical roles of relationship-types – I’ve added a descriptor to indicate the interaction type in each case: personal assistance (human to human), dedicated personal assistance (human to human), self-service (human to self), automated service (machine to human), communities and co-creation (partners).The organization may also need ‘hands-off’ relationships with some of its stakeholders – for example, knowledge-management community-of-interest, brand-related fan-club, or product discussion forums. 2.7.5 Revenue Streams a. Definition The Revenue Streams block is shown on the lower-right of the Business Model Canvas. The book summarizes this block as follows: the cash a company generates from each Customer Segment and represents the Customer Segment’s quantification of the Value Proposition. Which, bluntly, is likely to give a lethally-incomplete description of the ‘value-returns’ flows of a business-model… b. Types The book suggests the following means to generate value-streams: sale of assets, usage fee, subscription fee, leading or renting or leasing, licensing or royalties, brokerage and advertising. All of which, again, implies the specific subset of transactions that can be mapped or transformed directly into monetary form, which is often dangerously-incomplete. All of this needs mapping of pre- and post- ’monetization’, with an explanation of each transform – and maintenance of any non-’monetisable’ value! Beside that we also have 2 other types such as: periodicity (one-time and recurring) and pricing mechanism (fixed list price, bargaining, auction, market dependent, volume dependent and yield dependent).
- 35. 34 | P a g e 2.7.6 Key Partners a. Definition On Business Model Canvas, the block is shown over on the far left. The book summarizes this block asdescribes the network of suppliers and partners that make the business model work. And main motivations are optimization and economy of scale, reduction of risk and uncertainty and acquisition of particular resources and activities. b. Types The book suggests four different types of partnerships:strategic alliances between non- competitors, competition (strategic alliances between competitors),joint ventures to develop new businesses and buyer-supplier relationships to assure reliable supplies. We might note also that an ordinary ‘hands-off’ or contract-only buyer-supplier relationship actually is also a type of partnership – just not as explicit in its form as a relationship of partners in business. As motivations for partnership- type relationships, the book suggests: optimization and economy of scale, reduction of risk and uncertainty (and also enabling of shared-opportunity) and acquisition of particular resources and activities. 2.7.7 Key Activities a. Definition This block is shown in the upper center-left of the Business Model Canvas. It describes the most important things a company must do to make its business model work. b. Types They categorize key activities as production, problem solving and platform or networkwhich is a very incomplete subset, even for a summary of this type. 2.7.8 Key Resources a. Definition The Key Resources block is shown on the center-left of the Business Model Canvas. It describes the most important assets required to make a business model work. It allows an enterprise to create and offer a Value Proposition, reach markets, maintain relationships with Customer Segments and earn revenues. b. Types We can categorizes assets as follows: physical (material, facilities, equipment), intellectual (brand, IP, partnerships, data), human (people and skills) andfinancial (cash, line of credit, loans). Some time we also can categorize assets as ownership (owned, leased, licensed and acquired from key partners).
- 36. 35 | P a g e 2.7.9 Cost Structure a. Definition This block is shown on the lower-left of the Business Model Canvas. It describes all costs incurred to operate a business model.The book suggests just two business-model cost-structure types:Cost-driven business models focus on minimizing costs whenever possible, aim for lowest-possible cost-structure(e.g. budget airline). Value-driven business models are less concerned about cost, focusing instead on value creation,emphasis on perceived-value such as premium service (e.g. luxury hotel). Such costs can be calculated relatively easily after defining Key Resources, Key Activities and Key Partnerships. b. Types For cost-structures themselves, the book suggests the following characteristics: fixed-cost, which will (usually) be same regardless of scale (e.g. manufacturing-plant); variable-cost which linked to volume, scale, consumables etc.; economies of scale which costs reduce with increasing scale and economies of scope which re-use in other contexts.
- 37. 36 | P a g e 2.9 The Business Model Canvas of Caramel milk-tea shop Table 9: Caramel milk-tea shop’s business model Key partner - Buyer-supplier relationships to assure reliable supplies: we build relationship with Taiwanese bubble supplier and Mongolia flavors supplier. We also have good relationship with reliable domestic suppliers (milk company, tea company and ice-cream company) Key Activities - Production - Problem solving - Network - Marketing Value propositions - Brand: Caramel - Apply Taiwanese services styles more professional, quicker and friendlier. -Price is cheaper than other milk-tea shop in the current market (less than 30%- 50%). - Diversity in flavors and sizes of bubble. - New kind milk- teas from others countries. Customer relationships - Personal assistancecustomer service. - Our first customers begin from our old classmates, school- mates and acquaintances. Customer segments - We chose mass market but we focus on the group people from 12 to 30 years old (students and workers) Key Resources - Physical - Intellectual - Human - Financial Channel - Direct channel - use Sales force - Customers come shop to buy directly (buy less than 5 cups) or they can purchase through telephone and we will deliver product to them (if they buy more than 5 cups) Cost Structure - Fixed costs - Variable costs Revenue streams - Periodicity: we chose recurring, every 2 months. - Form of generation: asset sale milk-tea products. -Pricing mechanism: fix list price and yield management.
- 38. 37 | P a g e Chapter 3: Research methodology The four purposes of this chapter are (1) To describe the research methodology of this study; (2) To explain the sample selection; (3) To describe the procedure used in designingthe instrument and collecting the data and (4) To provide an explanation of the statisticalprocedures used to analyze the data. 3.1 Researchdesign To identify possible strategies Caramel can adopt, the research will take a quantitative analysis approach; it will focus on descriptive analysis. The descriptive approach will give systematic procedures the caramel can focus to increase quality and quantity of customer. 3.2 Sampling Our participants from specific location (District10, Ho Chi Minh City) will be selected randomly. To request an opportunity to conduct an interview with the relevant persons, the researchers will send survey to the random people in park, school, office and supermarket.The aim of the researcher is they will fillingallquestionnaires or interview these people that are involved in planning strategic development for the Caramel store. 3.3 Data collection Data collection will focus on both primary and secondary data. Secondary data is information obtained from previous researches on a subject. Scholars collect and analyze data in most researches; therefore, collecting secondary data is simple and does not call for a technical approach for analysis. In this case, secondary data will mainly come from articles and different materials written about milk-tea article, beverage survey. Plans that are strategically prepared by the government and individuals will contribute significantly in completing the study Primary data is the fresh data collected from the field by a researcher. It contributes significantly in situation analysis because it shows the status quo. The researcher will use quantitative methods of data collection to collect primary data: questionnaires and interviews. The researcher will prepare for interviews or send a questionnaire to the people who’s is target strategy in providing solutions to the challenges. The researcher will formulate clear research questions in both the interviews and questionnaires to help the respondent answer the questions clearly.
- 39. 38 | P a g e 3.4 Data analysis Data will be collected in two weeks. The data collected will be analyzed with relevant data analysis methods and presented in the final stage of strategic planning. Quantitative research methods will be used for data analysis. 3.5Structure This study will have different sections including introduction, literature survey, methodology, results, and interpretation of study results, recommendation and conclusion. Each of the sections mentioned will be provided with relevant information about creating a strategy to open a milk-tea store in take-out style properly.
- 40. 39 | P a g e Chapter 4: Marketing plan 4.1 Product and product strategy A product strategy is the ultimate vision of the product, it as a map guide direction for our shop’s development. As we mentioned above, our target customers are students and official employers, so our products need to be diversify. In the first year, we focus on 3 main antlers as bubble milk tea, coffee-milk and tea. We make sure that the product quality always the best and not change our special flavors. Vietnamese customers are afraid ofunidentified products so we must ensure with customers, all bubble export directly from Taiwan. When opening shop, we have total 12 original flavor bubble tea such as: blueberry, chocolate, green apple, honeydew, taro, passion fruit, raspberry, strawberry, vanilla, mango, lychee and peach. In Vietnam traditional coffee-milk antlers, we have some featured products as: 100% ice coffee, ice coffee-milk 50%, ice coffee- 75% milk, fresh milk and honey milk. About tea antlers we have ginger tea (just use in hot), honey tea, herbal tea, lychee black tea, yoghurt black or green tea and lemon tea. In this period, we have some special products which help our shop different from other bubble tea shop are Taiwanese black tea and bubble tea ice cream. Combine with these drinks we deliver extra foods such as circular glass bead, tube glass bead and pudding (see the table below). Every 3 months, we will launch new product to meet diversity demand of customers as well as bring freshness for our shop.
- 41. 40 | P a g e Table 10: The List of Caramel's product Follow this orientation, in the first 3 months after opening time; we will launch some new products like brown rice green tea, kumquat green tea, bubble tea with flavor black tea and papaya. We also add more 2 flavors ice cream as oranges and mango and some extra foods flavor so customers will have more choice for their mix. Next 3 months, peanut and banana bubble milk tea and chrysanthemums tea are launched to market with one new circular glass bead flavor. 3 last months in the first year, we add a series of 4 new flavors for bubble milk tea product (red bean, watermelon, cherry and coffee) and 2 kinds of tea like red apple and black tea latte. Beside we also continue to supply new favor for glass bead product. In conclusion, after one year open shop, we total have 20 kinds of original bubble milk tea, 6 kinds of ice-cream can combine with original milk tea, 3 kinds of coffee-milk, 12 kinds of tea and more than 10 kinds of extra foods.
- 42. 41 | P a g e 4.2 Product feature and benefit 4.2.1 Bubble milk tea Milk tea is also known as pearl milk tea, boba milk tea, boba tea, tapioca tea, bobanai cha, pearl tea, bubble tea, bubble drink,珍珠奶茶, tapioca pearl drink, momi, momi milk tea, QQ, or any combination above. The oldest known milk tea consisted of a mixture of hot Taiwanese black tea or green tea, small tapioca pearls, condensed milk, and syrup. Many variations were created, the most common of which is served cold rather than hot. Milk tea is generally offered in two distinct ways as a fruit-flavored cream drink and a sweetened fruit drink. Most fruit-flavored cream drink includes powdered non-dairy creamers to "cream" the drink, but some shops also offer fresh milk, ice cream, soy milk, or lactic milk as an alternative. These creamed drinks may or may not include tea as its base liquid. A sweetened fruit drink usually includes crushed-fruit smoothies with tapioca pearls to add fun. Milk tea comes in a variety of different flavors, the most popular being the fruity and creamy ones. Some widely available fruity and creamy flavors include strawberry, green apple, passion fruit, mango, lemon, watermelon, grape, lychee, peach, pineapple, cantaloupe, honeydew, banana, avocado, coconut, and kiwi. Other popular non-fruity and creamy flavors include taro, chocolate, coffee, mocha, black milk tea, thai tea, lavender tea, and rose tea. Some cafes and shops offer non- creamy drinks by using fruit pulp syrups like passion fruit, honeydew, strawberry, and lychee. There are now 250 varieties of flavors and choices of a milk tea drink. 4.2.2 Vietnamese traditional coffee Vietnamese iced coffee is a combination of concentrated coffee brew, condensed (very sweet) milk(do not use evaporated milk; always condensed milk). To brew Vietnamese iced coffee as authentically as possible (though with a specialty coffee twist), we need something
- 43. 42 | P a g e called a phin (one kind of filter). A phin is the name for the little coffee brewer used for this brewing style. A phin is small filter coffee pot. It looks like a hat and sits upon the top of a coffee cup. Inside is a chamber for coffee and room for hot water. It is very basic and simple, and works. Coffee is a very popular drink in many countries. Perhaps no one stimulant is used widely and legally worldwide as coffee. Coffee is sold in many forms, granules, powders or instant bag. You can purchase at any time and buy as much as you can. Ha Vo - Vietnamese herbalist told that “Drinking one to two cups of coffee per day can help your body fresh and flexible”.He is also mentioned in his research that due to stimulate nerves, coffee increased the stress hormones like adrenaline, cortical so be able to enhance the ability to "fight back or run away" help us dynamic, flexible and temporary relief of fatigue. Coffee can help relieve boredom and sleepiness monotonous tasks such as driving, watchman, childcare and sick caregivers.For diabetes, used to have an official popular research on Annals of Internal Medicine journal that drink coffee may reduce the risk of diabetes in healthy people, who does not have cancer, diabetes and cardiovascular. Especially, a recent study by scientists at the University of South Florida showed that coffee has the ability to significantly improve symptoms of Alzheimer’s disease, amnesia disease and occur in the elderly. How to make Vietnamese Iced Coffee-milk by using phin? Step 1: Preparing tools and materials. All you need are 1 phin, 20 grams ground coffee, condensed milk, 1 cup and ice.
- 44. 43 | P a g e Step 2:Adding materials: Condensed milk and coffee. We put condensed milk into glass, depending to your taste, you can use ratio 1:1,1:2 or 3:4 for coffee and milk. This is a 120ml brewer and can hold a max of 15g of coffee. We're adding around 14g for our brew. Step 3: We adding the spreader then add about 20ml of 90C water. After that letting it sleeps a bit, allowing the coffee to expand. We call this period is pre-infusion time. Step 4:Adding another 100ml of brewing water after letting the pre-infusion take place for 20 seconds. Then add the lid to keep the heat in and let the brew take place. The brew may start off slowly at the start but when the brew is about 2/3 of the way,it is speeding up a bit. Step 5:When finish we have a cup with rich, concentrated coffee and the layer of condensed milk. We stir the coffee vigorously to mix the condensed milk layer with the coffee brew.At this point, most of the condensed milk is mixed in with the brewed coffee, but it is still hot, so time to add ice. 4.2.3 Tea According to statistics, tea is the second most popular beverage in the world after water only. That's true, because a part can drink the tea in the form of heat, cold; other parts are also many kinds of tea suit individual preferences. In the world we have more than 1,500 varieties of tea. People drink tea from hundreds of years ago by the great benefits of it. A. Green tea Written in Medical New Today, green tea has may form such as available bottled and sweetened with sugar or an artificial sweetener, in single tea bags, loose-leaf, and in instant- powder. Green tea supplements are sold in capsule form or liquid extracts.
- 45. 44 | P a g e According to the National Cancer Institute, in countries where green tea consumption is high cancer rates tend to be lower, but it is impossible to know for sure whether it is the green tea that prevents cancer in these specific populations or other lifestyle factors. We also have a 2006 study published in the Journal of the American Medical Association concluded that green tea consumption is associated with reduced mortality due to all causes, including cardiovascular disease. Other studies have found that green tea is helpful in preventing dental cavities, stress, chronic fatigue, treating skin conditions and improving arthritis by reducing inflammation.Not only that many studies indicate green tea can fight many diseases, even increased longevity. In large concentrated tea antioxidants called polyphones, it has the ability to fight cancer, osteoporosis and cardiovascular disease-related. B. Lemon tea Lemon tea is a mixture of tea and lemonade. You can use fresh tea, dried tea or instant tea bag to make tea. Cooling tea then cut lemon and squeezed it to get juice, per 500ml of tea we can squeeze 1 lemon. Add a few slices of thinly sliced lemon to decoration. If you like sweet drink, you can add honey in this mixture. Combined the benefits of tea and lemon, lemon tea helps drinkers reduce anxiety. Research has shown that lemonfragrance helps relaxing effect, reducing fatigue, dizziness, nervousness and suspense. As a sharing on privacy blog clairekcreations.com atFebruary 12, 2013, Claire wrote “I have the juice of half a lemon in my tea (some people just have a slice) which filled one cube perfectly. I zested all the lemons first so there was absolutely no wastage and now I have a nice little supply in my freezer ready for baking and cooking”. And she has received 18 comments agreed with her opinion. In addition, in Tracey Roizman’sarticle onhealthyeating.sfgate.com, he use the research of Purdue University to talk about drinking green tea with lemon improves the health benefits of the tea that citrus juice brings out green
- 46. 45 | P a g e tea's antioxidants, making them more available for your body to absorb. Catechins, which prefer the acid environment of the stomach, become degraded in the more alkaline conditions of the small and large intestine, where nutrient absorption takes place. Lemon juice can increase the amount of catechins your body extracts from green tea by up to six times. While compounds in tea can inhibit iron absorption from foods in your diet, drinking your green tea with lemon reduces that effect. C. Ginger tea Ginger tea is a mixture of tea with fresh ginger, some time you can add honey or lemon as your own taste.Ginger tea is now very popular in the world, especially in cold climates.The way to make it is simple and you can do it at home. Firstly, peeling the ginger root and slice it into thin slices. Next, boiling water then add the ginger into saucepan and waiting for 15-20 minutes. After that you can use it. Ginger tea’sflavor characterized by warm and spicy.If you add honey and lemon, it will have a little sweet of sugar and sour taste of lemon. According to Dinh Dung pharmacist’s research (Ha Tinh Pharmaceutical Joint Stock Company),ginger has been used as medicine since more than 5000 years ago because of its valuable medicinal properties. In Burma, China and India, ginger tea is used to prevent and treat the normal flu. In Vietnam, ginger is used to prevent colds, nausea and motion sickness and it is very effective in treating cough. Thank for containing Cineole, ginger can help relieve stress, migraine treatment, and help to refreshing and having a good sleep.Ginger can help to reduce Cholesterol, and reduce heart disease and high blood pressure. In reality, scientific has proven that ginger tea not only increases blood pressure for people with low blood pressure but also help to prevent and reduce high blood pressure for people withblood pressure. Ginger has affection to enhances blood flow to the genitals so the Western countries and North America nowadays, people tend to use ginger instead of Viagra to treat physiologically impotence in male and female. Take one cup of ginger tea before bedtime is not just to protect the health but also can add flavor to the private emotional life of each person.
- 47. 46 | P a g e D. Herbal tea Drinking tea is a habit of many Vietnamese, especially herbal tea. Each type of tea has a distinct aroma gives a different feeling and great taste for customers. There’s nothing nicer on a cold midwinter’s day than a soothing cup of herbal tea. But besides being a tasty, warming, caffeine-free pick-me-up, herbal tea has lots of wonderful health benefits. From soothing a troubled tummy to easing insomnia and calming a troubled mind, herbs have all sorts of healing powers. Drinking herbal tea can also be a great source of vitamins and minerals. The research on Thuc Pham Thuoc newspaper online (Vietnam medical newspaper), they said herbal teas contain antioxidants and they list out all the benefits of herbal tea such as: it can help reduce the risk of heart attack and stroke, protects your bones, give you a sweet smile, support protecting the immune system, helping the body hydrated and enhances metabolic processes.Beside that having a study based on 4,400 women showed that for 6 years, drinking herbal tea regularly reduces the risk of breast cancer in half. E. Brown rice green tea Brown rice tea, known as "Genmaicha" in Japanese, is a special blend of green tea and roasted brown rice. Brown rice tea contains flavonoids, antioxidants, trace minerals and vitamins. The health benefits of brown rice tea are comparable to that of green tea. Brown rice tea has a nutty aroma and flavor, and you can serve it warm or use it to make iced tea. It’s very good for health because it’s rich in Polyphones and lower risk of cancer. Roasted brown rice tea purifies the liver, causing the blood is cleaning. Red blood cells are round and serums are clear. In addition, it also gives you bright ruddy and beautiful complexion, cleaning the blood, not toxic. Less or no longer aches when it's cold.
- 48. 47 | P a g e F. Chrysanthemums tea Chrysanthemum tea is made from chrysanthemum flowers, belonging to the Chrysanthemum morifolium or Chrysanthemum indicum species, which is extremely popular in East Asia, specifically China. Chrysanthemum flowers are usually dried and boiled in hot water in a teapot, cup or glass, to prepare this tea. Sugar or honey is also added to chrysanthemum tea and occasionally, wolfberries are included. The tea that is prepared is transparent and can be bright yellow or pale in color, exuding a floral aroma. In China, after a pot of chrysanthemum tea is emptied, hot water is again added to the flowers. This produces a tea that is less strong than the previous one. The process is repeated several times, until the flowers lose their aroma completely. Traditional Chinese medicine practices still use chrysanthemum tisane for treating conditions such as sore throat and fever. Since long time, people consider chrysanthemum as a kind of herbal tea, which can anti- inflammatory, analgesic and anti-ulcer. Furthermore, compared with other herb teas have heat effect; chrysanthemums also help brighten the eyes, making mental clarity, lowering blood pressure. Chrysanthemums can consistent with both children and adults. In particular, efficient cooling effect of these flowers will be very good for those who regularly have high temperature, heat due to office work, often sitting at a computer, facing stress due to work pressure, less time campaigning and conditions not eating enough nutrients.Additionally, based on information in report of Dan Tri online newspaper, we can summarize the benefits of chrysanthemums tea including as stomach cramps treatment, migraine treatment, reducing dark circles under eyes, improving sleep and treating cramps during menstruation.
- 49. 48 | P a g e G. Kumquat green tea Kumquat green tea is a famous beverage. It is not only a beverage, Kumquat green tea has many health benefits as:Kumquats are low in calories (8 kumquats have little more than 100 calories) and they are full of antioxidants, vitamins, minerals (copper, calcium, potassium, iron, selenium, zinc, manganese), and lots of fiber. Kumquats have polyphenols in them like green tea and beta-carotenes important for your immune system, and even great zeaxanthines, and lutein that are important for eye health. Kumquats contain vitamins A, B’s, C, and E which are important for keeping way degenerative diseases. H. Red apple tea Red apple tea although do not have tea components in raw materials but is still considered as a good cooling tea is for summer. In addition to red apple tea has many health benefits such as: anti-allergy, curing low blood pressure and anti-cancer. Red apple tea in combination with ginger tea will become a suitable tea in cold winter days. Ginger has moisturizing effect, cold treatment, the sweet ofred apple soothes the throat, and apple juice is very good for those with sore throat in cold season.
- 50. 49 | P a g e 4.3 Competition We use the scale from 1 to 5 to evaluate the strengths and weaknesses of competitors as table below: Factor Me Alo Tea Sun Flower Api tea Product 4 3 4 3 Quality 4 3 4 3 Service 4 3 3 2 Selection 3 2 5 2 Price 5 3 2 2 Location 3 3 5 5 Company Reputation 1 2 5 3 Appearance 3 3 5 5 Table 11: Evaluate competitors As you can see the table, Sunflower is taking advantage about the quality. Alo tea is one of the first brands that have been sold the milk-tea but they cannot keep their performance when they began. The quality of Api tea is low too because their target customer are for the one who want cheap product so the customer cannot expect too much their quality The service of our competitors is about the same. It is the Sai Gon culture because in the south of Viet Nam, we always focus on service. We have a statement: “Customer is the god”. So if any store in Ho Chi Minh City doesn’t treat customer like that. They are going the wrong way. In Alo tea and Api tea, the customer don’t have too much the selection to choose for themselves. Contrast to Sunflower, they selection is diversified .Their menu have many kind of milk-tea favor, juice favor and the coffee favor also. But this is the disadvantage of Sunflower also because they don’t have their unique flavor to attract more customers. About the price, the Sunflower is higher than the other competitors. About 20-30% cost compare with Api Tea and Alo Tea. The location is very importance for the business, the location of our competitor is very good. The location of Sunflower is on the street which has many people go on this every day. The Alo Tea is near the Sunflower and the Api tea is near the school.
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How to Write a Business Plan for Your Bubble Tea Shop
As with any other business endeavor, starting a bubble tea shop is not easy. With so many floating factors, aspiring shop owners can become lost before the process even begins. Writing a business plan can seem time-consuming and unnecessary, but the results may help paint a better picture of your store’s potential while dodging possible risks and pitfalls. Having a business plan can ensure a better understanding of your goals from prospective banks, sponsors, manufacturers and the marketplace and also serve as a strategic roadmap for your business.
Things to Keep in Mind Before Starting
Now that you understand the importance of a business plan , you should do your research on bubble tea and look over other business plan templates to jumpstart your own ideas. A good place to start is here . Another great resource is Small Business Administration , which provides counseling on creating a successful business plan. Make sure you set a casual but professional tone in your writing, so readers easily understand your message. Once you have a general grasp on what your business plan is, you can follow these next steps!
Executive Summary
First impressions matter, especially when it involves your business plan. This section should summarize your entire idea in an exciting way that makes the reader want to learn more. A strong executive summary includes a clear mission statement, your store concept and planned execution, and an overview of potential expenses and returns. Even though this is the first page to your business plan, it is best to save this for last after you have a better understanding of your brand.
Company Overview
This is the “who, what, when, where, why” of your business plan. The company overview presents general information such as location, business times and concepts. It also explains your tea shop brand and its unique appeal, store theme, service style, and customer experience.
- Sample Menu - What are you selling and how much? Outline potential costs for menu engineering and designs, and how you’ll test your menu to improve profits.
- Management Team - Include job descriptions and requirements for each employee position (CEO, bobarista manager, financial advisor, etc). If you already hired an experienced team, detail their qualifications and show off their credentials.
Industry Analysis
This is where your research comes in handy. The industry analysis explains the current industry landscape, overall trends and general market for bubble tea, while tying it back to the market interests near your shop’s location. For the latest tea industry trends and insight, refer to World Tea News .
- Target Market - Find your store’s niche. Is bubble tea wildly popular among a certain group? Be sure to identify your customer demographics, characteristics and behaviors in this section. A good place to start researching your target market is here .
- Location Analysis - Explain your choice of location, and discuss infrastructure projects, nearby businesses and residential spots, and the average traffic around your store’s area. Prospective investors want to know if the neighborhood matches your customer profile.
- Competitive Analysis - Are there any bubble tea competitors such as cafes or coffee shops that would affect your business throughout the day? Evaluate whether nearby businesses have similarities so you can adjust accordingly.
Marketing Plan
Before your bubble tea shop is set up, you should have a general idea for marketing it. Explain how you’re going to reach customers efficiently and at little to no additional cost. This section communicates your outreach strategy.
- Branding & Design - After pinpointing your store’s branding concept, you can use it as a foundation for your shop’s aesthetics. For a bubble tea business, you need to identify your service type (take-out, dine-in, hybrid, food truck, etc.) and know what motivates your brand. You can use a strong concept to explain the reasoning behind details such as floor plan and operation, employee uniforms, lighting, and even packaging disposables like cups, lids , and straw styles .
- Customer Database - It’s important to keep track of your customers by understanding their behavior and visiting frequency. This data is valuable because you can use it to improve your store’s customer service and marketing plans. Using CRM tools is a method you can use to manage your customer data, so you can thoughtfully engage your niche while retaining brand loyalty.
- Loyalty Program - Shops offering “Buy X Amount, Get X Amount Free” programs give customers a reason to come back. According the payments platform LevelUp, patrons spend an average of 39% more when they’re close to getting a reward. Will your shop have an incentive system in place?
- Public Relations - This is a way to gain much-needed exposure to the right target. For bubble tea shops, explore marketing your brand through specialty food publications, press releases, newspapers, or even bloggers.
- Advertising & Social Media - Create a Twitter Page, Facebook, Instagram, and even a Yelp business page and include them in this section. Social media is so widely used as free advertisement that you would be doing your store a disservice if you skipped this.
- Community & Charity Involvement - This is optional, but partnering up with local organizations can not only create a better image for your brand, it yields certain tax benefits as well.
Operations Plan
Before your shop is up and running, you should have a detailed outline of your business’ day-to-day procedures from opening until closing time. Your operations plan should include jam-packed information about data upkeep such as inventory, filing, programs used, schedule and payroll management, and more.
- Staff Procedures - Explain bobarista and staff training, the recruiting process, and customer service policies. Is there an staff hierarchy to keep your business in balance? Provide a chart if this is the case. It is also necessary to discuss your rules for enforcement in order to maintain consistency.
- Suppliers - Discuss your store vendors because they will play a huge role in providing ingredients for your bubble tea business. Evaluate your supplier’s reputation and keep in mind their cost, ease of delivery, and overall safety and quality of their products.
- Customer Service - Explain your policies regarding customer service, and the steps you would take to maintain it. If a customer files a complaint, is there a certain protocol to follow? Include your key principles for retaining customer satisfaction while providing quality service.
- POS System & Technology - If you choose to use a POS (point of sale) system to better streamline customer payments and finances, explain this decision. Having the right POS system and technology can show those reading your plan that your shop is professional, organized and up-to-date.
Financial Analysis & Growth Plan
Investors want to know where their money is going and if your business is moving forward, especially during the first year of your business. Expect to provide years of financial information (cash flow, balance sheets) to back-up your statements.
- Investment Plan - How much do you want to receive initially to get your shop up-and-running? You should spend investments on kitchen equipment, general supplies, furniture, legal fees and permits, marketing and payroll, so be sure to include these costs.
- Projected P&L Statement - Otherwise known as your projected income, this is an assessment of your store’s potential growth. It’s difficult to predict outcomes since your business hasn’t even opened yet, but use your research to make logical and educated guesses. Explain how your would profit through potential costs, your target market, and the neighborhood’s overall market.
- Break-Even Analysis - Your investors will also be looking at how long it takes (after operational costs are in place) until your business breaks even. These results are going to vary, so try to be accurate as possible.
- Expected Cash Flow - This section is dependent on inventory/payroll schedules and your staff size. Your shop may perform better during certain seasons when customers crave refreshing beverages, and you should explain why. Show investors that even when business is slow, your shop can still stay afloat without expecting additional help.
How to Make Your Business Plan Stand Out
There are basics such as proofreading, editing, and making sure your writing is easily readable. However, once you truly understand and know the brand you’re selling, that’s when your business plan gets noticed. Emphasize the unique aspects of your store. Does it fulfill a need in that community or possess something your competitors lack? Since you’re starting a bubble tea shop, avoid trying to sell everything about your brand, and focus on its specialty: bubble tea.
Prepare for your Bank Interview
Now that your business plan is ready, you can go into a bank interview prepared. Dress appropriately, arrive on-time, and be respectful and professional. Next thing you know, you’ll be well on your way to getting funding for your shop.
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Bubble Tea Shop Business Plan
- May 16, 2022
Like any other business, starting a bubble tea business can be tricky. Especially when you’re new to all the things about it. You wouldn’t even know where to start and which steps you need to take on.
That’s why you will always need a comprehensive and sound business plan when you start a business– no matter how small or whatever industry you come in.
You may think, “Nah, I don’t need a business plan. It’ll just waste my time!”. Well, it definitely is time-consuming and needs a lot of brain juice to do, and there’s no arguing with that.
But contrary to what you think, you need a business plan before starting anything.
This plan can help you realise the potential of your business in an orderly fashion. Not to mention, it can also speed up your startup’s growth while mitigating the risks and possible pitfalls you might encounter along the way.
When you have a business plan ready at your side, it can also provide prospective financers, partners, sponsors, suppliers, and customers with a comprehensive insight into what you plan to do with the business. They will see you as a thought leader in the industry that considers every aspect of the business.
They will see that you are dead set on achieving your boba tea shop’s goals to the point of having a plan that lays the roadmap for your success.
What’s In A Bubble Tea Business Plan?
For starters, a business plan can vary depending on the industry and environment of the business you will be working in.
Since our business plan revolves around a bubble tea shop, we need to keep in mind the food & beverage industry alongside the competitors that come with it.
In your business plan, it’s important to consider the following sections;
Executive Summary
Business summary, products & services, marketing analysis.
- Strategy & Implementation
Sales Forecast
Organisational plan, financial analysis, industry analysis.
If you successfully write all of these throughout your bubble tea business plan, you’re guaranteed to have a backbone that no one can contest.
How Do You Write A Bubble Tea Shop Business Plan?
Well, we’ve shown you the skeleton right above– but we’re sure you have questions about what that is and how to even write it.
So don’t worry; this article will help you understand how you will go about writing those sections and what things you should consider.
Shall we start?
Your business plan should make a good first impression, especially regarding new businesses on the block. The executive summary will sum up your milk tea business idea innovatively and creatively. It should be engaging and informative at the same time.
And a friendly tip, although this is your first page of the bubble tea business plan, we recommend you do this last when you already have a good grasp of what you want to happen with your bubble tea shop.
This is what your executive summary should contain:
- Objectives for the First Three Years: This explains what you want to achieve in the first three years of your business. This will be the guiding light on which paths you’d go for your business.
- Mission & Vision: This section would be the guiding pillar for your business. It will illuminate your business code of ethics and the practices you will follow within the business.
- Keys to Success: This part of the executive summary will tell you which factors should be accounted for in the business to succeed.
Your business won’t stand alone– there will always be a general idea behind it and the people who build it. The business summary will show anyone who reads your business plan how the business came about to be what it is. It will also show them who legitimately owns the business.
- Startup Summary: This is where you will show the startup started– the story behind how you began.
- Business Ownership: This section describes who are the owners of the bubble tea business paper.
As the name suggests, you will describe all the products and services your bubble tea business will have. Since it’s a bubble tea business, we’re sure you’ll be listing bubble tea flavours, add-ons, tapioca pearls, sizes of cups, possible snacks, pastries, selections of green tea & black tea, and even juices if you’d like.
Every business needs to learn about its market. You need to know about their needs, wants, and demands. It also shows what your other competitors are doing. To help you do that, you need a market analysis that provides the necessary insights into your prospective customers and market competition. It’s basically market research.
- Market Segmentation: Here, you divide your customers by demographic, geographic, behavioural, or psychographic characteristics . This strategy breaks a target market audience into smaller, more manageable segments.
- Target Market: A target market consists of a group of customers who have similar needs for your products and services and have the ability and willingness to purchase your products. In your case, the people who want to buy bubble tea .
Strategy Implementation
In strategy implementation, plans are turned into actions to accomplish goals. Getting stuff done is what it is all about. Organisations succeed when they can effectively execute key processes and implement decisions.
- Marketing Strategy: A general marketing plan for your bubble tea shop should be in place before you open up. Provide an explanation of how you will reach your customers effectively and at a minimal cost.
- Competitive Edge: Well, this awfully is a given, but this is where you think you stand out from the other bubble tea businesses out there. This is your unique selling point that you should maximise.
- Sales Strategy: This is where you write up about the path you’ll take for securing stable, foreseeable revenue through the relationships you build with new and existing customers.
You need to know or estimate how much your bubble tea business will sell in a week, month, quarter, or year, depending on your calculations. Your business will rely on this forecast to account for the future financial decisions you need to make.
Well, a bubble tea business won’t operate without personnel, won’t it? An organisational plan can help you figure out how many people to hire and which people you need for the business to have a smooth and continuous operation.
By the time you start your bubble tea shop, you already have finances in place. You’ll have your capital, equipment, loans, expenses, and many more. You can use this section to calculate crucial current figures and make cash flow projections for the foreseeable future.
Lastly, an industry analysis will show you what the industry you’ll enter will look like for you. It can make you understand the competition, opportunities, and threats you may face when you start the bubble tea business.
- SWOT Analysis: Your business’ strengths, weaknesses, opportunities, and threats can be assessed through SWOT analysis. This analysis can provide you with a new perspective on your business. It can also contribute to the creation or refinement of your business strategy.
- PESTLE Analysis: With this analysis, you can understand an industry’s macro environment. The PESTLE acronym stands for Political, Economic, Social, Technological, Legal, and Environmental factors. Using this method allows a company to understand better the factors that might affect an industry or business.
Making Your Bubble Tea Shop Business Plan Standout
It is crucial to proofread and edit your writing as readable as possible. This way, anyone who reads it will easily understand your goal.
You’ll, however, be able to make your business plan stand out when you completely understand the brand you’re selling .
Make your store stand out by emphasising its unique qualities. How does it meet the needs of that community, or do you possess something other bubble tea brands do not?
Always remember to avoid trying to sell everything about your brand. Since you’re a bubble tea shop , focus on your speciality: bubble tea.
– INSERT A PHOTO FROM OUR SHOP–
Write Your Bubble Tea Business Plan Now
In addition to the sections above, you should also consider the presentation of your PowerPoint and pamphlet when creating your bubble tea business plan.
It is important to make a good first impression on everyone . With this guide, hopefully, you will be able to create a comprehensive and creative business plan for your boba tea business.
But if you want the easiest and most convenient way to build a business plan, you can just straight up have a company copy from a bubble tea franchise (if you ever happen to avail of one).
Best of luck, and let us know if this helped you out in building a plan for your bubble tea store!
Is bubble tea still popular?
Bubble tea is gaining popularity across markets, with the trend continuing to soar. A total of US$2.4 billion was generated by the bubble tea market in 2019. The industry’s value is predicted to reach US$4 billion by 2027 .
So yes, it’s still popular.
Who is the target market for bubble tea?
Based on research and current trends online, the majority of bubble tea consumers are Millennials and GenZs. These are people around the age of 15 – 30 years old. With that being said, you should cater to these people’s wants, needs, and demands if you want your bubble tea business to succeed.
What are the objectives of a bubble tea shop business plan?
Well, some of the objectives we can share with you from our Pearl Lemon Boba philosophy are:
- To invest in quality assets that will help sustain the quality of our products,
- To perform better than our industry competitors, and
- To serve our customers the best bubble tea with a smile.
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