1. What the business does–product/service description

Bamboo cutlery deals in making utensils from the bamboo wood. This wood is very much used to make utensils as utensils made of this wood are good for making food. These utensils not only affordable but also they are very good at making food with them. This is a very profitable business and very efficient as well that bamboo cutlery is used worldwide to make food. People love to use this cutlery as they have fine quality and very good looks as well.

The design of this cutlery is also great and it helps to make food quickly as food made with it easily. This is the best alternative of plastic utensils as they are easy to clean and have the best sustainability to use it for a long time. It includes all kitchen utensils like knives, forks, spoons, straws, and chopsticks made with best bamboo wood having fine quality and attractive shapes.

Name of the Business / Franchise

Business Name is Bamboo Cutlery and it has franchises in the UK, India and other countries in the world. 

2.      Explanation of your business choice by Identifying the competitive advantages (derived from macro & industry factors analysis)

Ans. Its macro analysis explains that it has distributed in almost seven regions like Eastern Europe, Asia-Pacific excl, Middle East & Africa, Latin America and Japan along with North America. It has a positive outlook in every region and its prolonged usage makes its priority on the use of plastic products and disposable utensils as well. It’s no harmful effects makes it more friendly with the user and it has a clan process to be manufactured which makes it safe to use. Bamboo wooden Cutlery has an increasing consumer rate and it will exceed in the near future as a must. 

The financial and accounting perspective also very much important for the business point of view. So the most important cost of the business is its start up cost. Before starting any business first must determine the complete start up cost that give an idea how much cost will be utilized in real for starting any business. Start up costing sheet is very helpful sheet in this regard and provide all the particular items that are important for the business. This activity must be conducted as part of planning of the business. Following is the start up sheet of the organization.

The startup cost is the very basic element of the organization and through this it can start the business in proper way and according to its budget. The second most important element of the organization is the profit and loss statement of every month that explain in simple way how much company is going to earn in the current month and its annual report show that how much the revenue is going to increase as per month and what are problems are going to face in this situation. Here is the example of profit and loss statement of the organization.

 Further analysis is also very much important for business point of view because the proper check and balance must be required to determine whether the financial condition of the business is manageable or not. When the finance of the business come in particular order then many key financial ratios and different calculations are playing very important role for keeping the finance healthy of the business and also verify many different potential problems. Ratios are very helpful in determining that what are the areas that are causing problems for the business and in every industry these ratios are going to be different. Now few of the different ratios and calculations are going to discuss below:

Sales calculation: Breakeven analysis=total fixed costs/average price of each product/service-average cost of each product/service.

Margin= (sales-cost of goods sold)/Sales*100

Markup= (sales-cost of goods sold)/cost of goods sold*100

Mark down price= original price-(original price*markdown)

Profit ratios: Gross profit margin ratio= gross profit/sales

Net profit margin=net profit/sales:1.0

Return on investment= net profit/owner’s equity

Liquidity ratios: Current ratio=current asset/current liabilities

Quick ratio= (current asset-inventory)/current liabilities

Finance ratio: Debt to equity ratio=total liabilities/total equity

Loan to value ratio: (loan amount/property value)*100

Efficiency ratio: Accounts receivable turnover ratio=total sales/accounts receivables

Accounts payable turnover ratio: cost of goods sold /accounts payable

Inventory turnover ratio= cost of goods sold/0.5*(opening inventory + closing inventory)

Cash flow statements and budgeting system is also very much important for the business. Cash flow statements helps to explain that what is the ingoing and outgoing t cash in the business and how much it gives benefit to the business and what are cash changes are going to produce in the business so this statement is very helpful for the business. At the start of the business this is not possible to develop budgets accurately but with the passage of time the management of the organization very much aware of all the estimations and build a well define budget system so all the required items must be determine before the actual usage and it help business o determine its performance as compare to its budget.

Competitor analysis on Bamboo Cutlery and it has franchises in the UK,

A person or an organization against whom other person or organization is competing is known as competitor. Competitor includes a business organization or company in the business field that offer same product or services in the same industry. Consumers have more alternative to choose from if the competitors are present in the industry. To grab the maximum share of market competitors try to reduce the price of product. There are some forms of competitors that are present in the market; total budget competitors, generic competitors, product competitors and brand competitors. Identification of competitors is very much important as it help in handle the business and also supportive to production and selling department of the organization. Some techniques are going to used in better identification of the competitors; market research, solicit customer feedback check online communities or community forums on social media.

Then it is also important to analyze the competitors that help organizations to identify the threats and opportunities to the organization as comper to the competitive industrial environment. It also assessment for potential competitors and its strengths and weaknesses. In making the organization strategy the competitor analysis is also an important part of organization. The analysis of data and information related to competitors that help in promoting intelligence that in making the strategic decision making very helpful.

3.      Description of the business, its social impact and an explanation &justification for your choice

Our team selected this business as this business trend means bamboo wooden cutlery trend is increasing day by day on a global basis. As we researched and idealize that we deal best in this business if we select this project to work on. At first, we find that maybe it becomes costly for us as wood now a day is costly. Later we researched and meet with the current businessmen working in bamboo wooden cutlery making provide us all the information that is needed to make this business successful. This gave us the vast idea that doing this business is not a stupid or costly idea. (Katie Morley, 2018) 

This business is very groomed as the use of bamboo wooden cutlery is very trending now a day and hence people are very excited to use these utensils to be used in their kitchens to cook their food. The best thing about this business is that people support this socially very well. With the help of social media surveys and researches, we idealize this that people are very fond of using woody cutlery. People say that it is more durable than plastic cutlery that it is free from harmful effects and it makes the food healthy as well.

They do not conduct heat and it is easy to carry them while cooking as they do not burn hands while catching it without using any gloves. It has the specialty to resist heat which makes it more user-friendly. The utensils like pots and spoons, knives, chopsticks do not get heat on the flame as compared to other melamine or silver pots. It has a great social likeness that its inter-material do not get mixed into the food and do not react with food cooking inside it. Our project is very human-friendly and it has the best effects among the people. (Handyntrendy.shop, 2018)

Socially it is highly appreciated and it is said that to use such cutlery is a great idea to keep people healthy. But some people argue and protests against wooden cutlery as they think that wooden cutlery is making the amount of treeless. Because trees are going to cut for it. But it was later cleared by their manufacturers that as we are cutting trees for making bamboo wooden cutlery including spoons, knives, chopsticks, frocks, pots and other food cooking spoons. We are also growing more trees in compensation to this and hence it will not reduce the amount of wood we have. The use of wooden cutlery is so much vast now that its market is grown very much. As people find very dangerous aspects of using plastic utensils. Consumers are very fond of using wooden utensils and bamboo utensils industry is growing well with best future results guaranteed for sure to be seen by us globally.

Explain your launch strategy and what you will do to get the brand known

Now a day starting a new business is easy compared to launching it and making it highlighted in the eye of people. As this is the world of competition and our business has already many of the competitors present in the market. They all are working on the same project of making wooden utensils of kitchen use. We are also introducing bamboo wooden utensils so it becomes tough for us to launch us uniquely. Social media is the easiest way to market your products at less cost having the bulk of consumers using social media platform. (Cloudways.com, 2018)

Our competitors have used all marketing techniques like online marketing and door to door marketing as well. When we planned to launch our business we try to do something different and that is we introduced some amount of discount on the opening or launching ceremony of our business. We will do it for sure as people love discounts and they when buy on low price feel safe as they are going to trust a new person. Our launching scheme will give us a more positive response for sure. We also made a website of our business that has SEO optimized content that will research more on Google and rank high for sure.

We have contacted many professional bloggers that have the ability to rank our product high and it catches and gains more traffic on all social media platforms for sure. An open recommendation center will be provided to users on our website that will help them to ask as more question as they want to satisfy themselves. Email marketing technique also is preferred as professionally people support emails and liked to receive such emails of business. (Estela Viñarás, 2019)

 This business is very groomed as the use of bamboo wooden cutlery is very trending now a day and hence people are very excited to use these utensils to be used in their kitchens to cook their food. The best thing about this business is that people support this socially very well. The use of wooden cutlery is so much vast now that its market is grown very much. As people find very dangerous aspects of using plastic utensils. Consumers are very fond of using wooden utensils and bamboo utensils industry is growing well with best future results guaranteed for sure to be seen by us globally.

With the help of social media surveys and researches, we idealize this that people are very fond of using woody cutlery. People say that it is more durable than plastic cutlery that it is free from harmful effects and it makes the food healthy as well. We have planned to make many of the FAQ's for our business so that people can have complete knowledge regarding our business and hence they can satisfy them completely. This will be a positive approach to our bamboo wooden cutlery business branding or marketing. People will have all the basic information they should have to use our product. (Walkersands.com, 2019

Reference of Bamboo cutlery

 Cloudways.com, 2018. Ultimate Launch Marketing Plan for Startups. [Online] 

Available at: https://www.cloudways.com/blog/best-startup-launch-marketing-plan/

Estela Viñarás, 2019. 10 marketing strategies for your product launch. [Online]
Available at: https://www.cyberclick.es/numericalblogen/10-marketing-strategies-for-your-product-launch

Handyntrendy.shop, 2018. Why Wooden Cutlery is better than others. [Online]
Available at: https://www.handyntrendy.shop/why-wooden-cutlery-is-better-than-others/

Katie Morley, 2018. Consumer backlash over wooden cutlery. [Online]
Available at: https://www.telegraph.co.uk/news/2018/07/17/consumer-backlash-wooden-cutlery/

Walkersands.com, 2019. How to Create a Product Launch Marketing Plan. [Online]
Available at: https://www.walkersands.com/how-to-create-a-product-launch-marketing-plan/