1 by libbydale98

hon

men

k r o a j

RAMEN FOR ONE

04 Competitor analysis

31. Market Positioning 33. Porter’s 5 forces 35. Competitor sectors overview

05 Business overview

table of contents

39. Revenue stream 41. Who are we? 42. Why eat out alone? 43. Vision/ mission/ values 49. Brand pyramid

06 Branding 01 Introduction

1. Rationale 1. Introduction 2. Report aim and objectives 3. Methodology 5. Research Limitations

02 The opportunity

10. Stage one reflections 11. The Issue 13. Key Insights 14. The proposal 15. Concept testing 17. Innovation in South Korea

03 Market Overview

21. Solo dining info-graphic 23. UK restaurant market 23. Solo dining market 24. UK ‘ethnic’ restaurant market 24. PESTLE analysis 25. Market drivers

53. Logo 54. Brand colours 56. Brand fonts

07 Strategic Direction

59. Marketing aims and objectives 60. Consumer analysis 65. Marketing 7Ps

08 Communications Plan 73. Aims and Objectives 75. Reach 77. Act 79. Convert 81. Engage 83. Social media 89. Timeline

09 Finance

Profit and Loss Cash Flow Sensitivity

10 The future 3-5 Year Plan New Location

11 The conclusion K.P.Is

12 Admin Appendix reference list bibliography image references

libby dale n0755232 word count 8912

i confirm that this work has gained ethical approval and that i have faithfully observed the terms of the approval

introduction one

rationale introduction report aim and objectives methodology research limitations

AIMS AND OBJECTIVES report AIM To give an in-depth analysis of HR within the current business environment in order to create a convincing report and viable business idea.

rationale In recent years, dining out has become less like a treat, less formal and more of a commodity (Appendix Expert 2). Our eating habits have changed due to the busy lifestyles we possess, leading to an increase in takeaways as well as quick service restaurants (Appendix Expert 2). The food industry is heavily influenced by changes in consumer trends and purchase behaviours (Group 9, 2019). As consumer habits change the restaurant industry must adapt to meet consumerâ&#x20AC;&#x2122;s growing expectation for innovation in order to remain relevant. People in the UK are working longer hours, living in urban areas and more people are living alone (Kleinenberg, 2012). Meaning traditional meal times are much harder to sustain leading to an increase of people eating alone (Forbes, 2016). The restaurant industry has seen a 38% increase in reservations for one between 2014 and 2017 (Linney, 2019). As the number of solo diners increases in the UK, do we need a restaurant brand which focuses on the needs of this growing consumer group?

THE OBJECTIVES 01) To present an innovative business idea and marketing strategy which makes the restaurant experience more comfortable for solo diners. 02)To produce a professional, Industry-standard report which is convincing and credible. 03)To produce a marketing and communications plan which is in line with HRâ&#x20AC;&#x2122;s core values.

introduction 1.0 This report aims to give an in-depth analysis of Honjok Ramen (HR), a casual dining restaurant which aims to make dining alone a more comfortable experience. The report will include an in-depth analysis of the UK restaurant market; the competitive landscape; an overview of the business idea and a financial forecast in order to prove the viability of the business. The brand concept was built around consumer insights and market trends driving solo dining. HR will be designed to exclusively meet the needs of those who eat alone by responding to the unmet needs of solo diners in the restaurant industry.

METHODOLOGY Research sample

research aim To gain a deep understanding of the solo diner’s needs and desires to develop a restaurant concept which is consumer-centric and responsive to changes in the market.

Research objectives 01) To get an understanding of the unmet needs and issues that solo diners currently face. 02) To use reliable research methods to produce a realistic and convincing business idea with academic credibility. 3) To examine the areas for growth within the market and potential competitors. 4) To gain industry knowledge by speaking to experts with a good understanding of the market and the business environment. 5) To test the HR concept with industry professionals and the target consumer in order to gauge the brand success.

Males and females aged 25- 45 were used in the questionnaire and focus group. These were split into younger millennial (25-24-year-olds) and older millennials (35-45-year-olds) in order to further segment the large group who may be at different stages in their life in order to allow a comparison between the groups. The sample for the focus group was specifically 25- 45-year-old males and females who have eaten alone in public. This enabled a good representation of HR’s target consumer as secondary research highlighted that the young professional demographic is driving the solo dining trend (Houton and Walker, 2019).

secondary research In order to gain insight into the market HR will compete within, a wide range of secondary research sources were used. These included academic journals, reports from brands within the food and drinks industry and reports from data collection specialists as well as academic journals. Using a wide range of sources enabled different viewpoints to be taken into consideration and overall well-rounded exploration of the market and consumer landscape.

research limitations Often the financial reports used were from the previous year, which is not representative of the current market situation. However, these were used in conjunction with market growth predictions from leading researchers in order to estimate the growth of the markets that HR will compete within.

PRIMARY RESEARCH Primary research methods were used in conjunction with secondary research methods. Qualitative research methods were used as they enabled in-depth insights to be discovered about the ‘real world’ which were specific to HR, including information about the target consumer and expert opinions from industry professionals. This was beneficial in providing data which could not be obtained by using secondary research methods alone (Massis and Kammerlander, 2020).

RESEARCH LIMITATIONS research method questionnaire

phone interviews

Advantages

limitations

The questionnaire was conducted using a variety of questions requiring both qualitative and quantitative responses. The purpose of the questionnaire was to get a brief understanding of the target demographic’s opinions on solo dining as well as uncovering some of the problems they face when eating alone in public. Therefore, it was conducted before the focus group in the early stages of developing the concept. 100 respondents answered a questionnaire making it a valid source for data to use in the report and for percentages to be used to represent respondents. Phone call interviews were used to get quotes for costs such as rent and card machine rates. This helped to get a reliable estimate for the start-up costs for the brand. This was important as it enabled the cash-flow and profit and loss accounts to be realistic which was crucial for ensuring the correct amount of finance was sourced.

Focus groups

After the questionnaire was conducted, a focus group was set up to gain a deeper understanding of the consumer’s needs and desires and to test different concepts and pricing. Open questions were asked and discussion between the respondents was encouraged to help uncover insights. The focus group also aimed to test the concept of the brand and aspects of the customer experience with the target consumer. Alpha/ Beta testing was used to test different concepts that included visual representations to help respondents better understand the two options they were given.

expert interviews

Experts were sourced using Linkedin, they were then asked up to 5 questions over email. Expert interviews were used to test the business concept, this pushed the idea as it gave different opinions which helped with developing the brand. A range of experts were targeted including marketers, restaurant owners, entrepreneurs, magazine editors and trend forecasters. The respondents included a food magazine editor, a food and drinks marketer and a buyer working within the food and drinks sector. All of the experts had a good understanding of the solo dining trend and the current consumer landscape.

61% of the respondents were aged 24-34 and 39% were aged between 35-45 making the results less representative of the 35-45 age group and therefore of the older millennial consumer, This was addressed when planning for the focus group where an equal amount of respondents were chosen from the two age categories in order to get an equal representation of people across the millennial age group. The qualitative responses which required written answers had a lower response rate and some of the answers felt rushed.

Some brands were reluctant to give quotes over the phone or they were not allowed to due to agreements with suppliers. This meant some costs had to be estimated by using secondary research methods which could have impacted the validity of some of the costs. In addition to this, uncertainty in the British economy could lead to costs to change (Appendix 1). This was taken into account when deciding on the amount of start-up finance that would be needed, which was made slightly higher to account for any changes in costs.

One of the key limitations of the focus group was group bias, with respondents influencing each other’s answers. To reduce the impact of group bias, respondents were asked to write down their preferred option when doing the alpha-beta testing before it was discussed as a group. This also encouraged better discussion within the group as respondents didn’t just agree with one another but sometimes had opposing opinions which led to respondents justifying their choice leading to more insights. However, respondents still could have said answers which they thought they should say rather than their own opinion. The focus group had to be conducted over video call which may have affected the level of interaction between respondents and therefore, the number of insights gained.

The founder of Eenmaal, a brand which also exclusively targets solo diners showed interest in answering questions when contacted on Linkedin but did not respond to the email with questions after a follow-up. This could be due to the risk of sharing sensitive information. Therefore, when contacting experts they needed to be sent from a university email address with a clear project proposal. As well as ensuring respondents that they did not have to answer all of the questions to maximise the number of responses.

the opportunity two

STAGE ONE REFLECTIONS THE issue key insights the proposal concept testing innovation in south korea

REFLECTION STAGE ONE REFLECTION

â&#x20AC;&#x153;Solitude is a contreversal concept. Often wrongly equated with isolation and lonelinessâ&#x20AC;?. (Dossey, 2016. p.77)

The Stage One report (Dale, 2020) discussed the opportunities that the single living trend has created for fashion brands targeting single females. The report concluded that the biggest opportunity for fashion brand was to use positive representation and empowerment of single females and those who live alone (Dale, 2020). By adapting narratives which celebrate singledom and by avoiding stereotypes (DePaulo, 2011; Dale, 2020). Other industries could benefit by adapting their product or service to better suit people who partake in activities alone as in the past, marketers have failed to do this due to the stigma surrounding solitude. (DePaulo, 2011).The shift in people choosing to live alone has led to a change in eating habits and feelings towards eating alone which is shaping the UK restaurant industry (Linney, 2019). Similarly, to the single living trend, the solo dining trend is being driven by young professionals (LSN, 2019). Stage One (Dale, 2019) highlighted that this consumer seeks convenience and partake in activities such as eating alone due to circumstance and choice.

THE ISSUE The number of solo diner restaurant bookings has grown 38% between 2014 and 2017 (Linney, 2019). Partaking in activities alone is becoming more socially acceptable with busy work lives therefore people are often alone due to convenience and personal circumstances (Dale, 2020), with nearly a third of Europeans often eating every meal alone (Mintel, 2019) and two-thirds of consumers recognising that eating alone is a great way to have quality time to yourself (Fleming, 2019). However, according to NPD (2020), 8/10 solo restaurant purchases are eaten away from the place that they were purchased. NPD (2020) suggests that this is due to the stigma attached to dining alone. Primary research results supported this finding, with focus group respondents agreeing that “judgement” and “self confidence” were issues they faced when eating alone (Appendix 17). It is likely that the reluctancy for solo diners to eat in a restaurant alone still exists due to the communal setting with most restaurants designed with groups in mind. “When you sit alone, you are literally forced to sit across from an empty chair, underlining the fact you are by yourself” (Kim, 2019. pp1). Therefore, solo diners do not get to enjoy the restaurant experience as much as groups. Highlighting a need for a change to the restaurant experience which is more inclusive of solo diner’s unique needs. Restaurants can adapt their offering to encourage solo diners to eat out in public.

How can the restaurant experience be improved FOR SOLO DINERS? “Staff that don’t get shocked when you say table for one”

“let them choose where to sit e.g. in the corner”

“tables specifically for one person

“Sit them away from groupS”

“smaller tables”

“a menu for people eating alone with smaller portion sizes”

“don’t put them next to groups”

“provide magazines/ newspapers”

“ask if they want the bill when they’re finished”

(Appendix 13)

KEY INSIGHTS the solution consumers are partaking in activities alone such as eating due to convenience and choice. not because they are lonely.

A restaurant which helps to break the taboo surrounding eating alone as people who eat alone are not lonely. A space specifically designed for the solo diner, in a market where restaurants are designed with groups in mind. A place for people who have busy stressful lives in the city to escape and where the solo dining experience can be honoured and indulged.

the proposal BEING alone offers consumers a rare chance to escape modern-day life.

A casual dining restaurant, exclusively designed for people eating alone due. The restaurant will be fitted with booths for privacy which allow people to use meal times as an escape from their hectic lives, whilst allowing them to enjoy the benefits of solo dining without feeling judged.

the aim HR aims to bridge the gap and make eating alone in public an enjoyable experience for solo diners, just as much as it is for people in groups by identifying and solving the unmet needs of solo diners.

People fail to enjoy Partaking in be activities alone due to stigmatisation which has been adopted by marketers in the past

CONCEPT TESTING Concept testing was used to find out solo diner’s preferences when eating out alone. There is a debate surrounding the restaurant seating arrangement which solo diners prefer. Cheng (2020) suggests that restaurants should group small tables together to make solo diners feel less lonely. Other scholars recognise that for solo diners eating alone allows them a chance to escape others (Kleinenberg, 2012; Depaulo, 2011). These scholars recognise that solo diners are often not ‘lonely’ but choose to eat alone due to convenience and as an act of self- care (Kleinenberg, 2012; DePaulo, 2011).

“I think it’s a fantastic idea and I do think the market is ready for a restaurant which serves solo diners... I think it’s an excellent idea to help/encourage people to dine out and reach out to like minded people at a solo diner.”

Alpha/ Beta testing was used to test the two different concepts (Appendix 17). Respondents expressed a preference towards a restaurant which enabled them time to escape from social interaction “If you were lonely maybe you’d want to go there to socialise... But if you’ve been to work and stuff you probably just want some time alone” (Appendix 17). The questionnaire results revealed a similar opinion. Respondents expressed a desire to be seated away from other people, especially groups. “Sit them away from groups” and “tables specifically for one person” (Appendix 13) were common responses. This could be due to the assumption that people who partake in activities alone are lonely (DePaulo, 2011) as mentioned in Stage 1 (Dale, 2020). The research concluded that overall, most people who dine alone due to choice prefer a restaurant which allows solo diners a chance to enjoy their own company without judgement. In order to test the concept further, an overview of the concept was given to industry professionals who were shown the initial concept which received a positive reaction (Appendix Expert 2 and Expert 3).

(Appendix Expert 2)

“Sounds unique and original – very good idea to target people travelling on their own” (Appendix Expert 3)

INNOVATION IN SOUTH KOREA A renaissance for solo dining is taking place across South Korea due to similar reasons to an increase in solo dining in the UK (Kim, 2017). A rapidly declining birthrate has put stress on a population which works longer hours is leading to people living busy, stressful lives (Dutton, 2016).South Korea is also seeing an increase in people living alone (Dutton, 2016). Therefore, many South Koreans eat alone as it allows them convenience and an escape from society (Kim, 2017). The trend is being driven by a change in societal views with slang- terms being adopted to describe solo diners for example Honjok (being alone) (Linney, 2019). South Korean restaurant brands have responded to the solo dining trend with traditional communal eateries being redesigned for solo diners, one person eateries and individual booth fixtures are common in urban areas (Kim, 2019). At Dokgojin, solo diners can sit in a cubicle with a private grill, serving single portions in front of a personal TV set (Kim, 2017). The restaurant innovation seen in Korea was used as inspiration for HR, for example, the single booth seating arrangement. However, ideas were adapted to better meet European culture and the tastes of the UK consumer.

market overview three

solo dining market infographic Uk restaurant market the solo dining market â&#x20AC;&#x2DC;ethnicâ&#x20AC;&#x2122; restaurant market pestle market drivers

UK SOLO DINING MArKET OVERVIEW

38% more bookings

£18

each week

The restaurant industry saw a 38% increase in reservations for one between 2014 and 2017 (Linney, 2019).

89%

8/10

Of solo diner visits

solo diner restaurant purchases

last year were to quickservice restaurant (Cheng, 2020).

are eaten away from the place that they are purchased from. (NPD, 2020)

The average Brit spends £18 each week eating out (Group 9, 2019)

1.7 Million

80% 25- 34

people

year olds

are happy to eat out alone (Biddlecombe, 2019).

visit a restauarant at least once a week (Group 9, 2019).

2/5 of the MARKET Solo eating out visits (including delievery orders) make up 2/5ths of the UK’s £11.6 billion restaurant market (Cheng, 2020).

Percentage of restaurant visits

the percentage of restaurant visits for each party size 2019 35 35 30 30 25 25 20 20 15 15 10 10 5

3 2 4 Party Size

5+ (NPD, 2020)

UK RESTAURANT MARKET THE UK RESTAUrant market overview THE ETHNIC RESTAURANT MARKET

The UK restaurant market has seen difficult times in recent years due to rising costs, strong competition and weakening consumer demand (MCA, 2019). In 2019, the UK restaurant market saw its biggest decline in seven years, (MCA, 2019).The market is heavily influened by changes in consumer trends and purchase behaviours (Group 9, 2019). Mintel expects the market to recover with ethnic restaurants, takeaways and solo restaurant visits highlighted as areas of expected growth (Mintel, 2020).

Market Size £11.6 Billion (cheng, 2020)

The UK ‘ethnic’ takeaway and restaurant market was worth £12.6 billion in 2019 (Mintel, 2020). £5.6 billion - restaurants £7 billion- Takeaways. Ethnic restaurants forecasted to grow by 3% from £5.6 billion in 2019 to reach 5.8 billion in 2024 (Mintel, 2020).The growth of the UK ethnic restaurants and takeaways market is being driven by affluent but time-poor consumers (Mintel, 2020).

Market size: £5.6 billion (Mintel, 2020)

pestle analysis A PESTLE analysis was conducted in order to get a better understanding of the factors which could influence restaurant brands in the current macro environment (Appendix 1).

THE SOLO DINING MARKET Although overall growth rates of the UK restaurant industry has slowed in recent years, solo dining is an area for growth and opportunity within the market (Cheng, 2020). Solo eatingout grew twice as fast as all other visits in 2019 (NPD, 2020) making up 2/5ths of the UK restaurant market worth £4.6billion (Cheng, 2020). The solo dining market is part of the solo economy which refers to the growing industry which specifically targets single consumers (Dutton, 2016). The solo economy is shaping the food and drinks industry, with more quick convenient restaurants and delivery services becoming increasingly popular (Dutton, 2016).

Market size: £4.6billion (cheng, 2020)

MARKET DRIVERS An analysis of the key drivers for the solo dining trend was conducted to gain a better understanding of the solo dining market and the consumer landscape. This was necessary to understand the reasons that consumer are eating alone.

Me-time Consumers are desiring more privacy and independence (Biddlecombe, 2019). While meals are typically associated with bonding and connecting, solo dining presents an opportunity to escape social interaction (Bickerton, 2019). Millennials recognise that eating out is a joy that should not just be confined to social occasions (Biddlecombe, 2019). For example, two-thirds of consumers agree that eating alone is a great way to have quality time to yourself (Fleming, 2019). The need for time alone is increasing, eating alone allows consumes a rare chance to escape and disconnect from the world (Bickerton, 2019). Psychologist Carter (2012) suggests that solitude is particularly important in todayâ&#x20AC;&#x2122;s world as it enables the mind to reboot for increased concentration and mental well being. Although many people can realise the benefits of eating alone (Fleming, 2019), some scholars suggest that some people are still hesitant due to the feeling of loneliness and social exclusion (Eunsol and Soobin, 2018). This could be the reason that 8/10 solo diners choose to take away as opposed to eating in-store (NPD, 2019). HR will aim to encourage people to stay in-store to eat by making consumers aware of the benefits of eating alone and creating an environment which is inclusive of solo diners by offering singular booths.

â&#x20AC;&#x153;Solo diners have a straight forward agenda: to treat themselves to a gift of quality and contemplative timeâ&#x20AC;? (Tripadvisor, 2018)

single living The increase in people living alone is driving change across the restaurant industry. Over 35% of households in the UK are owned by solo dwellers and this number is increasing (Euromonitor, 2014). As household sizes are getting smaller, mealtime ritual is harder to sustain causing more people to look for convenience (Forbes, 2016). Young, urban professionals are driving the single living trend (LSN, 2019). It is important to note, that single consumers are particularly powerful, they spend 92% of their disposable income compared to 83% of two-person households (ONS, 2019). Euromonitor (2014) predicts that single person households will grow faster than any other type of household by 2030 which will drive growth in the solo economy suggesting that solo dwellers should be considered when targeting solo diners.

“Years ago, people used to schedule their lives around meals, now we eat around our schedules” (Hawkins and Smith, 2019 pp1)

convenience Busier lifestyles have led to a shift in purchase behaviour when it comes to food (Forbes, 2016). Eating alone is becoming particularly popular amongst affluent, urban individuals, who lack time to cook (Bickerton, 2019). People are working longer hours and finishing tasks while dining (Michel, 2014). Compared to all eat-out visits solo visits are 59% more likely to involve an order made at a self- ordering Kiosk (NPD, 2020). However, the desire for convenience foods is often at the sacrifice of an individual’s health (Linney, 2019). The questionnaire results highlighted a desire for solo diners to eat at fast food outlets when asked to name a place where they felt comfortable eating alone “McDonalds” was the most common answer (Appendix 15). This is contradictory considering 9/10 millennials identify healthy eating as the key to personal well-being (Coughlin, 2019). This is likely to be because brands which suit the needs of solo diners offer convenience and pre-made food at the expense of nutrition. Ensuring HR offers a service which is convenient by using technology to speed up the restaurant process and a product which is high in nutrition and freshly made will be key to success and set the brand apart from competitors.

Single Person Households % of households 2013 35+ 30.0-34.9 20.0-29.9 10.0-19.9 0.0-9.9 Not Illustrated

(Euromonitor, 2014)

COMPETITOR ANALYSIS FOUR

market positioning porterâ&#x20AC;&#x2122;s 5 forces competitor sectors overview

MARKET POSITIONING A market positioning map was used to position HR in the market place. The brands plotted on the map operate within Shoreditch, London as this is where the first HR store will be placed. High and low diner appeal refers to the extent to which restaurants appeal to those who dine alone. This was decided by using the solo diner preferences and concerns which were highlighted in the competitor analysis table (Appendix 30) as well as the insights gained in the focus group (Appendix 17). ‘Formal’ and ‘casual’ refers to the restaurant atmosphere and level of service provided, the formal restaurants require booking and provide a full restaurant service whereas the casual restaurants have less formal service and seating arrangements. The benefit of using this model is it helps to highlight potential gaps in the market (Riley, 2017). It revealed that there are no other casual dining restaurants which are currently offering a service with a high lone diner appeal operating near the brand’s positioning. However, an issue with using the model is that the gaps highlighted do not necessarily mean that there is a demand for a product or service that would operate in the market gap (Riley, 2017). Therefore, the model has been used alongside other research methods to test factors such as market readiness and to test consumer opinions of the brand (Appendix 17). When used in conjunction with other methods, the model suggests that operating as a casual solo dining restaurant is a good opportunity for the brand as it is an area of the market with no direct competitors.

The restaurants in the top right section have a high ‘lone diner appeal’ and offer a more formal restaurant experience. These restaurants have been specifically designed to meet the needs of solo diners. They operate at the higher end of the market to HR and therefore would not be in direct competition with the brand.

formal FORMAL, SOLO FOCUS EENMAAL the barbary

Low lone diner appeal HONJOK WAGAMAMA STARBUCKS costa Pret McDonalds The brands in this segment have a casual atmosphere. They appeal to solo diners due to their low wait time and the ability for diners to ‘grab and go’ making them a convenient option for a solo diner. These are not direct competitors as HR appeals to people who want a place to sit and enjoy the restaurant experience alone.

HIGH LONE DINER APPEAL

bao wasabi leon YO SUSHI

CASUAL, SOLO FOCUS

CASUAL, SOLO APPEAL

casual

The restaurants located in this area of the market appeal to the solo diner due to their short wait times and casual restaurant setting. However, these restaurants also target groups. Concept testing revealed that solo diners do not like to be seated near groups or other diners (Appendix 17). Therefore, they are not in direct competition with HR who exclusively offer lone diners personal booths.

PORTER’S FIVE FORCES Figure 31

COMPETITOR SECTORS OVERVIEW

med

THREAT OF NEW ENTRANTS

LOW

BARGAINING POWER OF SUPPLIERS

RIVALRY AMONGST EXISTING COMPETITORS

THREAT OF SUBSTITUTE PRODUCTS OR SERVICE

med/ high The purpose of Porter’s 5 Forces model is to gain strategic insight as to how a firm can compete more effectively within its industry (Dobbs, 2014)(appendix 31). Porter’s five forces (1998) competitive analysis identifies the fundamental competitive forces that determine the relative attractiveness of the industry. The model is beneficial as it enables an evaluation of HR’s strategic position within the market place, as it takes into account a broad range of competitors beyond the obvious, creating a better understanding of HR’s desired competitive position.

Figure 30

BARGAINING POWER OF BUYERS

med/ high

Exploring competitor sectors enabled a more vigorous understanding of the solo dining market (Appendix 30). The market map showed that HR does not have direct competitors. However, indirect competitors must be considered which are offering similar benefits which appeal to the solo diner. The table (Appendix 30) ranks HR’s competitor sectors from most similar to HR to least similar, the most similar restaurants are in closer competition with HR as they offer similar benefits. The issues and unmet needs are areas which are important as these are unmet needs that HR can hope to solve, to give them a competitive edge. The table highlighted that the competitive industries which solo diners use often offer unutritional food, and are places where solo diners may choose to not sit in and eat at due to the busy environment with groups of people. HR offers booths to allow solo diners chance to be alone and away from other diners allowing them a chance to escape whilst they eat.

brand overview FIVE

revenue stream who are we? why eat alone? vision/ mission/ values brand pyramid

REVENUE STREAM restaurant diners The brand’s revenue will come from customer spending in the restaurant on food, drink and sides. Research highlighted that restaurants have quiet periods of the day where revenue is low but costs can remain high due to the fixed costs involved in keeping the restaurant open (Wu, 2020). This may be a particular risk to HR as an expert interview highlighted that solo diners may spend less and leave sooner, without spending as much money as groups “they (solo diners) usually eat and leave, without purchasing extras (sharing platters, wine). Unlike groups and couples who are more suggestible to extra bread, another bottle of wine and pudding when in a group environment” (Appendix Expert 2). HR will combat this by providing a space where people can work, this will also provide more revenue through people buying small dishes and drinks .“Adding tricks like pull-out desks, power sockets and table ordering for those who want to stay longer to work could increase spending”. (Cheng, 2020) in order to increase revenue during quieter times.

BUSINESS MODEL HR will be a Private Limited Company, this means that the business owner can only risk the capital that they pay into the business, without being liable to pay off any debts and without the risk of losing personal assets (Entrepeneur, 2020).

WHO ARE WE?

WHY EAT OUT ALONE?

We are a casual dining restaurant, exclusively for solo diners serving hearty South Korean inspired dishes, made to order in less than 15 minutes. Our consumers live busy lives and often end up eating alone due to convenience. We want to encourage solo diners to take a short amount of time out of their busy day to treat themselves to some good food in their own company. Our booths allow diners to get some much needed time to escape in a judgement-free environment where they can slurp their noodles as loudly as they please. We invite them to stay and make use of our booths provided with plug sockets and WIFI for a quiet place to get inspired, away from the noise of the city.

enjoy a new ENVIRONMENT Without being confined to your hotel room or office desk.

ME-TIME Eating alone is a rare chance to escape from others in a hyper-connected world.

HONJOK RAMEN our usP

ENJOY THE FOOD With-out distraction, or worrying about slurping your noodles too loudly. Slurp like nobody is watching.

VISION A world where the solo dining experience is enjoyed just as much as eating in a group.

HONJOK RAMEN

MISSION To create a space where people can zone out from their busy lives in the city to enjoy good food in their own company.

OUR VALUES

a place to escape

At HR, we believe mealtimes are a rare chance to escape our busy lives. Spending time to eat alone allows us a chance to reflect and enjoy our own company.

Customer focus

Everything from our seating arrangement to our menu has been designed with the needs of solo diners in mind. We want to make the solo dining experience just as enjoyable as dining with a group.

high quality

Although we are speedy, we do not sacrifice the quality of our food. We use the freshest quality ingredients to give an authentic taste of South Korea

BRAND PYRAMID

OUR USP

Using meal times as an escape.

brand essence Down- to earth, understanding, tongue- in- cheek, light-hearted, relaxed.

brand personality As life in the city becomes increasingly stressful, millennials are seeking chances to unwind and destress. Eating at HR allows them time to themselves to escape busy city life and societal pressures. Eating at HR is an act of self- care.

emotional benefit HR allows consumers to enjoy the benefits of a restaurant experience even if they are short on time, with fresh produce and nutritional meals.

functional benefit

Nowhere else in London offers a casual dining space exclusively for those eating alone. Eating alone in our restaurant is the norm.

Nutritional, hearty food which is convenient and delivered to the consumer with a short wait time. Consumers can order from the iPads in store or from their phone, speeding up the process for those short on time. The booths provide consumers with their own space fitted with plug sockets and free wifi enabling them to use the space for work.

features and attributes

branding six

logo brand colours fonts

k r o a k r j jo a

k r o j a

men

k r o j a

hon

#d4e7de

men

hon

#e589a9

hon

men men

hohno hon n

k r o a j k r k r o a o jj a

memneenn m

k r o k j jo ara

hon hon

#4e2bff

#e9455a

hon

#4e2bff and #e589a9 #e589a9 and #d4e7de #e9455a and #4e2bff

hhoon n

hon hohnon

hon

Complimentary colour combinations:

menen m

k r o j ok raa j

memnen

men

k r o j a

BRAND COLOURS

men

k r o j a

men

hon

brand board

Typography

brand illustrations

“Aliens and Cows” For headings

ABCDEFGHIJKL MNOPQRSTUVW XYZ “Bebas Neue” for sub-headings

ABCDEFGHIJKL MNOPQRSTUVW XYZ

“Microsoft Sans Serif” For body text abcdefghijklmno pqrstuvwxyz ABCDEFGHIJKLMNO PQRSTUVWXYZ

DIGITAL inspiration

HONJOK RAMEN Book a booth

Our menu

Co-working

Honjok life

PIRNT inspiration

strategic direction seven

marketing strategy consumer analysis marketing 7 ps

MARKETING STRATEGY

CONSUMER ANALYSIS millennials

aim To build brand awareness and to inform the target consumer of the brandâ&#x20AC;&#x2122;s solo diner USP.

Objectives

1) To build brand awareness using paid and unpaid marketing methods

The market overview suggested that diners are eating alone due to a variety of reasons (pg25). HRâ&#x20AC;&#x2122;s target consumer can be segmented demographically as a millennial. Macke (2018) defines millennials as adults born between 1977 and 1994. This group is aged between 24- 41 meaning many people will have entered the working world. Millennials are more open to new ways of doing things, more willing to experiment with grocery delivery, streaming services and the gig economy if it means the service is made more convenient even if they are alone (Macke, 2018; Dutton, 2016). Millenials will likely be open to trying HR if it means that the brand provides a restaurant experience which is more convenient and adds more value to their lives than traditional restaurant formats.

2) To make the target consumer aware of the brandâ&#x20AC;&#x2122;s mission which is to make the solo dining experience one that is enjoyed just as much as eating as a group 3) To build interest around the unique brand idea and generate earned and unpaid media by doing so. 4) To encourage people to sit and eat in-store who may not have eaten in a restaurant alone before. As opposed to their desk or hotel room.

THE ‘ME-TIME’ DINER KATIE, 34 Likes

dislikes

Taking yoga classes to relax and unwind from life in the city. Katie enjoys reading books and classifies herself as a ‘bookworm’ She enjoys trying new foods and different types of cuisines from around the world and is open to trying new dishes. Katie appreciates a place where she can relax without distractions from loud groups of people.

Katie doesn’t like reading from a tablet, and much prefers to have a physical copy of her books. She’s not a fan of busy, crowded restaurants with rowdy groups as it means she can’t relax or concentrate. Katie doesn’t like spending too much time on her phone, although she uses Instagram and Facebook to keep in contact with friends and family. She’s trying to reduce her screen-time.

She likes somewhere where she can sit and mark student’s work in a nice environment or read a book after she has finished eating. Plug sockets are a must when eating out so she can use her laptop.

go- to order Katie usually goes to eat at HR in the evenings after work once a week. Katie is a vegetarian so she usually goes for the mushroom or tofu ramen with a side of vegetable dumplings. She’ll have this with a glass of water but always orders a medium glass of merlot for after her meal whilst she reads her book. Katie is a regular customer and prefers to order at the bar as she’s friendly with the waiting staff. She likes to have a window seat so she can observe the people walking down the street as she eats and she likes the natural lighting for reading her book after.

CHARACTERISTICS Introvert

Extrovert

Relaxed

Stressed

Patient

Impatient

Lots of free Time

Busy schedule

THE CONVENIENCE DINER rob, 29

Likes

dislikes

Rob enjoys travelling and exploring different cities, when he’s travelling alone he always visits local restaurants as he thinks its a great place to take in the atmosphere. He’s a big fan of having the latest technology, and considers himself a bit of a tech nerd. He appreciates brands which are innovative and use technology to improve the customer experience. He likes looking at food pictures on Instagram and follows lots of food blogger accounts.

Waiting around for the bill or staff to take his order when he’s dining alone especially if he’s short on time. He doesn’t like that a lot of convenient places have unhealthy, low quality food although sometimes he’s been known to sacrifice food quality when he’s short on time. Eating alone at busy places, although he prefers to do this than eat at his work desk as he likes escape the office on his break.

Rob likes place where he can enjoy the restaurant experience with good freshly made food on his lunch break but quick service is important so he can get back on time. Instagram, Twitter and Linkedin are his favourite social media sites.

go- to order

CHARACTERISTICS

Rob is a big fan of the beef ramen and likes to post a shot of his food on his Instagram story. He also loves the chicken dumplings. He usually orders through the website when he sits down and knows what he’s having before he arrives. He’ll look at the Instagram feed to see what looks good before he decides.

Introvert

Extrovert

Relaxed

Stressed

Patient

Impatient

Lots of free Time

Busy schedule

THE MARKETING MIX product The food served at HR will be South Korean inspired cuisine as the brand concept is influenced by the solo dining movement in South Korea (Kim, 2017). According to NPD (2019), ethnic food restaurants are trending with quickservice ethnic restaurants growing 46% more than the total UK restaurant market. Ramen has been chosen as the restaurant’s star dish as it is an authentic South Korean food. It is difficult to eat in public but, in HR’s booths consumers can enjoy their food without judgement. The focus group respondents revealed, “If you go to a restaurant alone you are stuck to one dish, as if you order more you can’t really eat it all on your own” (Appendix 17). An expert interview revealed a similar opinion “Offer solo diners a set solo menu, or a discount.” (Appendix Expert 1). In addition to the ramen, smaller, cheaper plates will be available which allow solo diners to try more from the menu without paying a high price or having too much food adding value to their experience. As well as favouring convenience, millennials want to eat healthier food, “8/10 millennials believe that healthy eating is key to longevity and wellness” (Cheng, 2019). The

competitor analysis (Pg 35) highlighted that indirect competitors in the fast-food industry serve unhealthy food. HR will serve made to order dishes, made with fresh produce. Allowing workers on their lunch break to have convenient food which is also nutritional, making them feel positive when purchasing food from HR.

the booths Booths will be fitted with plug sockets and wifi will be available so diners can use the space to work.

price The price of the dishes will be competitive with other casual dining restaurants at £11£14.50 (Appendix 20).

place The first HR restaurant will be located in Shoreditch, London.“London is a very busy city, the need for an excused disconnection from time to time is growing” (Michel, 2014). HR’s concept is based around allowing people time to de-stress and escape from their busy lives when eating alone, making London an ideal place for the brand to be located. A premise on Charlotte Road in Shoreditch has been chosen. The ‘Shoreditch Triangle’ is a busy area, occupied by many thriving creative and tech businesses and is well served by hotels, shops, amenities and transport (Move Hut, 2020). This area has a high footfall and is close to the target consumer who may work in offices nearby or be staying in a nearby hotel. It also has good transport links for people who want to travel to the restaurant.

“London is ideal because it has a lot of people travelling alone for business as well as a growing one person economy” * (Goodchild, 2014. pg 1).

*The creator of solo dining pop-up restaurant, Eenmaal on why london as an ideal locatioon for a solo dining restaurant.

PHYSICAL

restaurant Aesthetic

restaurant design

Order ipads x 3 Kitchen bar

toilet

booths An expert interview suggested that atmosphere may be affected in a restaurant solely designed for solo diners. â&#x20AC;&#x153;By having a restaurant full of solo-diners, you may have a very quiet atmosphere - which can be off-puttingâ&#x20AC;? (Appendix Expert 2).This will be taken into consideration when designing the restaurant layout, for example by having an open kitchen in the middle of the restaurant.

comms plan eight

aim and objectives reach act convert engage social media timeline

COMMUNICATIONS PLAN race model aim The aim of the communications plan is to build brand awareness amongst the target consumer and make them aware of the brandâ&#x20AC;&#x2122;s USP.

Objectives 1) To increase social media following to 2000 followers within the first year of operating. 2) To increase the number of covers by 60% from the first month to the last month of the year.

The Race Model groups communications tactics in chronological order, from when the consumer is first made aware of the brand to the engagement with the consumer after a sale (Appendix 3). The communications plan has been designed to include marketing activities within each of these four groups. An article by McKinsey (2009) expresses the importance of considering consumer touch-points when creating a communications plan. The benefit of using the model is it puts equal importance on all of the touch-points that consumers will come into contact with and ensures that points such as after-sale are considered when deciding on the marketing activities. This is was beneficial to HR as a start-up brand as it is easy to put more emphasis on building brand awareness, without thinking about the long term relationship with the consumer which is vital for ensuring success and retaining customers.

4) To engage with the target consumer and create a sense of community amongst solo diners. 5) To use a range of paid, shared, owned and earned media techniques to reach consumers.

REACH OPEN NIGHT The Eenmaal pop-up restaurant received lots of unpaid press when the brand launched “Print media, radio and television producers all over the world have covered it (the brand) and we’ve received very positive reactions via social media, blogs and visitors” (Patowary, 2015. Pg 1). HR aims to also build a similar hype when the brand launches, an open night will take place where local journalists will be invited to try the HR experience. There are many articles and discussion boards which talk about solo dining online from magazine articles to blog posts. Authors of articles such as “Solo dining London: the best places to eat by yourself” (Crowe, 2019) and “13 superb places to dine alone in London” (Orbaum, 2019) will be amongst those on the guest list as these are local journalists who already have an interest in solo dining. Guests will be served a meal in their own company, encouraging them to spend some time to unwind and enjoy HR’s food. They will be sent a press release beforehand which will familiarise them with the aim of the brand and to ensure they understand the concept and to encourage them to write an article or blog post or social media post about the brand when they leave helping the brand to gain awareness.

geo targeted advertisements Another method that HR will use to increase brand awareness is using Geo-targeted adverts. Geotargeted adverts are location-targeted adverts which help brands to focus advertising on areas where the target consumer will be found (Google, 2020). These will be placed using Google Ads. The advertisements will be sent out just before lunch and dinner times, at 12 pm and 5 pm when people may be planning what they will be having to eat and are hungry to promote new dishes, in-store events and promotions. For HR, this will be people who work nearby or may be staying in a nearby hotel (Pg 60). The main benefit of this is it could help to increase the brand’s return on investment (Google, 2020) as advertising money is being used to focus on the people who are most likely to use the brand. This is better than using mass advertising techniques which do not discriminate on location such as television adverts or newspaper adverts (Brahim, Aved and Laussel, 2011). Targeting location is particularly important to HR as a stand-alone restaurant as the brand only needs to target people who can access the restaurant. This will help to increase awareness and revenue for the business.

Solo dining in London

Honjok Ramen | South Korean ramen house | For solo diners

AD Honjokramen.co.uk

Our booth seating arrangement fitted with plug sockets is perfect for those looking for somewhere

ACT Guerilla marketing Guerilla marketing is an advertising strategy which involves using unusual approaches to get maximum results from minimal resources (Behal, 2014). For HR this will involve tables designed for one being set up around popular public eating areas in London based around the insight that people who eat alone do so in informal places such as public benches and steps in the summer “(when eating alone) I’d choose to sit outside on a bench” (Appendix 17). According to Behal (2014), digital technologies when used in conjunction with guerilla marketing techniques can be used to engage customers. The HR tables will feature a QR code which people can scan, this will bring them to the HR website and will grant them an exclusive promotion offer of 25% off in-store. 46% of millennials are looking for deals more often (Beckett, 2019). This will help to encourage the target consumer to try the brand.

collaboration with local hotel

Tables set up on steps with QR code scanner

why not try our in-store booths? exclusively for solo diners with 25% off your food bill with the code solodininginlondon

Exclusive promotion page

Partnership marketing is a collaboration between two or more organisations with the intent to develop a marketing plan to meet each of their respective goals in an arrangement which benefits each partner (Kunitzky, 2010). Partnering up with another local business can help to build brand awareness and a sense of community (Crane, 2018). This will be done through a collaboration with a local hotel, this will consist of a mutual agreement where HR will promote the hotel in exchange for the promotion of HR’s events such as the co-working nights. For this to be successful, the brands must share complementary core competencies. A hotel collaboration has been chosen as HR’s target consumer travels for work (Pg 60) making the hotel an opportunity for a brand touch-point. HR aims to encourage people to eat outside of their hotel rooms and to eat out in a restaurant when travelling alone.

on- screen ordering

CONVERT

Digital food sales are expected to grow from 6% to 30% by 2025 (Restaurant Dive, 2019) showing a trend towards on-screen ordering. According to Cheng (2020) solo diners who prefer speed and convenience favour places which offer kiosk ordering. This may be particularly important to HR’s target consumer who may be short on time (Pg 60). However, when solo diners were asked for their preference, the questionnaire results were divided (Appendix 14) with 51% of the respondents preferring to order with a member of staff and 39% preferring to order digitally. Due to this divide, ordering iPads will be available when people walk in, as well as an option to order from their phone or at the bar with a member of staff for those who prefer. Focus group respondents expressed that although they do not like talking to other diners when eating alone, interaction with waiting staff was welcome. “A quick chat whilst your ordering is nice” (Appendix 17). Respondents also recognised that if they visited a restaurant on their lunch break they would be less inclined to chat “if you want to get work done you really don’t want to talk to anyone else, you probably want to be by yourself” (Appendix 17). Showing that giving consumers a choice is the best option when ordering. Regardless of whether they are ordering on screen or at the bar, diners will be required to pay the bill when they order. When asked about issues when eating alone, focus group respondents expressed waiting for the bill as an issue they face. “If I’ve popped in on my lunch break I don’t want to be sat waiting to pay” (Appendix 17).HR will require people to pay when they order to speed up the process for diners.

Would you be more likely to eat alone in a restaurant with no interaction from the waiting staff e.g you order yourself from an ipad in store?(Appendix 14) 11% Not sure 39% Yes

on-line booking Online booth booking is available, guests can pay a £5 refundable deposit online or in-store so they can ensure that they get a booth. “Noshows” account for 5-20% of total restaurant booking across the country, costing restaurants thousands of pounds (Thomas, 2018). The deposit takes this risk away of reserving the booths whilst providing peace of mind to customers that they will be guaranteed a seat. However, to remain accessible and convenient, half of the restaurant will always remain open for walk-ins to avoid disappointment.

51% No

ENGAGE honjok-life magazine

co-working nights

As mentioned previously there was a sense of online community amongst solo diners with blog posts about the best places to eat alone and discussion boards about solo dining being common. The Honjok life magazine will be designed to help build a sense of community amongst HRâ&#x20AC;&#x2122;s solo diners a group which has been stigmatised in the past (NPD, 2020). The 20-page magazine will be released monthly and will be available on the in-store and online. The magazine will include content which is relevant to people who eat alone or may be staying in London alone from places to visit alone in London, tips for solo travel as well as updates and advertisements for in-store events such as the Co-working evenings and competitions. The magazine will also encourage people to spend less time on their phones. 32% of Brits go on their phone whilst eating (Mintel, 2019). This sits well with the brand values which encourages people to take time out from the outside world when eating alone.

In addition to the ability for diners to use the booths for work if they spend over ÂŁ10. Coworking nights will take place once a week where diners can sit at a communal table to work. According to Wu (2020) as the gig economy becomes normal, communal office and work spaces have risen in popularity. HRâ&#x20AC;&#x2122;s target consumer may want a place to work away from their hotel room if they are travelling (Pg 60). Therefore, the brand will use the hotel collaboration to market these evenings and invite new consumers to visit the restaurant.

SOCIAL MEDIA STRATEGY Social media can be used to reach and engage with consumers (Appel, 2019). Sharing foodservice experiences on social media often forms part of the millennial’s restaurant experience, for solo diners this can provide them with a greater sense of community and belonging (Dutton, 2016).

INSTAGRAMMABLE DISHES The ramen bowls will be designed to look ‘Instagrammable’ which means it looks good enough for people to post on social media. According to research, 18-35-year-olds spend five days a year browsing food images on Instagram, and 30 per cent would avoid a restaurant if their Instagram presence was weak (Hosie, 2017). Highlighting the importance of food that is ‘Instagramable’. Ghrelin levels, the hormone that tells us that we’re hungry increase after viewing photos of food (Maid, 2019). HR should take professional-looking photos for the social media pages and ensure the food looks good enough to photograph when it reaches customers by training kitchen staff and using aesthetically pleasing ingredients. A photographer will be hired quarterly to shoot the new menu dishes which will be used for the Instagram posts, the website and the geotargeted adverts. In order to help build awareness amongst new customers by social media sharing.

FREE DUMPLINGS CAMPAIGN To incentivise the sharing of HRâ&#x20AC;&#x2122;s food on social media, the share for free dumplings campaign will treat diners to free dumplings if they share a post using the campaignâ&#x20AC;&#x2122;s hashtag #ShareForDumplings and tag the brand on Instagram. They will then receive a message in their inbox for a code which allows them to have free dumplings next time they order ramen in store. This aims to encourage customers to return to the store, keeping them engaged with the brand as well as building brand awareness amongst the followers of the people posting who are likely to be target consumers of the brand.

#ShareForDumplings

WEBSITE

Link to social media sites Work space information and co-working nights

The brand website

HONJOK RAMEN Book a booth

Our menu

Co-working

The brand website will be designed to be informative it will include the restaurant menu, as well as basic information such as opening hours and contact information. The website will also provide a place where people can pre-book a booth in advance as well as enabling people to order more food or drink to their booth when in-store. This will help to create a seamless, omni-channel customer experience.

Honjok life

Online booking page

Honjok Life Magazine

Visual menu

COMMS TIMELINE

SHAPE OF SALES

jan feb mar apr may jun jul aug sep oct nov dec JAN Open night for press Artilcles/ posts shared about the brand Brand website launch Online shop launched through website for bookings and orders

SHape of sales year 1 Highest monthly sales figure of the year

Seasonal menu development

Food photography for menu and website

Monthlly sales figure

Seasonal menu posts (Winter, spring, summer autumn) Geo- targeted Google ads Valentines Instagram competition Valentines evening Additonal outside seats added 0

Hotel collaboarion

JAN

FEB

Mar

Apr

may

jun

jul

aug

(Appendix 24)

Instagram competitions Share for free dumplings campaign

A sales forecast graph was created by predicting the key months in the year where the target consumer is more likely to spend money on eating out alone. The growth each month was estimated in response to the potential success of each of the marketing activities by looking at the success of activities for similar brands. The graph takes into account the fact that some of the customer will return throughout the year which is why there is an incremental increase.

Customer food reposts Loyalty scheme Guirella marketing campaign New issue of Honjok llife Magazine available Monthly news letter

KEY:

paid, earned, Shared, owned 89

sep

oct

nov

dec

jan

THREE YEAR MARKETING ONE TO THREE YEAR FOCUS OVERVIEW

year one:

year three

FOCUS: Building brand awareness amongst the tar-

FOCUS: Reaching maximum capacity by opening for

get consumer and making the consumer to increase customer numbers at lunch and dinner and begin to make use of the restaurant during quieter periods of the day.

service at breakfast and increasing capacity at quieter times.

OVERVIEW:

Year one will consist of using marketing expenditure to increase brand awareness amongst the target consumer by using a guerilla marketing campaign which targets those eating alone on their lunch break and geo-targeted adverts. Towards the end of year one, the restaurant will be almost reaching full capacity at lunch and dinner times and will have a few customers using the booths during quiet hours.

In year three, when the brand is well established a breakfast menu will be developed and the brand will extend opening hours by opening at 7:30am to appeal to people who work in the local area. This will increase staff costs but aims to increase overall profit for the brand. The store will also be open longer hours for co-working.

year two: FOCUS: Increasing the use of the booths at quieter times by promoting the co-working possibilities to increase revenue and profit.

OVERVIEW:

In year two, the restaurant will be starting to reach full capacity at busy hours. Therefore, as well as engaging with current customers to encourage them to return, spending on promoting the co-working space will be increased to utilise the booths at quieter times in order to increase revenue. More co-working nights will be offered once the brand is better established and regular customers are coming back to use the space to work. The brand will begin B2B marketing with nearby workplaces by offering promotions and collaborating with brands s to encourage nearby workers to use the restaurant and booth facilities at off-peak hours.

finance nine

introduction 1.0 aim AND OBJECTIVES 1.1 METHODOLOGY

START-UP FINANCE Friends, family and personal

£5,000

+ Grant

£10,000

+ angel investors

£50,000

The brand will require a £75,000 cash injection in January to cover costs throughout the first year of operating. Ensuring enough cash was injected into the business at the beginning of the year will be crucial for ensuring success (Appendix 25). The brand aims to raise this amount by seeking investment from friends and family, a grant from the local council and angel investors.

ANGEL investors Angel investors will be sort to raise most of the finance for the brand. The brand’s strong business plan and financial forecast will make investment attractive to angel investors who will receive a percentage of the brand’s earnings. Angel investors have an interest in the brand success and therefore lend their knowledge and expertise to the business owner (Veture Giants, 2020) which will be beneficial to HR as a start-up.

grant HR will apply for a grant from the local council. The brand plans to hire 7 full-time staff in the first year, employee numbers will increased to 8 in the second year and 10 in the third year. In addition to being a significant employer in the area, the brand will support local suppliers and overalll be beneficial to the local economy. A grant would be an ideal source of finance as HR will not need to pay back the finance granted.

friends and family A small amount of money will be sort from friends, family and personal savings as an interest free source of finance with a flexible pay back time.

START-UP COSTS

YEAR ONE MARKETING COSTS

(Appendix 21)

(Appendix) Start-up marketing costs= ÂŁ2227 (Appendix 27)

In the first year, the operational start-up costs The marketing costs will increase in year two and are high. However,the FOH and BOH costs only and three (Appendix 28) as the brand becomes have to be paid once, with a smaller amount of profitable and money can be reinvested to help cash required to maintain the FOH and BOH grow the brand further. in following years this requires a large initial investment but the P+L accounts estimate that the brand will see a good return on the investment in the future (Appendix 27). Other significant costs include business rates which must be paid annually and rent which will be paid every month.

Year One Total Marketing costs= ÂŁ11,913

PROFIT AND LOSS year 1

THREE YEAR P+L OVERVIEW

(appendix 27)

BREAKEVEN

A profit and loss account was created to estimate when the brand will break even. The brand is estimated to break even in July as revenue has increased enough to cover the high staff and rent costs each month. The brand will end the year with a loss of -ÂŁ28106. However, this is not a cause for concern as due to the high start-up costs it is normal for restaurant brands to not make a profit in the first year of operating (Arthur, 2017).

(appendix 28)

Year two In the second year, the end of year net profit is estimated to be positive. Expenses will remain at a similar figure due to the increased expenditure on marketing, with the introduction of B2B marketing. Staff costs will only increase slightly as the marketing will focus on increasing revenue at quiet periods when staff would already be present. The increased spending on marketing is likely to lead to an increase in revenue and profit in year 2.

Year three In year three, staff costs will increase due to the introduction of more full-time staff to meet the demand of the longer opening hours for breakfast. Due to the longer opening hours, it is predicted that the brandâ&#x20AC;&#x2122;s revenue will increase as the restauant begins to reach full capacity at breakfast, lunch and dinner and the brand will become more profitable.

100

SENSITIVITY ANALYSIS

CASH FLOW FORECAST

(appendix 26)

A sensitivity analysis was conducted to test the brand’s sensitivity to changes in sales. The table revealed that the brand is highly sensitive to reductions in revenue as when sales are 20% less than predicted the brand sees a large fall in net profit from -£28106 to -£116857 in the first year. This would be detrimental to the brand. However, due to the unique concept and ideal location for the solo diner consumer, it is highly likely that HR will reach the base case number of sales each year.

101

A cash flow was conducted to estimate the inflows and outflows of cash into the business. This enabled a suitable amount of startup finance to be sourced which will ensure the brand’s cash balance remains positive throughout the year (Appendix 25).

102

the future ten

introduction 1.0 aim AND OBJECTIVES 1.1 METHODOLOGY

KEY PERFORMANCE INDICATORS K.P.Is will be set to measure the brandâ&#x20AC;&#x2122;s success from year to year.

AIm To increase social media following to 2000 followers within the first year of operating.

To increase the amount of revenue by 60% from the first month to the last month of the year.

To build brand awareness amongst the target consumer

Measuring the ROI of the guirella marketing campaign

MEASUREMENT Number of social media followers and engagement rates will be compared periodically. Data analytics will be used to observe the posts with the highest engagement and those which helped to gain the most followers. The EPOS system used in store will collect data on the number of orders and the average spend per head of each customer. This can be compared between the first and second year of operating in order to observe revenue growth rates as well as looking at the financial statements. The number of visitors to the brand website each month can be analysed as well as the percentage of website traffic which has come from organic searches v.s the website visits from Google Ads. This will help to gauge which of the marketing activities have helped to improve brand awareness. The brand can analyse the number of website visits from the QR code scanned from the guirella maketing campaign. The information from the EPOS system instore will also allow the brand to see how many people have used the discount code and therefore the ROI from the campaign.

105

106

GROWTH PLAN In order to increase growth into the future once the HR store in Shoreditch has reached its maximum capacity the brand will open new stores in key business areas around the UK. This will increase the efficiency of the brand as it will benefits from economies of scale. â&#x20AC;&#x153;Single unit operators canâ&#x20AC;&#x2122;t compete with multi-sites. for reasons such as ordering power/ stockprice reductions/ sharing costs/ centralising costs. You must expand to survive â&#x20AC;&#x153;(Gerrard, Unknown). By opening more stores HR can reduce costs and compete more competitively in the highly competitive UK restaurant market into the future, The second store will be opened in Canary Wharf, London in the fifth year when the brand has saved enough money to inject into the start-up of a new sight.

CONCLUSION To conclude, HR has taken a consumer- centric approach to innovating the restaurant service in a market which currently fails to meet all of the needs of solo diners. The concept and brand activities have been developed from key consumer insights and market trends which have led to a unique proposal. The product and service have been designed to meet the needs of those who dine alone as a consequence of modern-day urban life which received positive reactions from the target consumer and industry professionals. The financial estimations for the brand also suggest that the business plan is viable and could prove successful into the future with potential areas for growth highlighted. Overall, HR offers a restaurant which enables consumers to use meal times as a short retreat from their busy lives in the city.

107

108

admin Appendix reference list bibliography image references

PESTLE ANALYSIS risk political

economic

social

Due to the pound’s drop in value, food prices have risen at the fastest pace in over 7 years, making restaurant profit margins tighter. This could get worse as food tariffs for imports from the EU increase the cost of food (Vice, 2019).

med

Figure 1 risk

Implication Rises in food costs will influence the profit margins that HR make, this may have to be absorbed by increasing prices which could affect the

technological

Digital food sales are expected to grow from 6% to 30% by 2025 (restaurant Dive, 2019).

In 2019, salaries in the UK continued to rise at the fastest rate for a decade, up by 3.9% year on year (BDO, 2020).

People of working age have more disposible income to spend on goods such as visiting a restauraunt. However, this often leads to inflation and an increase in the cost of goods.

ePOS systems and enterprise software enables restaurants to better manage stock and data. Enabling brands to better compete and to reduce costs (Group 9, 2019).

Barclaycard identified that more than half of consumers are prioritising paying for a good experience over spending on possessions (Group 9, 2019). According to Waitrose (2019), 38% of consumers have become less materialistic over the past decade.

This positively impacts the restaurants and bars sector (BDO, 2020). However, the brand must ensure it is offering a unique experience.

Data is becoming increasingly important for the restaurant industry as it enables more insights and to know what customers really want. It enables more customer- centric marketing (Group 9, 2019).

The brand menu must include a range of options for people with vegetarian and vegan diets in order to avoid

Restaurants are required by UK law to register the business with their local authority. This is a requirement under the Food Premises Regulations act 1991 (Contact Law, 2020).

The number of vegans in the UK has quadrupled to 600,00 since 2014 (BBC Food, 2019). With vegans and vegetarians expected to make up one quarter of the population and flexitarians half by 2025 (BBC Food, 2019). Sales of meat free foods have risen 22% since 2013 (Linney, 2019).

According to Mintel’s 2030 Global food and drink trends report, smart diets is a trend expected to grow over the next decade, personal data will power consumer choice with biological data helping them to better understand all aspects of their health (Mintel, 2020). Food and drinks brands could use this opportunity to create personalised recipes or individualised products (Mintel, 2020).

“8/10 millennials believe that healthy eating is key to longevity and wellness” (Cheng, 2019).

high

med

LOW

med 110

legal

environmental

73% of millennials are willing to pay more for sustainable produce (Polly Robinson, 2019).

Having an omni-channel process will be crucial for restaurant brand’s into the future.

med

Brand’s that are not using ePOS systems to reduce costs risk being less competitive within the market place and potentially making less profit.

med

Restaurant brands can use data to get a better understanding of their consumer in order to reduce costs and be ore competitive within the marketplace.

high

Restaurants are also required to have a food hygiene certificate, food premises approval, public liability and a a PRS for music licence if the restaurant chooses to play copyrighted music in store (Startups, 2020).

HR should consider the growing concern around personalised health and diets by offering health and nutrition values of food.

Offering diners food that is healthy and nutrional can make them feel better about visiting the restaurant.

high

Implication

Before HR starts operating, the business must have all of the legal requirements sorted,

In order to operate legally, HR must ensure that all of the required licences and insurance is paid so that the business does not risk fines or being forced to shut down.

med

111

Sustainability is an issue which HR should consider in order to be an ethical business. For example, by reducing food wastage and food miles by sourcing local produce where possible.

Figure 30 Most similar to Honjok Ramen

sector casual dining ‘ethnic’ restaurants cafes and coffee shops

fast food chains

food delivery services

Least similar to Honjok Ramen

Exclusive solo dining restaurants

similarty to Honjok

examples

Price and perceived food quality. Short wait times. Informal setting. Solo diner appeal.

Wagamama YoSushi Wasabi Bao

Less formal than traditional restaurants Other solo diners/ people using the area to work

Costa Starbucks

Short wait times with an informal seating arrangement.

Greggs McDonalds Subway

Judgement free solo dining

Exclusively for solo diners

Deliveroo Uber Eats Just Eat

Eenmaal

FOcus Casual dining restaurants create a high perceived value for money and food quality. These restaurants have short wait times and a high solo diner appeal due to bench seating arrangements.

issues/ Unmet needs

Good value for money, customers receive often nutritional, freshly cooked food without having to wait long. The food is perceived as healthier and better quality than fastfood chains due to healthier options being available on the menu.

Casual dining restaurants also attract groups of people, in the primary research solo diners expressed a concern surrounding eating near groups when due to judgement (Appendix 13). Solo diners may be seated amongst groups or next to or opposite other diners at busy times, making the solo diner’s experience less enjoyable.

Casual dining setting often with sofas where people can just get a drink or food.

Plug sockets and free wifi, people feel that they can work in a more casual environment if they order some food or a drink. Focus group respondents expressed that they feel more relaxed in cafés as opposed to restaurants.

Food options are sometimes limited to pre- prepared foods such as sandwiches.

Convenience, consumers are able to eat in store or grab the food and go. The service is designed to be fast.

Short wait times, the food is designed to be fast and convenient. Good for escaping the workplace/ hotel environment when eating alone.

Low nutritional value of food, fast food can often be unhealthy, milennials want to eat more healthy foods (Appendix 1). Busy, unpleasant dining experience for solo diners at peak times, not guaranteed a seat. They may have to stand and wait around in queues or food or they may choose to eat the food out of the restaurant.

Providing a large range of different cuisines delivered locally for a small charge or a minimum order spend

These restaurants create a high-end dining experience for solo diners. Diners are encouraged to Must be booked in advance.

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consumer benefit

Little effort, delivered straight to them. Ideal for if they are short on time which is driving the trend.

A unique solo dining experience which encourages people to enjoy the benefits of eating alone. The solo dining trend is being driven by convenience, however, the brand is turning this upside down by offering a 5-course meal, encouraging people to slow down and enjoy eating alone (Eenmaal, 2020).

Diners may stay and eat at their desk or hotel room and do not get to enjoy the restaurant experience when ordering in. This could be a result of fear surrounding eating alone in public. If people are ordering alone they may struggle to reach the order minimum and pay more for delivery as discussed in Stage One singles pay for items than people in groups (Dale, 2020). Pre-booking required, customers need to plan if they are choosing to visit,solo diners often seek convenience. Formal dining setting, people may feel that they need to get dressed up smartly for the occasion. High price point, may not be something people can afford to do often or somewhere that people may choose to go on their lunch break (target cosumer pg 60).

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PORTER’S FIVE FORCES

Figure 31

med

BARGAINING POWER OF SUPPLIERS

THREAT OF NEW ENTRANTS

The bargaining of suppliers is low due to the wide availability of alternative food suppliers.

THREAT OF NEW entrants Large investments are required to start a restaurant, However, established restaurants can adapt their offering to better suit the needs of solo diners. However, HR exclusively targets solo diners, this will be something that brands cannot easily replicate. Making the risk medium.

BARGAINING POWER OF BUYERS

LOW

The bargaining power of customers is medium. The UK restaurant market is highly saturated and consumers can look for promotions online to see what other restaurants in the area are offering. However, HR is offering a unique experience for solo diners which isn’t offered by anybody else at the same market level.

THREAT OF SUBSTITUTE PRODUCTS OR SERVICE There are other industries which meet some of the same needs as Honjok for solo diners. Such as food delivery services such as Deliveroo and Uber Eats. Or other places where people can take-out food on their lunch break such as fast food outlets. This makes the threat of entrants medium.

Rivalry amongst existing competitors

BARGAINING POWER OF SUPPLIERS

RIVALRY AMONGST EXISTING COMPETITORS

BARGAINING POWER OF BUYERS

THREAT OF SUBSTITUTE PRODUCTS OR SERVICE

med/ high

HR does not have any direct competitors which all also offering a restaurant exclusively for solo diners. However, the competition within the UK restaurant is high.

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med/ high

BRAND KEY MODEL

Figure 2

values and personality

reasons to believe

Playful Light-hearted Tongue-in-cheek Understanding

Booths so people can sit on their own without judgement and escape from the busy city life. Honjok Life magazine which is Food designed for people who eat alone with small tapas style dishes available Fresh, nutritional food. Ipads to order and pre ordering

essence Using meal times as an escape.

Figure 3

benefits Good quality and nutritional food. People feel less stigmatised than if they were to eat in a restaurant with groups of people People can use the time to escape and enjoy the food. Different environment away from their office or hotel room Restaurant experience can be enjoyed alone, it's not just grabbing food and going, its about being able to sit and enjoy the food just as would be done in a group.

unique selling point consumer insight

Consumers are eating alone due to convenience, but they feel the benefits of eating out alone as much as in a group environment.

target Consumer

competitive environment The UK restaurant market is highly competitive. Honjok is the only casual solo dining restaurant but there are lots of substitutes.

Differentiation is very important. Casual dining restaurant which exclusively targets solo diners.

Root Strengths

Eats alone due to circumstance: either because they work nearby and need to go for lunch or are staying in a hotel alone for work reasons. Eats alone for enjoyment.

A restaurant designed exclusively for solo diners. High quality food with short wait times.

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Figure 4

HONJOK RAMEN Hot broth with udon noodles

Tapas style dishes to be enjoyed as a side or have a few as a main!

Ginger Chicken breast

Dumplings

11.0 Chicken breast marinaded in a ginger and garlic marinade and then char-grilled. Served with charred carrot and pak choi and a chilli and pickled ginger garnish

Chicken Kimchi Duck Mushroom 4 dumplings served with pickled ginger and soy sauce. Choose from either streamed or fried.

Garlic king prawn 13.5 Pan-fried king prawns coated in a garlic and chilli sauce. Served with pan fried mushrooms and deep fried courgette. With a spring onion and sesame garnish Tofu

Figure 5

Small plates

Ramen

5.0 5.0 5.5 4.5

Katsu Dishes Breaded pan-friend aubergine/ chicken breast. Served with a mild katsu curry sauce. Chicken Aubergine

5.0 4.5

Rice Dishes

12.5

Crispy pan-fried firm tofu pieces marinaded in a garlic and ginger sauce. Served with pak choi, charred carrot and a pickled ginger and spring onion garnish.

Bimbap Stir-fried vegetable rice

3.0 3.5

Vegetable Dishes Edame pods (Coated in a hot wasabi sauce)

4.0

Mushroom Ramen 12.0 A variety of wild mushrooms pan fried in a garlic sauce. Served with deep fried courgette, pak choi and a carrot and ginger garnish.

Beef Ramen

14.50

price

Pan fried beef loin, cooked in a sesame sauce. Served with garlic mushrooms and chargrilled peppers. Garnished with spring onion.

Pork Belly

Figure 20

The price of the dishes will be competitive with other casual dining restaurants such as indirect competitor Wagamama who price their ramen dishes between £9 - £13 (Menu With Price, 2020). Due to restaurant costs being more expensive in London HR’s dishes will be priced at £11- £14.50. For people using the booths as a workspace, there will be a £10 minimum food or drink spend for people staying longer than an hour. The focus respondents expressed that they would prefer to meet a minimum spend than to pay for using the booths at an hourly rate. “If I was sat doing work in a restaurant I’d order more out of courtesy anyway, so paying a minimum wouldn’t bother me” (Appendix 17). The respondents said they would not expect a minimum spend higher than £10 (Appendix 17). This will ensure that HJ optimises the amount of revenue made from the booths.

14.0

Roasted pork belly, cooked in a honey glaze. Served with pak choi.

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The open night will happen one week before the brand launch in order to create excitment and awareness around before the brandâ&#x20AC;&#x2122;s launch at the begining of February. Articles and posts about the brand are likely to be posted in the week between the open night and the brand launch.

Figure 6 jan feb mar apr may jun jul aug sep oct nov dec JAN Open night for press

The brand will launch in February as the target consumer will be back to work for the whole month after the christmas break. This will ensure there is enough potential customers in the area for when the brand launches. It is important that the brand website is live in time for the brand launch in February so that people can check out the restaurant online before it opens.

Artilcles/ posts shared about the brand

The seasonal food menu development will take place a month before the food photos will be taken in time for the spring/ summer/ autumn and winter specials. This will include holiday specials such as a christmas menu in December and a summer menu to be launched in June. This will also be in time for the geo targeted adverts, to ensure the most up-todate menu images are being posted on the adverts.

Brand website launch Online shop launched through website for bookings and orders Seasonal menu development Food photography for menu and website Seasonal menu posts (Winter, spring, summer autumn)

The competition will be launched at the begining of February, two weeks before valentines evening in order to allow people time to enter the competiton and tag friends.

Geo- targeted Google ads Valentines Instagram competition

The hotel collaboration will take place when the brand is better established, 6 month after launch as other businesses will be more likely to collaborate. This will last 3 months until December in order reach a large number of hotel residents.

Valentines evening Additonal outside seats added Hotel collaboarion Instagram competitions Share for free dumplings campaign

The instagram competitions will happen four times a year as they are low cost but to also maximise the engagement on each on as opposed to doing them every month.

Customer food reposts Loyalty scheme Guirella marketing campaign

The brand loyalty scheme will launch 3 months after the restaurant opening to ecourage customers to revisit and to help to gain a loyal customer following for the rest of the year.

New issue of Honjok llife Magazine available Monthly news letter

The guerilla marketing campaign will take place in the summer months when people are more likely to be eating their lunch outside. Outside seating will also be introduced in the summer so people have the option to sit outside.

Key:r

owned Shared

paid earned

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EXPERT INTERVIEWS EXPERT 2

EXPERT 1 Ellen Pope, Editor of Chatting food Magazine 1) Are you aware of the growth of the solo dining trend? Yes, I definitely think the millennial generation and those following have grabbed solo dining, in the same way as they are grabbing hold of flexible working and side hustles. 2) Do you think people still feel stigmatised when asking for a "table for one"? No, i think the thing that holds people back is their own confidence. Ten years ago solo dining was mainly for businessmen and women travelling the UK, having to venture out to eat something that wasn't just room service. A quick meal in the corner of a restaurant. Now, I feel with the development of technology and the ability to share moments instantly on social media, dining has become more of an event than just feeding yourself. Food and cuisines are now more accessible than ever, restaurant experiences are the same as going to your favourite gig or to the cinema. Those are events that people do on their own. Individuals today won't hold back seeing their favourite move because nobody is free, the same is for food. If people want to have a food experience, then it is ok to have it on your own. Especially when it can be accessible enough as on your lunch break or after work - people go to the gym on their own, they should feel comfortable grabbing lunch on their own. 3) What risks do you think the brand could face as a restaurant which only targets solo diners? I think food is accessible, and still, heavily community-based. I think by only catering to solo diners you may end up alienating even solo diners. I think solo dining is about trying the food, and almost relaxing into the hustle and bustle of the background noise of people eating and communicating. By having a restaurant full of solo-diners, you may have a very quiet atmosphere - which can be off-putting. Or slightly worse, the atmosphere making people communicate - like Tinder, but with food! 4) From your experience within industry, do you think solo diners are seen as less significant to groups or that they are equally taken into consideration? I don't think less significant, only less profitable. From experience (unless on my holiday), solo diners tend to know what they want and their turnaround time on a table is pretty short. Apart from soaking up the atmosphere and the "me" time, they usually eat and leave, without purchasing extras (sharing platters, wine). Unlike groups and couples who are more suggestible to extra bread, another bottle of wine and pudding when in a group environment. Tables are also set up for two, so sitting a solo diner takes up the profitable space of two customers. The benefit of a solo diner though is you can turn that table pretty quick. 4) How do you think restaurants can better adapt their offering to meet the needs of solo diners? Ask them where they would like to sit. Some people want to be in the middle of it, some people want to sit in a corner, catch up on emails on their phone or just have some space. Solo dining offers, encourage solo diners to pop in to try the cuisine without alienating other customers, eg a set solo menu, or a discount. Market to local offices, stop people taking food back to their desks, be an educator and leader of solo dining with the brand.

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Lucy, food and drinks buyer What do you think is driving the solo dining trend? In today’s world (pre-corona virus), people’s lives are busier, in a broader sense, people are settling down later ie having children later(so staying single longer). Peoples jobs are more demanding and so regarding food, convenience and accessibility to dining alone is key in our time starved society. Also we are an ageing population where, many solo diners are also elderly, just purely because their family’s don’t live locally. Whether it’s ready meals (for one) in the super markets or the expansion of QSR’s (Quick service restaurants) ie KFC, McDonalds, Subway, solo dining is more accepted and common but it’s also a lot more accessible. To add to this, dining out is less and less like a treat, less formal and also more affordable. Consumers are able and it’s more acceptable for people to dine alone, out. These QSR’s are also very local, to everyone, and so they are very convenient. Has the trend of people eating alone impacted your industry, if so how? I work in the frozen Added value poultry retail industry where all different profiles of shoppers are considered when building a product range, including solo diners. We offer a range of pack size options to suit all, there are 220g bags to 2kg bags, where the smaller pack sizes are targeted to the smaller households. The solo diners are driving the smaller packs... and they are big sellers. Also, because our products are frozen the shelf life is 12 months, which is a great option for the solo diner and so my industry is a beneficiary of the solo and convenience dining trend. Do you think the market is ready for a restaurant which serves solo diners? I think it’s a fantastic idea and I do think the market is ready for a restaurant which serves solo diners. In this current situation of corona virus, where the nation has never been so isolated but at the same time felt together I think it’s an excellent idea to help/encourage people to dine out and reach out to like minded people at a solo diner.

EXPERT 3

Mathew Adams, Managing director Food, Drink and Grocery Digital Marketing 1) What do you think about the concept? Sounds unique and original – very good idea to target people travelling on their own – one example could be sole business owners going to trade events. 2) Do you think the market is ready for the brand? Very difficult to know if a market is ready without testing the waters. The key would be to collect feedback from first time visitors and make adjustments to the services based on their experience 3) What problems do you think the brand could face? Profitability is the one biggest challenge that most restaurants face. But also catering the different reasons that people would want ‘escapism’. I.e. would they want to work for an hour or would they want to meditate for an hour or just read a book. 3 fairly different markets

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QUESTIONAIRRE RESULTS Figure 7

Figure 8

Figure 10

Q1) What is your age?

Q3) Do you ever eat meals at home alone?

Q4) Which of the following is the worst thing about eating alone?

No 11%

27% Boredom as you have nobody to talk to

3% Interaction with waiting staff

4% Judgement from waiting staff

61% 24-34

4% Not being able to share food 9% Other

39% 35-45 Yes 89%

9% I have never

36% Judgement from other diners who may think youâ&#x20AC;&#x2122;re lonely

7% Feeling less important than groups

Figure 9

Figure 11

Q3) Do you ever eat in a cafe or restaurant alone?

Q5) Which of the following is the best thing about eating alone? 7% Not having to share your food with anybody

No 28%

16% Not having to talk to people whilst you eat

63% You can use technology whilst you eat e.g go on your phone

8% Other Yes 72%

5% No judge on what or how much you eat 1% No need for table manners

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Figure 13

Figure 12

Q7) List one way you think restaurants could make eating alone in public a more comfortable experience for diners.

Q6) Under which of the following circumstances have you eaten alone in public? (Choose multiple if applicable)?

100

Key: No

Yes

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I wouldn’t under any circumstance

if friends have cancelled plans

On the weekend

After a day at work/ uni

Whilst traveling

Whilst on a lunch break

Not removing all the cutlery/ dinnerware around you on the table that isn’t required. Create single seat tables so that you look like you are meant to be alone and not being stood up by your friends/partner Smaller tables, feels a bit inconvenient when alone and taking up a table for 4 say if no smaller tables are available Table setting Make them feel really welcome and do not situate them at a table out of sight. I’m not sure, sorry. Personally I don’t feel uncomfortable dining alone. I would maybe say like a bar stool kind of area, so you don’t feel bad taking a whole table to yourself, but an area where you have the opportunity to interact with other single diners if you want to and still feel like you can see the rest of the restaurant. Having smaller tables in the corners of rooms and away from larger groups single tables near other single tables rather than large ones Separate seating/quiet areas Seating more comfortable Maybe with the way the restaurant is laid out. Have less tables for groups of 4 Provide magazines / newspapers Eating alone discounts to encourage more people Free WiFi None Have more tables set up for single diners Single table Single tables Single tables, London has this already for workers but no here else really does Having a section specifically for people eating alone so you don't feel like you stand out More secluded seating especially for people wanting to eat alone Single booths Tables with 1 seat Maybe not sitting one person on their own near bigger groups of people so limit to a table of 2 or 3 people nearby if possible For cafes I find costa very comfortable to eat alone in due to the different table and seating choices. E.g some have tables for two or four and then some sofas or comfy chairs which seems less daunting to sit at, when alone. Also for staff to not feel uncomfortable around a solo diner and carry on as usual, if anything to interact more and be more casual and fun. More privacy for people who eat alone, eg. Tables against at wall or facing out the window staff interactions Provide one person seats instead of having to sit at a 2 people table . For example A bigger bar table Dunno Seats facing the window for 1 person It will be worth it. Single diner tables Off something like speed dating but got food I’m not sure. Give a discount to encourage people to eat by themselves because it takes a lot of courage Single tables Just being nice and friendly in general good wifi Non groups area I can’t tbf Hidden away tables/booths for single diners

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Figure 15 I dunno bro App on a phone where you can order to table by being respectful of where they are seating people alone Less crowded So you don’t feel like people are looking entertainment such as live music Maybe have a separate part of the restaurant as you don’t want to be seen as “wasting space” Smaller tables for just one person put it into their advertising Specific tables designed for 1 person, having a separate section of a restaurant for single diners. More quiet corners to retreat in. Being less judgemental Have more single tables More discreet area Just being friendly and welcoming and probably not be too over the top because that may come across patronising or make lone diners fee uncomfortable Offering good magazines and books for reading Have small tables suited for couples and in this case one person Deals for people eating alone Pay some amount of attention to them as they do small groups unsure Spaces for solo diners Adding private eating booths Single table areas. Dining for one meal plans. More tables in corners Tables for single people - cafe Nero have started having one person tables with a desk for you to work on and only one seat Have a specific area for lone diners, a quite area of sorts Table for one Perhaps put alone diners at the side of the restaurant so they aren't the centre of attention Tables for one

Table for ones? Magazines reading material made available. Perhaps more interaction from waiting staff to make you feel comfortable. Put us in a booth to ourselves Tables away from large groups

Q8) Would you be more likely to eat alone in a restaurant with no interaction from the waiting staff e.g you order yourself from an ipad in store.

11% Not sure 39% Yes

Figure 14 51% No

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Q9) Name a restaurant/ cafe where you would feel most comfortable eating alone McDonalds Costa/Starbucks and fast food restaurant anywhere I’d feel more comfortable in a cafe as you tend to see more people alone even if it’s just for a coffee. It really depends, I personally would rather eat alone at a causal cafe than a fancy restaurant Plenty of independent places in Moseley Pret a manger I would choose a coffee shop type of place somewhere not too big like costa Starbucks. Toby Costa coffee Beefeater McDonalds McDonald’s Costa Pret Mac Donald’s Fast food Costa Costa Wagamamas Mcdonalds McDonald’s Costa Costa for cafe and somewhere relaxed like wagamamas where staff are often comfortable to talk to, Yo sushi mcdonalds Mcdonalds Costa Miller £ Carter - 12oz Sirloin with beef dripping sauce. I’ll eat your lettuce wedge btw N/A Any Caffè Nero Zizzi Costa Literally anywhere that’s not swarming with kids. Nandos as its quick Not sure Wagamamma Costa costa Costa starbucks Cafe or McDonald’s Pret A restaurant where there isn't any risk of seeing people I know Fastfood restaurant. Costa The pudding pantry of course, or coffee shops don’t really bother me either McDonalds, Starbucks etc fast food places and coffee shops Independent restaurants/cafes as they have more of a communal, friendly feel Mc Donalds McDonald’s/KFC

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Any coffee shop, Wagamama Nando’s etc quick places to pop in and have food Nandos Garden centre Costa Nandos Greggs Fast food outlet like McDonald’s or kfc, fast, in and out Caffè Nero. McDonald’s. Nandos

Q10) List one positive and one negative presumption that you would make about solo diners.

Positive would be that they enjoy their own company Negative would be that they are lonely Independent and confident eating by themselves. But negative could be having no one to sit and chat to Positive - independent Negative - lonely

Figure 16

I would naturally assume they are confident or on a lunch break somewhere prestige as they can perhaps afford a restaurant lunch regularly. A negative would be I naturally feel sorry for them as we assume a solo diner is associated with or reflects a solo/lonely life. That they’re confident or that they have no one to eat out with

They are happy with their own company. They don’t have family to share their experience with. Positive: Independent person who likes to do his/her own thing. Negative: are they lonely?

Positive- independence, on a lunch break at work, wanting to get some alone time away from the house Negative- lonely

what? why the hell would i stare at random people and judge them...seriously. who cares

There doing work so have come to not be distracted, there lonely

Sometimes seeing people eating alone makes me assume they’re lonely when it’s probably not the case. I think it makes me assume they’re more wealthy as I consider going out to eat as a treat so would save it for special occasions or date nights etc - going alone seems more casual

They have no friends to eat with them. They are confident to go out alone and enjoy a meal.

Just want their own space and time for themselves

Shows you’re independent & one negative you’re alone meaning you have no friends?

They have some peace and quiet whilst eating alone, or they are terribly boring that actually no one enjoys their company

POS: They want some alone time, potentially doing some work for uni/work CON: They’ve been stood up

Positive: they’re independent Negative: they might feel a bit lonely

They’re courageous, are they meant to be eating alone someone may have cancelled on them last minute?

They must feel quite confident to be happy to eat alone- positive I wouldn’t judge anyone that was on their own unless they looked upset and then I would worry why and should I help them positive - independent, confident negative - lonely Negative - you may feel bad for them incase they're lonely. Positive- peace and quiet. Positive: it can be quite relaxing, if you’re having a busy day and you can have some time to yourself. Negative: feel judged by others for not having others to sit with. Look a bit weird Lucky! No one around to bother them so can have a bit of piece and quiet Negative - been stood up! I’d probably presume they’re quite confident. I might think they’re a bit lonely. +they have confidence to eat out alone - they are lonely Peace and quiet No one to talk to Some people just prefer to eat alone. It’s ace that some people find solace in their own company

They’re independent

Convenient & lonely Positive They are comfortable with the own company and have things to be getting on with , they could be travelling and a good sign of independent . Negative - they might actually be lonely and have no one to eat with They’re independent. They’re lonely Not sure Positive: you seem confident Negative: you are judged They have no friends Happy with there own company. they might like the peace/might have had a long day, or they might be feeling really lonely

They’re confident They’ve been stood up

Positive would be enjoying your own company. And a negative would be people being judgemental.

None

positive - they're independent/traveling negative - they have no friends to eat with

Positive - confidence Negative - wondering why they are eating alone

Positive - they are productive, probably working from the cafe for the day Negative- especially old people, feel sad they they could be lonely

Lonely or (if they where working) professional

Positive- they are not afraid to eat alone so I would not make any negative presumption.

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FOCUS GROUP

I don't because I do it all the time myself and love it. Independent and lonely A bit of peace from a busy day! Negative maybe there out cause they have nobody to interact with Positive- just wanting a quick lunch, confident. Negative- lonely

Figure 17

When dining alone, would you prefer a place that you can sit on your own or with other lone diners? H- Probably alone because otherwise it would feel kind of forced like you wouldn’t know F- yeah I like alone time

Independent person, lonely person. They’re happy to spend time alone and enjoy their own company No friends/reclusive

H-It will feel forced in a way if it was not genuine, I don’t mind friendly interaction but not too much.

Positive - This person is confident enough to be alone and enjoy their own company. Negative - This person looks lonely.

Do-A quick chat whilst you ordering is enough

No rushing, can relax. That they are lonely

Da-I feel like I wouldn’t want to talk to people I don’t know, I only wouldn’t mind talking to staff as that’s genuine interaction if they’re serving you. I don’t like not talking to anyone

Comfortable in their own presence. Or lonely, no choice to dine alone. They have the confidence to do it probably busy so only have a short amount of Time.

Do- I agree and Yeah and if you want to get work done you don’t really want to talk to anyone else, you probably want to be by yourself. F- If you were lonely maybe you’d want to go there to socialise, do you know what I mean? , but if you’ve been to work and stuff you probably just want some time alone.

They’ve been stood up They’re confident None

Da- Yeah it definitely depends on what situation you are in and where you are.

Positive - they have confidence to do that Negative - they might be lonely Loneliness

Concept testing: A restaurant for solo diners or a restaurant for both? Do- I’d prefer if it was all solo because groups of people might think you are sad. But if everyone eas by themselves you’d know that you are all there for the same reason.

Independent person, lonely person. They’re happy to spend time alone and enjoy their own company No friends/reclusive Positive - This person is confident enough to be alone and enjoy their own company. Negative - This person looks lonely.

Da- I’d feel a bit weird going into somewhere on my own H- I think that’s just because of the stigma though, like you might not want to go into a place where all of the lonely people go. H- If you go to a cafe or somewhere it’s more chilled because your not expected to be with other people.

No rushing, can relax. That they are lonely Comfortable in their own presence. Or lonely, no choice to dine alone. They have the confidence to do it probably busy so only have a short amount of Time. They’ve been stood up They’re confident

Da- I think for people that are working though you are there because you don’t want to socialise Do- Yeah if you’ve been working all day. What problems do you face when eating alone in public?

None

Da- I’d say like judgement

Positive - they have confidence to do that Negative - they might be lonely Loneliness

*Group agrees* F- yeah judgement from other people

Confident but lonely Positive - they were hungry and looked after them self! Negative - Billy no mates

Da- I think that is just a confidence thing though, I don’t think people actually judge people that are eating alone

They are independent. They have no one to go for dinner with.

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D- That would stress me out

F- yeah it’s all in your head D- If you do it a lot though you get used to it. It’s just because t everybody does it.

Da- Because you are paying for what you are using, instead of buying one coffee and staying there for four hours.

If you were staying in a different city alone would you partake in activities with other people such as speed dating or a co-working space?

F- I literally do that

D- Yeah I’d like that

H- I think it’s the given though if you’re staying there you’d buy drinks out of courtesy. I’d feel rude if I was sitting there without buying anything for a while.

*Others- yeah

How much would you expect to pay to use the booths for work?

F- That would be cool

Da- £5minimum spend

Da- I’ve done things when I’ve been travelling like hostel bars, that’s always a good place to meet people. Yeah.

Do- I think £10 is a lot

D- If you looking at London, there’s a lot of tourism and people travelling

H- I don’t think you want to look hostile, but it is in London and restaurants get busy

Where do you feel most comfortable eating alone in public?

H- If your buying lunch and drinks that it’s easy to spend £15 and you expect to pay more in London.

D- probably in a coffee shop

D- As long as your offering plugs and wifi I think people would be happy to spend more.

Da- I quite like being by a window so I can people watch

Are there any other issues that when you’re eating alone you face?

*Others agree*

F- I think waiting for the bill, staff can be slow sometimes. If you want to go it can be really annoying.

Do- Or on like a bench. I’d say somewhere where it’s not obvious that you’re by yourself H- Probably not a restaurant. The food tends to take longer as well you might not want to sit by yourself for a while. If you’re with others you don’t mind waiting for food because it gives you more time to socialise. When I was working at TGi’s I’d go over to Wagama because they’ve got better seats for people that eat alone.

Da- Yeah true, like just trying to get the waiters attention if they’re busy Do- Going to the toilet and leaving your stuff F- yeah you’ve got to take everything with you.

Would you treat yourself more if you were eating alone?

H- You would not want to leave stuff alone in a cafe

Do- If I was on my lunch break then yeah, but if I was stressed and I’ve gone there to chill out I would probably want something nicer.

Any other issues?

Da- yeah, i don’t know when I’m on my own I’d want something cheaper and easier. I wouldn’t really sit down and eat a meal. I’d want more convenience If the restaurant offered facilities to enable you to work there do you think you would spend more?

Do- Oh, if you go to a restaurant alone you are stuck to one dish, as if you order more you can’t really eat it all on your own H- Yeah that’s true actually How much would you spend on lunch?

F- yeah probably

Da- Proabablty about £10 plus in London

Da- yeah definitely Do- yeah id be more likely to go as well because I’d have more of a reason to be there. It’s not like I’m just going for a meal just on my own I’m going there to work. Would you expect to pay more to use the booths as a workspace or there be a minimum spend? Da- I quite like the idea of, well I’ve seen places where they charge people who want to do work there per hour or something.

H- Probably around £12 for a bowl of ramen, maybe give people options to spend more and add extras on. Do you ever post pictures of food from restaurants using their hashtags? H- To be honest, I’m not a big fan of using hashtags and stuff for brands. But I think if there was a reward involved I’d be more likely to D- Yeah i’d probably just keep it up for the 24 hours so I’d get the code and get the free dumpligs haha.

F- I wouldn’t like that

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figure 21

LIST OF COSTS

VARIABLE COSTS Food and drinks costs

Part-time staff costs

Card machine provider transactional fee

Source The food and drinks costs were estimated by using the predicted sales figures. The profit margin for food and drink has been estimated at 30% which is a cost of £5.10 for each sale. The food and drink will be delivered twice a week by suppliers, the EPOS system will help to track the stock level to ensure if menu items are low they will be replenished to avoid perishing of goods and keep to keep the cost low. As the restaurant gets busier in the months following June in the first year, part-time staff will be required to cope with the increased demand. These staff will be paid at an hourly rate and will therefore be classed as a variable cost. The part-time waiting and kitchen staff will be paid the national living wage of £10.75 an hour

The card provider iZetel takes a fee of 0.58% for each card sale. According to Rigie *(2018) restaurants take 90 of sales from card payments. Therefore, 90% of the sales will have a reduction of 0.58% to account for this variable cost.

SOURCE

Adexa Adexa Adexa Adexa Nisbits Estimation Nisbits 5.44 x 35 diy.com Nisbits Amazon Refurbished Design a sign Adexa 25/hour mybuilder.com

Lightspeed, 2020 https://www.lightspeedhq.co.uk/blog/ restaurant-cost-ofgoods-sold/

Express https://www. express.co.uk/ finance/personalfinance/1263877/ london-living-wage2020-what-is-london-living-wage

Forbes https://www.forbes. com/sites/andrewrigie/2018/05/15/ will-cash-becomea-thing-of-thepast-at-restaurants/#2471564e7b9d

iZetal (Phone interview) Money Supermarket Money Supermarket

iZetel (Phone interview)

£25,000 salary £20,000 salary Total

Premier Line GOV GOV GOV £20,000 salary

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138

marketing costs Cost of avg spend x 35 x 2 Dox Direct £10.75 x 4hrs x 5 Estmation

figure 22

UK AVERAGE SPEND PER HEAD

Diy.com Builders.com

The Average Brit spends £18 each week on eating out (Group 9, 2019)

£10.75 x 5 hours £5.10 (COGs) x 6 dishes

This means that the average UK spend per head on each eating out visit in a week is = £13.50/ visit

Bark £10.75 x 6 hours £5.10 COGS x 8 dishes

On average they have 1.5 restaurant visits each week (Group 9, 2019).

£18 x 0.66 = £13.50

HONJOK RAMEN AVERAGE SPEND PER HEAD

Dox Direct

Hr’s target consumer is young, urban professionals with more disposable income. Durai sugests that many solo diners spend more than tables of two (Durai, 2019). It is also likely that Honjok’s spend per head will be higher than the UK average the restaurant’s location in Shoreditch is a hot spot for the young professional target consumer. This consumer is likley to have more disposable income and the increased spending from the coworking space which encourages people to stay longer in quieter hours and purchase an extra items. To account for this, £3.50 has been added on from the UK national average spend per head, making the HR average spend per head £17.00.

Stamp App

COST OF GOODS SOLD

Dox Direct

For restaurants, the cost of good sold should be 30% or lower than the average spend (Lightspeed, 2020)

Adobe

It is likely that Honjok’s cost of good sold will not be lower than the 30% suggested, as they will not be benefiting from economies of scale as much as larger, chain restaurants. Therefore, the profit margin will be lower than other, larger restaurants or chains this is why Honjok Ramen’s cost of goods sold has been placed at the higher end of the suggested figure at 30%. Making the average cost per head £5.10.

Estimation 2 x £10.75 x 4 hours £10.75 x 5 hours

Phone Interview Square Space Amazon (refurbished)

139

SPEND/HEAD AND COST OF GOODS SOLD CALCULATIONS

£17 x 0.3 = £5.10

140

SALES ESTIMATING Restaurant capacity

figure 23

figure 24

Number of seats in restaurant- 35 booths Turnaround

SALES FORECAST CALCULATIONS

SHape of sales year 1

Solo diners have quick turn around (Appendix 1), this is likely to be shorter at lunch time when the target consumer may be short on time as they have to go back to work. Research by Bickerton (2019) revealed that 70% of diners would eat out alone for lunch, 57% would eat out for dinner meaning the number of customers at dinner is likely to be lower than lunch time. The most popular lunch times are: 12:30 until 2. Meaning if each HR customer stays for 45 minutes the brand can sit a maximum of 70 customers over lunch.

A reduction in sales in December when the target consumer may have time off work for Christmas.

Highest monthly sales figure of the year

Estimations

Dinner time: Half the amount of customers than lunch due to slower turn around times and a lower popularity for solo diners to eat alone at dinner. 1 sitting per booth

YEAR ONE SALES FORECAST Due to HR being a unique concept, pop-up restaurant Eenmaal which exclusively serves solo diners was used to estimate sales. The brand is often fully booked, this is likely to be due to press and hype around the unique restauarant concept, which HR hopes to replicate with the open night. However, Eenmaal is a pop-up restaurant, which moves location and will therefore, benefit from hype around the new store regulary every time it moves location due to the restaurant only being there temporarily, HR’s location has a high footfall, nearby Old Street Station has an annual Footfall of 24 million (Gov, 2017). The brand is also a prime spot for the target consumer, with many hotels and offices nearby. Therefore, it is predicted that the brand will operate at around a third of capacity during lunch and diner time in the first month of opening. This will be 10/35 sittings across two sittings at lunch time and 10/35 across one sitting at dinner time in the first month. 54 customers each day spending an average of £17 would make February’s revenue £510 day and £15,300 for the month. 10x 3 30x 17 30 x £510

= 30 customers = £510 (daily sales revenue) = £15300

February sales revenue

= 15,300

February cost of sales

= 27,540 x 0.3 = 8, 262

Monthlly sales figure

Lunch time: Double the amount of customers than dinner due to high turn arounds. 2 sittings per booth.

JAN

FEB

Mar

Apr

may

jun

jul

aug

sep

oct

nov

dec

jan

1 1)

There will be an incremental increase in sales throughout the year as more communications tactics bring in new customers to store with some of the customers returning throughout the year. HR’s engagement tactics such as the loyalty app and the free dumplings campaign were designed to keep customers returning throughout the year.

2) In February, the brands sales will be at 30% of the year’s highest month’s sales figure due to the initial low brand awareness. However, new customers that have walked past may try the brand due to the high foot fall in the area (See marketing mix) and to the unique business concept as highlighted in the competitor analysis. There will also be articles posted from the press open night which would’ve attracted more awareness of the brand and new customers. The valentines event will also attract more customers to the store on the 14th of February.

3) Incremental growth over the month as the brand becomes better established and

customers start to return more due to the introduction of the loyalty scheme.

4) + 5) New customers are brought into store from the guirella marketing attracting the

target consumer to the website with a promotion. Websites have a 3% conversion rate for restaurant (Abbot, 2019). If 3,000 people scan the QR code in a month and 3% use the promotion code from the website in store, the brand will see an increase in 100 customers a month. 25% of £17 = £12.75. £17- £12.25= £4.5 £4.5 x 0.3 (COGS)= £1.35 promotion cost per customer.

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CASH FLOW FORECAST

figure 25

SENSITIVITY ANALYSIS

Before cash injection

The brand’s lowest monthly cash figure was -£67646 in June. Therefore, a cash injection of £75,000 will be required at the begining of the year to ensure HR’s cash flow remains positive in order to avoid going bankrupt.

after £75,000 cash injection

After the cash injection of £75,000 the brand’s cash flow remains positive for the whole year.

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144

figure 26

PROFIT AND LOSS

figure 27

YEAR TWO AND THREE figure 28

Sales revenue increases 30% between year 1 and 2 and another 30% between year 2 and 3

year 1 (ÂŁ28,106)

Staff costs increase as opening hours are extended for breakfast

Profits are reinvested into B2B marketing to hel[ promote the co-working opportunities

The brand begins to make a profit in the second year of operating as expenses are lower and revenue has increased.

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