Assignment: 1- Develop afeasibility analysisand prepare a concept statement. 2- Business Plan: Prepare a mission and vision statement for the idea in which you prepared a feasibility study. This...

Running Head: BUSINESS PLAN PROJECT        1
BUSINESS PLAN PROJECT        2
BUSINESS PLAN PROJECT FOR SMALL AND LOCAL CAFÉ/ RESTAURANT IN WATERTOWN, MA
Table of Contents
Introduction    3
1. Feasibility Analysis    3
A Detailed Description    3
Intended Target Market    4
Benefits    5
Positioning    6
Description of Selling the Idea    6
2. Mission and Vision Statements    7
Mission    7
Vision Statement    7
3. SWOT Analysis    7
Strengths    7
Weaknesses    7
Opportunities    8
Threats    8
Conclusion    9
References    10
Introduction
Setting up a new business in a market can be a tough task especially due to the dynamic market behavior and uncertainty among consumer choices. However, feasibility analysis can be considered as a life-saving tool because it allows the opportunity to be properly studied. Therefore, current problem or situation could be analyzed at numerous steps before actually implying a plan.
This business plan will focus upon a small café in Watertown, MA. Efforts will be made in order to present a correct feasibility analysis of the industry along with the mission and vision statement. Further, SWOT analysis will provide an in-depth analysis of the future threats and opportunities associated with the café.
1. Feasibility Analysis
Howells (2016) mentioned that developing a concept statement is an essential aspect required in order to present the business plan or business idea in front of the investors. Therefore, instead of presenting the detailed business plan, concept statement can be presented, which will eventually cover all the necessary details (ASHA, 2020). This concept statement will also provide all the essential or necessary aspects required for the establishment of a small café at Watertown, MA.
A Detailed Description
Cafés are a great place where individuals can enjoy, spend time with their loved ones, and can enjoy good music along with some food and drinks. It would be essential to consider that customers are attracted towards any restaurant or café based upon its looks as well as the services provided. However, both the prior mentioned aspects may turn secondary if the food served is not good. This business plan suggests the opening of a new coffee café at Watertown, MA. Café could be named ‘Lovely Aroma’ and the theme of this café will be very different from other existing cafes.
Individuals or people now days prefer locations that may remind them of the past or the culture associated with that time. Therefore, the theme of this café would be based on botanical aspect that is based on plants. The utensils could be made of mud as they were used in past, along with the traditional sitting arrangement with bamboo chairs and tables. Further, walls will depict different plants along with their name, and roles in the environment. The food and beverages served will reflect the traditional food along with the traditional beverages such as, tea and coffee served in mugs made from mud.
Intended Target Market
Watertown is one of the most populous area within Massachusetts, and the median resident age is somewhere around 38 years. Median household income of Watertown has been estimated at $96,842 in 2017, and the figures are higher than median income of Massachusetts, which was $77,385 in 2017. Further, the cost of living index in Watertown has been recorded at 143.7 in 2019, while it is averaged at 100 throughout U.S (City-Data, 2017).
Therefore, above-presented data suggest that the targeted population for this business plan will be the earning population, that is, individuals between 20 to 38 years of age. The data presented above reflects that the average household income in Watertown is much higher than the state of Massachusetts. Therefore, the spending capacity of the individuals should also be higher than other states. This...