2. Table of Contents
1. Executive Summary...................................................................................................2
2. Company Description.................................................................................................5
3. Industry & Market Analysis .................................................................................10
4. Marketing/Sales Strategy.........................................................................................16
5. People and Operations ...........................................................................................25
6. Competitors .............................................................................................................36
7. Financial Projections ..............................................................................................39
8. Key Assumptions ....................................................................................................48
Appendices .................................................................................................................49
......................................................................................................................................53
References ...................................................................................................................60
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3. 1. Executive Summary
The project Fleur de Sel will start in January 2020, and will be located in Blackrock
county Dublin. Our mission is to provide our customers with an experience of
homemade, gourmet French food and a welcoming atmosphere that will make them
come back and share their experience with their relatives.
Product/service
Fleur de Sel is not like the other French cafés in Dublin, it will lead the trend of new
French cuisine: accessible to every gourmet, made with fresh ingredients and even
tastier.
The café will focus on offering premium Hot Beverages made with ingredients
directly imported from France, and food made from scratch with the best ingredients
sourced in Ireland. The bakery will use authentic French flour, for an authentic taste
and will also provide premium breads for more adventurous customers.
The café will offer a cultural dimension to its customers by providing a large range of
French books, magazines and some easy to understand and play French board games.
This will reinforce the authentic ambience and will maintain a friendly atmosphere.
And in order to encourage customers to come back, Fleur de Sel will have its own
loyalty card offering a free coffee and a free pastry at the 6th purchase.
Funding requirements
In the first year of the project I will require a loan of €65,000 over 12 years, borrowed
from the Bank of Ireland, at 6, 74% unsecured rate. Indeed, this amount is necessary
to cover my set-up costs.
Payments
Set-Up Costs € 57,869
Staff € 3,816
Premises € 3,543
Selling/Promotion € 177
General Expenses € 86
Finance Costs € 365
Total Payments €65,856
Market opportunity
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4. Industry analysis
There is a real opportunity for Fleur de Sel to grow on both café’s and bakery’s
markets. In 2015 the café RoI market represented around €247 million. McGeown
(2015) With 502 cafés across the country the average revenue of a café located in
Ireland is €492,032.
Moreover, there is also a need among Irish consumers of more artisan, local made
food to be met. McGeown (2015) According to Euromonitor, sales of baked goods are
expected to rise to €637 million by 2020. Artisan bakeries having a 30% share on the
baked goods market and with 408 bakeries in Ireland, it represents €468,382 per year
per bakery.
Target markets
I identified 6 different target markets thanks to my observational research:
Stay at home parents
Middle to Upper class Professionals
Families
Retired people
Mothers with toddlers
Housewives with older kids
Sales & Marketing Strategy
All the Media I will use in order to promote Fleur de Sel are:
• Social media (Facebook, Twitter, Pinterest)
• Website
• Flyers
• Poster
• Events
• E-mail loyalty customers
• Direct mail advertisement
Launch Event Year 1 Year 2 Year 3
Flyers €78 €58 €58 €58
Direct mail €25,38 €3600 €3600 €3600
Social Media X €200 €200 €200
Web Site X €120 €120 €120
Events X €500 €500 €500
E-mail (loyalty customers) Free Free Free Free
Launching cocktail/ Anniversary €500 €500 €500 €500
TOTAL €603,38 €4478 €4478 €4478
People & Operations
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5. Wages per Month Wages per year Holiday pay Vacations
Myself € 2,000 € 22,000 € 2,500
Cook € 1,872 € 20,592 € 1,872
Part time Baker € 792.80 € 8,720.8 € 697.6
Full-time Waiters €1,427.25 € 15,697 € 1,427.25
Premises Costs
Rent
€2,600
Commercial Rates
€421
Water & Waste Charges
€503
Heat, Light & Power
€267
Insurance
€42
Cleaning
€480
Total
€ 4,313
Financial projections
Below is a table summing up my financial projections for the 3 first years.
Year 1 Year 2 Year 3
Sales € 679,288 € 701,103 €768,609
Gross Profit € 38,674 € 29,945 € 46,768
Net Profit after Tax € 33,840 € 26,202 € 40,922
Net Profit ATOI % 5% 4% 5%
Employment 4 4 4
Based on my observational research I expect to have customers the first year,
resulting in a €679,288 turnover.
The second year, I expect my sales to rise by 10%. Despite this higher turnover, the
net profit is lower than the previous year and the ATOI drops to 4%. This can be
explained by the fact that since the loan will be repaid in January, I will perceive a
2,000 monthly salary, and therefore will have more costs.
The third year, the turnover is expected to increase by 10% again and Fleur de Sel will
make a 40,922 net profit after tax.
After those 3 first years, Fleur de Sel will hire a second waiter.
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6. 2. Company Description
PRODUCTS/SERVICE
Fleur de Sel is an Artisan French Bakery and Café, located in Carysfort Ave,
Blackrock, County Dublin. Blackrock is a village located in the south of Dublin and
has the advantage to be connected with the city center through the DART, attracting
professionals or families who work in the city center. According to my observational
research the population is middle to upper class and therefore has good revenues and
will be able to afford my products.
Specialized in high-quality bread and French cakes (macarons, éclairs, and tartelettes),
Fleur de Sel will provide customers with a real like-home atmosphere.
Opening hours
Tuesday-Friday 7.00 am- 6.00 pm
Saturday 8.00 am- 7.00 pm
Sunday 9.00 am – 6.00 pm
The café’s menu will keep it simple in order to focus on the quality: High-quality hot
beverages such as lattes, cappuccinos, Valrhona hot chocolates, a large selection of
premium black and green teas, but also traditional unpretentious French food and
delicious premium desserts.
The bakery will propose a take-away service of daily-made French pastries and cakes
as well as several kinds of homemade special breads and beverages to go, brewed by a
skilled barista.
Fleur de Sel will also have its own website, with an online catering service.
The Café will provide customers with high-quality hot beverages such as fresh
brewed Carte Noire coffee or Valrhona hot chocolate.
The menu will be composed of a daily selection savory quiches and “tartines” with
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7. homemade bread and served with seasonal vegetables.
Very popular in France, “Tartines” are basically slices of bread, on which you put
tasty ingredients. Quiches and Tartines recipes will change monthly in order to use
seasonal ingredients and local eggs and fresh cream will be used throughout the year.
Customers will also be provided with a large selection of premium French desserts
and pastries such as macarons, éclairs and tartelettes.
Based on competitors’ menus, there will be a breakfast menu from 7am until
11.45am, a lunch menu from 11.45am until 2pm and a tea time formula from 3 to
6pm. (See Appendix 1.)
Fleur de Sel will only use fresh and seasonal ingredients and will be supplied by Irish
local companies such as: Ballon Meats for meat ,Kish Fish for fish, Gleneely Cheeses,
Odlum's flour ,Vernon catering for fruits and vegetables. Some ingredients will be
sourced from French suppliers such as Carte Noire for a savory coffee, Le Palais des
thés for tea, Valrhona for cocoa powder.
And because the products’ freshness is important, all pastries and breads, from
baguettes to macarons, will be homemade each morning by a skilled Chef Patissier
and a Baker to provide customers with quality and tasty treats.
The bakery will propose a takeaway selection of “classic“ breads such as baguettes ,
or more special ones such as walnuts bread, as well as Quiches, Tartines, French
pastries and hot and cold beverages.
Food wasting is a real issue, actually according to stopfoodwaste.ie 750,000 tons of
organic are wasted yearly by Irish businesses. Among them: “300,000 comes from
commercial businesses (e.g. food retail, hotels, food wholesale, hospitals, restaurants,
etc.)”. Fleur de Sel will reduce its food wasting by donating all its remaining pastries
and breads to the Blackrock food pantry at the closure time of the bakery. Customers
will be therefore ensured to enjoy daily-made fresh treats.
Fleur de Sel will have a website, offering an online catering service enabling
customers to order cakes or pastries for events such as birthdays and parties.
The café itself will be cozy-decorated with blue and silver tones neutral colors,
matching the logo’s colors, comfortable couches and raw wood decorations.
It will also provide a weekly selection of free to read Irish and French magazines,
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8. newspapers, and classic French books. In order to spend a good time , the café will
also provide a selection of easy to play French board games , that can be lent to
customers by going to the counter and ask for them. Finally, because internet access is
important, we will also provide free Wi-Fi service accessible thanks to a code on the
bill.
And in order to reinforce loyalty, Fleur de Sel will have its own loyalty card offering a
free coffee and a free pastry at the 6th purchase.
My bakery and café will be perfect for breakfast, lunch break, tea time, or even to
simply spend a lovely moment over a coffee or a tea in a French like-home
environment. If the customer doesn’t have a lot of time to eat, it is possible to whether
eat in or to take-away.
OBJECTIVES & MISSION
• The first objective for FDS over the next 3 years is to save €25,000 each year,
which means €75,000 at the end of the 3 years, in order to open a new café
closer to Dublin’s city center.
• The second objective is to please more and more customers. Our objective is
to have customers participating in our loyalty scheme by adapting our offer,
thanks to the feedback of both employees and customers and therefore be a
source of satisfaction for both clients and employees.
• We also want to establish a friendly atmosphere among the café and the
bakery. We want our employees to have a strong feeling of belonging like a
part of a big family, and to reinforce a specific image of the café and bakery
all employees will wear a blue with FDS logo on it .
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9. • Finally the last objective is to receive positive evaluations from culinary critics
and websites , such as the Irish times , and to be renowned for the service and
the products’ quality.
• Our mission statement is to provide our customers with an experience of
homemade, gourmet French food and a welcoming atmosphere.
CRITICAL SUCCESS FACTORS (CSF’S)
They are 4 Critical Success Factors that must be set up in the next 6-12 months in
order to start Fleur de Sel Café and Bakery.
1. We first need to hire a French cook with a CAP cuisine and with at least 2 years
working experience in a bakery, 1 part-time baker with at least 1 year experience
and a baker diploma with a specialization in baking French pastries and breads.
Finally we will recruit a waiter with 1 year experience in a similar business but no
specific diploma.
2. In order to get the business started we have to find the best location in Blackrock
to implement Fleur de Sel. The café/bakery must be located near to the Blackrock
Dart station and not far from the city center and its shops. Moreover the place
must have at least a 20m2 kitchen, as well as a 60m2 room with enough space for
8 tables, 32 seats and a take-away counter.
3. We will also have to find and deal with both local and French suppliers for the
ingredients. The most critical part will be to find firms able to import Valrhona
chocolate, Palais des Thés tea and Carte Noire coffee from France to Ireland.
4. Finally we will have to find the most suitable source of finance to set up our
business. We will have to deal with different Irish banks and convince them to
invest in Fleur de Sel and give us a loan.
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10. UNIQUE SELLING PROPOSITION (USP)
Fleur de Sel is a French bakery and Café, offering all day premium authentic French
tea and coffee imported directly to Ireland by our French suppliers as well as delicious
French homemade pastries and cakes such as rose or orange blossom flavored
macarons.
For lunch, the café will serve a selection of original Tartines made with locally
sourced ingredients as well as traditional quiches’ recipes made with love by our
highly-skilled cook, trained in Ferrandi cooking school.
The bakery will offer a large range of both traditional and more premium kinds of
breads such as walnuts and raisin bread.
Another unique quality of Fleur de Sel is that it will be involved in Blackrocks’ local
life and will have an authentic French salon de thé ambience.
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11. 3. Industry & Market Analysis
INDUSTRY ANALYSIS
The total Irish coffee shop market is estimated at 502 outlets and sales grew of 14% in
2015, to reach total turnover of €284m. (europeancoffeesymposium.com) With the rise
of coffee shops chains such as Starbucks or Insomnia , currently having 100 stores in
Republic of Ireland , coffee shops tend to attract more and more Irish customers. My
Café/Bakery will answer to this trend and provide customers with a more premium
experience.
Based on Butlers’ Pantry and Quigley’s bakery stores and café revenues, the average
revenue for a Café/ Bakery shop is €468,750 per year. (See Appendix 2 for details)
According to the study found on mintel.ie: Coffee Shops & Sandwich Shops, McGeown
(2015), the Coffee shop industry in Ireland keeps growing; the study clearly states that
“in 2015 coffee shop and café RoI market represented around €247 million.” The same
report highlights the fact that “Irish café and coffee shops customers were expected to
spend 3,8% more money in 2015 than in 2014”.
RoI consumers also want to have more ethnic food-to-go options. Dorbie (2014) There
is also "a consumers’ desire for more artisan, local and homemade foods." McGeown
(2015) Fleur de Sel will deal with local suppliers and focus on the quality of its breads
and pastries and the freshness of its ingredients.
Actually, one of the biggest opportunities highlighted by the report Food to Go -
Opportunities for the Lunchtime Trade found on mintel.ie by Dorbie (2014) is the
“food-to-go lunchtime market, which is expected to reach €393.8 million in RoI.”
This report also underlines the fact that 30% of Republic of Ireland consumers “have
eaten lunch outside the home in the last three months.” Dorbie (2014)
Concerning the segment of drinks Hot and cold drinks, they represent 67% of the total
sales of cafes and coffee shops, making cafés and coffee shops the “only type of food
service establishment to have higher drink sales than food sales.” McGeown (2015)
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12. Fleur de Sel will provide a large selection of high-quality hot and cold drinks in order to
satisfy Irish customers’ needs.
Since 42% of RoI consumers visit a coffee shop, café or sandwich shop in order to
socialize and “catch up with friends” McGeown (2015) our café/bakery will provide a
great environment to socialize through comfortable couches and board games.
On the other hand, the Bakery market in RoI is attractive. In fact purchasing fresh bread
or pastries in a traditional bakery is quite common in Republic of Ireland. According to
the report Artisan food-Ireland found on Mintel: "36% of RoI consumers have shopped
in a baker in the last three months." O'Connor (2015)
Moreover according to euromonitor.com "sales of baked goods are expected to rise to
€637 million by 2020." Artisanal bakeries have a 30% share in the baked goods industry
and since they are 408 bakeries in Ireland according to goldenpages.ie , the average
revenue of a bakery is €468,382 per year.
The most popular items sold in bakeries are French breads and pastries, baguettes
represent 44% of fresh bread purchased in a RoI bakery, and pastries such as pains au
chocolat or croissants represent 45% of the baked goods sold. Fleur de Sel will focus on
these products and their quality. According to a report published in 2013 by Bordbia:
women tend to prefer miniature tray bakes, pastries, cakes because it enables them to
reduce their treats’ consumption.
Fleur de Sel will offer mini macarons and tartelettes on order to follow this trend.
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13. TARGET MARKET
Fleur de Sel is a Business to Consumer firm.
The Coffee shop/Bakery has 6 main targets groups: professionally active men and
women working or living mainly in Blackrock and its surroundings
stay at home parents, families, retired people, ;others with toddlers and housewives.
Fleur de Sel’s main target group is men and women aged 21 to 65 year’s old coming
from Ireland, or from another country, who want to have a quick and qualitative meal, or
a good time over a coffee. Ideally I aim at people who want to discover French cuisine at
an affordable price.
Target group 1: Stay at home parents
First, during the week I want to target Housewives and Stay at home dads who need to
lead their children to school, take care of them during the day. Fleur de Sel will enable
them to relax when they have free time and also catch up with their friends since my
cafe/bakery will also be a place to socialize.
Furthermore, consumer analysis has also shown that women are significantly more
likely use a café or coffee shop to catch up with friends as opposed to men.
Since they are not professionally active, they are more likely to do the grocery shopping
and buy bread or pastries to go for their family.
Target group 2: Middle to Upper class Professionals
My second target is professionally active men and women, aged 21 to 60 years old,
working in Blackrock and its surroundings.
According to airo.maynoothuniversity.ie data from 2011, the female at work or
unemployed by occupation represent 6763 potential customers in Blackrock.
According to payscale.com the average income of women living in Blackrock is €28,662
per year. As they work they may want to spend as little time as possible at cooking and
want to have lunch quickly.
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14. Actually, the study “Coffee Shops and Sandwich Shops” published in 2015 states that
Irish consumers working full-time are “the most likely to visit a café/coffee shop for a
coffee break in the last three months.” McGeown (2015) Stressful and busy environment
is the main reason why our target customers visit coffee shops during their working day,
they want to find a place where they can enjoy their meal and relax.
The study Coffee Shops & Sandwich Shops McGeown (2015) also confirmed my choice
to target mainly women, saying that they are more likely to visit coffee shop on a regular
basis, actually: “41% of RoI consumers having done so in the last three months”.
McGeown (2015)
My observational research also confirm that they are offices in Blackrock and
professionals working there who go out to have lunch. According to my primary
research at the Wooden Spoon, 53% of the clientele was professional. (See Appendix 3)
Target group 3: Families
And during the week ends, families with children aged between 8 and 15 will be
targeted to have lunch or just enjoy a piece of cake and play games together. According
to Census 3572 families living in Blackrock have one child or more.
We will reach at them by offering smaller portions for children on the weekends.
Target group 4: Retired people
My third target is retired people. Fleur de Sel will aim at men and women in their sixties
,living in Blackrock and its surroundings, willing to discover French cuisine and spend a
good time over a nice cup of tea and a piece of cake.
According to Census mapping there were 4462 people aged over 65 in Blackrock in
2011. And according to a study from The Irish Longitudinal Study on Ageing, the
average income of Irish Men Retirees is €397 per week, whereas Irish retiree’s women
earn on average €252 per week. They will look for quality products at a middle-range
price.
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15. Target group 5: Mothers with toddlers
My fourth target market is mothers and toddlers. During the week, women having young
children must stay at home to take care of them and might want to go out and see their
friends. Fleur de Sel will enable them to meet their friends especially for tea time. Since
professional might want to come for breakfast and lunch.
Target group 6 : Housewives with older kids
During the week I will also target housewives aged 30 to 50 who have older kids. They
need to take care of them and drop them to school in the morning. Next to the city center
there is Blackrock College which is a secondary school for boys aged 13–18, mothers
have to drop them to school and might not have time to have a proper breakfast or time
to cook lunch. Fleur de Sel will be useful on their way back to dropping kids to school.
TARGET COMPANY REVENUE FOR YEAR 3
I chose to base my sales on the Wooden Spoon’s. In fact, it can be compared to Fleur de
Sel’s in terms of size and seating capacity.
Customers per week Customers per
Month
Customers per
Year
The Wooden Spoon 2142* 7,140 85,680
*based on observational research (Appendix 3)
In the first year, Fleur de Sel will sell 30% less than the Wooden Spoon, representing
80% of the revenue. In the next two following years it will increase and reach 100%.
Customers a month Customers a year Sales per year
YEAR 1 5,452 59,976* € 679,288
YEAR 2 5,623 67,473 € 701,103
YEAR 3 6,248 74,970 €768,609
*adapted to 11 months of activity
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16. MARKET TRENDS
According to thejournal.ie, many measures have been undertaken in the October 2015
Budget to help the creation of new enterprises.
First "the Capital Gains Tax for the self-employed and entrepreneurs was reduced from
20% from 33% ".
Secondly start-ups will benefit from “a three year tax relief until 2018.” Brennan (2015)
Those measures might impact the coffee shop/bakery market and make it more
competitive.
But the Budget 2015 also enables the "increase in yearly income of one week’s wages"
according to Michael Noonan. Brennan (2015) The consequence of this measure is a
potential growing purchasing power.
According to a Bordbia report published in 2013, the bread market is expected to grow
in the future, and Irish consumers are willing to purchase new products with new types
of grain used to produce new textures and flavours bordbia . Actually "three in 10 Irish
people stating that they would be interested in trying more unusual types of bread."
Dorbie (2015)
There is indeed specifically "a growing demand for brown breads, flatbreads and other
new varieties "Henkes, Thoresen (2014) Fleur de Sel will lead this trend by proposing
special breads.
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17. 4. Marketing/Sales Strategy
Marketing Strategy
Our marketing strategy will target in priority professionally active men and women,
because they are the most likely to visit our café for lunch during the week, according
to observational research and to Mintel data. We will put in place lunch offers.
This market segment will also be targeted on the weekends, for tea time after a
shopping session, and advertisements will be made for tea time offers.
Then we will target families and especially stay-at-home parents. They are the more
likely to spend time in Fleur de Sel to relax and also to buy bread for their family.
On the weekends, parents will be able to bring their children or teenagers in order to
have a good time over great cakes and games.
Finally we will also aim at retired people: since they are professionally non-active,
they can spend a quality time thanks to the high-quality food, hot beverages . They
will enjoy magazines or books or even play games with their friends. They also are
likely to buy bread or pastries.
The differentiation of Fleur de Sel will be made on 3 major points.
It will first focus on the “feel like home” atmosphere. The smell of freshly baked
bread and pastries will attract the customers from the street, once inside they will be
warmly welcomed by our professional staff who will introduce them to the
magazines, books and games concept.
The second difference we will highlight is the fact that going to Fleur de Sel
represents a great opportunity to learn more about French culture in a fun way through
books and magazines reading and games playing.
Finally we will differentiate on the great price for quality food ratio. The suppliers of
the ingredients will be indicated on the menu, in order to build a trust relationship
with the customer. All the food will be prepared by a highly-qualified patissier,
specialized in French cuisine.
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18. For the customers, one of the key benefits is the loyalty card and the free pastry and
coffee at the 6th purchase.
Moreover, Fleur de Sel is not only a café; it is also a bakery proposing homemade,
fresh pastries and breads.
Finally we will highlight that our Café/Bakery gives customers the opportunity to eat
French cakes and food at a good price and spend a lovely time alone or with friends.
As Fleur de Sel director, I will do most of the marketing.
Waiters will be allowed, in their spare time during the shift, to twit or post on Fleur de
Self Facebook’s account.
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19. Pricing
My pricing will be based on my competitors’ prices, especially Le Petit Parisien’s,
which offers very similar products to Fleur de Sel’s.
The table of my target market sit in prices compared to my 4 competitors’ can be
found below. All those prices are based on observational research of the cafés’ and
bakeries menus and the main Fleur de Sel specialities will be listed below. (See
appendix 4 for detailed competitors’ menus)
My
Prices
Le Petit
Parisien
Mellow
Fig
The
Wooden
Spoon
Starbucks
Coffee
The
Natural
Bakery
BAKERY
Baguette €2,50 €2,60 X x x €2,50
Croissant €2,30 €2,50 €2,50 €2,50 €1,70 €1,60
Pain au
Chocolat
€2,30 €2,50 €2,50 €2,50 €1,90 €2,00
HOT BEVERAGES
Americano €2,40 €2,60 €2,50 €2,50 €2,50 x
Latte €2,60 €3,00 €2,95 €2,80 €3,00 x
Hot
Chocolate
€2,80 €3,30 €2,95 €3,00 €3,10 x
Tea €2,40 €2,50 €2,95 €2,50 €2,00 x
CAKES
Chocolate
cake
€3,80 €4,70 €3,60 €3,50 ? €3,00
Lemon
Meringue Pie
€3,95 €4,70 X x x €3,00
LUNCH ITEMS
Goat cheese
Sandwich
€6,50 €8,50 €7,50 €8,50 x x
Quiche €6,00 €7,50 X x x x
.
According to a French website boulangerie.net, the price of a baguette’s ingredients
represents 19% of the sales price. Each margin in this table was calculated according
to tye ingredients prices, divided by the quantity needed and are justified by the
following formula ,Byrne (2016) :
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20. Food Costs: Typical E10 meal
Raw materials: E3.10
Labour: E2.50
VAT & Excise: E1.70
Utility & Ops: E1.40
Profit: <1.30
(See appendix 5 for fabrication costs)
The total average margin will be of 33, 6 % for all items in the menu, except breads to
which a 19% ingredients’ cost applies.
Sales Price € Margin % Margin
Per Unit Per Unit Per Unit
BAKERY
Croissant € 2,00 € 0,67 33,6
Pain au chocolat € 2,00 € 0,67 33,6
Pain aux raisins € 2,50 € 0,84 33,6
Brioche au sucre € 2,50 € 0,84 33,6
Baguette € 2,50 € 0,87 34,6
Multigrain Baguette € 2,70 € 0,93 34,6
White sliced bread € 3,00 € 1,04 34,6
Wholewheat sliced bread € 3,20 € 1,11 34,6
Walnuts and raisins bread € 3,50 € 1,21 34,6
HOT BEVERAGES
Fresh brewed coffee € 2,60 € 0,87 33,6
Latte € 2,80 € 0,94 33,6
Capuccino € 2,80 € 0,94 33,6
Latte macchiato € 2,90 € 0,97 33,6
Hot Chocolate € 2,80 € 0,94 33,6
Le Palais des thés tea € 2,40 € 0,81 33,6
CAKES
Macaron € 3,50 € 1,18 33,6
Tartes € 4,50 € 1,51 33,6
Chocolate cake € 3,70 € 1,24 33,6
LUNCH ITEMS
Quiche lorraine € 6,00 € 2,02 33,6
Quiche au saumon € 6,00 € 2,02 33,6
Fleur de Sel € 7,00 € 2,35 33,6
Cabri € 6,50 € 2,18 33,6
Italie € 6,00 € 2,02 33,6
Tradi € 6,00 € 2,02 33,6
Marketing and Communications Strategy
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21. Concerning Marketing and communication strategies, I will use different kinds of
media adapted to the three target markets I aim at. My yearly advertising costs per
target market and per Media used can be found in the table below.
All the Media I will use in order to promote Fleur de Sel are:
• Social media (Facebook, Twitter, Pinterest)
• Website
• Flyers
• Poster
• Events
• E-mail loyalty customers
• Direct mail advertisement
The Media used to target Professionally active women and Stay at home parents
/families will be the same, since the targets are both aged 18 to 50, they are more used
to new technologies and social media than Retired people are.
SOCIAL MEDIA (FACEBOOK, TWITTER, PINTEREST)
According to Census: 8741 Blackrock inhabitants have access to the Internet. It
represents a great opportunity to target a large amount of people, since social media
are free . There are a lot of cafés and bakeries in Dublin county we will also allocate
€200 monthly on Search Engine Optimisation.
• Facebook
We will use Facebook as a tool to target professionally active women, parents and
retired people.
In a Mintel study conducted by James Wilson (2016) , Facebook is defined as “ the
most popular social network in RoI” since almost 80% of ROI consumers access the
website “at least once per week.”Wilson,J.(2016)
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22. Facebook aims at both young and older people according to the following data by
Patterson (2015) found on sproutsocial.com.
87% of adults 18–29 use Facebook.
73% of adults 30–49 use Facebook.
63% of adults 50–64 use Facebook.
56% of adults 65+ use Facebook
The page will be updated daily, by both me and employees during their spare time. On
this page there will be special events such as board games tournaments, or for special
holidays such as Christmas, Easter… Every week the page will be uploaded with new
ingredients’ arrivals photos, with new cakes and Tartines available. On the café card
there will be the name of the Facebook page. And during the first year a like on the
page will equals a free coffee, the customer will only have to do a screenshot and
show it to one of the waiters.
• Twitter
With an average of one third adults 18–49 using Twitter , Patterson(2015) , Twitter
will be used to communicate and share offers with younger customers aged between
18 and 49 , so essentially professionally active women and parents.
I will update this account with Fleur de Sel food and drinks photos, and respond to
customers tweets every two days.
• Pinterest
This online network will target both professionally active women as well as
housewives.
Actually, the main users of Pinterest are women, with 42% of online women using
Pinterest. Patterson (2015)
.
21
23. More generally speaking, one third of adults using internet, aged 18 to 49 uses
Pinterest. Patterson (2015)
WEBSITE
As said before, the vast majority of Blackrock inhabitants use the Internet, the website
will be a great tool to target professionally active women, as well as parents and
retired people.
In order to create our website, we will use the service “own.ie”. According to their
website it offers an Elite package with 1GB Space, Premium designs, a Free .com or
.ie domain*, a Personalised email address, and a Google Analytics account for €10
per month. We will then allocate €120 per year for our website.
The website will have several sections. First a history of the brand section, with the
main suppliers’ names, and the origin of Fleur de Sel concept.
In another section there will be the menus (breakfast, lunch, tea time and beverages).
The third section of the website will offer an online catering service, with the
possibility to order cakes and get them in the café.
And finally there will be a section with social media links and photos of new recipes.
FLYERS
This technique will be used to target professionals.
Each year we will promote Fleur de Sel through a flyer campaign at DART station
since professionals take it to go to work in Dublin. Those flyers will offer a free
coffee and a pastry.
We will also promote the café directly to offices located in Blackrock by distributing
flyers at the entrance of the buildings, offering a discount of 15 percent on a lunch
formula as well as a free coffee.
This market segment will also be targeted on the weekends, for tea time after a
shopping session. Therefore flyers offering a free coffee for a pastry purchased will be
distributed at the entrance of Blackrock shopping mall and in Blackrock’s main street.
According to jaysprinting.ie 500 flyers cost €58.
.
22
24. POSTERS
Posters will be put in Blackrock Community Playgroup, a space where children are
welcome and can play, in order to target mothers with children.
E-MAIL LOYALTY CUSTOMERS
This tool will be aimed at all of our targets markets and will be free.
When my customers will subscribe for a loyalty card, they will have to fill in a form
with the following information: Name, Address, Date of Birth, Sex, Profession, Phone
number and Email address. This information will be gathered and customers will be
classified within a specific target group (women, retired people and stay at home
parents) According to this data , emails will be sent to customers with offers such as a
free coffee offered for €10 spent, so that they come back to Fleur de Sel.
EVENTS
Throughout the year we will organize events ourselves and also sponsor local events.
During the first year we will launch an opening cocktail and we will allocate a €500
budget for this event, inviting influent people of Blackrock such as the mayor or local
retailers. This budget will then be used to celebrate Fleur de Sel anniversary, through
a party reuniting the most loyal customers.
Then each year we will sponsor concerts from the Frascati Singers: a mixed voice
choral group based in Blackrock with 30 singers. Since the choral is mostly composed
of women it will be a great way to target housewives or retired people.
We will also sponsor a bowling tournament in order to target families. For those two
events we will allocate €500 in total.
DIRECT MAIL ADVERTISEMENT
This advertisement method will be used to target retired people. For the launching
cocktail we will send an invitation postcard at 4 culinary journalists and to the 50
most influent Blackrock inhabitants, such as the mayor.
.
23
25. The format will be a postcard, written as an invitation to Fleur de Sel, with details
about the food and the café/bakery itself. We will use the Postaim service offered by
the Irish post. In total, those invitations will cost €25, 38, at €0, 47 a unit.
After the launching we aim at distributing 4000 postcards twice a year, weighting 0-
50g and costing €0, 45 per unit. This represents an expense of €3600 yearly.
Launch
Event Year 1 Year 2 Year 3 Year 4
Flyers €78 €58 €58 €58 €58
Direct mail €25,38 €3600 €3600 €3600 €3600
Social Media x €200 €200 €200 €200
Web Site x €120 €120 €120 €120
Events x €500 €500 €500 €500
E-mail (loyalty
customers) Free Free Free Free Free
Launching cocktail/
Anniversary €500 €500 €500 €500 €500
TOTAL €603,38 €4478 €4478 €4478 €4478
Over all my spending costs for the launching event’s promotion will be €603, 38. The
launching cocktail will also be highlighted on the social media such as Facebook
through an event. As for yearly marketing costs, it will be an amount of €4478 per
year. This yearly costs will be adjusted according to specific events during the year,
which demand more marketing promotion investment such as Christmas, St Patrick
Day...
.
24
26. 5. People and Operations
Fleur de Self will have 4 regular members of staff including myself. There will be 2
full time-staff members including the cook, and 1 waiter. We will also need a part-
time baker to make bread and pastries. As the manager I will supervise the café and
the bakery, and help the full time waiter during rush times. Fleur de Sel will hire
people aged 18 and over.
According to my observational research at The Wooden Spoon and at Le Petit
Parisien: 2 waiters will be enough during the week.
Concerning the opening and closure times: the baker will have a key to open the
bakery at 12pm and will work until 6 am, I will be in charge of the bakery closure at
7pm after the inventory is done.
You will find below the table concerning the physical operational requirements per
employee.
Inventory Cleaning Banking Stocking
Stock
Ordering
Signing of order
invoices Deliveries
Myself X x x X x x
Baker,
Cook X X x x
Waiters X x x x
MANAGEMENT ORGANISATION CHART
YEAR 1, 2, 3
.
Myself
Fleur de Sel’s Manager and
Supervisor
Myself
Fleur de Sel’s Manager and
Supervisor
Cook
Specialized in french
patisserie
Cook
Specialized in french
patisserie
Baker
Part-time : in charge of bread
and pastries
Baker
Part-time : in charge of bread
and pastries
Waiter
(1 full time)
Waiter
(1 full time)
25
27. STAFFING
During the month of January of the first year, since Fleur de Sel won’t reach its full
capacity, I will need my cook, my baker and my waiter to work 3 weeks out of 4. In
others terms I will apply a 0, 75 coefficient to the wages and salaries table.
The cook and the full-time waiter will work Tuesdays to Sundays from 8am until 6pm
and will have 2 breaks of 1 hour during the day.
The Baker will work Tuesdays to Sundays during the night from 12pm until 6 am and
will have a 2 hours break.
• Cook
I aim at hiring a cook, specialized in pastries, who was trained at Ferrandi: a
renowned French school of culinary arts, located in Paris.
The candidate will be an experienced cook with at least 1 year experience in a
restaurant. He or She should be also be creative and detail oriented. Training in
macarons would be appreciated. He will work 5 days a week, 8 hours a day which
means 40 hours a week. He will be in charge of preparing tartines, quiches and French
cakes. According to a cook job offer found on ideed.com the wage for a cook is
€12.00 per hour. It will represent €1,872 per month and €20,592 a year. Concerning
the holiday pay and based on the Irish law, it must represent a 4 week salary; in this
case it represents €1,872.
• Part time Baker
According to a baker job offer found on recruitireland.com the hourly wages for a
baker in Ireland is €9.91. It represents €727 per month for 20 hours worked a week
and €8,720.8 for a year.
Concerning the holiday pay and based on the Irish law, it must represent 8 percent of
the yearly wages; in this case it represents €727.
• Waiters (full-time)
My full-time waiter will be paid the minimum wages, which means €9.15 per hour for
adults over 18, according to www.citizensinformation.ie.
.
26
28. The full-time waiter will work 6 hours per day 48 weeks a year. It represents 36 hours
per week for a full-time waiter. Concerning the holiday pay and based on the Irish
law, it must represent 4 weeks of wages for the full time waiter. In this case it
represents €1, 308, and 08.
• Myself
In theory I will take a salary of €2,000 per month as Fleur de Sel’s manager. But in
case the sales are not high enough to cover the costs especially the first year with the
launching costs, I’m prepared to reduce or give up this amount in order to keep a
positive balance.
For the first year I can’t afford to give a bonus to my employees, but as soon as the
loan is repaid (in 12 months’ time) full-time employees will get a 2% bonus based on
the turnover.
Work
Schedule
Wages per
hour
Wages per
Month
Wages per
year
Holiday pay
Vacations
Myself
Tuesdays
to Sundays
from 8am
until 6pm € 12.82 €2,000.00 €22,000 €2,500.00
Cook
Tuesdays
to Sundays
from 8am
until 3pm € 12.00 €1,872.00 €20,592 €1,872.00
Part time Baker
Tuesdays
to Sundays
from 1am
until 6am
(night shift) € 9.91 €792.80 €8,720.8 €697.6
Full-time
Waiters
Tuesdays
to Sundays
from 8am
until 6pm € 9.15 €1,427.25 €15,697 €1,427.25
.
27
29. Operations
PREMISES & RENT
The café/bakery will be located in Carysfort Avenue. Indeed it is really close to
Blackrock’s main street, which attracts a lot of customers, and moreover there are
offices in this street and it is a great opportunity to reach at professionals working
there.
It will require a refurbishment: based on the prices of Bewley’s Grafton street
refurbishment costs of €1,000,000 for 1672 square meters (irishtimes.com),
devaluated of 40% because Grafton Street is very expensive, it results in a
refurbishment price of €359 per square meter and in total €33,373 since the
café/bakery is 93 squares meters.
Based on prices of a restaurant’s yearly rent in Blackrock found on myhome.ie the
annual rent for a 1,000 sq. feet (93 sq. metres) cafe is evaluated at €31,200 yearly
which represents €2,600 per month.
EQUIPMENT
The café/bakery will be divided in 3 major spaces: the kitchen, the actual sit-in room
and the take-away/bakery counter. All of them need to be equipped. Most of the
equipment will come from www.buycatering.ie and Ikea. (For detailed prices see
Appendix 6)
First the kitchen will need 2 fridges, one for the bakery and one for the fresh
ingredients used by the chef (vegetables, cream, and eggs). Those fridges with a
capacity of litres will cost together €1,370 ex VAT.
Most of the Kitchen utensils will be used by both the baker and the chef that’s why
everything will be purchased twice. A special oven and dough mixer will be
purchased especially for the bread making.
The cook and the baker will have their own working table and utensils.
The sit-in area will be able to welcome 40 customers with 5 tables of 2 and 5 tables of
4. 4 additional chairs will be purchased. It will be decorated in Fleur de Sel’s blue and
silver tones and also with woods ornaments, to reinforce a cosy atmosphere.
.
28
30. We will be supplied by Ikea for most of our furniture, because the design matches the
atmosphere I want the café to have and the quality/price ration is quite good as well.
Thanks to my observational research in cafés such as Starbucks coffee I decided that
the bakery and the take-away corner will require only one cash-register. The one I
have chosen can store 3000 product codes or prices. It will also produce receipts in
seconds and will allow us to print custom messages and logos on the receipts. This
cash register will cost €369 ex VAT, and will be provided by the website
www.cashdrawers.ie.
Moreover, in order to make pastries and cakes more attractive to the customers, they
will be kept under a chiller. The bread will be stocked in baskets on shelves to
reinforce a traditional bakery image.
.
29
31. SUPPLIERS
COFFEE SUPPLIER
Carte Noire is one of the most famous French coffee brands, the company will
supply Fleur de Sel with Fairtrade coffee beans that will be brewed in our café,
to ensure a high-quality coffee.
TEA SUPPLIER
Le Palais des Thés is a tea production company based in France. It has a
number of shops, mainly in France - several in Paris. The company was
founded in 1986 and specializes in direct import and commercialization of tea
products.and offers a great variety of high-quality flavored teas.
CHOCOLATE SUPPLIER
Valrhona a renowned French brand specialized in high-quality chocolate. It
will provide Fleur de Sel with baking chocolate and cocoa powder for hot
chocolates.
BAKERY INGREDIENTS SUPPLIER
Andrew ingredients is an Irish bakery ingredient supplier, with a large range
of products selected from Europe's top food ingredient. They will supply Fleur
de Sel with French flour, flavours and dried fruits (such as almond powder for
macarons and nuts for premium breads).
.
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32. COGS
According to observational research conducted at the Wooden Spoon, Blackrock I
could determine a percentage of clients according to their groups. (See Appendix 3)
Cost of Goods Sold
Target Markets (what they purchase) Sales % Cost of Goods Sold Sales Price € Margin % Margin
by Unit Per Unit* Per Unit* Per Unit Per Unit
Target Market 1 : Professionally
active men and women 53,00 5,97 8,60 2,63 30,57%
Target Market 2 : Stay at home
parents 20,00 6,61 9,65 3,04 31,52%
Target Market 3 : Families* 6,00 21,23 30,80 9,57 31,06%
Target Market 4 : Retired people** 6,00 18,24 26,50 8,26 31,17%
Target Market 5 : Mothers with
toddlers 5,00 11,42 14,00 2,58 18,43%
Target Market 6 : Housewives 10,00 4,32 7,00 2,68 38,29%
Total (100%) 100,00
• Professionally Active men and women
In the morning, 30 percent of active men and women will take the breakfast formula
to go, quick and easy with a sales price of €4 and a cost of €3, 19.
Then 50 percent’s will order a Tartine formula at €8, 50 costing to Fleur de Sel €5, 84
and a piece of cake retailed €3, 5 and costing 2, 46 as a treat.
During the week end the 20 percent’s remaining will choose the tea-time offer costing
€7.
.
Target Market %
Stay at home parents 20
Professionals 53
Families 6
Retired people 6
Mothers with toddlers 5
Housewives 10
31
33. In total it represents €8, 6.
• Stay at home parents
After they brought their kids to school they might want to have a good coffee and a
good pastry, that’s why they are going at 20% to buy breakfast for €4.
At midday, their kids have lunch at school so 30%of this target market can have lunch
at Fleur de Sel and will choose a Tartine formula and a piece of cake for a total of €12
.
Then in the afternoon, before or after picking up children from school 50% will buy
some bread and pastries for the family. Let’s imagine they have 2 children it
represents 1 baguette costing €2, 5 and 4 croissants costing €2 each.
• Families
This target group will visit Fleur de Sel during the week-end. It can be defined as a
household with 2 parents and 2 children.
60% will have lunch at Fleur de Sel and they will choose 4 quiche formulas at €7 with
4 pieces of cake at €3, 5, for a total of €42.
40% will purchase 2 baguettes for the household, representing €5.
In total they will spend €27, 2.
• Retired people
This target group can be defined as a couple of people aged between 55 and 75 years
old.
During the week they will choose the quiche formula as well as a piece of cake for
€21 in total, and will buy a baguette for €2, 5. In total retired people will spend €23, 5
at Fleur de Sel.
• Mothers with toddlers
.
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34. They are women aged 20 to 35 years old accompanied with toddlers aged 2 to 5 years
old. As said before, they will come to Fleur de Sel to socialize and therefore will
come for tea time. The mother will have a premium tea time formula and will buy a
piece of cake for the toddler.
• Housewives
Housewives will have the tea time formula costing €7.
Average sales and costs per target market (See Appendix 7 for more details)
Breakfast
formula
Lunch
formula Tea time
Tea time
premium Baguette Croissant Cake Sales Costs
Professionally
active people € 1,20 € 4,25 € 1,40 € 0,00 € 0,00 € 0,00 € 1,75 € 8,60 € 5,97
Stay at home
parents € 0,80 € 2,55 € 0,00 € 0,00 € 1,25 € 4,00 € 1,05 € 9,65 € 6,61
Families € 0,00 € 20,40 € 0,00 € 0,00 € 2,00 € 0,00 € 8,40 € 30,80 € 21,23
Retired people € 0,00 € 17,00 € 0,00 € 0,00 € 2,50 € 0,00 € 7,00 € 26,50 € 18,24
Mothers with
toddlers € 0,00 € 0,00 € 0,00 € 10,50 € 0,00 € 0,00 € 3,50 € 14,00 € 11,42
Housewives € 0,00 € 0,00 € 7,00 € 0,00 € 0,00 € 0,00 € 0,00 € 7,00 € 4,32
UTILITIES COSTS
• Water
According to the Dublin city council, a typical restaurant/café’s water consumption
represents a yearly cost of €151 per seat. This tariff comprises water to wash
vegetables, to cook, to make hot beverages, to clean and also for the toilets. Since
Fleur de Sel has a 32 seating capacity my water consumption will represent a €6040
expense per year and €503 per month.
• Electricity
According to Dublin city council rates, and reports found online about restaurants’s
electricity consumption, Fleur de Sel will 20MHw per month at a cost of 16.03 cents
per Kwh which equals €267 per month.
• Commercial rate
.
33
35. I also will have to pay a commercial rate, based on the rental value of the property,
multiplied by the January 2016 South Dublin City Council Annual Rate of Valuation
of 0.162 (www.dublincity.ie). As my rent is €31,200 per year, multiplying it by 0.162
gives me a yearly commercial rate charge of €5054,4 , divided by 12 it represents
€421,2 per month .(sdcc.ie)
• Loan
In order to cover all the set-up costs, and to keep a positive balance I plan to get a
€65,000 loan in 12 months at a 6, 74 % interest rate from the Bank of Ireland. This
represents a yearly interest of €5417. And a monthly interest of €365.
• Internet and Telephone
Fleur de Sel will subscribe to the Virginmedia 100Mb Business bundle, which
includes high speed internet with guaranteed download speeds of 100Mb and 4 phone
lines for a monthly cost of €60.
• Accountancy fees
In order to complete tax registration documents such as PAYE/VAT/Income Tax I
will hire an accountant from Abacus accounting services once a year for €95.
• License for Music
Fleur de Sel will subscribe to the Dual Music Licence, which is a licence contract
covering both IMRO and PPI music copyrights. To respect the law, two distinct
permissions are required by Irish businesses that play publicly music. The first covers
musical works (composers, songwriters) and the second one covers sound recording
(producers and performers.) Since the seating capacity of Fleur de Sel is 32, the
annual tariff for the music licence will be of €221.80 (See appendix 8)
• Insurance
I contacted Chill Insurance by Phone and they gave me the quote of €504 per month
for a 93m2 café/bakery. (See appendix 9 for interview’s details)
.
34
36. • Cleaning
I contacted the company Cleaning services Dublin in order to have an estimation of
the monthly cleaning costs required: the company replied that for a 93 meters
restaurant the fees are €120 per week, meaning €480 a month (See appendix 10)
• Taxes on alcohol
I won’t sell any alcohol so I won’t have to pay taxes.
Summary table : Utilities costs per month
Premises Costs
Rent €2,600
Commercial Rates €421
Water & Waste Charges €503
Heat, Light & Power €267
Insurance €42
Cleaning €480
Total € 4,313
.
35
37. 6. Competitors
I went to Blackrock and observed the surroundings of the location where my
Café/Bakery will be implemented. I identified 2 main direct competitors in a 500
meters perimeter around Fleur de Sel. And another direct competitor in Dublin city
centre. Fleur de Sel also has an indirect competitor located in Dun Laoghaire.
The Mellow Fig
The first direct competitor of Fleur de Sel on both location and products is the Mellow
fig Located in George Avenue.
Opening hours
Monday-Friday 8.00 am- 6.00 pm
Saturday 9.00am until 6pm
Sunday 10 am until 6 pm
Source: The Mellow Fig Facebook page
According to my primary research it has a 50 seats capacity and it offers homemade
cakes such as muffins, scones, gluten free breads, breakfast and lunch items. The
Mellow Fig also benefit from a good location near Blackrock’s main street. Most of
the food such as bread and pastries is homemade with local ingredients and there is
also a free Wi-Fi service.
On the other hand, the atmosphere there is not cosy: the room is big and quite loud
and the decoration is quite old fashioned.
The Wooden Spoon
The Wooden Spoon is Fleur de Sel's second main direct competitor both on location
and on products. According to their website the wooden spoon is a "gourmet deli"
offering a large menu of homemade breakfast and lunch items as well as a Wifi
service.
Opening hours
Monday-Friday 7.00 am- 5.00 pm
Saturday 9.00 am- 4.00 pm
Sunday 10.00 am – 4.00 pm
Source: The Wooden Spoon Facebook page
.
36
38. I stayed at the café on a Friday morning from 11 am until 12 am and made some
observations. First I noticed that The Wooden Spoon’s seating capacity is 30, among
which 20 seats inside and 10 outside. Inside the 30 m2 café they have a take-away deli
counter, enabling customers to “customize” their sandwiches, and adapt them to their
tastes. The Wooden Spoon at the rush time, around 12 am, was run by 4 waitresses
wearing a blue kitchen apron and 2 other employees who were working in the kitchen.
Concerning the atmosphere, the café was very bright with a nautical inspired
decoration with white wood and the waitresses were very friendly.
The deli has the advantage of being well located in Blackrock since the shop is next to
the sea and the Dart station, and to have a terrace outside.
But the café has some weaknesses: the first one is that the bread and wraps are not
homemade. The second one is that the ingredients used are not local as the menu
doesn't speak about the origin of the ingredients; moreover the coffee is not Fairtrade.
And finally compared to the number of clients welcomed daily I think that the seating
capacity is too low and the café itself is too small.
Starbucks Coffee
The third direct competitor is Starbucks Coffee that is a competitor to Fleur de Sel on
both location and products. Starbucks coffee is an American chain of coffee shops
internationally implemented, specialist in coffee and American pastries.
Opening hours
Monday-Friday 7.00 am- 7.00 pm
Saturday 8.00 am- 7.00 pm
Sunday 9.00 am – 6.00 pm
Source: Starbucks Blackrock website
It benefits from a good location next to the sea, and next to the Dart station and
enable for example professionals to have a takeaway breakfast before going to work,
the coffee shop offers a large menu, and is already renowned and popular , there is
also a free Wi-Fi service.
But one of their biggest weaknesses is that the products offered to the customers are
not made with local ingredients and not homemade.
.
37
39. Finally, the last main competitor of Fleur de Sel, directly on the products offered is Le
Petit Parisien. Le Petit Parisien is a 40m2 French café and bakery located in the busy
area of Wicklow Street.
Opening hours
Monday-Saturday 7.30 am- 7.00 pm
Sunday 9.00 am- 7.00 pm
I had a latte and pain au raisins (Saturday, during the rugby match England, Ireland)
recently in this café. I asked some questions to one of the waitresses. (See appendix
11 for interview’s details)
The staff is composed of 5 people in total, of which 1 patissier, 1 baker, 1 barista and
2 waiters (one of them is working part-time), the rest is full time employed. They all
wear a black uniform, and waitresses wear a white apron.
Concerning the products, they have some classic French pastries such as croissants,
pains au chocolat, a large selection of hot beverages and some sandwiches… The
best-sellers are the strawberry and mixed-berry tarts, and the ham and cheese
sandwiches.
They use Facebook and Twitter almost every day to keep in touch and introduce new
products to customers. Concerning the café itself, it is decorated like in the 1920’s,
with old photos frameworks, dark wood chairs and tables and a low light to keep a
cosy atmosphere. The sitting capacity is 20, and Le petit Parisien also has a take-away
service. Thanks to my observational research I identified 2 main targets for my café,
women in their 60’s and women in their 30’s that gathered to catch up over a piece of
cake and a coffee.
The disadvantages are that except the products and the decoration, French culture is
not really highlighted, there are no French books or magazines to consult. Moreover
the café is quite small and the space between tables is quite narrow, and le Petit
Parisien doesn’t offer a fidelity card. All of this was obtained from Primary Research
and a short interview with the waitress.
The main secondary competitor is the Natural Bakery. As a bakery it will compete
with Fleur de sel on the bread, pastries and cakes offer.
Opening hours
Monday-Wednesday 8.00 am- 6.30 pm
Thursday-Friday 8.00 am- 7.00 pm
.
38
40. Saturday 8.00 am- 6.30 pm
Sunday 10.00 am – 6.30 pm
According to my research they have several locations around Dublin, but the main
competitor is the shop located in Dun Laoghaire. Inside the bakery they have a seating
capacity of 10 wood benches, and breads are stored on open wooden shelves
The main advantage of the Natural Bakery is that it offers a great range of breads and
pastries. But on the other hand the seating-in area is quite uncomfortable and doesn’t
have a special atmosphere.
Competitors
Weaknesses
FDS strenghts
The Mellow Fig Loud atmosphere
Old fashioned decor
Cozy atmosphere
Trendy Blue and Silver
tones
The Wooden Spoon Breads are not
homemade, coffee is
not Fairtrade, low
seating capacity, too
small
100% homemade
breads, Fairtrade
coffee, 32 seats
capacity inside , 93
square meters surface
Starbucks coffee Not home made, not
local
Homemade pastries,
breads, lunch items,
cakes, use of local
suppliers
Le Petit Parisien No loyalty card
Narrow space
French culture not
highlighted enough
Loyalty card
Wider space between
tables
No French magazines,
books and games
The Natural Bakery Quite impersonal
atmosphere
Convivial atmosphere
7. Financial Projections
01/01/20 to 31/12/22
.
39
41. PROFIT & LOSS
Year 1
Gross Profit/(Loss) 38 674
Tax Payable 4 834
Net Profit/Loss 33 840 5%
Year 2
Gross Profit/(Loss) 29 945
Tax Payable 3 743
Net Profit/Loss 26 202 4%
Year 3
Gross Profit/(Loss) 46 768
Tax Payable 5 846
Net Profit/Loss 40 922 5%
In the first year, Fleur de Sel will make a gross profit of €33,840.Once tax is paid; the
ATOI margin is of 5%.
The priority was to refund the loan as soon as possible .As a result, I made the
decision that I wouldn’t receive any wages in the first year, in order to pay employees
and suppliers first.
Fleur de Sel will make less profit during Year 2 due to the addition of my salary as a
manager of €24,000 per year as well as a bonus of 2% on profit for my 3 employees
and the ATOI will remain at 4%.
Between the second year and the third year, Fleur de Sel’s profit will increase of 56%.
At the end of the third year I can consider hiring another waiter.
CASHFLOW
Year 1
.
40
42. 1 2 3 4 5 6 7 8 9 10 11 12 Total
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Receipts
Debtors - 62 293 63 426 63 426 65 419 61 160 45 304 48 702 63 426 64 558 67 956 73 619 679 288
Loans (banks) 65 000 65 000
VAT Refund-Set-Up Costs 10 023 10 023
VAT Refunds-OH Items 513 513 513 513 2 052
Total Receipts 65 000 62 293 73 962 63 426 65 419 61 673 45 304 48 702 63 939 64 558 67 956 74 132 756 364
Payments
Set-Up Costs 57 869 57 869
Creditors - - 43 217 44 002 44 002 45 385 42 431 31 430 33 787 44 002 44 788 47 145 420 190
Staff 3 816 4 855 4 855 4 655 4 655 4 655 4 655 4 655 4 655 4 655 4 655 4 655 55 418
Premises 3 543 4 313 4 313 4 313 4 313 4 313 4 313 4 313 4 313 4 313 4 313 4 313 50 990
Transport - - - - - - - - - - - - -
Selling/Promotion 676 73 73 73 73 73 73 73 73 73 73 73 1 481
General Expenses 86 86 86 86 86 86 86 86 86 86 86 86 1 037
Finance Costs - 365 365 365 365 365 365 365 365 365 365 365 4 016
VAT Payable - 1 575 1 604 1 604 1 654 1 546 1 146 1 231 1 604 1 632 1 718 1 862 17 176
Tax 4 834 4 834
Total Payments 65 991 11 268 54 513 55 099 55 149 56 424 53 069 42 154 44 884 55 127 55 999 63 334 613 012
Cash Flow-from Operations (991) 51 025 19 449 8 327 10 270 5 249 (7 765) 6 547 19 055 9 431 11 957 10 798 143 352
Loan Repayments 5 417 5 417 5 417 5 417 5 417 5 417 5 417 5 417 5 417 5 417 5 417 59 583
Net Cash Flow after loan replayment (991) 45 608 14 032 2 910 4 853 (168) (13 182) 1 131 13 638 4 014 6 540 5 382
Opening Balance - (991) 44 618 58 650 61 560 66 413 66 246 53 064 54 195 67 833 71 847 78 387
Closing Balance (991) 44 618 58 650 61 560 66 413 66 246 53 064 54 195 67 833 71 847 78 387 83 769
In January of the first year of activity, the loan will not be high enough to cover the
set-up costs and has for consequence a negative cash flow of -€991.
In July, sales will decrease due to summer vacations and the lack of customers; the net
cash flow after loan repayment will weaken and will reach -€13,182. This will have
for consequence a negative cash flow due to higher payments than revenues.
At the end of year 1, the projected closing balance will be of €83,769.
Year 2
.
41
43. 1 2 3 4 5 6 7 8 9 10 11 12 Total
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Receipts
Debtors 59 156 61 418 61 418 62 551 62 551 62 551 62 551 52 357 67 081 68 214 69 346 75 009 764 202
Loans (banks) -
VAT Refund-Set-Up Costs 10 023 10 023
VAT Refunds-OH Items 536 536 536 536 2 144
Total Receipts 59 156 61 418 71 977 62 551 62 551 63 087 62 551 52 357 67 617 68 214 69 346 75 545 776 369
Payments
Set-Up Costs -
Creditors - 41 040 42 610 42 610 43 395 43 395 43 395 43 395 36 323 46 538 47 324 48 110 478 136
Staff 7 875 7 070 7 070 6 870 6 870 6 870 6 870 6 870 6 870 6 870 6 870 9 049 86 021
Premises 4 313 4 313 4 313 4 313 4 313 4 313 4 313 4 313 4 313 4 313 4 313 4 313 51 760
Transport - - - - - - - - - - - - -
Selling/Promotion 676 73 73 73 73 73 73 73 73 73 73 73 1 481
General Expenses 86 86 86 86 86 86 86 86 86 86 86 86 1 037
Finance Costs 365 - - - - - - - - - - - 365
VAT Payable 3 387 1 553 1 553 1 582 1 582 1 582 1 582 1 324 1 696 1 725 1 753 1 897 21 215
Tax 3 743 3 743
Total Payments 16 703 54 136 55 705 55 534 56 320 56 320 56 320 56 062 49 362 59 606 60 420 67 271 643 758
Cash Flow-from Operations 42 453 7 282 16 272 7 017 6 231 6 767 6 231 (3 705) 18 255 8 608 8 926 8 274 132 612
Loan Repayments 5 417 5 417
Net Cash Flow after loan replayment 37 036 7 282 16 272 7 017 6 231 6 767 6 231 (3 705) 18 255 8 608 8 926 8 274
Opening Balance 83 769 120 805 128 087 144 359 151 376 157 607 164 374 170 605 166 901 185 156 193 764 202 690
Closing Balance 120 805 128 087 144 359 151 376 157 607 164 374 170 605 166 901 185 156 193 764 202 690 210 964
The rest of the loan will be paid back in January. But throughout the second year, the
net cash flow will always be positive except during August where sales will decrease
due to summer vacations and the lack of customers. As a consequence of higher
payments than revenues, the net cash flow after loan repayment will weaken and will
reach -€3,705 in August. But the net cash flow will rise again in September due to
higher sales.
At the end of year 2, the projected closing balance will be of €210,964.
Year 3
.
42
44. 1 2 3 4 5 6 7 8 9 10 11 12 Total
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Receipts
Debtors 70 759 70 759 70 759 71 892 71 892 70 759 70 759 48 107 70 759 71 892 73 024 76 422 837 784
Loans (banks) -
VAT Refund-Set-Up Costs 10 023 10 023
VAT Refunds-OH Items 536 536 536 536 2 144
Total Receipts 70 759 70 759 81 318 71 892 71 892 71 295 70 759 48 107 71 295 71 892 73 024 76 958 849 951
Payments
Set-Up Costs -
Creditors - 49 090 49 090 49 090 49 876 49 876 49 090 49 090 33 375 49 090 49 876 50 662 528 204
Staff 7 875 7 070 7 070 6 870 6 870 6 870 6 870 6 870 6 870 6 870 6 870 9 049 86 021
Premises 4 313 4 313 4 313 4 313 4 313 4 313 4 313 4 313 4 313 4 313 4 313 4 313 51 760
Transport - - - - - - - - - - - - -
Selling/Promotion 676 73 73 73 73 73 73 73 73 73 73 73 1 481
General Expenses 86 86 86 86 86 86 86 86 86 86 86 86 1 037
Finance Costs - - - - - - - - - - - - -
VAT Payable 4 052 1 789 1 789 1 818 1 818 1 789 1 789 1 216 1 789 1 818 1 846 1 932 23 447
Tax 5 846 5 846
Total Payments 17 002 62 422 62 422 62 251 63 036 63 008 62 222 61 649 46 507 62 251 63 065 71 962 697 795
Cash Flow-from Operations 53 757 8 337 18 897 9 641 8 856 8 288 8 537 (13 542) 24 788 9 641 9 959 4 996 152 156
Loan Repayments -
Net Cash Flow after loan replayment 53 757 8 337 18 897 9 641 8 856 8 288 8 537 (13 542) 24 788 9 641 9 959 4 996
Opening Balance 210 964 264 720 273 058 291 954 301 595 310 451 318 738 327 276 313 734 338 522 348 163 358 123
Closing Balance 264 720 273 058 291 954 301 595 310 451 318 738 327 276 313 734 338 522 348 163 358 123 363 119
Throughout the third year, the net cash flow will always be positive, except during the
month of August. In August sales will decrease due to summer vacations and the lack
of customers. As a consequence of higher payments than revenues, the net cash flow
after loan repayment will dramatically weaken and will reach -€13,542. But the net
cash flow will rise again in September due to higher sales.
At the end of year 3, the projected closing balance will be of €363,119.
.
43
45. What is the breakeven for the business?
The Breakeven point can be defined at the point in time when forecasted revenue
exactly equals the estimated total costs; where loss ends and profit starts to
accumulate. (businessdictionary.com)
This is the point where Fleur de Sel will become financially viable. The formula to
calculate the breakeven point is the following:
Fixed costs / ((Turnover-variable costs)/Turnover)
In the first year here is the projected data:
• Fixed costs found in the Profit and Loss table: (total overhead) €113,262
• Sales price per unit, calculated according to adjustments of the sales
percentages from the different target market: €11.326
• COGS per unit calculated through the same method as sales price per unit:
€7.86
• Turnover found on the sales forecast table: €679,288
• Variable costs, calculated by multiplying the number of average yearly meals
59,976 by the COGS per unit of €7.86 : €471,411.36
The breakeven point is reached at a €370,111.42 turnover. Fleur de Sel must have
32,678 customers a year spending on average €11.326, in order to make profit.
.
Breakeven point €370,111.42
Fixed costs €113,262
Sales price per unit €11.326
COGS per unit €7.86
Turnover €679,288
Variable costs €471,411.36
44
46. SENSITIVITY ANALYSIS
See appendix 12 for more detailed calculations.
If sales are 10% lower than expected, I will anyway make a profit over the 3 years.
Year 1, I will run at a net profit of €20,545
Gross Profit/(Loss) 23 480
Tax Payable 2 935
Net Profit/Loss 20 545 4%
Year 2, I will run at a net profit of €35,502
Gross Profit/(Loss) 40 574
Tax Payable 5 072
Net Profit/Loss 35 502 6%
Year 3, I will run a net profit of €
Gross Profit/(Loss) 55 386
Tax Payable 6 923
Net Profit/Loss 48 463 7%
If my sales rise by 10% I still expect to make profit,
Year 1, €47,135 net profit ATOT 6%
Year 2, €65,414 net profit ATOI 8%
Year 3, €81,255 net profit ATOI 11%
.
45
47. FUNDING REQUIREMENTS
I will require a total of €65,000 of a loan to start up my business and I will borrow it
from the Bank of Ireland at an unsecured rate of 6.74 %. Below is a table of the
requirements needed in order to set up the business the first month.
Payments
Set-Up Costs € 57,869
Staff € 3,816
Premises € 3,543
Selling/Promotion € 177
General Expenses € 86
Finance Costs € 365
VAT Payable -
Tax
Total Payments €65,856
FUNDING PAYBACK
The loan amount of €65,000 that I require for my set up will be paid back within 12
months. The payback will begin in February of the first year, and will end in January
of the second year. I made the choice to schedule the payback over 12 months because
it enables to allocate costs better in order to have less impact on cashflow.
Below is a table of principle amounts paid back per month.
.
46
48. YEAR 1 January February March April May June July August September October November December
Loan € 65 000,00
Principle € 65 000,00 € 59 583,33 € 54 166,67 €48 750,00 € 43 333,33 € 37 916,67 € 32 500,00 € 27 083,33 € 21 666,67 € 16 250,00 €10 833,33
Repayment € 5 417 € 5 417 € 5 417 € 5 417 € 5 417 € 5 417 € 5417 € 5 417 € 5 417 € 5 417 € 5 417
Balance € 59 583,33 € 54 166,67 € 48 750,00 €43 333,33 € 37 916,67 € 32 500,00 € 27 083,33 € 21 666,67 € 16 250,00 € 10 833,33 € 5 416,67
YEAR 2 January
Loan
Principle € 5 417
Repayment € 5 417
Balance € 0
I will have to refund the loan through a monthly payback of €3,421. I will also have to
pay a yearly interest of €5417.
YEAR 1 January February March April May June July August September October November December
Interest
@6.74%
€ 365,00 € 365,00 € 365,00 € 365,00 € 365,00 € 365,00 € 365,00 € 365,00 € 365,00 € 365,00 € 365,00
YEAR 2 January
Interest
@6.74%
€ 365,00
I will have to pay 6.74% interests, representing €365 over 12 months.
.
47
49. 8. Key Assumptions
According to the guardian: the predicted growth rate for 2016 is 6%. “Maintaining
Ireland as the fastest-growing economy in the eurozone.” It is good news for my
bakery, it means that the economy will keep recovering and customers will be more
likely to spend more.
Inflation is estimated to stand at 0.90 in 12 months’ time, and is expected to reach
4.10 % in 2020, over the long term. Online (http://www.tradingeconomics.com/)
According to euromonitor.com the baked goods industry is are expected to increase in
volume by 1% with sales expected to rise to €637 million by 2020.
According to cso.ie and its projections, on a period from 2016 to 2031, the Greater
Dublin Area will see its population increase by just over 400,000 by 2031. Moreover
there will be an increase of 11.7% of the number of people aged 25 to 64 in the
Dublin region. This is a real opportunity for Fleur de Sel since its 6 target group are
this age.
.
48
52. Appendix 2 Revenue per Café/Bakery
Butlers’ Pantry has 9 shops around Dublin and earns €4, 5 million a year which means
€500k per year and per shop, and Quigley’s bakery’s 16 stores made €7 million a year
with average yearly revenue of €437,5k.
Appendix 3: Target market percentages
Data based on observational research made at the Wooden Spoon, Blackrock on
Friday 22/01/2016.
From 11.am until 12.am the wooden spoon had 34 clients, among which 18
professionals in their 30’s, which represent 53% of the total customers.
Time Target market Number
11.00 am Family 2
Stay at home parents 2
Stay at home parents 1
11.07 am Professionals 1
11.10 am Professionals 1
Stay at home parents 1
11.15 am Professionals 1
Professionals 2
11.18 am Housewife with older kids 1
11.20 am Housewife with older kids 1
11.22 am Mother and toddler 2
11.23 am Professionals 3
11.29 am Professionals 1
Stay at home parents 1
11.35 am Stay at home parents 1
Retired people 1
11.37 am Professionals 2
11.39 am Housewife with older kids 1
11.44 am Professionals 1
11.46 am Housewife with older kids 1
11.50 am Professionals 2
Professionals 1
11.53 am Retired people 1
Professionals 1
Professionals 1
11.58 am Professionals 1
TOTAL 34
.
51
57. Appendix 7 Fabrication costs per Formula
Cost
Breakfast
Formula €3,19
croissant €1,33
hot
beverage €1,86
Tartine
Formula €5,84
Tartine €3,98
hot
beverage €1,86
Quiche
formula €5,84
Quiche €3,98
hot
beverage €1,86
Tea time
formula €4,32
cake €2,46
hot
beverage €1,86
Tea time
formula ++ €8,96
2 macarons €4,64
hot
beverage €1,86
cake 2,46
Appendix 8 Music license fees
.
56
58. Appendix 9 : Insurance quote interview
Interviewee: Member of staff
Company : Chill Insurance
Date : 15/04/2016
Interviewer: Hi, I plan to set up a business in Blackrock and I would like to know the
insurance quote for a 93 m2 café/bakery.
Chill Insurance: How much weekly turnover and how many staff will work there?
Interviewer: Approximately €14,000 a week turnover and a staff of 4.
Chill Insurance: Based on those information, chill insurance can cover up to 5 member of
staff and all your public liability for a yearly insurance of €6,048.
Interviewer: Thank you very much.
Chill Insurance: You’re welcome; don’t hesitate to contact me if you need any more
information.
Appendix 10 Cleaning services Dublin
Date of the enquiry: 12/04/2016
Date of the response: 13/04/2016
Appendix 11 : Interview Le Petit Parisien
.
57
59. Interviewee: Anna (written on her badge) ,waitress
Company: Le Petit Parisien, Wicklow street
Date: 27/02/2016 at 5pm
Camille: Hi, I am a student at Griffith College and I have to develop my own business plan.
My project is to open a French café/bakery; may I ask you some questions about Le Petit Parisien?
Anna: Yes sure.
Camille: How many people in total are working at Le Petit Parisien?
Anna: There are 5 people in total. We have four full time employees: a patissier, a baker, a barista, a
waitress and one part-time waiter during rush hours.
Camille: Ok thanks. Concerning products: what is the best seller at Le Petit Parisien?
Anna: We have several: in terms of cakes, clients prefer strawberry and mixed-berry tarts, and
concerning sandwiches: the ham and cheese is the most popular.
Camille: Okay, Thanks. One last question: which social media you use and how?
Anna: We use Facebook and Twitter daily, to keep in touch with customers. Employees such as the
barista or me have the task to post photos on those Social media in order to introduce them to new
products.
Camille: That’s perfect, thank you very much for your time.
Anna: You’re welcome.
.
58
60. Appendix 12: Sensitivity analysis
YEAR 1 -10% 10%
Sales less VAT 560880 685520
COGS less VAT 424138 518390
Gross Margin 136742 24% 167130 24%
Overheads 113262 113262
Gross Profit 23480 53868
YEAR 2 -10% 10%
Sales less VAT 630993 771213
COGS less VAT 477157 583192
Gross Margin 153836 24% 188021 24%
Overheads 113262 113262
Gross Profit 40574 74759
YEAR 3 -10% 10%
Sales less
VAT 691748 845470
COGS less
VAT 523101 639345
Gross
Margin 168648 24% 206125 24%
Overheads 113262 113262
Gross
Profit 55386 92863
.
59
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