An analysis of business plan objectives of start-ups in the Maltese catering industry

Abstract

PURPOSE: The aim of this dissertation is to analyse the business plan objectives within start-ups in the catering business which have been in operation for the past two years. The financial, operational and other objectives will be pointed out and analyse whether such objectives have been reached for the first years in terms of the business plan. This research area will also determine the barriers which were faced by new business owners and which have prevented them from achieving their business plan goals. Lastly, the support which start-ups in the catering industry have received will be identified. DESIGN: The objectives of this study were met by conducting twelve semistructured interviews with new business owners from the catering industry. FINDINGS: This research shows that new business owners are aware of the business plan’s importance in the initial stages of their business. However, most of the new entrepreneurs find it difficult to compile such a document and seek for professional help. This limits their knowledge on what is written in their business plan and how it is divided. This reveals that the majority of business owners choose to write a formal business plan for the sake of financial institutions. This study also points out that the catering industry is lacking help from local authorities and the support which is already in existence is not known by the entrepreneurs. CONCLUSIONS: The core conclusions which were developed from this dissertation comprise of the fact that family background is essential when it comes to the decision of whether or not to execute a proper written business plan. It has also been concluded that new business owners do have a proper intellect regarding the benefits experienced from writing a formal business plan. In addition to this, it has been determined that the financial and operational business plan objectives are the only two most important objectives which are always retouched, altered or improved when the start-up faces barriers. Lastly, it has been concluded that business owners are not aware of the support from which they can benefit. IMPLICATIONS: This dissertation should be used as an aid for start-up catering businesses so as to become conscious of the significance of writing a formal business plan in the initial phases of the venture and how this can help in the long term of operation.