feasib-ice cream dream.docx

The Establishment of an Ice Cream Parlor, Named Ice Cream Dream in Tanauan City, Batangas

A Feasibility Study Presented to The Faculty of the College of Business and Accountancy First Asia Institute of Technology and Humanities

In Partial Fulfillment of the Requirements for the subject of Management Consultancy of Bachelor of Science in Accountancy

By: Lanto, Sheila May A.

September 2014

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Approval Sheet This feasibility study entitled: “The Establishment of Ice Cream Parlor, named Ice Cream Dream in Tanauan City, Batangas”, prepared and submitted by Sheila May Lanto in partial fulfillment of the requirements for the subject of Management Consultancy of Bachelor of Science in Accountancy, has been examined and recommended for oral examination.

Raegan L. Capuno, CPA Study Adviser ________________________________________________________________ Panel of Examiners Approved by the Committee in Oral Examination with a grade of __________ Chairman

Member

Member

________________________________________________________________ Accepted and approved for partial fulfillment of the requirements for the subject of Management Consultancy of Bachelor of Science in Accountancy.

Dr. Lalaine V. Manalo, CPA Dean, College of Business and Accountancy

Date:__________________

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ACKNOWLEDGEMENT It is never easy to conduct and come up with this feasibility study. I would have never completed this without the great help and full support of my family and friends. The proponent would like to extend her appreciation to the following persons who have contributed to the success of this study. To our professor, Sir Raegan Capuno, for giving his constructive criticisms and outmost support by sharing knowledge from his profession for the accomplishment of the study; To my loving parents and family members who supported me in my moral, spiritual and mostly, financial aspects, and especially the strength and inspiration you gave in everything I do; To my friends and classmates, who helped me even in a small way in contributing to the success of this project; Above all, to the Creator of All, our Almighty God, who has given the proponent the knowledge, wisdom and strength to finish this feasibility study; This will not be a success without their presence. Thank you.

S.M.L

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DEDICATION

The proponent dedicates this study……

To her loving parents… To her supportive sibling… To BSA Batch 2014-2015… To her friends and loved ones… To her professors …

And above all to the Almighty God.

The Proponent

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Executive Summary Title: The Establishment of an Ice Cream Parlor, named Ice Cream Dream in Tanauan City, Batangas Researcher: Ms.Sheila May A. Lanto Degree: Bachelor of Science in Accountancy Adviser: Mr. Raegan L. Capuno

Putting up a business is never an easy task. It must be planned to determine its feasibility. Because of the love of ice cream by many people, the proponent comes up with establishing a business specifically an ice cream parlor. The business is named “Ice Cream Dream”, a business which will uniquely perform and entice every customer in Tanauan City. This feasibility study describes the product which the ice cream parlor will offer to the public. It also determines the different factors on marketing the product, the technical and management aspects, the potential profitability and the socio-economic aspect of the proposed ice cream parlor.

Marketing Aspect Different methodologies and techniques were used to gather pertinent and reliable information used in conducting the study. The 7Ps of marketing was used

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to show the different marketing plans of the business. The target market is stated here and even includes the business logo and tagline.

Management Aspect The form of business organization of a business is a Sole Proprietorship managed and operated by single person preferably by the owner. The organizational structure was also shown here and even enumerated all the job specifications and descriptions of every employees. Compensation was also considered in this aspect.

Technical Aspect This included certain facilities, supplies, materials and equipment needed for the operations of the business. It also showed the cost of the product and the projected quantity for each. It also enumerated certain utilities requirements needed for the maintenance of the operations of the business.

Financial Aspect

Socio-Economic Aspect In a positive manner, the local and national government will also be benefited by the project through the additional taxes that will be raised by the

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said authorities.

The project in its own little way will help lessen the

unemployment rate by creating opportunities for jobs. The project will also consider its responsibility with respect to the environment.

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Chapter 1 Introduction Background of the Study Putting up a business is never an easy task. It must be planned to determine its feasibility. As a business-minded person, the proponent thought of establishing a unique business - a business which will gain the target profit from the target market. In the Philippines, experts have claimed that food sector’s as a viable business. With this, the proponent comes up with the idea of establishing an ice cream parlor. People of all ages love ice cream. It is a cause of happiness and refreshment for them. Because of the obvious pleasure of satisfying one’s own taste buds, almost everyone has a fond memory of a Birthday party, picnic or romance which included some form of ice cream. An ice cream parlor must create a unique taste which will entice every customer. This is one of the goals of the proponent in establishing the business. Because of this, the proponent comes up to name the business, “Ice Cream Dream”, a business which will uniquely perform and entice every customer in Tanauan City. This feasibility study describes the product which the ice cream parlor will offer to the public. It also determines the different factors on marketing the product, the technical and management aspects, the potential profitability and the socio-economic aspect of the proposed ice cream parlor.

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Statement of the Problem The proponent aims to know the market profitability of an ice cream parlor in Tanauan City, Batangas; the following questions were constructed for the determination of the business feasibility. A. Marketing Aspect 1. Who will be the prospective market? 2. What are the promotional strategies that should be implemented to attract customers? 3. Is the product affordable to the market? B. Technical Aspect 1. Where will be the ideal location of the business? 2. What are the store supplies and equipment necessary for the operation of the business? C. Management Aspect 1. What is the form of organization of the business? 2. What are the qualifications and responsibilities required for the staff and employees needed in the business? 3. What are the necessary compensation and benefits given to the employees? D. Financial Aspect 1. How much fund is needed for the establishment of the business?

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2. What will be the source of financing? 3. How long will the business take to recover its investment? What is the expected return on investment? E. Socio-Economic Aspect 1. What are the possible contributions of the business in the economy? 2. What are the benefits to be derived by the community from the business?

Statement of the Objectives In order to answer the statement of the problems of each of the following, the proponent constructed objectives to be achieved in order to guide the study. A. Marketable Objectives 1. To define and describe its target market 2. To determine the purchasing power of the target market 3. To describe whether the target market is satisfied with the product B. Technical Objectives 1. To determine and describe the ideal location for the business 2. To identify the materials, tools, equipment, furniture, and fixture necessary for the business C. Management Objectives 1. To identify the appropriate form of business organization

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2. To describe the necessary qualifications and responsibilities required for its staff and employees 3. To identify the necessary compensation and benefits to be given to employees D. Financial Objectives: 1. To determine how much fund is needed to establish the business 2. To identify the source of financing 3. To determine the time and profitability of the business E. Socio-Economic Aspect 1. To know the possible contributions of the business in the economy 2. To determine the benefits that can be derived by the community from the business

Scope and Delimitation of the Study This research is a feasibility study on putting an ice cream parlor in the city of Tanauan. It focuses its attention on the requirement capital and on technical, production and management processes. This research focuses on the establishment of an ice cream parlor that will serve a variety of ice cream flavors. Likewise, it attempted to make an investigation on how much capital is needed to invest and other factors necessary to take into consideration in the operation of the business such as financial, technical and management aspects.

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Significance of the Study The proponent believes that the study will have a great contribution to the following: To consumers This study will introduce to the market an extraordinary feeling of refreshment. To community This will contribute to the communal fund and help to discover new ideas for the community. To the local government This will serve as a destination for city’s promotion. This will also help to provide a new idea and a new source of income in the city of Tanauan. To students and future researchers This study will help their future research as a source of idea and knowledge in the conduct of their further studies.

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Chapter 2 Marketing Aspect Marketing is a system of business activities designed to plan, price, promote and distribute want-satisfying goods and services to present and potential customers. It is considered as the lifeblood of every business transactions because it is a strategic way on how to cope up to the needs and wants of the costumers, finding opportunities regarding it, introduce and market the product, achieve customer’s loyalty and patronage. It is really one of the most vital factors to be considered in establishing a business.

Product The primary product of the restaurant will be soft serve ice cream offered in two flavors: vanilla and chocolate. However, the primary product will be offered in many variations. First, the menu will offer the traditional ice cream served in a cone or cup either plain or coated with chocolate. Also, smoothies will be offered in three flavors: vanilla, chocolate and strawberry. Another favorite to be served will be the old fashioned sundae with a choice of chocolate and strawberry syrups with marshmallow, rice crisps and sprinkles toppings. Moreover, the parlor will present an ostentatious presentation of specialty desserts. The banana split will feature three heaping mounds of ice cream, three toppings, banana and whipped cream, topped with a cherry. In addition, the parlor will offer two sizes

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of ice cream cakes. Soft drinks will be the parlors secondary product. The drink menu will include Coca Cola, Diet Coke and Sprite. `

Price The price of every commodity also affects the buying preferences of the consumer. The quality of the product will not be sacrificed in order to offer with an affordable price. The proponent has set the price of the product with high consideration to company cost and giving the company a justifiable amount of profit. The proponent will use the cost plus pricing strategy in which total production cost will be determined and then the business will set a mark up. Prices of existing products in the market are also being looked up so that a fair competition will occur. Place The place of the business is one of the most important factors that contributes to and distinguishes the success of a business. The location of the business must be situated in a place that is accessible to target consumers. It will be situated in Tanauan Public Market wherein many people pass by. Besides, it will attract not only residents and students but also a large number of people who are nearby the place like employees or workers.

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Promotion Promotion is also important in making the product renown to the customers. Relationship marketing will be considered first such as welcoming customers, soliciting feedback and developing customer loyalty through giving of discounts. Posters or tarpaulins will also be placed in our store. The design of the poster or tarpaulin can able to catch the attention of the customers because of the information provided as well as its aesthetic. Chosen colors are pleasing to the eye and will surely boost the interest of the customers. Flyers will also be distributed as they can convey wide range of possible buyers for it can be brought to other places. People People are the most important element of any service or experience. Services tend to be produced and consumed at the same moment, and aspects of the customer experience are altered to meet the 'individual needs' of the person consuming it. They will be in charge of operating the business and the one who prepare customer’s orders. They must be appropriately trained, well motivated and have the right attitude. The people will be given a good compensation and benefit package so they will also work hard in attaining the goals of the business.

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Process Process looks at how well your staffs have been trained and how well your customer facing process work. This includes manner in which customers and their orders are served and also the amount of waiting time involved in the production process or the serving time. Physical evidence Physical Evidence is the material part of a service. This pertains to how you and your product is presented in the market place. Moreover, the business will offer a comfortable and neat ambiance and even use additional scents to make their store extremely fragrant. The windows will be decorated to provide a welcoming atmosphere and entice passers-by to stop in.

SWOT Analysis Strengths 

The business is situated in a good location.



The employees of the business are well trained, experienced and qualified.



The business’ dedication to the customers need through quality customer service.

Weaknesses 

The capital is limited to the contribution of the owner. Accountancy Department College of Business & Accountancy

Opportunities 

The business will be able promote itself as a dessert joint for the nearby restaurants.



The market is far below saturation level and most of the competitors do little advertising. Most local competitors do very little in the way of marketing.



As ice cream parlors are popular, chances of expansion is higher.



Being in a public market proving close proximity to target market.

Threats 

New food outlets can emerge nearby.



Social changes within the consumer market such as health conscience attitudes.

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CHAPTER 3 Management Study Management is one of the important aspects in establishing a business. It is the performance of conceiving and achieving desired results by means of group effort consisting of utilizing human talents and resources. Therefore, management is considered as the force that runs an enterprise and is responsible for its success or failure. The Management study is responsible for setting directions and for business planning, administration and control. This chapter is about the form of business organization and its structure, and the compensation given to employees. A management study is essential in order to attain goals and objectives of the business and how it should operate.

Form of Business Organization Probably, the best form of organization for the small ice cream parlor is a sole proprietorship. Although corporations enjoy limited liability, the lengthy and expensive process of incorporation is probably best suited for a larger business with additional start up cash. Also, the entrepreneur in a small business such as the ice cream parlor would probably want to maintain the authority rather than

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share it with a partner. The business will be named Ice Cream Dream and the owner is responsible for the planning, organizing and controlling the business.

Organizational Structure An organizational chart is a diagram showing the salient aspects of an organizational structure. It shows the relationship between position as to authority and responsibilities. Presented below is the organizational chart for ICE CREAM DREAM Ice Cream Parlor.

Figure 2 Organizational Chart

Store Manager / Owner

Cashier

Sales Personnel

Sales Personnel

Sales Personnel

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Job Specifications and Descriptions Job Title

Job Qualifications

Job Descriptions

Store Manager /



At least 19-28 years old

Owner



Must be a graduate from

administration of all the

any 4-year business course

management functions –

Must have basic accounting

planning, organizing,

background

controlling and directing





Preferably with strong





Responsible for the

Handles the

interpersonal and time

implementation of the

management skills

policies, rules and regulations throughout the organization. 

Monitors the performance of his subordinates.



Responsible for the overall ongoing production operations including inventory control, scheduling, documentation,

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equipment maintenance, calibration, shipping, and Quality Control/Food Safety Inspection Sales Personnel 

At least 18-25 years old ,



Male or Female 



all the customers

Must attain at least high



In charge in the

school level

preparation of the

Must have great marketing

product 

skills 

Responsible in assisting

Responsible in cleaning the store and entire

With good moral character

production area 

Greet customers politely at all times



Ensures good customer relations by giving friendly service to them

Cashier





At least 18-25 years old,



Responsible for

Male or Female

receiving cash and

Must attain at least college

giving receipts

level



Responsible in money

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

With good moral character



Knows how to handle cash

transactions 

Handles money/sales properly

properly 

Eliminate loss of the store by accurately receiving payment and giving of change



Greet customers politely at all times



Performs the seven key steps in every transactions with the customers



Ensures good customer relations by giving friendly service to them

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Compensation To provide an effective and efficient personnel and workers, the company will give proper wages to its employees. The minimum wage in Region 4CALABARZON is considered in establishing the salaries of every employee. Ice Cream Dream needs two full time sales personnel who will assist in providing customer’s needs and also help in production process. It will also need a cashier that will be responsible for the sales transactions. They will work 8 hours a day, from 8am to 5pm with an hour break. They will be receiving a minimum wage of p255 per day.

Table 2 Compensation Schedule Personnel

Monthly Salary

Annually

Store Manager

P7650

P91800

Cashier

P7650

P91800

Sales Personnel 1

P7650

P91800

Sales Personnel 2

P7650

P91800

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CHAPTER 4 Technical Study

The technical aspect of a feasibility study primarily shows the various production activities and their timing. This study requires the efficient way of allowing available resources to attain certain level of output during specified period. The output expectation from the production of a plant should correspond to the demand figure derived from the market study. This production capacity is achievable under normal working condition taking into account not only the management system applied but also the installed equipment, technology, condition of the plant, effective program and production schedule.

Business Name The business establishment needed a name to be acknowledged by the customers. With this, the proponent chooses the name of the business as “Ice Cream Dream”. The proponent comes up with this name because one of her dreams includes that of establishing her own business and that she also loves ice cream. With this name, it emphasizes the product being offered and also encourages people to dream.

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Office Supplies The office supplies are needed in the operation of the business especially in the office where documentation and recording of daily transaction and operation of the business occurs. These items are commonly found in every establishment. ITEM

QUANTITY

UNIT COST

TOTAL COST

Record Book

3

P39.50

P118.50

Calculator

1

P500

P500

Ball pen

10

P15

P150

Receipt

5 pads

P9.50

P47.50

Bond paper

1 ream short

P150

P150

Stapler

2

P29.50

P59

Staple wire

2 boxes

P27.25

P54.50

Folder

5

P5.50

P27.50

TOTAL

P1107

Source: olx.com and Tanauan Shopper’s Mart

Raw Materials These are the direct and indirect materials or ingredients needed for the completion of the product.

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Direct Materials These are items which are directly attributable to the main products. Direct

Unit Cost

Quantity

Reorder

Cost per

per order

point

month

P120/kg

10 kg

7 days

P5148

P61776

P115/kg

10 kg

7 days

P4933.50

P59202

P145/kg

2 kg

5 days

P1740

P20880

Syrup

P105/kg

2 kg

5 days

P1260

P15120

Mini kisses

P145/kg

1 kg

4 days

P1087.50

P13050

Mini

P105/kg

1 kg

6 days

P525

P6300

Mini nips

P180/kg

1 kg

5 days

P1080

P12960

Sprinkles

P140/kg

1 kg

6 days

P700

P8400

Rice

P140/kg

1 kg

7 days

P600.60

P7207.20

Material Ice cream

Annual cost

mix Smoothies mix Coating dip

mallows

crispies Banana

P2/pc

15 pcs

everyday

P900

P10800

Whip

P200

5

7 days

P4290

P51480

cream Accountancy Department College of Business & Accountancy

Cherry

P200/12pc

1

everyday

P6000

Total

P72000 P339175.20

Indirect materials These materials are not part of the main product but are the same importance with the direct materials. Indirect

Unit Cost

Material Cup

P230/1000pcs

Quantity

Reorder

Monthly

Yearly

per order

point

Cost

Cost

1

10 days

P690

P8280

1

5 days

P150

P1800

1

10 days

P126

P1512

100

5 days

P600

P7200

pack Spoon

P25/100pcs pack

Tissue

P42/1000pcs pack

Label

P1.00/pc

TOTAL

P18795

Source: Tanauan Public Market

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Machinery and Equipment These include all the tangible assets with estimated useful life beyond one year. The following are the machineries and equipment held for business operations. ITEM

QUANTITY

UNIT COST

TOTAL COST

Soft serve ice cream machine

1

P70000

P70000

Scooper

2

P220

P440

Knives

5

P70

P350

Blender

2

P2000

P4000

TOTAL

P74790

Source: olx.com

Store Furniture and Fixtures These include the furniture and fixtures that will be used in the store to provide convenience to dine-in customers. ITEM

QUANTITY

UNIT COST

TOTAL COST

Tables

4

P1500

P6000

Ordinary Chair

16

P1000

P16000

TOTAL

P22000

Source: olx.com

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Utilities Requirements Electricity It is one of the primary utility requirements of a business. Ice Cream Dream will greatly need this for its proper and smooth operations and for the business to carry out its operations. This will also set the atmosphere of the restaurant for its proper lighting and ambiance. The store electricity will be provided by the BATELEC II. Water Supply As the business executes its operations, it needs a good water supply in order for them to continuously do their job and tasks. A good water supply can enable them to perform tasks such as cleansing the raw materials and kitchen utensils, machines, and equipment, and the overall store to ensure safety of the customers. Water Supply payment will be provided by Tanauan Water District. Telecommunications Telecommunications is a form of communication that is said to be indispensable to the duration of a business of Ice Cream Dream, as one of newest in the market, need these so called telecommunications in order to have a clear and proper negotiation with suppliers and especially with the customers regarding their feedbacks, suggestions, recommendation and other customer concerns that can might help and contribute to the business growth, development and profitability. Telecommunication supply will be provided by PLDT.

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Chapter 5 Financial Aspect Financial Aspect includes the quantitative monetary unit of all the aspect of the business enterprise. This chapter includes the cost of the business operation to determine the capital requirements. It also covers the projected financial statement to conclude the profitability or loss of the business. This chapter refers to the efficient and effective utilization of capital to attain the objectives of an organization relative to profitability of operations, liquidity of financial resources and minimization of risks and cost in starting the business.

Major Assumptions 1.

The initial capital requirement of _______ will be contributed by the sole proprietor.

2.

The values presented are rounded up to the nearest hundredths to provide a better estimate.

3.

Supplies and materials will increase due to inflation computed follows: Table 12 INFLATION TABLE YEAR

2014

2015

2016

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RATE

4%

3.5%

5.5%

Source: http://www.tradingeconomics.com/philippines/inflation-cpi

4.

Promotion and marketing expenses will be _______ for the first year of operation and will change in the succeeding years.

5.

The business will be following a fiscal year.

6.

The business will be on accrual basis of accounting.

7.

Sales in units will be increased by ______ % every year based on the growth rate of the population.

8.

The straight line method of depreciation will be used in depreciating the assets, allocating scrap value to depreciable assets.

9.

There shall be no accrual of taxes shall be considered in the financial statements.

10.

Salaries of employee will increase based on inflation rate. There shall be no accrual of salaries.

11.

It is assumed that no withdrawal shall be made.

12.

Utilities expense will be allocated. Water is _____ and electricity is charged at minimum cost of _______ monthly.

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13.

The company

is VAT registered and shall base on 12% value added tax rule and will be shown as a reduction or addition in necessary accounts. 14.

The rent is assumed ______ annually where _______ is for reservation and rent deposit.

15.

The supplier of ice cream is giving 25% credit of the number of units ordered. Upon the next order the credit will be paid.

16.

All expenses are assumed to be paid at the end of the year; no accrual of expenses shall be made.

17.

It is assumed that the ending inventory will be 0 at the end of the fiscal year and the left over is allocated spoilage and wastages.

18.

Selling price will be fixed at ____ and the cost of the product is estimated to increase ______ each year.

19.

Repair and Maintenance Expense is ______ for the first year of operation and will increase based on inflation rate.

20.

A Miscellaneous expense will change annually due to inflation.

21.

It is assumed that the expense for Employee benefits is 30% of the salary of the employee.

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Financial Statements In analyzing and interpreting financial statements of a particular entity, the analyst must somehow have standards with which may be compared to the contents of said statements. These standards may be the figures, ratios or percentages, or changes indicated in budgets, industry averages, competitor’s financial statements and the company’s own financial statements for the period. The primary source of information about the firm’s financial performance and position are found in the financial statements.

Income Statement The Income Statement helps to determine the profit that the business has earned with its activities during one financial year. If revenues are greater than the expenses, the business has earned a profit. Otherwise the business has experienced losses.

Statement of Financial Position Statement of Financial Position or Balance Sheet gives the information on the asset and liability situation of the company at the end of financial year. Balance sheet and Income Statement are not only very helpful but a decisive basis for management decisions.

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Statement of Cash Flows Statement of Cash Flows report on the inflows and outflows of cash to or from the entity whether by means of operating, financing or investing activities. The statement provides data about the available cash the firm may utilize in a specific period.

Statement of Changes in Equity The Statement of Changes in sole proprietors Equity represents the increase or decrease in the capital contribution of the partners as affected by income and loss over a given time period. It indicates the net assets of the firm or the residual interest after deducting liabilities from the firm’s asset. The changes may also be due to withdrawals of partner. Therefore, the statement reports on the interest the partners are deriving from the business.

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Chapter 6 Socio Economic Aspect The socio-economic impact of this study will clearly state its relevance to the external aspect of the business. The vision and mission statements as well as the social, economic and environmental responsibilities are identified in this chapter.

Vision Ice Cream Dream envisions itself to be the leading ice cream parlor particularly in the city of Tanauan and be able to offer extraordinary experience to its customers. Mission In realizing the vision of the business, Ice Cream Dream is committed: 

To deliver a quality product in a consistent, courteous, and timely basis in order to have the customer return again for another satisfying, delicious treat; while at the same time earning a reasonable return on the initial investment



To provide consistency in both the product and service



To take care of its employees and will be paid according to their skills and abilities

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

To be open to all in-store suggestions from customers and test them for results



To create a fun, entertaining, and respectful environment

Contribution to the Philippine Economy Every business establishment will be of great help for the growth and development of the Philippine economy. These will only be possible if every firm will be responsible enough to perform their duties and obligations to their customers, community and of course to the government. Ice Cream Dream will definitely contribute additional earnings to our government by means of paying right taxes. Through this, the government can be able to perform its functions well including continuous support and assistance to the business industry, providing projects for the community such as building infrastructures, public schools and hospitals, strengthening arm forces for the security and protection of the countrymen and other indispensable projects that will benefit the people.

Employment Generation The business will provide job opportunities to many individuals most especially to those people who have great passion in food preparation. Every

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society wants all its qualified members to be gainfully employed. When individuals are employed they are able to raise their children support them through school, provide them with decent homes, acquire medical services whenever needed and contribute to government income through the payment of income taxes. Ice Cream Dream will help to lessen rate of unemployment.

Environmental Responsibility The business will be maintaining a clean and conducive environment. This will be implemented by having proper waste disposal. Trash cans will be put inside the store so garbages can be properly disposed. Ice Cream Dream will also be responsible in the environment through considering all things that may affect it.

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CURRICULUM VITAE Personal Background Name

:

Sheila May A. Lanto

Address

:

601 Banay-Banay, Lipa City

Birthday

:

March 13,1995

Age

:

19

Birth place :

Lipa City

Sex

:

Female

Citizenship :

Filipino

Religion

:

Roman Catholic

Father

:

Elmer Lanto

Mother

:

Sofronia Lanto

Educational Background Tertiary First Asia Institute of Technology and Humanities BS Accountancy #2 President Laurel HighwayTanauan City, Batangas (S.Y. 2011-2015) Secondary Lipa Montessori School of Learning Inc. Transville Homes, Banay-Banay, Lipa City

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(S.Y. 2007-2011) Primary Lipa Montessori School of Learning Inc. Transville Homes, Banay-Banay, Lipa City (S. Y. 2001-2007)

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