BUSINESS PLAN

BINGSU ALA NOYPI

CALOOCAN CITY HALL COMPLEX, A. MABINI ST
POBLACION, CALOOCAN CITY
bingsualanoypi@gmail.com

OWNED BY:
ELLAINE MOLITO
 Bingsu ala Noypi
Caloocan City

INTRODUCTION

This section of the business plan presents the description of the business, its

location, and the total funding requirements and the possible funding source.

Description of the Business

Bingsu is a very popular dessert in Korea that later on brought in the Philippines

because of the high demand of Filipinos. Contrariwise, this bingsu only consist flavors

known in Korea. Hence, entrepreneur thought of a Philippine Bingsu which is a bingsu

with distinctive fruit flavors that Philippines known for.

Bingsu ala Noypi is a store that sells Philippine Bingsu with different unique

flavors. Bingsu is a shaved ice dessert with sweet toppings like chopped fruit,

condensed milk, fruit syrup, and many more. Some unique flavors that will be included

in the store’s menu are Banana, Durian, Guyabano, Star Apple or Caimito, Melon,

Pineapple, Mango and Strawberry. It is believed that this bingsu will be patronized by

mostly young adults because they are usually the sweet-lover or dessert-lover.

Bingsu ala Noypi aims to serve bingsu dessert using the fruits that Philippines

has in a high-quality way with a cheaper price. Addition to this, it also aims to be one of

the Top 5 dessert restaurants in the country and to be globally competitive outside the

country.
 Bingsu ala Noypi
Caloocan City

Location of the Business

Since the target consumers of this Philippine Bingsu are students or young

adults, Bingsu ala Noypi will be placed at 10 th avenue Caloocan City Hall Complex, A.

Mabini St. Poblacion, Caloocan City, which is near at Infinitea Milk Tea House. This

place is usually the so-called university belt wherein many students come, maybe to

relax or to study, after school. This place can be the hide-out place of students in order

for them to socialize with other students outside their school.

Moreover, this place is also near in Divisoria Market which is the place that fruits

from different provinces carried. Thus, it will be easy for the business to have an access

on the raw materials needed. Addition to this, this place is known to be one of the

hottest places in Caloocan. As well as, there are no bingsu shops yet in the area that

will give an advantage to the business.

Funding Requirement and Source of Funds

Korean bingsu that are currently dominating the food-dessert industry are mostly

in high price. It is for the reason that the raw material used are also in high price.

Additionally, the machines used to produce the shaved ice are also in very high cost.

In Philippine Bingsu, entrepreneur will try to minimize the cost of producing the

product to sell it in a cheaper price. Also, the raw materials needed such as the fruits

are now easy-access for it can be imported within the country.

 Bingsu ala Noypi
Caloocan City

Furthermore, the sources of funds in opening and creating the business are

solely from the owner’s investment to the business as well as the loans that business

will have in banks such as Security Bank SME Business Loan and BDO SME Loan.

Security Bank SME Business Loan helps businesses which looks to finance short

term needs—whether it’s equipment, office spaces, or cash for day-to-day operations.

The minimum amount that the business can have is ₱1,000,000.00 and maximum

amount of about ₱5,000,000.00. Also, it has a loan payment term of 12, 18, 24 or 36

months.

On the other hand, BDO SME Loan helps businesses to finance long-term

investments—purchase new equipment to address production increase and acquire or

construct new warehouse or office space. The minimum amount that the business can

have is ₱1,000,000.00 and maximum amount of about ₱20,000,000.00. Addition to this,

it has a loan payment term of one to ten years.

Overall, the total initial cost that entrepreneur computed is ₱415,980.25.

Costs Source of Funds Estimated Amount

Raw Materials for the Bank ₱53,150.00

production
Bingsu Machines Bank ₱200,000.00
Employees’ Salaries and Owner ₱45,830.25

Wages
Rental/Lease Fees Bank ₱7,500.00
Utilities Fees Owner ₱8,000.00
 Bingsu ala Noypi
Caloocan City

Construction, Designing & Bank ₱50,000.00

Modeling the Shop

Installation of Security Bank ₱10,000.00

System in the shop

Insurance Bank ₱25,000.00
Operation’s License and Bank ₱10,000.00

Permit
Communication Devices’ Owner ₱1,500.00

Fees
Advertisements in Owner ₱5,000.00

promoting the business

Total: ₱415,980.25
Figure 1: Initial cost needed for Philippine Bingsu
 Bingsu ala Noypi
Caloocan City

EXECUTIVE SUMMARY

This section presents the VMGO, the business model, the business and

production positions, wealth improvement approaches, and the parties supporting the

study.

Vision, Mission, Goals and Objectives

Vision

Our vision is to be one of the country's top 5 dessert restaurants by carrying the

name our country and be globally competitive outside the country. Making each of the

consumer's trust gain and have a strong bond with them specially, the one that need our

product. We want our shop to produce branches in every part of the country and even in

other countries.

Mission

Bingsu ala noypi aims to serve bingsu dessert using the fruit that philippines has

in a high-quality nutritious way with a cheaper price. Our mission is to make our shop to

be one of the consumer's experience and to spread our business all over the country

that creats a wonderful memories in just a bowl. Offering trustworthy food that can be

innovate new flavors in the future. Provides good services that helmorhe consumers to

be in a healthy-living for them to sustain a healthy body.

 Bingsu ala Noypi
Caloocan City

Goals

Our goal is to become globally well-innovate business and to represent the

Philippines in making local fruit desserts with a touch of Korean-Philippines culture.

Objectives

 To enjoy local foods

 To maintain nutritional quality foods

 To satisfy the taste buds of every Filipino consumers

 To prevent importing products in foreign countries

 To have a high-quality product with affordable prices that locals can afford

 Meet the expectations of every consumers in providing services

Business Model

Bingsu ala Noypi Business Model

Partner Key Activities Offer Customer Customer

Network relationship segments
 Hiring  Helping local
 Farmers for delivery fruits to be more  Social media  Teens (13-
the raw provider/s popularized in platforms 19 yrs. old)
materials and suppliers the country  Suggestions  Young
 Suppliers for  Transporting  Consumers will and adults (18-
packaging fresh raw enjoy the food recommendati 35 yrs. old)
materials and become on will be  Families
 Managing healthier welcomed
delivery and  Combining the  Making
payment Korean culture survey for
 Bingsu ala Noypi
Caloocan City

process and Filipino better

 Managing culture in one improvement
online media place of the
platforms  Cheap and products
affordable
Key Sources Bingsu Distribution
Channels
 Partnerships
 Sources of  It is located in
raw materials 10th Avenue,
Caloocan City
hall Complex
A, Mabini
Street,
Poblacion,
Caloocan

Cost structure Revenue statements

 Product ingredients  The expected income would increase

 Staff salaries 5% every year.
 Equipment and Rental facilities
 Electrical and water bills
Figure 2: Business Model of Bingsu ala NoyPi

Business and Product Position

To identify the product's market, the business needs the potential buyers in sales

of product. The potential buyers are the one who has a higher social class that can

afford and can satisfy their needs and wants in the product. By satisfying the potentials
 Bingsu ala Noypi
Caloocan City

consumers, at the same time the business can have growth that can also satisfy the

sufficient expenses of the business. The business has a vibe of two culture which is the

Philippines and Korea that can be in one place and enjoy their whole day without going

in foreign country. The business can compete with other businesses in a particular

product by keeping their flavors locally but innovative. In that way, the business can

keep up with other competitors and at the same time, they help the local fruits to be

popular in other new consumers. The owner build the shop that has a good

atmosphere. The shop has no big spaces like in other food restaurants but there are

enough spaces for the consumer for making their memories in the shop.

Wealth Improvement Approaches

To keep the business preserved and be competitive, the fruits that business'

uses should innovate and improve, but it will still be locally available to preserved the

Filipino culture. More businesses locals will have interest in the product and potentially

the business can have branches in the country for better incomes. The position of

opening business can be in high, moderate and low rank depending on the consumer if

they are going to be loyal in buying the product. To maximize the supply of raw

materials, the business need to have bigger market and bigger consumers that will buy

the product. This will lead not only in local people that needs the product but it can also

discover by the foreign people.

 Bingsu ala Noypi
Caloocan City

Parties supporting the Business

Consumers

These are the one who will buy the product and give reviews for the better

improvement of the product. Since the consumers are in teens and young adults, they

will be more specific in reviewing the product. They are the one who will share the

results of the product and persuade new consumers to the business.

Creditors

They are the one who supports the business with their full pledge. They are the

one who helps the owner’s business to become more locally and globally competitive,

and to improve the shop not just only in one place, but in any part of the country.

Suppliers

They are the one who supplies raw material that helps to produce the product.

They supply good quality of raw materials with a good price. Without them, the business

will not become successful from the start of opening.

Employees and Staffs

They are the one who manages successfully the shop. They are responsible in

providing services, entertaining consumers, locally growth and improvement of the

 Bingsu ala Noypi
Caloocan City

shop, and making the overall success of the business. Without them, consumers will be

not interested in buying the products.

 Bingsu ala Noypi
Caloocan City

ENVIRONMENTAL ANALYSIS

This section presents the industry analysis covering the following forces directly

affecting the proposed business: the trend in the industry, the consumers, the

competitors, the market forecast, the market share, market position, and the marketing

strategy

Trends in the Industry

Korean culture was very famous here in the Philippines especially Korean idols,

Korean songs, Korean dramas and Korean foods. Most Korean dramas showcase the

exquisiteness of Korean cuisine, influencing its viewers to crave the experience of

Korean food. Kimchi, ramyeon, bibimbap, samgyeopsal, kimbap, and bulgogi are some

of the most popular Korean dishes in the Philippines. And here in our country, where it’s

almost always summer throughout the year, desserts help Filipinos cool them down

whether it summer or not. One of the most popular icy desserts in South Korea is

the bingsu and Philippines are starting to get in the trend as many Filipinos are raving

about this. In 2015, there was a boom in bingsu (빙수) restaurants and cafes across the

Philippines, and until now the popularity of the Korean dessert is still very much evident.
 Bingsu ala Noypi
Caloocan City

Consumer Analysis

Market segmentation

The market segmentation has four methods which are geographic, demographic,

psychology and behavioral segmentation.

In our Geographic Segmentation our climate is tropical since our country has

only two climate types or groups which is the tropical and dry. It is also tropical because

the Caloocan is experiencing tropical season. In our culture, it is Korea and Philippines

culture because our business has an idea of Korean Bingsu but the main recipe or

ingredients are the fruits in the Philippines like banana, mango, grape, strawberry and

etc. In our density, it is urban because we are targeting the location that has more

people or students that can afford our business. Our class of geographical unit was 2 nd

class because people in Caloocan are mostly can able to buy our business and they are

mostly having works of professionals.

In our Demographic Segmentation, our business has no gender preferences

because both men and women can afford our business. Our target age is 13-19 years

old because mostly students are the people that are food lovers and exploring new

things or foods. Mostly, the people that have an income of 31 to 40 thousand are have a

family size of 4 members are the people that can buy our product because their wages

have an excess for their wants.

 Bingsu ala Noypi
Caloocan City

In our Psychological Segmentation, our business is only wants because it is not

needed in daily lifestyle. The social class of our business is class A and B because they

are the people that have an income or wages that are huge and can afford our product.

In our Behavioral Segmentation, the consumer should have perception and

knowledge about our business for us to know if we have something to develop in our

product. They should also have knowledge about our business to help us to line with

customer expectation, customer loyalty and to build strong customer relationship.

Market Targeting

Our market targeting is we will concentrate on our one or few key segments

consisting of the customers whose needs and desires mostly closely match to our

product or service offering. The demographics of our identified segments is having the

age of 13 – 19 years old or students because mostly, they are the people that are food

lovers. The competition levels of each segment are the product and content because

our competitors can offer soft values to their customers. Soft values are hard to copy

and business can maintain their position longer while the overall category grows. The

growth potential of our business is the product extension meaning we will extend our

product line or we will add new product to increase our sales and profits. The segment

that can help to achieve our company goals is the behavioral segmentation. The
 Bingsu ala Noypi
Caloocan City

responses of the customers towards our business have a big role for us to have

knowledge if we have something to develop in our product and to meet their

expectation, loyalty and a strong customer relationship. The strategies ofour business

that will do is we will add new features to maintain our business or our position to be

longer in the industry.

Our business market segment selection is Differentiated Marketing because each

flavor of our products is prepared to serve a different set of customers from several

segments and it is also base on each customers flavor wants.

Demand Analysis

Levels of Competition

14% 8% 33%

Hobing, Bingsu ala Noypi

Noonsaram, Snow Bing, Café
SeolHwa
Snow Panda,
Snow Crème, Bills Bear Café
Bonchon
22%

25%

Figure 3: Demand Analysis of Bingsu ala NoyPi

 Bingsu ala Noypi
Caloocan City

The graph shows the demand analysis of each business. The Bonchon that is

7.5 % has the moderate in quality but low in price. Next are the Snow Crème and Bills

Bear Café that is 13.5 % has moderate in price and in quality. Next is the Snow Panda

that is 21.5 % has the high quality but moderate in price. Next are the Noonsaram,

Snow Bing, Café SeolHwa that are 24.5 % have high in price but moderate in quality.

Lastly, are the Hobing and our business which is the Bingsu ala Noypi that are 33 %

having high in price and in quality.

Therefore, our business can keep pace with other business or competitors in

terms in price and also in quality of the products.

Competitor Analysis

Supply Analysis

SWOT Analysis

Strengths

 Bingsu ala Noypi has new trends and new taste that the customer will enjoy and

has the mix of Korean concept.

 Bingsu ala Noypi has the target customers which is 13-19 years old who mostly

enjoy our products.

 Bingsu ala Noypi has also adequate raw material that are natural and safe to use.
 Bingsu ala Noypi
Caloocan City

 Bingsu ala Noypi also has a differentiation in products and healthy ingredients.

Weaknesses

 Bingsu ala Noypi sets an expensive price and not appropriate with the volume of

each portion.

 Bingsu ala Noypi has lack of machineries that can manage our product.

Opportunities

 Bingsu ala Noypi can be a global market when our business maintains the longer in

industry.

 Bingsu ala Noypi can increase flavors when our products are already well-known by

our consumers.

Threats

 There will be more competitors in a same product and same place

 When the climate is not accurate on our business.

 When the preference and taste of the customers are not meet by our business.

Market Forecast

The market forecast projects the future numbers, characteristics, and trends of

the target market.

 Bingsu ala Noypi
Caloocan City

Demand and supply forecast

Market Growth 2019 2020 2021

Bingsu Ala 5% ₱2,160,000 ₱2,268,000 ₱2,381,400

Noypi

Figure 4: Demand and supply forecast of Bingsu ala NoyPi

The market forecast is estimated the market growth in three years.

Market Share

The market share of the entrepreneurs is the proportion or the percentage of the

total sales of the bingsu that is achieved and earned by the company over a specified

time period.

Market share is calculated by dividing the total tproduct’s sales over the period of

time to the estimated total product’s sales in the industry over the same period of time

multiplying by 100.

This mainly indicates how a firm performs relative to its competitors.

Market Sales of the Sales in the Percentage

product industry
Bingsu Ala Noypi ₱2,160,000 ₱1,512,000 30%

Figure 5: Market share of Bingsu ala NoyPi

 Bingsu ala Noypi
Caloocan City

The entrepreneurs estimated the sales of the product and sales in the industry

based on the demand of the bingsu. The sales are estimated within a year. As you can

see, the sales are low it is because the entrepreneurship is just starting.

Market positioning

Figure 6: Market position of Bingsu ala NoyPi in the business industry

The Perceptual Map shows the position of similar products of our business

competitors. It is also show that the business that we propose have many competitors

that we are not be able to recognize immediately by the customers. The Bonchon has

the low price but moderate quality. The Snowpanda has the moderate price but high

quality while the Snow crème and Bills Bear Café have the same moderate in price and

in quality. The Noonsaram, Snow Bing, Café SeolHwa have the high price but moderate

quality. Hobing and our business which is Bingsu ala Noypi have the same high in price

and in quality.
 Bingsu ala Noypi
Caloocan City

Market strategies

The strategies that our business will do are:

1. Branding, identity, and logos explained – in logo, we will put everything what are

product or business all about to establish a clear identity to communicate to

customers. We will also make sure that our brand is memorable even if the logo

was removed.

2. Using Facebook Ads – we will use Facebook Ads to target specific group or

customers. We will also use this to reach the maximum number potential customers

in a short time.

3. Promoting product awareness with free samples –our business will give a free

sample to let the customers try it, being aware on our product and give a response

if it’s good or bad.

4. Product Extension – we will add features to increase our sales and profits.

5. Customers Responses – we will look always to the responses of our customers

towards our product for us to know what we will do if there’s something to develop.
 Bingsu ala Noypi
Caloocan City

BUSINESS DESCRIPTION

This section shall describe the product to produce, the equipment needed in the

small business, the size of the business in terms of capitalization and scope, and the

personnel required to handle the operation.

Product Description

Bingsu ala Noypi is a store that sells Philippine Bingsu with different unique

flavors. Bingsu is a shaved ice dessert with sweet toppings like chopped fruit,

condensed milk, fruit syrup, and many more. Some unique flavors that will be included

in the store’s menu are Banana, Durian, Guyabano, Star Apple or Caimito, Melon,

Pineapple, Mango and Strawberry.

Bingsu is actually very popular dessert in Korea that later on brought in the

Philippines because of the high demand of Filipinos. However, the bingsu only has the

flavors known in Korea. Thus, Bingsu ala Noypi brought distinctive fruit flavors that

Philippines known for. It is believed that this bingsu will be patrionized by mostly young

adults because they are usually the sweet-lover and dessert lover.

Equipment/Materials Needed

Bucket of Ice, the ice will be crushed by a machine, it will be the main ingredients

of the bingsu. for sweetening the Philippine Bingsu we will use Milk, Condensed Milk,

then for other ingredients will be added are, Sweetened red bean paste, Sweetened
 Bingsu ala Noypi
Caloocan City

Garbanzos or beans, Sweetened Sago or tapioca pearls, nata de Coco, for different

Filipino flavors are Banana, Durian, Guyabano, Star apple or Caimito,Melon, Pineapple,

Mango, Strawberry, Chocolate Syrup, Strawberry Syrup, Caramel Syrup. for the other

equipment shave ice crusher for crushing the ice.

Size of the Business

Our business is a small business that correctly adopts and practices the

principles of entrepreneurship. Small are having a 20 workforce or less, in our business

we have only 8 workforce and the scope of our business are the dessert lover it can be

young, teenager or adult, even in the low or high class in the society can afford our

product.

Personnel Requirement

The entrepreneur will manage the business and the employees. The employees

include one server, one bingsu maker and one cashier. These employees will manage

the customers. They are responsible in providing services, entertaining consumers,

locally growth and improvement of the shop, and making the overall success of the

business.