Name: Sanji Lim and Monica Wu
Course: MSc in Management and MSc in Finance and Management (UEA LONDON)
Nosteagia is a business that provides authentic and healthy tea, bubble tea, snacks and fried ice cream. The main objective of Nosteagia is to create an opportunity for people to enjoy Asian food and beverages in a healthy way.
What inspired you to start your business?
During the time that we have spent at UEA, we have plenty of different people with different cultures, languages and backgrounds. We were impressed and inspired by the western culture and how much they love tea, Asian culture and Asian cuisine. We were extremely glad to share a traditional way of experiencing Asian tea with them.
Later on, we realised that we had the opportunity to combine our interests and expertise to develop a healthy and authentic food experience to people who love our products. We have seen successful stores sell Asian food in the UK, including wasabi, kimchi and bubbleology. So we thought, why not introduce our Malaysian and Taiwanese cuisine to the UK?
Nosteagia is a tea room that provides authentic and healthy tea, bubble tea, snacks and fried ice cream. The main objective of Nosteagia is to create an opportunity for people to enjoy Asian food and beverages in a healthy way. From an early stage in the business life cycle, we have focussed on sales and improving our marketing. We also hope to build a strong network in order to participate in local events and exhibitions. However, we would like to secure external funds to enable us to build a website and use it for marketing purposes. Moving forward, we plan to expand and open new Nosteagia branches, potentially evolving into a franchise chain.
Nosteagia will be aiming to grow and expand the business in order to promote a new trend of enjoying ice cream and tea in a healthy way. Nosteagia is also able to help local farmers and farmers in Taiwan to help create more working opportunities. We hope this business can be helpful for everyone involved, from the farmers through to our great customers. Nosteagia is a very important business for us as it reminds us of hardships we have gone through to be able to study in the UK and we hope that there are more opportunities for us to make it happen.
How did UEA Student Enterprise help you?
During our time at UEA, we have gathered a great network of people. Finbarr Carter and Dimitrios Dousios have been providing us with guidance and ideas to broaden our business vision. They have been our main mentors for this business plan. The wider academic community from UEA London was a great support too. Lisa-Rose Moller also gave us valuable contacts and has helped us to connect with a wider network of like-minded individuals.
What worries did you have while setting up your business, and how did you overcome them?
The main problem appears to be that it might be difficult to rent a store in an ideal location.
This is a problem because we might miss the best timing to enter the market. Bubble tea is a highly seasonal product and there is unpredictable weather in the United Kingdom. All of the problems above will affect our sales forecast, therefore we plan to expand our product lines to help increase our sales such as selling loose tea leaves, homemade cakes and cookies.