Abstract
‘Super Greens’ restaurant is a new medium-sized restaurant to be located in a busy locality of Westminster in the neighbourhood of some aristocratic areas like Upper Brook St.Our restaurant is supposed to provide organic food to consumers. Being dedicated to sustainable development, the restaurant purely focuses on organic foods. In addition, local food procurement is favoured by the restaurant over supplies from foreign nations.
The market and financial analysis indicate that with a start-up expenditure of £8,674,917, which might generate sales of £2,300,000 by year two, £3,235,000 by year three, and £4,149,000 by year four. Profitability will be achieved from the operation of year three (see Tables 1 and 2).
Taking over of competing firms, impressive relationships with suppliers and cutting costs are expected to be our main opportunities of the venture. We hope to maintain these by proper planning and rendering of services timely.
The trends and potential growth of the restaurant is really a matter of sanguine. We have observed that the sales growth will be 20-25% in the coming years and also some increase in the contribution of GDP from restaurant business which might facilitate the achievement of our objectives.
The marketing strategy is quite simple. We have a huge advertising budget for the initial year which will be included in the start-up expenses of the venture. This will provide funding for the billboard in the main circle of the city. Again, we would incur some other advertising expenses for banners and poly signs every year. These activities might pace up our sales and other campaigns.
Our production plan would be in two steps. The first will be the production of raw materials, and another will deal with the production of foodstuff. Our production of raw materials will be in our own firms situated in Cheshunt. This production plant will be strictly managed by our production personnel for the maintenance of organic nature of the restaurant.
Business Overview
Purpose of Business Plan
The business acts as a powerful reference tool upon which an entrepreneur lists a proposed business outlook. This plan outlines the overview of the business, its projected growth and areas of concentration. Additionally, it informs the investors and other stakeholders on the viability and operations of the business.
Company Description
This is a partnership business ventures. As it will be established in an aristocratic area, the name should be worthy of attracting the attention of the customers. So, the entrepreneurs decided to name it ‘Super Greens ‘.
‘Super Greens’ will range in size of 3000 square feet and will seat 100 guests at a time. In order to attract the target customers, this restaurant will be located in Westminster area of London City. The restaurant will be equipped with a state-of-the-art sound system that will allow our clients to choose their favourite songs free of charge.
Construction site selection criteria are based on the under-mentioned factors:
- Community size minimum of 50000 people within one mile.
- Enhanced visibility to the prospective clients.
- Availability of space for the development of an easily accessible parking lot.
- Access of high officials during the working days.
- Reduced competition presence.
These are in line with our goal of provision of high-quality services to our clients at affordable prices. The consumers’ satisfaction with the organic menu and service would be the best form of marketing.
Restaurant business is a service-oriented business. The main objective is to provide the consumers with an atmosphere of eating with pleasure, relaxation and satisfaction. So, service rendering is the main nature of the business. Still, there is a portion of manufacturing involved in this business that acts as a backward linkage for the supply of raw materials in order to prepare the organic foodstuff. These are described in detail in the production plan of the restaurant.
The basic features that will constitute the business will include:
Enlightened Surroundings
The surroundings of the restaurant will be very enlightened so that the consumers can feel that our organic foodstuff would also make them luminous. This has been intended to remove the belief that unhygienic restaurants are lightened dimly.
High-Quality Foods
The mainly served dishes at Super Greens include fresh meat, vegetables, crisps, salads, side dishes and desserts.
Opening and Closing Periods
The restaurant will remain open from 11.00 a.m. to 10.00 p.m. on the five usual weekdays. With a view to tackling the rush on the weekend days, it will remain open from 11.00 a.m. to 11.00 p.m. so that the visitors can enjoy their meal in a serene atmosphere.
Dinner Buffet
As on the weekend days, there would be more hurry than that in other working days, a special dinner buffet would be offered on Saturday and Sunday to keep the consumers in touch with the restaurant more frequently.
Affable Employees
Workforce is vitally important for the success of any business.In ‘Super Greens’ restaurant, employees would be sufficiently trained before the inception of the operation of the restaurant. So, the front-desk personnel would amiably welcome the visitors, and the waiters would serve the cuisine cordially upon their preferences.
Objectives
‘Super Greens’ is an organic restaurant situated in the upper-class area of London city. The main objectives of our business are:
- To provide quality organic foodstuff to the locality.
- To modify the menu and other services with the change in consumer taste, market demand and competitors’ strategy.
- To render an enlightening environment to enjoy food items.
- To extend the business in the different locality if the acceptability of our cuisines meets our prior expectation.
- To maintain the costs and operation under tight managerial expertise so that the mission of our venture can be satisfied.
- To increase the average sales from year to year by materializing the above-mentioned objectives.
Company’s Mission
‘Super Greens’ will strive to be the premier organic food restaurant in the city. Our clients will experience a unique change over by visiting our restaurant. Not only in terms of meals but also the soothing natural atmosphere. Our main focus will be the provision of foods of high quality and increased nutritional value. The food items will be organic and freshly produced by our own firm. Most of our food will be freshly-prepared as our clients view. We will feature items from different cuisines and different price ranges. Satisfaction of clients will be of necessity to us. Our motto will always be quality service to all our clients.
We would like to build a strong client base out of services. To achieve all this, we understand that employee welfare must also be at the forefront. Employees will be treated with the utmost respect as without them, the business cannot operate. They must therefore feel as part of our success and enjoy the fruits of the success we achieve. Happy employees will be expected to translate into happy and satisfied clients. A strong menu variance, natural and cool atmosphere, ambience and friendly staff are key to our business growth and endearment to clients.
Start-Up Requirements
Products and Services
The Menu
The menu is going to be very simple, yet exotic to attract our target customers. As we are opening an organic food restaurant, the menu would be set keeping in mind that the guests will expect the food to be fresh and hygienic.
The menu will include different cuisines from different cultures. It would include all the cuisines that are generally served in the mainstream restaurants in London and also some other different kinds of dishes.
The dishes served would be for three persons, and we will also have the option of the set menu. The set menu can be served from different cuisines. The cuisines served would be Thai, Chinese, Indian, Continental and also some special dishes from European cuisines as our target customers though we will also include guests from foreign countries.
Organic Ingredients
In common usage, organic foods refer to natural food products mainly originated from farms. Such foods bear no synthetic inputs and are purely from natural farming methods, or gathered/hunted in the wild.
The organic food served in our restaurant will be produced in our firm (mostly), and the other ingredients will be collected from the local area market. We will produce all the vegetables that we will serve and also the meat and fish. All the seafoods, shrimps and ingredients will be collected from the market.
Ethnic Ingredients
Our chef will have a responsibility of menu design from a variety of cultural backgrounds. We intend to build a strong menu based on ingredients from various cultures.
Interior design
We will do the interior decoration, keeping in mind that the overall view of the restaurant should reflect the objective of the restaurant that is fresh and hygienic.
The entrance of the restaurant will be soothing yet attractive because the first sight matters a lot. The next emphasis will be on the usage of light in the total environment. All the furniture used in the restaurant will be specially made for the comfort of the guests. The walls of the restaurant will be decorated with attractive paintings, and there would be the use of green plants in a decorative manner.
The internal planning of the building, that means the architectural design, will be done by an Architect from a well-known firm and also the interior decoration will be done by the architect and one of our managers. All design and construction costs are illustrated in table 1.
Sales records
Though no sales literature exists as of now, we intend to publish them as soon as the restaurant begins operation. This is a relatively inexpensive venture as it will be done in-house with the help of desktop computers. Some of the pieces intended for production include:
- Table Toppers- will explain the concept and differences between lunch/dinner, announcing job opportunities, and other activities will be announced.
- Brochure: will be used to explain our event handling capability and approaches, e.g., tea parties, large parties, and banquets, among others.
- Direct: Mail Piece: these are used in illustration of the business concept, pricing of products, and have internal restaurant photographs.
Technology
We will invest in 3 computers (desktop) and high-speed internet for fast and efficient communication. This will allow ease of manipulation of financial information due to the linkage to the cash register. Further, we will invest in hotel management software that will facilitate management operations within the restaurant. Our orders will mainly be placed online. Recordkeeping and management will be done via management software.
Marketing
Competition analysis
Westminster, and London in general, have a large number of hotels. However, our main competitors will include Ivy, Saint James’s Park, and Le Gavroche, among others.Though some of these competitors offer services comparable to ours, most lack the unique and reclusive environment that we intend to offer. The services provided by these restaurants are quite satisfactory. Additionally, the unique approach to service we intend to adopt will attract clients to us.
Marketing Research
Target Market
The production of organic food is costlier than producing it in an inorganic way. That’s why; the food served in our restaurant will be a little costlier than any other restaurant. Because of this reason our target customers will be persons willing to pay more for quality.
Conscious person
Persons, who are conscious about their health and also what food they are taking, will be our target customers because our restaurant will serve foods which will be mainly produced in our firm. Other food items and spices will be collected from such sources that the food served before the guests will be fully organic.
Families
Nowadays in our country, the awareness for healthy food and healthy environment of restaurants have been increased. That’s why; the families want to go to the restaurant where the food will be hygienic. So, they will be our target customers we believe that our restaurant will be able to cater for their needs properly.
Officials
That is the last customer pool who in offices and they need to take their food outside. It is not that healthy for them. So, if we can serve food which can fulfil their needs and even match their price range and satisfaction level, then they will come to our restaurant.
Foreign Visitors
A large portion of our target customers will be foreign visitors. The foreigners are generally more health-conscious, and they prefer taking organic food. But in our country, they don’t get restaurants or even markets where they can get organic food or food items. So, if they get a restaurant in our country serving organic food, they will definitely come as our guests.
Operational Plan
Client growth forecast
As our target customers will be offered with variety and health-conscious services through our menu, we can expect that there will be growth in the demand for the cuisines. The following table shows the growth rate of customers in 2008 and 2009, respectively. Although we hope that the officials, couples and other visitors might not grow in 2009, families and foreigners will grow to a great extent. These projections are based on a Barclays report on London hotels.
Market segmentation
Our market has been segmented according to our specialized services. Our menu will attract conscious citizens at large.
Our targeted marketed segments are based on age, gender, income classification, and occupation. Age will involve seniors, couples with kids, health-conscious aged population. Gender will cover both females though much emphasis will be on fat females who are on vegetarian meals. With regard to income, our focus will mainly be on the middle class and high-income group of the population. Occupational segment will cover white-collar workers, young professionals and families.
Pricing strategy
In pricing the products of our restaurant we are going to use Premium Pricing Strategy. This strategy is used to produce a high-quality product and charge the highest price.
As the production procedure of organic food is costly, the higher price charged in the restaurant will be reasonable, and the higher value paid by the consumers will get back to them as we are going to serve them with quality foods that are promised by us.
(In our survey, we have found that out of 76 respondents, 70 of them are in favour of organic food restaurants, and they are also willing to pay higher for the quality cuisine.
Advertising and Promotional Plan
Our advertising procedures will include the following:
- Objective setting.
- Preparation of budget for advertising initiative.
- Strategy formulation.
- Evaluation of advertising strategy employed.
Setting advertising objectives
It all begins with setting of an objective. The first step is to set the advertising objective. An advertising objective is used to relay the specific tasks, audience, and time to be accomplished.
Our advertising objective will be, firstly, to inform the consumers, and after a certain period of time, it will be reminding. Now the rationales behind the objectives are:
- As we are introducing a new line of food in the market, our advertising will be informative. The primary objective is to build public demand.
- We will also do persuasive advertising by saying that we are serving the best quality food.
- Reminder advertising to mature products within consumer’s daily life. As we are going to run a restaurant, it will be very important for us to remind the consumers that we are there to serve them quality food which will value their money.
Setting the advertising budget
We will have a large marketing budget (£5000) considering that we are new market entrants. The large budget is due to the need to build our own market from scratch in addition to getting some clients from competitors.
Developing advertising strategy
Two major elements will be important in the development of an advertisement budget:
- Creating an advertising message.
- Selecting advertising media.
For the advertising of the restaurant, we are going to use billboards, banners and poly signs as the media. We will hire a billboard at Westminster circle.This billboard will hold the main reason for opening the restaurant; that is, the organic food will value the money of the guests as well as give them a good appetite. This is also the advertising message.
The banners will be used on all the main roads of Westminster, Broadway, Upper Brook St, and West Street. We will use the banners, especially in front of all the embassies, high commissions, multinational corporations, NGOs, and other main office areas.
The poly sign will be used in front of our restaurant.
Advertisement campaign evaluation
This will involve constant evaluation of the effects that our advertisement have on consumers. Sales effects are also affected by many other factors like product features, price, satisfaction, etc. But the communication effects solely depend on the advertising. After opening the restaurant, the number of guests coming each day and the frequency of the guests’ visits will give evidence of effective communication.
SWOT Analysis
Strengths
Fresh market
The market of organic food is fresh in our country. We launch our product in a market in which there is no direct competitor. People who prefer organic food will be a large portion of our potential customers.
Fully New idea
The most important strength of our venture is the concept of an organic food restaurant is increasingly being adopted worldwide to promote best eating habits and hence improve health fitness. The number of restaurants offering such services in London is currently limited.
No dependence on raw materials
We do not depend on external sources for our basic raw materials (such as chicken, fish, egg, milk, meat, vegetables, etc). Rathe,r we produce these products in our own firm. This will ensure a continuous supply of raw materials at a lower cost.
Organic elements are ensured
If we purchase our basic raw materials from outside suppliers, we can not ensure our customers that the foodstuff we supply are fully organic. As we produce the raw materials in our own firm and we ourselves monitor each and every step of the production process, we can ensure our customers that our products are fully organic.
Customer satisfaction
As we can ensure the organic element in our food items, this will satisfy our customers to seek organic food and helps us to retain old customers and create new customers.
Strong staff resources
Our five entrepreneurs are directly engaged in the management of the business. This will ensure the proper monitoring of the business. Also, at every stage of production and operation, we employed sufficient staff and workers.
Modification of menu
Our menu is not fixed. We will change our menu and add new items in our menu to attract new customers and to give customers a good experience in dining.
Own transport
We use our own 1.5 ton truck to carry raw materials from our firm to our restaurant. Thus, we need not rely on outside transport, and our transportation cost will be substantially low.
Advertising
Not all restaurants in our country advertise. But we know the strength of advertisement and we go for it. Our billboard will definitely inform the potential customer that a new way of the restaurant is being opened for their experience. Poly signs and banners are also helpful in promoting our advertising process.
Secured source of capital
Our restaurant has raised its capital from internally generated funds mainly. Some portion would be provided by an investor in the venture. So, the sources of capital are quite secured.
Modern technology
We have adopted some modern technologies keeping facilities online contracts with the customers. Moreover, we welcome the guests to use their credit cards or debit cards in the payment of the bill.
Attractive interior
Our restaurant would provide some attractive interior arrangements with a soothing environment that will be enlightened and dirt-free enough to please our guests. Moreover, our rhythmic sound system would pace up the entertainment at a large scale.
Proper management
Five of our entrepreneurs are directly engaged in management. They will work with their best effort, and this will ensure a proper management system.
Proper planned organizational structure
Our organizational structure is very simple. Senior management is under the supervision of the partners, which would ensure the proper planning and implementation of the decisions.
Weaknesses
Very unfamiliar concept
As the concept of organic food is not so familiar to our present customers, some customers may not be interested in the idea, or they may not believe the credibility of the food items to be organic fully.
Cost-sensitive project
Since the production of raw materials is somewhat costlier than producing other ingredients for this line of business, offering organic food is really a cost-sensitive project.
Small dimension of the restaurant
The dimension of the restaurant is not too large to accommodate more than 200 visitors at a time. Moreover, some other restaurants are offering more spacious arrangements for serving the cuisines.
Amateur senior management
The senior management of our restaurant is quite amateur because they don’t have any realistic prior experience of maintaining and controlling the operations of business. Thus, this may appear as a weakness for the well-functioning of the restaurant.
Absence of occasional discount
Even though we are opening a new arena of the restaurant business in London, we won’t provide any occasional discount system on foodstuff whereas other competitors would provide these opportunities to the potential customers. Our conception is that such discount might reflect a negative attitude on the customers regarding the quality of our cuisines.
Opportunities
As entrepreneurs we, expect the following opportunities that our venture can confront in future:
Taking over of competing firms
Since our operation would attract the potential flavour of customers and the number of circumspect consumers might increase keeping the consideration of quality and hygiene of the foodstuff, we hope to take over other competing firms in future; which is an imperative opportunity of our restaurant business.
Impressive relationship with suppliers
Though most of raw supplies would come from our farm, it would be ideal to hope to work without any supplies. Cooking appliances and other non-farm produce will have to be obtained from various supply stores. As some of our raw materials for the preparation of food items would be collected from the suppliers, we hope to maintain an effective relationship with them. This would ensure quality materials. A good relationship with the stores is paramount to our success. We will not only expect them to act as our good ambassador but also to be able to avail products when we need them either on cash or credit terms.
Cutting costs
In order to ensure the organic nature of our food items, we won’t use any insecticide or chemical fertilizer in our production unit lands. Our own generated manure from dairy and poultry would be used in those lands. So, this will cut our costs to some extent.
Threats
Sometimes the opportunities may not appear with regard to the expectation. So, some threats might affect the venture at large. Our restaurant business might face the following threats:
Competitors’ change in action
In quest of tackling our business strategy, the competitors might change their course of action. For example, they can also open this organic branch of operation that might lead our market capture. Again, they can also introduce new diversified mechanisms.
Change in consumer taste
Since the consumers always transform their taste or preference in any commodity, we might face a lower consumer demand under that situation. The rationale behind this is the overabundance of restaurants in the organic line of food venture.
Financial Analyses
Sales Forecast
The sales forecast are expected to grow over the years, according to a report released on the current hotel market trends.
Table 3: Sales Forecast.
Monitoring Procedures
Monitoring process our plan is paramount to its success. Lots of logistics are necessary and therefore a strong monitoring and evaluation team will be put in place. The team will be expected to adhere to strict deadline dates and report any planning variations early enough to the management.
A marketing audit will be performed to ensure that the budget allocated for the activities are being used in the right direction and not wasted by the responsible people. This is increase the trust of share holders and investors in our company and will be very helpful to our company in terms of finances. This trust will create loyalty for our customers and consumers towards our brand and our products. In audits, our advertisement revenues will be monitored. Our all finances will be monitored, which will be used in the growth of the company to ensure that the finances are utilized in the right direction.
Personnel plan
Financial Statements
Risk Analysis/Mitigation
Inadequate start-up period
A major risk that the business is vulnerable to is the possibility of an extended start-up period. There is a probability that our projections might not fall within the projected two year period into profitability. However, this is catered for by the extended budgeting made for a three year period to cushion us against any fluctuations. Operational contingency is specifically included in the budget to cater for any shortfalls that may bring along financial obligations.
Market acquisition
Getting clients is a fundamental challenge that we have to reckon with more so considering that we are new entrants into their market. Possibility of not getting the targeted client base within the specified period cannot be ignored. Mitigation is based illustrated by the marketing strategies described earlier and the heavy investment in marketing as seen in the start-up resource allocation plan.
Competition
Our major competitors introduce measures to curb our entry into the market by introducing products similar to us in a bid not to lose clients to us. This challenge we intend to counter by the unique serene environment we offer that will be attractive to our new client regardless of substitute products from our competitors.
It is vital to note that the first year will be crucial to our success and will present an increased risk to our operations. However, these risks will be expected to decline and eventually settle at minimally acceptable levels as our business operations pick up.
Conclusion
From the financial calculations, it is observed that the project earns a net cash flow of £ 840,650 in the first year of its operation. This implies that the project has a payback period of around 16 months, which is a good investment to consider. The restaurant has an estimated gross margin of 70% and a net margin of around 20.5% in the first year of its operation. With the progress of time, the restaurant can earn a reputation in the market and attract more customers, which will contribute to better performance and profitability for the restaurant. Therefore, this project is recommended for investment.
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