The concept or theme for my restaurant will be palm leaf restaurant. The key aspect of my theme is providing great food in a great environment and offering quality services that surpass customers’ expectation. The restaurant theme focus on providing extra environment beauty and peace that is currently not given much attention in other surrounding restaurants. The restaurant business will be a partnership business that will provide all types of meals including breakfast, lunch, and dinner. It will also provide beverages such as coffee and tea to cater for any customer who will be interested in the same at different time of the day. The restaurant will also sell soft drinks and snacks. It will be an all-inclusive restaurant.
The main purpose of considering a partnership business is due to the need a high amount of capital to start this business. The restaurant will be competing with a number of classic and prestigious restaurants and hotels located in the region and thus, to be able to compete, one has to start a standard restaurant. This will demand a high starting capital for renting the right place, doing interior decoration, purchasing the required restaurant facilities, doing exterior decoration, and running the restaurant before it makes any return. In this regard, a contribution from different partners will be a better way of raising cash rather than using a lone or search for funds elsewhere. The restaurant will serve all meals since it will be locate in a place where it can access all time customers and thus, it should be able to satisfy their needs.
Restaurant Business Plan
The Palm Leaf Restaurant will feature American dishes with some aspect of African-American and Spanish dishes. The restaurant will basically focus on creating a cool natural atmosphere by creating elegant exterior decoration focusing on natural beauty. The restaurant will also be carefully decorated in the interior with Spanish cozy and stylish influence. The restaurant will have 30 dining seats with 10 dining tables. It will also have a total of 15 seat lounge. The restaurant menu will be stirred from various cookery specialties and will consider a varied and extensive custom. The restaurant will provide a three business lunch course, three course prix fixe dinner in addition to normal menu. The restaurant will be opened on daily basis. Lunch will be served from in all days between 12:00 to 2:30 PM. Dinner will be offered from 5Pm to 10Pm from Monday to Thursday. On the weekends, dinner will be served from 5PM to 11 PM. The lounge will remain open until 12 AM during the week and up to 2 AM over the weekends. The restaurant will always be opened at 6AM for breakfast. It will also offer tea and coffee at all times when the customers need them.
Before making decision on the kind of restaurant to open a market analysis was recommendable. The market research in this case focused on various business aspects that include the number of competitors in the region, their level of operation, their targeted customers, their cost of food and other restaurant services. Market analysis also focused on establishing the neglected customers as well as the strengths and the weaknesses of the existing restaurants in the areas. Among other evaluated aspects is the customers’ needs and establishing how well those needs are meant by the current restaurants. After obtaining all this information, the restaurant manager decided to establish a restaurant that caters for the largest population of the region.
The restaurant has designed its menu focusing on the local population as well as other foreigners interested in the local food or with new taste. The restaurant will be position close to a tertiary college in the north, a lake in the south and other businesses surrounding the area. Thus, the most anticipated customers will be students, lecturers, other college workers, local and foreign tourists as well as local business men and women and workers in the surrounding offices. The surrounding community may also consider having a lunch or a dinner out during the weekend. The most anticipated customers are described below:
- University students and workers: Students are targeted for they commonly eat outside the school in affordable restaurants especially those that also fit their definition of quality and taste. They take all their meals outside the school apart from breakfast that they can easily prepare from in their residential room. However, the more anticipated meal where the level of consumption is high is lunch. This is because it includes other university workers who normally commute to work. This implies that these individuals will take lunch within their working area but they will take breakfast and supper at their home. Thus the restaurant will always have more for lunch as compared to other meals. Coffee and tea meetings are also expected from business men with business meetings as well as during lecturers and students meetings.
- Tourists: Most individuals who come to see the lake and participate in various water sports will be good customers for the restaurant for all meals.
- Business men and women: The restaurant will also be anticipating a considerable number of customers from individuals who comes to the city to do their businesses
- Workers: The restaurant will also be anticipating a good number of customers from the workforce. The restaurant would also target single men and women working in the surrounding for dinner.
The restaurant will be owned by four partners who will own the restaurant based on the amount of money each partner contributes. Being the originator of the idea, and the major active partner, I will however be responsible of operation management. The three other individuals will highly be involved in making serious decision in the restaurant especially mater pertaining financial use and generation of income. This is due to the fact that these matters are much more important and thus they can only be decided after consultations.
Some of the activities they will be involved in include hiring, designing the restaurant internal and external appearance, designing the restaurant menu, and deciding on the cost of various foods based on the cost of preparation among other things. In this regard, the restaurant will basically be monitored by me with regard to workers management, making purchases, recording sales, deciding on the amount to be cooked at what time, and taking orders and accomplishing them among all other operations that need to be done to enhance the daily restaurant operations. To enhance the restaurant operation, each group will be provided with leaders that will enhance chefs’ performance as well as waiters and cleaners. Those will play a major part in enhancing effective performance in the restaurant all through (The Economic Planning Group of Canada Halifax, Nova Scotia, 2008).
Financial Risk Assessment
Basically, every entrepreneur basically takes a risk while investing in any business. This restaurant business will also be experiencing a number of risks. One of the major risks is business returns. After setting out the business, the restaurant will have to invest more in marketing to ensure awareness. The level of awareness will highly depend on the number of customers the restaurant will manage to attract and this will determine the company’s financial position. One of the major challenges of running a restaurant business is the fact that food is highly perishable and if the amount prepared is not consumed it can only be considered as waste.
This will definitely be considered as waste. However, this may be reduced with extensive and thorough awareness. Another major challenge in this case is maintaining the attracted customer. The restaurant will have a challenge of maintaining the attracted customers by maintain a high quality of food and cleanliness. This will be the only way the restaurant will manage to win trusted customers to ensure that it has at least the minimum income that it will always manage at all times. Other financial challenges include need to pay workers, rent, and other fixed cost despite of the performance. Other financial challenges include payment of government business registration requirements which are normally very expensive (The Economic Planning Group of Canada Halifax, Nova Scotia, 2008).
Location of the Business
This restaurant will be located in Bethel a city in Alaska State of the United States of America. Bethel is situated close to the west of Alaska cost about 400 miles on the west of Port. The city has a population of 6080 individuals based on 2010 census. The restaurant will be located in the vicinity of Bethel Campus of Alaska University between the university and H-Marker Lake. The main advantage of the current location is that the restaurant has the ability to serve both students and workers from the campus as well as people operating in the lake either just for tourism purpose or for serious business.
This gives the restaurant an assurance of customers based on the effort the company wish to employ in decorticating its exteriors and interior parts of the restaurant. Another major advantage is that the restaurant is at the vicinity of a number of Bethel cultural heritages and thus, it is more likely to get more tourist customers who come to see the cultural heritage of the city and the Alaska state. Another main advantage is that the rate of competition is not very high as there are n many restaurants focusing on this region and thus, the company has an opportunity to grow. The main challenge the resultant had to experienced based on the location is that there was no special building that would fit a more tourist based structure. To attract customers especially tourist at a high rate, uniqueness and embracing of the surrounding culture and beauty would be necessary. This can highly be achieved by making own design which is currently impossible due to capital limitation. The lack of the right building for this purpose limits the company’s efforts in making the restaurant more attractive to the tourist. This can only be compensated by quality products and interior designs (Quick Facts Census, 2015).
The restaurant will focus on drinks, food, snacks, and disserts. Among the drinks that the restaurant will provide include coffee, tea, milk, soda, and juice. Among the snacks to be provided include hot dogs, pizzas, burger, donut, biscuits, and cookies. The restaurant will also offer disserts that include ice cream cake. The restaurant will also offer a number of food meals that include Spanish rice, twice-baked potatoes, meatloaf, green beans, city chicken, chicken sandwich, barbecue, beef, fish, Mashed potatoes, and mashed pumpkin. This food is selected because it is among the most favorable food in America. The menu focuses on all communities that live in Bethel which include Whites, Latino (Spanish), and African-American. The menu does not cater for tourist since it is believed that foreign tourists would be more interested with learning more about the local products and food. In this regard, they are anticipated that they will consider trying any local food to establish the difference between the American culture and their culture. The restaurant also focuses on catering for the needs of students in the nearby campus by offering snacks. This is based on the fact that students may not be in a position of purchasing a full course of a meal. It also sells simple meals that can be considered as half course for the same reason.
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