Section 1: Executive summaryThe proposed New Lakes restaurant will be located in the city of Portsmouth in the region of Finger Lakes. The project is intended to begin its operations in April 2013. New Lakes will be a full service restaurant that is dedicated to provide best customer satisfaction food and services. It will be rendering quality food and accommodation services, pleasant atmosphere, and any other services as it may be required by the customers. All these will be at an affordable price. In addition, New Lakes restaurant will maintain favorable work environment, that respects diversity, hard work, and ready to accept new business ideas from the staff members.
The annual revenue of the restaurant is projected to be 508,000 sterling pounds in the first year, and it is expected to go up by 10% in the following year. The proceedings in the subsequent years will be determined by the operations and trends of the restaurant. To set up a restaurant, it needs sufficient initial capital that will be obtained through loan and credit. A loan of 40,000 sterling pounds will be obtained to cater for the purchase of assets and complete lease holds.
The loan to be acquired will have a 5 years term. Additionally, credit of 8,000 sterling pounds will be acquired from a financial institution (Liu, 2012). The reason of acquiring credit is to cater for working capital shortfalls that are likely to be experienced in the project. The loan and credit interests will be paid from the outstanding balances. Section 2: Market Evaluation for the RestaurantThe Business and its ManagementThe setting up of this restaurant in the region will be a unique concept because there has not been a restaurant of the same class previously.
The idea of restaurant business came up after a comprehensive research on business opportunities in the region. A research finding proves that Finger Lake region is an excellent place to locate the projected restaurant. New Lakes restaurant is designed to offer a wide range of foods and customer services. The restaurant’s food and services will be available at affordable prices. Besides this, the restaurant will also be providing entertainment to its customers. New Lakes restaurant’s mission is to provide high quality services and products that will exceed the expectations of its clients.
It will provide services that are pleasurable and adequate according to the demands of our clients. Our business environment and food will designed in a manner that will be pleases our clients’ taste, touch, hearing, and sight. In addition, New Lakes restaurant’s vision is that, its employees will receive training that will facilitate them to offer quality services to our clients. The main objectives of the restaurant include the meeting the needs of our customers, providing quality services and food, maintaining superior working conditions, adhering to the restaurant operating standards, having a competitive advantage to its competitors, and achieving the projected revenues (Liu, 2012).
All these objectives are to be achieved through a well organized management systems and team work. In addition, the management will be consulting restaurant professionals or other experts with momentous experience in restaurant operations.