The paper "A Sole Proprietorship Form of the Restaurant Business" is a wonderful example of an assignment on business. Mr. 7203386183 decided to venture into a sole proprietorship form of restaurant business after completing a Bachelors's degree in food production and searching for a job with no positive results. His choice of this kind of business was influenced by factors like the demand for ready foods in his town, the skills he had gained in college that were an advantage to him and the availability of ready restaurant stores for sale.
To start up his business he got capital from personal savings and grants from friends and relatives. The business is located in a busy street in the United States made Mr. 7203386183 develop various strategies to be top in this business. Mr. 7203386183 introduced the strategy of differentiation of his products. Most of the food sold is takeaways and also cheaper compared to other restaurants due to the simple method of preparing them. Examples are the pizzas, meat rolls, smokies, and sandwiches’ . This makes it attractive and a stopping point for most people working in this town because of the busy schedule most people have at their workplace.
Also, he embraced the strategy of the economics of scale. He buys most of the resources he uses in large scales which makes it cheaper for him hence giving him greater revenue compared to his opponents who buy on a small scale. Finally, he introduced a new technology that involves self-services for products like juices and coffee hence enabling him cut down on the costs of employing waitress in some juice and coffee points (Lumsdaine & Binks, 2006). Customer satisfaction is achieved through the provision of quality foods, provision of free samples of different food for first-time customers, incorporating the consumers when making decisions on the introduction of new brands of foods and exercising the core values, mission and ethics of the business.
According to the business, its 3-5 years' goals involve expanding to other towns, investing in new technology and owning land that will produce resources that can be used in the restaurant. All these projects will be funded through plowing back of the profits from the already existing restaurant business and loans from lending institutions. The success of the business was possible because of cooperative trained employees, availability of resources used in the restaurant and friends and relatives who helped in raising the capital.
As he said, every business as its own risk and this one was no exception. Robbery and debts from some clients were the greatest risks. From the business course, I learned it was useful to know as a businessman that risks are everywhere and only risk-takers, innovators and decisive prevail in the business.
The information I found most useful was the way to prepare the budget on all the costs needed to run a business and ensure the capital required was available for all other requirements to be fulfilled. I believe this was essential because a good financial budget facilitates a good business plan since it would be easy to achieve most of the needed resources. The questions I asked were mainly on the number of employees, employment criteria and the issue of gender balancing when recruiting the employees (Lumsdaine & Binks, 2006).