Preparation Of Business Evaluation - Research Paper Example

Business Plan Date: Institutional affiliation: Table of Contents Executive Summary 3 Company Overview 4 Mission 4 Business Objectives 5 Keys to Success 5 Products and Services 5 Breakfast 6 Lunch 6 Salads 6 Drinks 7 Market Analysis 7 Market Needs 7 Market Trends 8 Market Growth 10 Target Market 10 The Five Force Model in the Industry 13 Competitors 14 CompetitiveEdge 16 Marketing Plan 17 Target marketing 17 Marketing Objectives 17 Marketing Strategy 18 Positioning 19 Management 19 Financial Projections 20 Key Assumptions 20 Break-even Analysis 20 Projected Profit and Loss 21 Resource 23 Material Risks and Mitigation 23 Executive Summary Hayden Café is a new business owned by three young partners, and it get located in Tempe, Arizona, near Arizona State University (ASU). The café fall under fast food industry, and it intends to offer a variety of breakfast and lunch dishes, which will get served at an affordable price. Tempe is an ideal place to start a hotel business because of it's relatively high population of about 165,000 people and favorable weather conditions. Also, the city is located near an airport, has a good number of attractive feature, and many colleges and universities. The primary target for Hayden Café is school and college students studying at Tempe. The secondary target markets are the single people in the city and young families who rely on restaurants for their meals.To start the business, Hayden Café founders need to have initial capital of $800,000. However, the firm does not intend to make the profit in the first two years, and it will depend on cash from the founders to maintain its operations Fast food industry is very competitive due to a large number of players and the saturation of the market. The US fast food industry has about 200,000 restaurants that contribute about $120 billion annually. Some of the emerging trends in the industry include market saturation, health issues, mobile phone technology, and difficulty in serving generation Y. The major competitors of Hayden Café are the fast food restaurants located inTempe, and some of them include El Pollo Supremo, D’Lish, Curry Corner, and Nush that are all located near ASU. However, the Hayden Café can gain a competitive advantage because of its strategic location near the ASU, use of latest technology in marketing and serving its customers, and sound management. Company Overview Hayden Café is a full-service café located in Tempe, Arizona, and it gets strategically located near Arizona State University. The restaurant features a full menu of fast foods and it charges a moderate price to accommodate middle and lower income students, who are its primary customers. Apart from Students from Arizona State University and nearby colleges and schools, the café also serve residents of Tempe. The cafégets owned by three young people who partnered to start the business. Mission The mission of Hayden Café is to ensure that that its customers receive quality and professional services and are served promptly with nutritious and well-prepared food of their choice at affordable prices. We also work hard to make sure that all our customers get treated with the dignity that they deserve, and all their concerns get addressed in time. Some of the fundamental values of the café include professionalism, integrity, quality, and affordability of the services that it offers. The Hayden café intends to serve much-needed food from various countries because it also expects foreign customers, especially international students studying at Arizona State University. The business will also create jobs to at least 20 young people in Tempe by the time it starts operating. Also, Hayden Café will take part in social activities that can benefit the Tempe community. Therefore, even though the business intends to generate profits, it is also engaged beneficial corporate social responsibility to be of help to the surrounding Tempe community. Business Objectives i. Provide the highest quality fast food at affordable prices ii. To become the popular café for the university and college students in the whole of Tempe iii. To ensure that first-year sale hits $1 million with a growing rate of about 5% annually iv. Create a conducive atmosphere for workers and guests visiting the café v. Maintain a high gross margin. Keys to Success Quality: The café must maintain the highest quality of the products and services that it offers for it to achieve a competitive advantage in the fast food industry in Tempe. Management: There must be efficient management and Hayden Café intends to employ qualified staffs who have a wealth of experience and skills in the hotel industry. The management will ensure that the café continues to get new clients on a daily basis by providing efficient services. The management will create a conducive working environment that makes our employees love their work and offer quality services. Motivated employees create great café. Marketing: Even though the restaurant is strategically located near Arizona State University and in the heart of Tempe, it will still carry rigorous marketing to attract more customers and to ensure that the business is popular in the region. The marketing will be imitated early enough to ensure that it picks up sharply. The café will frequently hold small parties like birthday parties to create customer loyalty, positive public relations, and repeated sales of the customers. Products and Services The Hayden Café will specialize in offering breakfast and lunch to its customers while at it will provide takeaway dishes to those who would wish to take their meals in their homes or other places. Even though most of the many are available in other café and restaurants in Tempe, Hayden café intends to make its products unique by creating additional values. It will first focus on the quality of the food and timely services to increase customer satisfaction. The menu will get categorized into breakfast, Lunch, salad, and drinks. Breakfast Fried and boiled eggs, which are made to order Toast (wheat or white) Coffee Tea Coffee and orange juices Bacon Ham Yoghurt Lunch Roast, boiled, or fried chicken Chips Vegetable and chicken soup Ham and cheese sub Veggie sandwich Tuna Sub Turkey sub Salads Homemade potato salad Greek salad Watercress salad Sesame salad Italian salad Egyptian salad Caesar salad Drinks Variety of soft drinks from various companies likes Pepsi Ocean Spray products Freshly blended fruits Coffee and tea Market Analysis The plan considers Tempe to be the ideal place to set up the Hayden Café because of its thriving commercial activities, especially with the emergence of Mill Avenue and Tempe Town Lake that are attracting a large number of visitors every day. The city is also populous because it house about 165,000 residents with an average per capita income of $26,471 (Kim & Ayoun, 2005). The place is also considered to be ideal to establish the hotel business of it tourist attractive features like the proximity to the airport, favorable weather conditions, the relatively a large number of universities and colleges, the city is also safe and charming. Market Needs There are two main market needs that restaurants should meet to achieve consumer satisfaction. First, there is increased demand for fast food restaurants to serve high quality and healthy food at affordable prices, which means that fast food consumers want to get value beyond the prices that they pay (Kim & Ayoun, 2005). There is increased campaign for healthy food consumption due to increased obesity in the US, especially among young people. Therefore, Hayden intends to meet the need by offering quality foods and a pocket-friendly price. It will also ensure that its dishes are healthy by using the necessary amount of oil and also reducing the calories in the food it serves its customers. The second need is eat in a clean restaurant where they are comfortable staying even with their beloved friends. Many people shun restaurants that are dirty or those located in a dusty environment, and they also avoid café that employ people who look dirty and desperate. To address the need, Hayden Café intends to maintain high standards of cleaning both within the café and the surroundings. It will employ people whose work will be to ensure that the restaurant and its environment are clean. All its employs will get paid well, and it will distribute at least three pairs of uniforms to ensure that they are clean most of the time. The café will also come up with motivation programs to its employees to ensure that they are highly motivated to over high quality and professional services to attract more customers. Market Trends 1. Health Issues There is increased concern about increased obesity in the US due to the consumption of fast food, which has made people get very cautious with fast food, especially those containing excess fats. The obesity and diabetes issues have led to the reduction of the number of dishes in the fast food restaurants. Health-sensitive consumers have become very selective about the restaurants that they visit, especially those enabling them to customize their orders (Grzinic, 2008). The US Food and Drug Administration is also coming up with strict measures to ensure that only healthy food get served in fast food restaurants. The campaign for healthy food has led to a negative impact on the hotels relying on fast foods as their main dishes. 2. Increased Mobile Technology There has got greater use of mobile technology by fast food industry players to offer their products to customers. Many fast food restaurants are now using mobile ordering and payment to serve their customersChen, 2001). There is also increased mobile marketing and advertising, especially through social media like Facebook, YouTube, and Twitter, as café try to reach as many customers as possible (Koutroumanis, 2011). Restaurants are using mobile technology to create convenience, which gets highly valued by fast food consumers (Chen, 2011).Increased use of technology in the industry has also come with some challenges, especially when it comes to the use of social media. Dissatisfied customers can now easily raise his or her complaint in the social media, which can cause immediate damage to a restaurant (Grzinic, 2008). Therefore, the hotels must be quick in responding to various complaints raised by the clients before they damage their reputations, which can have an adverse impact on the business. 3. Serving Generation Y Many restaurants still find it hard to meet the needs and expectations of Generation Y, who are the people between 18 and 34 years old because of their sophisticated personalities, behaviors, and habits (Lyons, 2010). The majority of individuals belonging to the generation of personalized relationships or interactions and at the same time they are spontaneous. Also, the highly consume the internet because they are tech-savvy (Chen, 2001). Many restaurants have been trying to reach the generation by adopting the latest technologies and by reducing their prices to make their products and services affordable. 4. Market Saturation There are many restaurants in the fast food industry that has led to saturation of the market. As a result, many restaurants have been forced to lower their prices to attract more customers and have a competitive advantage in the market (Pavia, Gržinić, & Floričić, 2014). The saturation has led to reduced growth in the industry, and major players are now selling some of their outlets to franchisees to transfer the cost of running the business. Market Growth For a long time, the fast food industry has been experiencing steady growth and the numbers of restaurants have been increasing steadily from 6,000 in 1983 to 200,000 in 2015. The continued growth got influenced by the culture of the Americans who preferred fast food restaurants for convenience and low cost. Therefore, the industry was performing well and could even withstand economic recession due to constant demand. However, the industry has witnessed some stagnation in the growth in the latest year due to market saturation and increased campaign against the consumption of fast food due to the obesity epidemic in the US. As a result, the number of dishes served in fast food restaurants has reduced significantly. Fast food industry grew by 4% in 2012, but in 2013, the growth was only 1.1%, which shows that the growth is reducing. Consequently, large fast food restaurants are selling some of their outlets to franchise stores seen the cost of operation. However, there are still a greater number of people who still depend on fast food because of their busy schedule or their lifestyle. Many Americans have also developed fast food consumption culture. Therefore, the market is still vibrant because of the relatively stable demand. Target Market The primary target market for Hayden café is college and university students who study in Tempe. The students have relatively low income because they still depend on their parents and guardians for their financial support. The café target the high number of students from Arizona State University (ASU) where gets nearly located. ASU is one of the most populated universities in the whole of the US with about 67,087 students. The café is also targeting to serve students from Collins College, International Baptist College, and theUniversity of Advance Technology, which are also relatively populated. College and university students are the primary markets because they rarely have time to prepare their meal, which will make them prefer familiar food. Attracting a college student to a hotel is not an easy task because they are always loyal to the particular hotel because they are many factors that they consider before choosing a café or restaurant where they eat (Al-Saai& Zeitun, 2005). Many college students rely on convenience food to save time and because they do not like cooking. The research shows that college students eat about six to eight fast food weekly (Sarli, & Tat, 2011). The main factors that attract a college student to a restaurant, therefore, are time and convenience, which are critical to them. They are likely to choose café that are convenient and offers affordable meals. Many college students also like eating in a group, which make them choose a restaurant that enables them to take their meals together. Also, the majority of college students are between 18 and 30 years, and they belong to Generation Y (Steffi& Josephine, 2010). Therefore, another way of attracting them is to offer free Wi-Fi services in a restaurant. The free internet enables students to chat with their students through the social media and to do their assignments and to read(McLean-Meyinsse et al., 2015). Further, to build positive public relations with students, a café should strive to sponsor at least one of the frequent clubs or sports that they like the most, which will make them create a personal attachment with the café. Finally, because of their low income, college students are attracted more by offers and promotions (Steffi& Josephine, 2010). Some researchers argue that college students are not more concerned about the health of the food that they eat, but more on the price. However, a female college student is more concerned about their healthy, and they would prefer to eat healthy food (Schroeter, House&Lorence, 2007). The Hayden café also targets single persons and families without children or young families, as they are likely to prefer fast food to homemade food(Brindal, 2010). Many single people have no time to prepare their food, and they would like to eat in a restaurant. At the same time, families with children will not be motivated to prepare homemade food, but instead, they will eat in the restaurant (Prabhavathi, Kishore& Kumar, 2014). Single person and families with children have relatively high income that can enable them to afford expensive meals. The majority of them are also professionals who prefer professionalism, integrity, and high quality services in the restaurants where they eat (Ayo, Bonabana-Wabbi & Sserunkuuma, 2012). In addition, single people like eating alone while families without children like taking their meals in pairs. Convinced of eating fast food is what draws single people and families without children to eat in a restaurant(Mura, 2011) Industry Analysis There are about 200,000 restaurants, which total to about $120 billion annually. The fast-food industry is with the majority of large and established companies dominating the industry. The majority of restaurants only specialize in a few dishes, which are common in their locations. The performance of fast food restaurants depends on the economic performance of a country because people tend to shift to inexpensive hotels during economic recessions (Stavrakakis, 2004). They also attract people with low and middle income. Also, fast food hotels always respond to the social expectations of Americans. For instance, they are expected to be affordable, serve a variety of products, and they must be convenient and fast enough to respond to the rapid pace of American lifestyle. Their guts also increased emphasis on the health status of the food that are offered by hotels due to increased obesity epidemic. People have become more cautious about the type of food they eat. The Five Force Model in the Industry 1. Threats of New Entrants The small scale restaurants do not seem to enjoy the economies of scale as the large players in the industry. However, this is not a major disadvantage to the new entrants because they can easily create quick and efficient services that they can use to attract customers. The benefits of economies of scale are also not significant because of the saturation of the market. Product differentiation is also not a barrier because the new entrants can easily come up with similar goods or even develop better products. At the same time, capital requirement is not a significant barrier because it does not require huge capital to start a business. However, the cost disadvantage can be a barrier because established restaurants efficient technology, easy access to raw material at affordable cost, and they are likely to enjoy government subsidies. The hotel industry faces the threat of new competitors now and then. 2. Consumer Bargaining Power The consumer has a relatively small bargaining power because the industry players do not need to worry about consumer loyalty, as a large number of Americans takes their meals in the fast food restaurant almost on a daily basis. A large number of America customers who depend on fast food restaurant help in keeping the bargaining power of consumers low. 3. Bargaining Power of Suppliers There are many fast food vendors who large and small fast food restaurants can choose. A large number of suppliers gives restaurants opportunity to shift from one supplier to another, which led to the reduction of the bargaining power of providers. This fact makes their bargaining power dismal. 4. Threat of Substitutes The threat of substitute in the in the first food industry is high due to a large number of restaurants, cheap cost of shifting from one restaurant to another, and the restaurants are also serving similar dishes. 5. Rivalry among Restaurants There is significant competition among the restaurants in the fast food industry because of the market saturation that leads to stiff completion. The saturation of the industry also leads to slow growth on the consumer basis, which is not on par with the growth in the industry. As a result, the amount of competition among small and large restaurants in the market gets huge. Competitors Hayden Café is likely to face still competition because of a vast number of restaurants that gets located near Arizona State University. The majority of these hotels gets already established and is likely to enjoy economies of scale, especially when it comes to cost advantage. Therefore, they are likely to offer quality food at an affordable price that favors students. Hayden café, therefore, must embrace itself for a very stiff competition to attract students and other customers who are around the university. Some of the principal competitors include: i. El Pollo Supremo: it is one of the cheapest restaurants because it charges less than $5, which is ideal for any of the struggling student. For instance, a quarter a chicken goes at $5, which makes it the most popular restaurants among students. It is therefore considered to be primary competitor of Hayden restaurant. However, it only specializes in beef and chicken. ii. D’Lish: the restaurant gets located in an open and accessible place, and it offers almost similar dishes that Hayden intends to serve to its customers. It also gets taken as one of the healthiest restaurants in Tempe, which makes it attract health conscious consumers, especially ladies. iii. Curry Corner: it is the nearest restaurant near the ASU, and it is also affordable to many students. It also specializes in other exotic dishes like those from Pakistan and India. The majority of its dishes are vegetarian, even though it serves other dishes similar to Hayden Café. iv. Essence Bakery: the restaurant is regarded as the most famous restaurant in Tempe, especially when it comes to well-prepared breakfast. Other possible competitors include: i. Desert Roots Kitchen ii. Ike’s Love and Sandwiches iii. Nush iv. Hummus Express v. Café Lalibela vi. The Original ChopShop vii. Thai Basil A good number of the above competitors get established, and they have students as their primary targets, which makes the competition more complex. At the same time, some of them are very popular with students because of their strategic locations and the affordable prices that they offer. The economies of scale and their long stay in the industry make them be real threats for Hayden Café. However, the café intends to make a different in the industry by focusing on the particular needs of students and other customers. CompetitiveEdge i. Location: Hayden Café will get located near ASU main campus with the largest numbers of students. It will be located directly opposite the only get of the campus where students will not walk to have their meals. ii. Modern technology: many university students are between 18 and 35 years old, which makes them fall under Generation Y who are tech savvy compared to other generations. There will be free Wi-Fi in the restaurant, and it will also set a particular table where students with laptops can comfortably sit when taking their meals or a few minutes after. The café will also make it possible for the students order their meals using mobile and find it ready on their tables by the time they arrive. Also, the students will be able to order their meals and then the café staff delivers them to their hotels iii. Sound management: the hotel will get managed by young people who specialized in the hospitality as their first career course. Also, they have a great experience, and they understand the industry better. Therefore, they will be able to manage the hotel well and make rational decisions that give Hayden a competitive advantage in the industry. iv. Effective marketing: the hotel will mostly use social media to reach out to target customers. The target market is people aged 18-35 who rely primarily on social media to get information. v. The café also have a small section where customers can hold small parties like birthday parties. Those holding small parties will be given discounts because they help in boosting the public image of the café. vi. Hayden café will also sponsor one of the most famous clubs in the ASU to develop close and personal relationship with students. Marketing Plan Since Hayden Café has limited marketing budgets due to constrained resources, it will go straight to the cost-effective and marketing strategy that can yield the highest results. It will, therefore, use social media marketing as its primary marketing tool because its primary target market is also techno-savvy. It will use Facebook and YouTube to reach out to the target market. Social media marketing is also affordable while it reaches the largest number of people at a relatively cheaper cost. It will also rely on public relations to attract potential customers where it will ensure that it features in many university magazines and articles to enhance its popularity. Target marketing University and college students who are in Tempe city, especially those from Arizona State University Single people working and staying in Tempe Families without children and young families who still like family outings. Marketing Objectives i. Ensuring steady growth at about 2% annually ii. Make at least $200,000 sales revenue every month iii. Acquire at least ten new customers daily and maintain customer loyalty and consistency iv. Gain reputation in the market as the cheapest and the café offering high quality and healthy food in Tempe. Marketing Strategy Hayden Café will create aFacebook page where it which where it will post the products and services that it offers. It will use Facebook to connect with existing and potential customers by displaying valuable information like discounts and new dishes that it offers. It will use Facebook to create its online community where it can use to have a personalized communication with the target customers. It will post gorgeous pictures of the dishes that it offers on a daily basis and keep on updating clients about the changes in the café. The café will also encourage customers who have already liked the Facebook page to share it out with friends to increase the number of likes and traffic. This fact will enable it to reach as many potential customers as possible. Also, it will also use YouTube to post its videos about the events taking place in the café. It will also use YouTube to share some of the social activities that it engages in, especially those involving students. Further, it will use YouTube to share some of the views of customers regarding the products and services that it offers, which is likely to create a significant impact because customers are likely to trust information coming from their fellows. It will also encourage customers to share videos with friends and other social networks to reach a large number of consumers. Further, Hayden Café will advertise its products and service in the popular university and college magazines. The strategy gets aimed at reaching the students who are in various schools and colleges in Tempe. It will also use the magazines to show some the clubs that it sponsors to create a personal attachment to students and also help it in boosting its public relations. Hayden Café, therefore, will rely on social media and university and college magazines to reach the target market. Positioning Hayden Café will position itself as a restaurant offering high quality, affordable, and accessible, fast foods in the whole of Tempe and beyond. It will strive to ensure that it customers associate it with high quality food and a café that give priority to the needs of its clients. It will also like to identify the students who are its primary targets by offering suitable products and services. Positioning statement: “We provide high quality and healthy food that accommodate your pocket.” Management Hayden Café is partnership business that gets owned by three young people who have a lot of experience in the hotel industry. The three partners will play the role of managing the company. One of them will play the role General Manager, another as a human resource manager, and the third partner as director of operations. They will employ additional ten employees, who will include two chef, five café attendants, and three cleaners, who will also help in casual work in the kitchen. Hayden Café will also hire a marketing consultant to help it in marking the business. The management and the staff are expected to work from Monday to Saturday from 8:00 am to 7:00 pm on a daily basis. Financial Projections The owners of the Hayden Café will jointly contribute $800,000 to raise initial capital. The initial capital is sufficient to run the operation of the business for the whole of the-the first year. Key Assumptions There will be steady growth of the US economy with no significant recession No unforeseen changes in the market and technology to make the business unviable The initial capital is sufficient enough to help in maintaining the company, and Hayden café will be in a position to support its financial plan as indicated in the table below General Assumptions Plan month 1 Interest rate 12.0% Long-term interest rate 6.8% Tax rate 25.42% Break-even Analysis To break-even, Hayden Café must make monthly unit sales of $9,700 and the business does not expect to make any profit until the end of the second year of its operations. Unit sales break-even 9,706 Revenue per month 32,104 Assumptions Average per unit revenue $3.00 Average per unit variable cost $0.70 Monthly fixed cost $24,979 Projected Profit and Loss Hayden Café expects to run at a loss in its first two years, and it will rely on the cash contributed to sustaining it during the period. However, it expects the sale to increase, which will be used to increase the number of dishes and to expand the business. Pro Forma Profit and Loss Year 1 ($) Total Sales 279,163 Cost of sales (61,957) Gross Margin 217,207 % of Gross Margin 77.81% Expenses Salary and wages 88,200 Marketing 10,000 Rent 174,000 Utilities 2,550 Setting the location 25,000 Operating expense 299,750 Gross Profit (82,543) Interest expenses 0 Taxes 0 Net Profit (82,543) Cash Flow Year 1 ($) Total Cash Received 279,163 Total Expenditure 332,465 Net cash flow (53,301) Cash flow balance 677,899 Balance Sheet Current asset 677,899 Fixed assets 0 Total Assets 677,899 Current Liability 29,242 Long-term liability 0 Total Liability 29,242 Capital 800,000 Retained earnings (68,800) Earnings (82,543) Net Capital 648,657 Total Liability +Net Capital 677,899 Resource I. Financial resources: the total finance that is needed to start the business is $800,000 II. Human resources: 3 managers (founders), marketing consultancy firm or individuals, two chefs, five attendants, two security guards, and two cleaners. III. Fixed assets: a building, chairs, tables, TV, music system, and utensils IV. Food and ingredient supplies V. Installation of Wi-Fi Material Risks and Mitigation Risks Robbery Food spoilage Fire accidents Mitigations Robbery: Hayden Café will install CCTV cameras inside the café and its surrounding to avoid petty to mitigate petty theft. It will also employ two security guards who will secure the premises during the day and night. Food Spoilage: Hayden will purchase a refrigerator to store perishable food to avoid food waste, which may lead to a loss. Fire Accidents: Hayden Café will have fire extinguishers that will be strategically placed in the café, especially in the kitchen where the fire is likely to originate. References Al-Saai, S. M., & Zeitun, R. (2005). Consumer Behaviour Towards Fast Food in Qatar. Ayo, S. 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