Unique Fast Food Restaurant Business Strategies - Example

Name: Institution: Tutor: Date: Unique Fast Food Restaurant Business Plan Abstract A business plan refers to as a formalized statement of business short-term and long-term objectives. It explains how the goals are attained, and strategies put in place to accomplish them. Background information regarding the business is present. It contains material information that is essential in decision making (Kußmaul et al. p.532). The paper shall contain information regarding starting up the Unique Fast Food Restaurant and how the business shall be implemented to meet the mission and vision of the organization. Description of the Business Idea Unlike other restaurants in America, the Unique Fast Food Restaurant aims at providing delicious meals to customers who comes in. Services offered at this restaurant will be of high value in an entertaining environment. The reason behind setting up this restaurant is due to the increased demand for fast food by employees working within the CBD and need to take lunch (Pillsbury p.610). Also, customers are much likely to accept and embrace valuable food that meets their expectation and preferences. Among the dishes that Unique Fast Food Restaurant shall offer include but not limited soup, salads, fruit juices, beverages, pizza among others. Apart from providing quality services to the customers, the business shall also be setup to realize some profit. The management will aim at achieving all the objectives within the specified time. The business shall be lucrative to capture the interest of customers. Opening other similar businesses related to this is the long-term goal of the organization. Location The restaurant is structured to be based in San Diego, at La Jolla in California. The reason behind choosing the location is the high population within the area as well as the high scale of the neighborhood. People living in the area are capable of purchasing expensive dinner as most of them belong to the upper social class. The restaurant will be built simple but using modern architectural styles. Personal Information and Management The business is set to start as a sole proprietorship but willing to add interested investors in future. As the owner, operational as well as financial management functions shall be a personal obligation. Additionally, having Bachelors in business management and six years experience from a five-star restaurant, it is possible to manage the restaurant efficiently. The reason behind choosing to start as a sole proprietorship is to save time when it comes to making financial as well as managerial decisions. The problem of sharing profit will be solved (Chowdhury n.p). Since the business is small, the returns are also expected to be less while starting and increase with time. Organization and Management How the business is managed determines the future of the firm. If mistakes occur and wrong decisions made at the beginning, the business may end up failing in future. Therefore, it is important to have a defined organizational structure as well as a qualified management team (Zhou p.705). Organizational Structure The business expects to employ about 20 employees to work as the supporting team. Interviews shall be conducted to ensure that hired people are qualified and have the potential to achieve organizational goals. There will be regular evaluation of employees to ascertain their profitability in the company. That shall be done by the human resource policies in respect labor relations (Huang p.620). As the general manager of the restaurant, the subordinate staff shall be reporting to me on issues pertaining everyday activities. I will be the one to make management, as well as a financial decision as am well equipped with the Directorate skills. Key Staffing and Staffing Needs Among the employed employees, a supervisor shall be elected to lead others in the daily operations of the business. Due to cost minimization, I will be the accountant for the firm as well as the general manager. My work will be primarily making decisions and releasing orders to be implemented at the lower level by the supervisor. The supervisor shall be answerable to the daily activities as well as employee relationship at workplace. I will be held accountable to doing managerial accounting and budgeting for the business. Main Objective and Target of the Business Unique Fast Food will be the place to be since it shall offer delicious food combined with entertainment atmosphere. That will help the clients to relieve stress and workloads as they enjoy the sweet food. I am also looking forward to having fair returns and creating a rewarding environment for all the employees. The vision statement for the business is creating a desirable place for customers where valuable services and entertainment is offered to meet the customer satisfactions. Target Market The restaurant will is in a better position to thrive since it has to offer quality food combined with entertainment. The target market includes a variety of people of all ages in the society. It is targeting households and friends who look for places to go for an out during their leisure time. The business shall accommodate middle and top income level earners. It also targets those who are working and also those pursuing their education at higher institutions. Families living in San Diego are the primary target but also expecting other clients from other parts of the country. Simply, it will be a restaurant of choice to the San Diego fraternity. Therefore, the market target can be divided into two broad categories, the families, and individuals. Below is a chart representing the expected percentage of market targets to visit the restaurant. Research and Marketing Plan For the restaurant to pick beyond the competitors, there is a need for implementing marketing strategies. The most reliable to use in marketing my products and services is developing a combination of media and print marketing in the locality. There is also the idea of in-store marketing which involves having a direct conversation with the client in the restaurant. That will be achieved through the use of table tents, internal tours for every new customer and weekly posters within the locality. When it comes to media advertising, the restaurant shall collaborate with local radio and TV stations to win a chance to be advertised in the programs. Newspaper advertisement will be used as the most efficient print method. Above all, word of mouth is expected to be the most effective advertising strategy since the employees will have excellent public relation skills. Cleanliness while serving foods and drink will also be enhanced to keep the restaurant hygiene high. Customers will be requested to drop their emails at the secretary desk to receive updates every week. Prospective shall also be available at the receptionist explaining the services and products available in the hotel. For the first week, there will be a road-show to create customer awareness in the restaurant so as to drain customers from other competitors. Pricing Strategies Pricing decisions primarily affect the competitive ability of business more so when it is new in the market segment. As such, there is a need to prepare with a pricing strategy that will allow the business penetrate the market without failure (Miraldo p.180). Unique Fast Food restaurant is ready to price its products moderately. That will be made effective by producing high-quality food that meets the stated price. Moderate prices represent the class of the restaurant in San Diego. Competitive Advantage For example, use of seasonal flowers will be a good idea to make the hotel remain attractive all the time throughout the year. Planting palm trees and creating water sprinkles at the outdoors will improve the topography of the restaurant. The restaurant will have VIP sections and services to attract high-class people especially government officials. The business will also have conference rooms that can hold quite a substantial number of individuals. Those employed to work in the business will be primarily San Diego residents who can easily interact with the clients who come in every day (Jocumsen p.274). That shall also boost the rate at which the business will be advertised locally. Moreso, to increase competitiveness, food will always be ready to avoid delaying the clients who might be in a hurry. With such strategies, I believe that no other restaurant will be a barrier to success. Production Plan As said before, products that will be provided include salads, cakes, beverages, pizzas, among others. There will be recipes that shall mark the uniqueness of the restaurant like Asian meals that are rarely offered in other restaurants. Due to the high demand for health dishes in San Diego, the menu shall contain balanced diets. Residents living in this area have a trend to go out with their friends and family diners (Ni n.p). Having some entertainment will capture the loyalty of such customers. Services provided in this restaurant include healthy food and beverage serving to consumers and also relative sporting activities like swimming. Financial Plan Financial plans are essential in a business plan. They give a rough estimate of what the business is about to bring back. It also estimates the cost of starting up the business. Starting up a restaurant needs some initial capital to buy utilities and set up the business to carry out operations. Unique Fast Food restaurant has a budget of the total costs and estimated profit for the first three years. Significant Assumptions Before presenting the budget, there is an assumption made regarding the price of products and services to be offered. The meal price in this restaurant will range from $8 to $15. Average lunch will cost $8.79 while average dinner will cost $13.74. According to the target market expected, it is estimated that the business will cover about 3400 square feet. The dining room is supposed to have about 86 seats and approximately 20 tables. There will be enough parking for customers that will hold about 40 cars at a go. The restaurant is expecting to employ 19 employees as said before with its revenue ranging from $860,000 to $1,200,000. With the following assumptions, it will be easy to calculate the cost of starting up the business. Start-Up Cost It the capital invested to start-up the business. The total startup cost of this business will be approximate $363,000. The capital will be raised by me alone since it is a sole proprietor business. $174, 000 will be cash as the rest shall come from a bank loan. I will be expected to start paying back the loan after a grace period of three moths with interest on top. The table below is a tabular representation of the startup cost for Unique Fast Food Restaurant. Budgeted Profit and Loss Statement Since the restaurant is a small business, the returns expected for the first three years will be little. However, they are projected to increase with an increase in sales. The profit and loss statement of this business demonstrates a modest increase in income over three consecutive years on adjustments in inflation. Below is a tabular representation of the profit and loss statement of Unique Fast Food Restaurant for three years. Budgeted Cash Flows for the Business Budgeted cash flows for the three years show the movement of cash in the business from the daily operations of the restaurant. The cash flows present the accountability of liquid money used to complete the daily transactions of the day to achieve the business objectives. It primarily includes cash transactions. Below is a tabular representation of the cash flow statement for the three years. Budgeted Balance Sheet for the Business Unique Fast Food Restaurant is assumed to be in continuity forever. Therefore, there is a need for a balance sheet to measure the financial position of the firm in future. The statement also helps to gauge the credibility of the organization. Below it the tabular representation of a balance sheet for the three budgeted years. Summary The above Unique Fast Food Restaurant business plan has material information regarding the startup of the firm. There is full information on the type of business as well as the location of the business. With the proposed management, the business will thrive over it, competitors. If the budgeted financial statement go as planned, then the company is likely to meet its goals 100%. Work Cited Zhou, Haiwen. "Market Structure and Organizational Form." Southern Economic Journal71.4 (2005): 705. Web. Kußmaul, Heinz and Andy Junker. "Business Plan." WIST 29.9 (2000): 531-534. Web. Miraldo, Marisa. "Reference Pricing and Firms’ Pricing Strategies." Journal of Health Economics 28.1 (2009): 176-197. Web. Ni, Liqiang and Ilan Alon. "US-Based Fast Food Restaurants: Factors Influencing International Expansion Of Franchise Systems." SSRN Electronic Journal n. pag. Web. Pillsbury, Richard. "Fast Food: The Roadside Restaurants in the Automobile Age." Journal of Historical Geography 27.4 (2001): 610-611. Web. Jocumsen, Graham. "Marketing Strategies for Competitive Advantage20022dennis Adcock. Marketing Strategies for Competitive Advantage. Chichester: Wiley 2000. Viii + 406Pp., ISBN: 04719 81699". European Journal of Marketing 36.1/2 (2002): 273-275. Web. Chowdhury, Alii Aqbour. "Proprietorship Firms: Advantages and Survival." SSRN Electronic Journal n. pag. Web. Huang, Kuo-Feng et al. "From Temporary Competitive Advantage to Sustainable Competitive Advantage". Brit J Manage 26.4 (2015): 617-636. Web. Read More