FOOD RESTAURANT BUSINESS PLAN

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Product Category: Business Plan

Product Code: 00005657

No of Pages: 24

No of Chapters: 8

File Format: Microsoft Word

Price :

₦3000

TABLE OF CONTENTS

Executive Summary

Mission

Keys to Success

Objectives

Company Summary

The Menu

The Management

Company Ownership

Start-up Summary

Location & Operations

Restaurant Location

Restaurant Design

Operating Criteria

Services

Classic’s Menus

Market Analysis Summary

Market Segmentation

Target Market Segment Strategy

Service Business Analysis

Competition and Buying Patterns

Strategy and Implementation Summary

Competitive Edge

Market Analysis Conclusion:

Marketing Strategy

Marketing Program

Sales Strategy

Sales Forecast

Web Plan Summary

Personnel Plan

Financial Plan

Important Assumptions

Risk Analysis/Mitigation

Profit and Loss Statement

Break-even Analysis

Cash Flow Statement

Balance Sheet Statement

Expansion, Payback & Exit Strategy

 

 

 

Executive Summary

This food restaurant business plan, is a candid disclosure of a business venture to be situated in Nsukka, Enugu State. Our intent is to set realistic business expectations, and eliminate any questions about the profitability of this business venture.

Entrepreneurs have a tendency to paint the restaurant business plan with a very optimistic brush, highlighting strengths and camouflaging the risks. Our intent is to have a definitive business, financial, and marketing plan that not only serves our need for capital financing, but is utilized as our daily business roadmap. We have taken all precautions to validate our business and financial models, focusing on realistic projections. We have accomplished this as follows:

1.     Our financial model is rooted in industry facts, not optimism. We have based costs on a vast industry and practical research with similar ventures, validation against National Hospitality Industry cost averages, and analysis against local Nsukka market averages. We have taken a collective look at all figures to make solid business estimates.

 

2.     Our business concept was derived from detailed Market Analyses. Instead of building a business around a preconceived concept, we analyzed the market findings and built a concept around our consumers. In other words, our business is built to service an unmet consumer 'want'.

 

3.     A buffered financial plan that ensures adequate capitalization. A contingency buffer is included in the start-up cost to ensure the business in not under financed, as well as giving the business adequate funding to sustain it in the first six months of start-up. Industry experts confirm a longer ramp-up stage for restaurants over other retail/service businesses. A common mistake for new entrepreneurs, but fully addressed in this business plan.  

 

4.     A solid Risk Mitigation Plan. We have evaluated traditional and non-traditional risks associated with Restaurant failure and accounted for them directly in the business plan. Instead of dismissing the risks, we have identified valid mitigation strategies for each.

 

5.     Deep Management Experience. Our management team has 20 years combined experience, and deep involvement with the Nsukka restaurant industry.

The total capital requirement to launch Classic Restaurant & Lounge is N7, 400, 000.00 of which N6, 430, 000.00 is allocated to start-up capital, and N970, 000.00 as business operations cash reserve.

 

Mission

·         Classic will be an inspiring restaurant, combining an eclectic atmosphere with excellent and interesting food. The mission is to have not only a great food selection, but also efficient and superior service - customer satisfaction is our paramount objective. Classic will be the restaurant of choice for a mature and adult crowd, couples and singles, young and old, male or female.

 

·         Employee welfare, participation, and training are equally important to our success. Everyone is treated fairly and with the utmost respect. Our employees will feel a part of the success of Classic Restaurant & Lounge.

 

·         Our concept combines variety, ambiance, entertainment and a superior staff to create a sense of 'place' in order to reach our goal of overall value in the dining/entertainment experience. We offer fair profits for the owners and investors, and a rewarding place to work for the employees.

 

 

Keys to Success

1.     Unique, Innovative & Contemporary: The creation of a unique and innovative fine dining atmosphere will differentiate us from the competition. The restaurant will stand out from the other restaurants in the area because of the unique design and decor. We will offer a fine dining experience in an electric atmosphere.

 

2.     Product quality: great food, great service and atmosphere.

 

3.     ‘Spice of Life' Menu: The menu will appeal to a wide and varied clientele. Our eclectic menu features regional specialties around the country.

 

4.     Employee Retention Focus: Employee retention and development programs will be a primary focus and success platform for this business. Through these programs, we will be able to draw seasoned and elite professionals and build a committed work force. We have budgeted for a stock option program for Chef and Management positions to subsidize a lower salary base. This lowers our immediate overhead and attracts quality staff.  

 

5.     Cost Control Focus: We will control costs at all times, without exception. Cost Control will be an integrated function of the restaurant from the onset. Cost control is about managing the numbers - interpreting and comparing the numbers that impact the bottom line. 80 percent of the success of a restaurant is determined before it opens. Our focus is to reduce the cost of goods sold to meet our profit margin goals by managing the following crucial elements of cost: Purchasing, Receiving, Storage, Issuing Inventory, Rough Preparation, Service Preparation, Portioning, Order Taking, Cash Receipts, Bank Deposits and Accounts Payable. We will use of this restaurant food business plan to track actual costs against our forecasts in managing the business. 

Due to intense competition, restaurateurs must look for ways to differentiate their business to achieve and maintain a competitive advantage. Midtown/Downtown Nsukka’s redevelopment requires a place that will fit into the 'new look' of the community, one that is contemporary and entertaining. Classic will fill that niche.

 

Objectives

Classic Restaurant & Lounge's objectives for the first three years of operation include:

·         Keeping food costs at less than 35% of revenue.

·         Improving our Gross Margin from 65.41% in Year 1 to 67.10 in Year 2. These are attainable                      targets; our ‘stretch' is to attain 70.73% by Year 3.

·         Keeping employee labor cost between 37-39% of total sales.

·         Remaining a small, unique restaurant with eclectic food and service.

·         Averaging sales between N1, 200,000 - 1, 500, 000 per year.

·         Promoting and expanding the Classic restaurant concept as a unique Midtown destination restaurant.

·         Expanding our marketing and advertising in Nsukka to increase our customer base, since there is a large university community.

·         Achieving a profitable investment return for investors for Years 2 - 6.

Company Summary

The Design

Classic Restaurant & Lounge is unique to Midtown Nsukka. The restaurant features 2 venues in one (a concept called ‘Multi-Branding'): A Lounge, and Full Service Dining. This concept offers customers variety, offering multiple dining and entertainment options within a single establishment. The spatial and menu divisions will broaden our appeal and provide our customers with a different experience on each visit.

The atmosphere caters to a young but mature adult crowd. This is not a family dining establishment. Total space requirements are 3,000 square feet. In total, the restaurant will provide seating for 110 patrons. Where possible, consideration will be given to incorporate a dining patio. Parking and accessibility issues will be reviewed as key criteria. We will draw on our Advisory Board as part of the site selection and lease negotiation.

 

The Menu

Classic is focused on servicing Nsukka's growing demand for an electrifying eating experience. For lack of a better term we are launching a ‘multi-ethnic' cuisine restaurant - a restaurant concept that responds to Nsukka's need for selection and choice. Classic is a complimentary mingling of national cuisine on a single menu. The Midtown demographics fit this concept perfectly.

 

The Management

Our management team has over 20 years combined experience in food, restaurant and hotel, business management, finance, and marketing arenas.

 

Company Ownership

The restaurant will start out as a private Limited Liability Company, owned by its founders, _________ and __________.

 

Start-up Summary

We are currently negotiating a restaurant space of 3,000 sq. ft. in Midtown Nsukka, Enugu State, and will open Classic in December of this year.

Our start-up costs are mostly expensed equipment, furniture, painting, reconstruction, rent, start-up labor, and legal and consulting costs associated with opening our restaurant. At the start of business, $97,000 will be allocated for business operations reserve. This is a solid start-up forecast based on our market analysis.

We will purchase the following $73,311 worth of current assets during start-up:

·         Fixtures and Lighting: $32,250

·         Lounge and Dinning Equipment: $26,183

·         Sound and Televisions: $8,378

·         Office Equipment (2 Computers, Fax, Printer, Safe): $6,500

Long-term Assets in the amount of $65,000 include all kitchen equipment.

We have budgeted for the services of a premier Restaurant Consultant familiar with the South-Eastern Market. This is especially key during the site selection and start-up stage. This company will have an integral role in validating the final restaurant location and personnel selection, and participate on the Classic Advisory Board.

 

Location & Operations

 

Restaurant Location

Midtown Nsukka is the location selected for the Classic concept. The outlook for the future of Nsukka's Midtown district is exceptionally positive and the most progressive development area in the city. Developers are infusing over 500 million in Commercial, Residential, and Retail development.

The market has been carefully selected and tested for the necessary demographics and retail traffic necessary to meet the goals laid down for profitability. The busy Midtown commercial/residential location has been chosen based upon a successful demographic model and a traffic count of more than 33,000 cars daily.

Restaurant Design

Single-Level Design Concept: The total space requirement is 3,000 square feet. The restaurant will feature a comfortable and open concept design. The central dining area will allocate 88 seats, and the lounge 22 seats. In total, the restaurant will provide seating for 110 patrons. Where possible, consideration will be given to incorporate a dining patio. Parking and accessibility issues will be reviewed as part of this analysis.

Optional Patio: During the busy summer months customers can also sit outside on our patio and we will offer a special summer menu, featuring lighter fare, exotic drinks, as well as non-alcoholic offerings. The patio setting will be a fun and casual atmosphere for the summer crowd.

 

Operating Criteria

The restaurant will be located in Midtown Nsukka. The restaurant will service brunch, dinner, and after-hours dining during the week and weekends. The restaurant will operate during peak service time to take advantage of street traffic, and after-hour patronage from the entertainment facilities in the area. Service will be available during the following hours:

Lunch:   Monday to Saturday, 9 a.m. - 2:30 p.m.

Dinner:  Monday to Saturday, 5:30 p.m. – 8:00pm

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