Start a fine dining restaurant in Chicago - Research Paper Example

?Start a Fine Dining Restaurant In Chicago! Half Creative/Half Business INTRODUCTION Opening a fine dining restaurant necessitates the fulfillment ofcertain key elements such as a proper business plan, a suitable place to establish, permits and licenses along with requisite financial capability. It can be apparently noted that beside these features a distinctive fine dining restaurant needs a great level of attention to detail, starting from food to service. A fine dining restaurant signifies a place which provides their patrons finest available foods, services, ambience and best of everything (Galloway 13-21). Before planning to open a fine dining restaurant, it is necessary to assure and confirm that it must be distinctly different and of high end than other available restaurants in the area. THESIS STATEMENT The report intends to deduce a personal plan entailing varied features and attributes related to a fine dining restaurant that would be operated in Chicago area. WHAT PRODUCT OR SERVICES WILL YOUR FINE DINING RESTAURANT PROVIDE? If an opportunity to start the business of fine dining restaurant is given, it would be a nice experience to open a new unique fine dining restaurant based on simplicity, sleek design and finest of foods and services and with a unique theme. Detailing about the product, the first desire is to provide best quality food. In this regard, the key strategy would be to provide a menu which enlists a combination of dinner and lunch what patrons cannot find anywhere else in terms of quality, appearance, ingredients and taste that would be served without being invasive. When it comes to the type of food, it would be best to include comfort food. Owing to the fact that comfort food is highly popular in Chicago, easy to made, easy to digest, soft in consistency, rich in calories and can be made with a little different touch. With regard to the planned rendered services, the restaurant would entail a combination of dynamic and highly experienced chefs and associates owing to the fact that excellence and perfection generally comes with experience. In terms of recipe, the menu would be prepared on the basis of local tastes, evolving trends and according to the preferences of the patrons as well. On the other hand, when it comes to music, a certain type of music should be played which influences the concept as well as suites the theme. A live classic music including jazz, doowop, and piano among others would be made available in the fine dining restaurant owing to the fact that people often prefer to visit such kind of restaurants on special occasions, thus the food and music should not be aggressive rather the ambience and theme should be based on tranquility and simplicity. Music on demand would also be included in the menu. GIVE YOUR FINE DINING RESTAURANT A NAME. EXPLAIN WHY THIS ADDS VALUE TO YOUR BUSINESS. The name of the unique fine dining restaurant would be “The Appetizer Aroma”. The pertinent reason behind this unique name is that people gets addicted to food mainly for two reasons, first is for appetite and secondly for its mesmerizing smell. The name of the restaurant contains both the key elements that would facilitate to draw people for food along with services. WHY IS CHICAGO A GOOD LOCATION FOR A FINE DINING BUSINESS? Regarding dining, Chicago offers amid the best restaurants in the nation. Chicago has always a special place which reflects the culture of perfect bars, quality bartenders and leisurely music among others (Chicago, “Chicago Magazine”). From many decades, Chicago is well known for the availability of a selection of most revered restaurants and finest cuisine. Chicago provides a wide selection of dining ranging from Asian restaurants to traditional Italian restaurants (Chicago, “Chicago Magazine”). WHAT FORM OF BUSINESS OWNERSHIP WILL YOU TAKE AND WHY? With regard to business ownership, entering into the partnership, LLC and corporations result in certain monetary expenditure, which is not in case of sole proprietorship. Accordingly, in sole proprietorship, no additional fillings are required to be made with Internal Revenue Service (IRS) and other government offices on a regular basis. In relation to fine dining restaurant business the best possible strategic option would be go with partnership method. The presence of existing business helps in collecting the necessary expenditures for partnership business ownership which will in turn facilitate in establishing a new business. Primarily choosing from sole proprietorship and partnership, it would be feasible to select the path of partnership. Entering into the sole proprietorship may have an adverse consequence which might lead to individual liability for any debts and risks associated with the business. Moreover, sole proprietorship may render a negative impact on the business which involves product that might cause harm to other persons. And, partnership limits the liability to some extent (Madura 158-185). HOW WILL YOUR FINE DINING RESTAURANT BE DIFFERENT FROM YOUR COMPETITORS? WHAT MAKES YOUR RESTAURANT "SPECIAL"? WHY DO PEOPLE GO TO YOUR RESTAURANT INSTEAD OF OTHERS? Ensuring a distinctive fine dining restaurant is a major challenge in the present day and age when there are a number of competitors vying for similar set of customers. Making the fine dining restaurant special would be a difficult task. Making the restaurant unique on one factor will not be sufficient as it might be the special criteria of many dining restaurants present in Chicago. In reverse, a simple theme including uniqueness, simplicity, serene and pleasant atmosphere, exceptional food service with quality ingredients, quick services, beautiful decor, quality drinks, light-hearted music and appetite encouraging color with aromatic atmosphere as a special theme would be administered. Unique atmosphere aroma and excellent and delicious food would enable to create the decisive difference from its competitors. Correspondingly, serving the quality food in an ice plate made up of ice will free the employees from the headache of cleaning utensils and add freshness in food as well as in the mind of the consumer. Moreover, making the walls of the restaurant of glass would allow the natural light to enter. The more the simple the theme is, more it helps the patrons to understand what to except when dining there. Furthermore, the name of the restaurant ’The Appetizer Aroma’ helps the patrons to make a picture of quality and fresh food to be enjoyed in an aromatic ambience. This would in turn coerce a large section of consumers to go to the restaurant instead of others. YOU HAVE GOOD BUSINESS AND HAVE SOLID FINANCIAL SKILLS. HOW DO THESE TWO SKILLS HELP GET YOUR RESTAURANT UP AND RUNNING? YOU ARE NOT FLEXIBLE WITH WORK HOURS. HOW WILL YOU OVERCOME THAT? Good business and strong financial skills help to efficiently allocate financial and other resources required to establish a new fine dining restaurant. Business acumen is an imperative determinant and skill that would enable to deal with challenges and leverage the beneficial attributes in a competent manner. Similarly, financial skills facilitate to control and maintain monetary expenditure. Additionally, it contributes in anticipating and preparing for the future demands. Considering from a general point of view, restaurant business needs huge dedication and an immense extent of employee presence in the restaurant. Working hour cannot be fixed in a restaurant business owing to the fact that it depend completely on consumer arrival and departure. Informing the employees about the working scenario and working culture prior via psychological contract would be the best method to overcome the challenges. Moreover, the food and accommodation arrangement should be there for the employees in the restaurant. WHAT RESOURCES DO YOU NEED TO START YOUR RESTAURANT AND WHERE/HOW WILL YOU PROCURE THEM? CONSIDER ALL RESOURCES NOT JUST FINANCIAL, BUT DON'T FORGET FINANCIAL. In terms of key resources to start the business, human resources such as chefs, attendants, and waiters along with managers would play a major role. In order to procure these vital cogs, proper recruitment and selection process would be followed wherein incumbents would be selected solely based on their merit, skills and competencies. Moreover, the aspect of required infrastructure would also be a key resource as for a fine dining restaurant; the provided infrastructure has to be of high quality. With regard to one of the most vital resources i.e. finance, the aim would be to gather required finances from the investors and through partnership. It can be said that as a good business skill and reputation is prevailing in the market thus, it would facilitate in encouraging the investors to provide the funding. CONCLUSION It could be apparently noted that there is no formula for success. Also, the nature of business is very surprising. It is very difficult to anticipate the business success or failure. The success of any business depends on consumers’ foremost choice and on the combinations of intelligent strategies, innovative ideas, smart execution and luck to a certain extent. Thus, the business idea of opening a fine dining restaurant in the prospective location of Chicago would certainly require efficient execution of an assortment of factors including quality of service. Works Cited “Chicago.” Chicago Magazine. 2013. Web. 15 Nov. 2013. Galloway, John. Fine Dining Madness: The Rules & Realities of Fine Dining. Lincoln: iUniverse, 2005. Print. Madura, Jeff. Introduction to Business. Canada: Cengage Learning, 2006. Print. Read More