Startup Requirement and Ownership and Management Structure of Thai Restaurant - Assignment Example

A restaurant proposal: Thai restaurant Grade (Feb. 23rd, A restaurant proposal: Thai restaurant Executive summary Thai Restaurant is a proposed restaurant that will be built in the Upper East Side, New York City. The restaurant will be a 30 seat fine-dining restaurant, based on the Asian cultural food and drinks, which targets to serve a small market niche of customers with a need for privacy and serenity. The restaurant will be a cozy upscale restaurant serving healthy and delicious Thai foods. The restaurant does not seek to serve a large number of customers, but seeks to specialize in offering specialized and personalized services to the clients. This strategy is most effective considering that the neighborhood has more restaurants that serve western cuisines and which target large number of customers. Therefore, the Thai restaurant seeks to apply a marketing strategy that is directly opposite to the other restaurants in the neighborhood, where only 30 clients will be served at a time. The Thai restaurant will precisely be located in a busy street location, on 95st and Lexington Ave on Upper East Side, New York City. The choice of the location is based on the fact that; it is a booming and rapidly expanding business area, with exquisite infrastructure and facilities that will complement the services offered by the restaurant. The restaurant will be offering the clients healthy and delicious Thai foods in a modern, casual, and relaxing atmosphere, but with a special touch of Asian cuisines to cater for the diversity of the restaurant products. Background Thai food and cuisines are recognized worldwide, and it is difficult to lack one or more restaurants serving Thai Foods and Cuisines in most of the renowned Western Countries cities, due to the popularity of the food, which is based on the harmony associated with it (Wiens, 2010). Thai foods have a combination of South East Asia cuisines and some from the western cultures, which are then blended to ensure that such cuisines form a characteristic food combination and diversity of its own (Olmsted, 2013). The idea of establish a Thai restaurant was motivated by other investors who have similar businesses interests, and with a relatively long period of experience in the business. In addition, the proposed restaurant has secured the services of a well experienced chief chef, who has over 10 years of experience in creating and preparing different blended Thai cuisines. From the many years of experience in this field, the investors are confident that the combination of a good location and the offer of authentic Thai cuisines will be a success factor for the business. Further, the business idea is likely to generate more profits, considering that Thai cuisines are prepared from cheap recipes, thus the profit margins will be relatively higher, compared to the western restaurants offering exclusive or a combination of Thai and western cuisines. Mission Statement: To serve best and high quality Thai food in Upper East Side area. To expand and make Thai Restaurant the prime and exclusive Asian and Thai Cuisines hub in New York City Startup requirement: The startup requirements for Thai Restaurant include the rental facility where the restaurant will be located. The room has already been identified and the rent negotiated, and the process is proceeding to seek for a construction company that will partition the room into a kitchen section and construct the necessary kitchen facilities. Additionally, the construction company will help to get the license and permits for building and running the restaurant. The construction company will also build a hood and repair the basement, to ensure that the facility will pass the requisite fire and building safety requirements. The estimated capital for materials and equipment such as chairs, tables and utensils as well as employees pay and cooking products have been covered by the investors’ budget. Ownership and Management structure: The structure of ownership of the Thai restaurant will be broken down into a partnership comprising of two investors who will own 51% of the stake in the restaurant, considering that they are providing the capital required for establishment of the restaurant. The rest of the stock will be the share of the owner of the idea. The funding of the startup will be done exclusively by individual investors, who will also take charge in the management of the restaurant. One of the investors will take charge of the customer care department, because of the long period of experience he has in such business, while the other will take charge as the General Manager, responsible for ensuring the food quality is high and ensuring the clients are provided with all the products and services they need. The owner of the idea will be the accounting officer. Market Analysis: Thai food is currently gaining popularity, owing to the harmony provided by such cuisines, since the food comprises of a combination of Eastern and Western influenced recipes and cuisines, which have been blended and developed for centuries (Olmsted, 2013). The cuisines comprise largely of waterborne foods such as aquatic animal, plants and herbs, as well as substantial animal products such as meat prepared in varied forms. The advantage associated with Thai food is that; there are wide varieties, running into 40 major Thai cuisines, thus ensuring that different tastes of the customers will be met (Wiens, 2010). Most popular amongst the cuisines is the Tom Yum Gung, which is a masterpiece soup that is served with almost every other foods and meals, comprising of shrimps, lemongrass, mushrooms, tomatoes and pepper (Olmsted, 2013). Market Competitors: The location has several restaurants, but most of them offers western cuisines, therefore they will not be very much competitive to the business, which seeks to offer Thai Foods, added a touch of Asian cuisines exclusively. The other indirect competitor is subway restaurant, which is located next to the proposed Thai restaurant location, but it offers a mixture of western and Asian cuisines. However, there is a direct competitor in the name of Enthaice, which is a restaurant serving Thai food, located a few block from our business. Financial Planning: The investment capital will be provided by the two investors, which will cater for the entire startup capital requirement. The profits will be shared on the basis of 40:40:20, where the investors who will contribute the capital equally will be earning 40% of the profits each, until their investment capital is fully paid, after which the profit sharing ratio will be revised to provide equality ratios for all parties. References Olmsted, L. (April 4, 2013). Great American Bites: Terrific Thai food with a Caribbean view. USA TODAY. Retrieved February 23, 2014 from http://www.usatoday.com/story/travel/columnist/greatamericanbites/2013/04/04/great-american-bites-terrific-thai-food-with-a-caribbean-view/2052289/ Wiens, M. (May, 6, 2010). 40 Thai foods we can’t live without. CNN News. Retrieved February 23, 2014 from http://travel.cnn.com/bangkok/eat/40-bangkok-foods-we-cant-live-without-342900 Read More