How to Prepare a Business Plan - Case Study Example

Bean Boys Kitchen Business Plan Executive Summary Bean Boys Kitchen is a new multi-cuisine restaurant that is located at Nil Gagan Apartment, opposite Care Hospital at Athwa Gates in Surat. Bean Boys Kitchen’s emphasis will be on creative and organic food. An emphasis on multi ethnic ingredients is based on Bean Boy’s dedication to sustainable development. In addition, the restaurant buys fresh local supplies if possible, thus minimizing the dependence on large-scale commercial suppliers. Bean Boys Kitchen offers locals a trendy, exciting place to have healthy delicious meals in a social environment. Bean Boys Kitchen restaurant anticipates that a significant number of purchases will come from the chef’s recommendations. The multi ethnic cuisine will be used to offer the customers an unusual yet diverse menu. Our chief chef will be emphasizing healthy dishes while acknowledging the trends within the hospitality industry for the demand for healthy meals (SAMSON, GRIFFITHS, & HUMFRESS, 2007). Bean Boys Kitchen restaurant targets four market segments. The first segment consists of lonely and rich people who number approximately 500,000 people. The second target group is young and outgoing customers who are constantly growing at a rate of 8%, which are approximately 200,000 potential customers. The third group consists of well off hippies who typically desire healthy organic meals as well as a culturally diverse cuisine. The last market segment, which is particularly concerned with a healthy diet, is women, which are approximately 450,000 around the area where the restaurant is located. Bean Boys has a strong and professional management team. The general manager has a background in hospitality management with vast experience. A qualified professional within that field shall handle the accounting and finance functions. The chef shall be a fully qualified and experienced individual who shall be in charge of the back-end production of the business. The chef must have at least 8 years of experience working in the hotel and hospitality industry. The most crucial issue for Bean Boys restaurant is financial success, which shall be achieved through sound financial management. In addition, success will be achieved by providing high quality service and exceptionally healthy foods with an interesting twist. The financial and market analysis show that with a start-up capital of $ 150,000, Bean Boys Kitchen can generate sales worth $350,000 within the first year, $500,000 worth of sales by the 2nd year, and generate a net profit of 8% on sales before the end of the third year. Profitability will be achieved by the end of the 2nd year MCKEEVER, 2002). Objectives The first objective is to realize a sales turnover of $ 350,000 within the first year and approximately 450,000 by the end of the second year. The second objective is to maintain personnel costs at less than $300,000 for the first year and less than $400,000 for the second year. The third objective is to be profitable by the end of year two and achieve a 7.5% increase in profits by the end of the third year. Mission ` The mission of Bean Boys Kitchen is to offer our customers a great place to eat while combining an intriguing environment with excellent interesting meals that will satisfy the customer’s expectations. Bean Boys Kitchen is a single-unit medium sized restaurant. Our focus is on healthy multi-cuisine foods. The restaurant’s location is in Nil Gagan Apartment, opposite Care Hospital at Athwa Gates in Surat. The restaurant will start out as a partnership between three founders. The founders of the restaurant will be actively involved in the running of the business. One partner shall be in charge of the overall management of the restaurant, and he/she will be the general manager. Another partner shall be responsible for all financial and accounting matters. The third partner shall be responsible for all personnel issues. Marketing Strategy The menu of Bean Boys Kitchen shall consist of multi cuisine dishes. A small number of constant items shall be on the menu and it will feature a couple of the chef’s recommendations. This will be very helpful in terms of reducing waste and planning the use of ingredients as well as purchasing. Our restaurant shall be using organic ingredients this will enable us to target healthy conscious individuals who are willing to pay a premium price in order to get an exciting and healthy meal. The fact that the restaurant offers a multi cuisine menu means that we can target a wide range of diverse customers, especially tourists or visitors. Our chef shall have great latitude in producing and designing menu offerings from various cultures around the world. The interior décor in the restaurant shall reflect our belief in the fact that world influences are central to the attitude and spirit of Bean Boys Kitchen. It shall also be trendy to reflect our belief in moving with the times (MCKEEVER, 2002). Products and Service Bean Boys Kitchen will offer a breakfast, lunch, and dinner menu alongside fresh cold cuts; take away-prepared dishes, and various refreshment drinks. Some of the items that will be on the menu include: Breakfast 1. Eggs, made to order. 2. Toast: rye, wheat or white. 3. Bacon 4. Ham 5. Yogurt. 6. Fruit. 7. Hash Browns. 8. Coffee and Orange Juice. Lunch: Entrees 1. Turkey Sub. 2. Ham and Cheese Sub. 3. Roast Chicken Club. 4. Veggie Sandwich. 5. Tuna Sub. 6. Coos Bay Hot Crab Sandwiches. 7. Columbia Salmon Rolls. 8. Anacortes Seafood Burgers 9. Smoked Salmon Sourdough Bread. 10. Washington Bruschetta Steak Sandwiches. 11. Hood River Fresh Apple Cake 12. Whidbey Loganberry Tarts. 13. Chips. 14. Homemade Organic Willamette Chilli. 15. Organic Vegetable and Chicken Soup. Salads 1. Caesar Salad. 2. Greek Salad. 3. Watercress and Sesame Salad. 4. Homemade Potato Salad. 5. Italian Eggplant Salad. 6. Maury Island Cranberry Arctic Salad Drinks 1. Ocean Spray products. 2. Soft drinks (Pepsi products). 3. Coffee. 4. Tea. 5. Chai. Competitive Comparison The competition facing Bean Boys Kitchen is massive. This includes every other eating establishment within the area that the restaurant is set. Additionally, the large number of suppliers from grocery stores who provide pre-packaged meals to other restaurants is a serious threat. However due to our unique product and service offering, customers will definitely come to the restaurant (MCKEEVER, 2002). Market Segmentation As stated earlier, our target customers are segmented into four categories. The first category is the rich and lonely professionals who spend most of their free time with co-workers but wish to hang out with different people and spend their money on other things besides drinks, tips and appetizers. The second market segment consists of young and outgoing customers like young couples and young newlyweds. The restaurant shall have a suitable atmosphere to encourage people to bring dates and have couples’ outs. The other market segment that the restaurant is targeting is rich hippies. These are people with tremendous influence over the area’s private enterprise and government. These people carve to be in social circles that are changing the world in various ways-even if in ways that are different from their days of glory. The restaurant aims to cater for their ecological ideologies by serving purely organic meals. The last market segment that the restaurant shall target is dieting women. The restaurant shall endeavour to offer a range of extremely delicious healthy meals. In addition to having meals for healthy conscious women, the restaurant shall have a suitable environment, which allows such women to bring, their kids. The strategy of the restaurant is quite simple. Our intention is to achieve success by offering our customers a combination of great, interesting, delicious and healthy food in a trendy setting. The restaurant’s competitive edge is the menu, the environment, and the chef. Besides that, the restaurant shall pride itself in having a trendy style or setting (MCKEEVER, 2002). Management Plan The three founders of the restaurant shall be responsible for managing the operations of the business. Because each of the three partners in the business has different expertise and knowledge, the work of managing the restaurant shall be divided according to the expertise, knowledge, and experience of an individual (BLACKWELL, 2008). The general manager has a strong background and vast experience in hospitality management. A qualified professional within that field shall handle the accounting and finance functions. One of the partners in the business is an accountant by profession, he/she has considerable experience in accounting, and finance matters. He/she will be in charge of purchasing and supplies within the business. The third partner shall be responsible for human resource or personnel management matters since he/she is experiences and knowledgeable in this field. The chef shall be a fully qualified and experienced individual who shall be in charge of the back-end production of the business. The chef must have at least 8 years of experience working in the hotel and hospitality industry. Additionally, kitchen staff shall consist of people with some experience and exposure in the hospitality industry, and any other employee who shall join the business will be given the necessary training in line with the duties and responsibilities he/she is in charge (ABRAMS, 2003). The personnel plan consists of a general manager, a financial or accounting manager, a personnel manager, hostess, a chef, two cleaners, and three waiters. Financial Plan We intend to raise $ 60,000 of our personal capital and acquire another $90,000 through a bank loan that will be repaid over a period of 10 years. List of references ABRAMS, R. M. (2003). The successful business plan: secrets & strategies. Palto Alto, Calif, Planning Shop. BLACKWELL, E. (2008). How to prepare a business plan. London, Kogan Page. http://www.ECU.eblib.com.au/EBLWeb/patron/?target=patron&extendedid=P_332644_0. MCKEEVER, M. P. (2002). How to write a business plan. Berkeley, CA, Nolo. http://search.ebscohost.com/login.aspx?direct=true&scope=site&db=nlebk&db=nlabk&AN=78303. SAMSON, D., GRIFFITHS, P., & HUMFRESS, P. (2007). The Business plan. Lindfield, N.S.W., Film Australia for NIES [and] Department of Industry, Technology and Commerce. Read More