Business Plan Opening a Restaurant in New York - Research Proposal Example

Business Plan Proposal Opening a Restaurant in New York Executive Summary ABZ Company is a restaurant businessthat is set to be located in the busy city of New York. The restaurant will specialize with all types of cuisine, fast food and soft drinks. Since the company will be located at the heart of the city, the restaurant will be open during all hours of day and night. The company’s human resource will be set in order to cater for this purpose. The company will be privately owned although there are future plans of involving various individuals for the purpose of expansion. 1. Introduction A business plan is a very essential tool when an organization or individual are starting a business. A plan answers comprehensive list of questions that guide the organization towards achieving their desired goals. It also helps in the management where it targets the set aims and objectives on how to attain them (Gumpert, 2004). Questions that are considered before coming up with a business plan include; what level of revenues and profits are available at that juncture? How many employees are needed to commence a company? How many locations are to be established to start with? A definite plan should also be able to reflect on the possible outcome of a shorter period like one year or below. This explains what tasks and aims should be included in the business plan to meet within one year’s time and should be successfu (Finch, 2010). Therefore, the plan will outline the type of loans that will be given to the organization, products and service involved, number of employees and their roles, staff policies, purchasing policies. The business plan is to cover the sales, objectives, strategies, marketing and financial overseas under which it helps to clarify our business ideas. It spot potential problems, set new goal and measure progress as to how the plan is structured. Therefore, this project is expected to work for eight traders who combined with their sole business and saw it necessary to come together and form a business plan. The program may help their partnership to help boost their profits (Gum pert, 2004). 1.1Company Summary ABZ is a company specializing in the restaurant business. The company will serve its customers with different cookeries, which will increase in terms of diversity as the business establishes. The company will also serve different fast foods and drinks in order to capture different customers. 1.2Key to Success The major success key being utilized by the business is location. As observed earlier, the company will be located in New York, which is very populated. The company will also combine other key elements such as quality and service differentiation with the aim of attracting more customers within the shortest period. 1.3Mission/Vision and Objectives The company’s vision is to become a leading restaurant in the US. The company hopes to achieve this growth through high quality services, which will lead to high customer satisfaction and loyalty. 2. Management and Human Resource Summary For the business to be effective, a number of staff estimated to work and help the manager include; the supply manager, purchase manager, accountant, marketing officers. In addition, advertising director, recruitment officer and subordinate staff should be included. Therefore, a single premise is evaluated to have at least fifty employees who help in the marketing of the products of the organization. Total estimated number of employees to be employed by the business is two hundred including those to perform the manual work at delivery and packaging. 2.1Team Members Research and development strategies should be implemented to a qualified team who will always be advising the organization about the current market patterns. They may also come up with strategies on how to innovate the business to suit the trends of the up to date worked structure. The team will manage advising the human resource team on the current specialization requirement to employ before hiring individuals in the market. Research and development team is also to come up with intellectual strategy to help protect the innovation by listing current trademark, patents and design that are with the company (Daya, 2004). 3.0Innovation Summary The plan is for providing technological account of records that will help manage the job to higher standards e.g. computerized form of management and accountability for first computing of figure and monitoring. Insurance policy is another tool by itself that is to be while coming up with this plan. Insurance provided by both the organization and the staff in general. Insurance to be given includes; workers compensation in case of injuries and loss of life while in work operations, the public liability insurance will cover injury death of a third party (Daya, 2004). Professional indemnity that is to include the legal action taken out as during the business professional adviser, insurance will always be provided to ensure that product damage or injury are taken care of. The last insurance to give is the business assets will cover all property of activity that includes buses, cars, and buildings to cover them against burglary and fire or damage. 4.0 Operations Summary Since the company is based on the restaurant industry, business operations are important as they are directly linked to performance. Therefore, one of the major operations that will determine the daily running of this business is supply, which involves how goods and commodities are to be transported from the manufacturers and the suppliers to the company. Therefore, proper rapport will be reinforced between the firm and suppliers to ensure regular and continued supply of food products to the business. For increased success, right relations with the suppliers will also help the business to keep operating during needy times since one of the major problems affecting new business is lack of funds to pay supply for their instant services instantly. Therefore, there is a great need for the business to keep good debt relations. 5.0Financial Summary The business full premises, equipment and monthly expenses are estimated to amount to $40,000. The number includes fueling cost, computer equipment, rent of leased premises, phone cost, maintenance cost and restaurant purchases (Daya, 2004). Technology (software) is mandatory in this plan to help in advertising the commodities, sales, and accounting packaging. In advertising, the company plans to use online websites, which will cost up to $ 40,900 annually. Accounting packaging will help keep records between the organization and the manufacturers or the suppliers. This will assist the organization and the customers for easy balancing and clearing of turnovers (Fullen, 2005). This has an annual estimate of $ 8,400. 6. Hours of Work Trading hours are necessary to a plan to work smoothly and applicable terms and conditions to be. Lateness to report to duty to be treated under disciplinary and therefore through this, every staff will report to duty. Every staff will report to duty unless ordered not to do so by management. Reporting to duties will help minimize the workload for other employees. Time of peak trading times are to be added more working hours to reduce profit, this is also to provide motivation and salary increment to employees to agree to work for extra hours. 7.0Business Communication Effective communication channels will also be necessary since they help in coordinating work between the employees and their colleagues and higher staff with subordinate staff. Communication devices such as fax machines, telephone (landline/mobile), email and social media channels will also help the business in having direct and indirect contact with customers. Such contacts are essential since they help to boost the customers’ trust (Daya, 2004). Through these channels, customers are quickly convinced about the efficiency of the product. 8.0Modes of Payment Accepted modes of payment should also be spelled out clearly to avoid confusion and errors in balancing of records. These payments methods include the use of PayPal methods, cash, credits and gift cards. Also spelled out are the terms of taking credit and the period of collection plus their procedures. 8.1After Sale Services The business is also considering offering its customer with after sale services such as discounts services which most competitors in the market do not provide. Policies such as providing gifts for food items bought at $1000 and above will be provided (Abrams, 2003). 9.0Market Summary 9.1Market Research Market research conducted by use of questionnaires and survey showed that New York City is quite populated. The business survey also showed that quite a number of restaurants exists in this city. This research helped in coming up with a market target strategy that was meant to meet a sale of $200000 of the products (McKeever, 2012). Because of the population, the survey found out that labor was readily available. This was also attributed to the growing rate of unemployment associated with the high population. In addition, increased large population will promote the business as it will help easy accessing of products and cheap means of delivery (Daya, 2004). 9.2Competitors The survey conducted noted that there are a number of sole proprietors in the restaurant industry who are dealing in the same line of business as ABZ company. Therefore, they are considered as potential competitors in the market. Most of them operated as single traders and small scale whose staff turnover level and were established recently. One was set up in 2009 while the other on 2011. Their value to the customer was small and only provided quality that our business idea will provide if it is. Their prices were relatively high and did not submit after sale services such as goods delivery. On the hand, they had their strengths that I would outline as being a monopoly market where all customers depended upon them. They had weakness such as lack of quality products that prevented them from directly interacting with other business and manufacturers. Hence, most of their inputs in the restaurant business is manual and slow (McKeever, 2012). 9.4Future The Company’s major plans and objectives is to maintain high profits and lower potential losses. The company’s goals is to open several restaurant businesses in the same city in the next 24 (Abrams, 2003). References Pinson, L. (2008). Anatomy of a business plan: a systematic guide to building your business and securing your companys future. Tustin, Calif: Out of Your Mind...and Into the Marketplace. McKeever, M. P. (2012). How to write a business plan. Berkeley, CA: Nolo. Gumpert, D. E. (2004). Inc. magazine presents how to create a successful business plan really: Featuring the company plans of Pizza Hut, Software Publishing Corp., Celestial Seasonings, People Express, Ben & Jerrys. Needham, Ma: Lauson Publishing. Creating a business plan. (2007). Boston, Mass: Harvard Business School Press. Finch, B. (2010). How to write a business plan. London: Kogan Page. Rogoff, E. G. (2007). Bankable business plans. New York: Rowhouse. Gumpert, D. E. (1990). Inc. magazine presents how to create a successful business plan really: Featuring the company plans of Pizza Hut, People Express, Ben & Jerrys Ice Cream, Celestial Seasonings, Software Publishing. Boston, MA: Inc. Pub. Daya, Z. (2004). Create your own business plan. Victoria, B.C: Trafford. Blackwell, E. (2011). How to prepare a business plan. London: Kogan Page. Fullen, S. L. (2005). How to write a great business plan for your small business in 60 minutes or less. Ocala, Fla: Atlantic Pub. Group. Abrams, R. M. (2003). The successful business plan: Secrets & strategies. Palo Alto, CA: Plannignshop. Read More