The proposed new business is a restaurant chain that will be initially started in Sydney, Australia and then branches will be opened in other major Australian cities (Adelaide, Melbourne, Perth, Hobart, etc.) depending on growth, popularity and profits earned. The name of the restaurant will be “The Corner Leaf” that will sell different types of food including continental, main course, snacks, desserts, drinks and others. The aim of the new restaurant business will be provided with the best quality dishes to the customers at the most reasonable prices. However, since it is a startup business, profits must be maximized until the capital of the business is recovered. Moreover, it is to be noted that there is a stiff competition in the market as there are already a number of quality restaurants in Sydney that are popular and well-established. Hence, the new restaurant should have some unique and specialization dishes that will make a standout among other restaurants in the area.
This report is based on the preparation of a suitable business plan for the new startup business of a chosen industry.
The proposed new business is a restaurant chain that will be initially started in Sydney, Australia and then branches will be opened in other major Australian cities (Adelaide, Melbourne, Perth, Hobart, etc.) depending on growth, popularity and profits earned. The name of the restaurant will be “The Corner Leaf” that will sell different types of food including continental, main course, snacks, desserts, drinks and others. The restaurant will have both dine-in and take-away facilities. Initially, there will only be one restaurant in Sydney in a convenient and popular location. In order to run the restaurant, several chiefs and cleaning workers will be appointed and a management team will be formed by appointing experienced business management experts. The main aim of the restaurant will be to provide the best dining experience as well as best quality food to the customers that will also include reasonable prices.
The aim of the new restaurant business will be provided with the best quality dishes to the customers at the most reasonable prices. However, since it is a startup business, profits must be maximized until the capital of the business is recovered. Moreover, it is to be noted that there is a stiff competition in the market as there are already a number of quality restaurants in Sydney that are popular and well-established. Hence, the new restaurant should have some unique and specialization dishes that will make a standout among other restaurants in the area.
The proposed aspects of business operations are as follows.
Investment and Construction – Initially, a suitable investment (capital) is to be gathered from the sponsor as well as internal funds that will be stored in a bank account. Then a suitable spending plan and construction budget will be fixed. When the project is ready for initiation, the construction will be started by the contractor company. According to the prepared blueprint, the restaurant building will be constructed having specific rooms for the kitchen, extended kitchen, dish washing room, raw materials processing room, dining area, take away sales counter, men and women washrooms and required rooms (Kwok & Yu, 2013). Moreover, air conditioning system will be installed in the dining area and the take away counter. Finally, after the constructions and installations are complete, the whole restaurant will be colored with white and green theme (as per the suggested logo of the new restaurant company). After everything is done, a management team will be appointed for managing the administration and financial aspects of the company. Finally, some of the best international chefs available will be appointed after a series of interview and screening processes for ensuring best quality of unique food for the customers.
Services – One of the main reasons for large restaurants to be standout successful in the current market system is the variety of dishes provided as well as continuously maintaining high quality of the same. Hence, the main aim of “The Corner Leaf” will be to provide huge varieties of food to the customers. The types of dishes that this restaurant will provide are – continental, international main course dishes (like Chinese, Italian, Mexican, Australian, Spanish, etc.), snacks and casually consumable foods (like kebabs, nuggets, tacos, burgers, etc.), desserts (like different varieties of pastries, pancakes, puddings, ice cream, lava cakes, etc.), drinks (like beers, milk shakes, cocktails, soft drinks, tea and coffee, etc.) and others. However, there should be some specific signature and unique dishes (for continental, main course and desserts) that will attract customers to try these unique dishes (Majid, Zahari & Yusoff, 2016). The company should also ensure there are sufficient marketing and advertisements so that the customers are actually aware of the restaurant and the types of food they provide. Subscribing to a website like Zomato is suggested as they are helpful for promotion of restaurants. Moreover, these websites suggest the customers different restaurants based on his personal choices and requirements. If the restaurant can maintain the quality of food without increasing the prices by a large margin, it is expected that the customer count will reach a significant number at the end of the first business year. For the services, there will be two types of services in the restaurant – take away system for those who will buy food and take them away to their homes and dine-in system for those who will eat inside the restaurant. Again, there will be two dine-in systems – buffet meal (fixed price, unlimited quantity of food) and normal meal (charges based on the quantities of food purchased).
Pricing – The main target of the company is to attract the most customers possible and for that purpose, the prices of food in the restaurant must be reasonable. If the restaurant targets only rich and aristocratic population, it will be not so profitable. Moreover, since it is a start-up business, earning more profit is necessary in order to recover the capital within the shortest possible time. According to the proposed mode of services, there will be two types of dining system – buffet and meal system. For the buffet system, there will be a fixed price for the whole meal and the customer can get unlimited amount of food. This price should be such that it covers the amount of food an average human can usually consume in one single meal (Läikkö-Roto & Nevas, 2014). Generally, buffet meals are popular among the people who come in groups to the restaurants for celebration purposes. Hence, buffet system may be successful in earning significant profits. Again, for normal meal system, the prices of each of the dishes should be sufficiently high for covering the production costs but reasonable enough for all types of customers.
In this blended product-benefit setting and where benefit evaluations are generally encounter based (rather than medicinal services or auto repair associations where benefit appraisals are confidence based), every one of the five unique measurements of SERVQUAL required cannot be incorporated. Consequently affirmation is not prone to be as critical in this industry. In addition, the utilization of scale things, for example, “you felt safe in your exchanges with the restaurant” or “the conduct of workers imparted trust in you” (both gotten from SERVQUAL) essentially did not appear to be suitable for the restaurant setting. However we recognize that components of affirmation – information and graciousness – are imperative, yet may have logically adjusted implications as we should consequently contend (Lepkowska-White, 2017). So also, compassion is characterized in the SERVQUAL writing as the individualized minding consideration that is shown to every client. For instance, the confirmation and compassion measurements initially proposed in the SERVQUAL framework may not be of awesome criticalness for the accompanying reasons: Assurance is characterized as workers’ information and affability and their capacity to motivate trust and certainty. This specific measurement of administration quality is critical to a great extent for trustworthiness based businesses, for example, medicinal services, legitimate administrations, or auto repair, that have a higher level of hazard per buy and where the result of the administration experience is neither simple to foresee, nor surely knew. In the restaurant business, the client’s hazard is low given the price tag, the result of the administration, and the options accessible. This measurement is more appropriate to ventures where “relationship advertising” instead of “exchange promoting” is basic to the association’s survival. These sorts of enterprises require staff that can offer “high specialized” exhortation or potentially create essential business partnerships where compassion can assume a crucial part. Be that as it may, the need to exhibit compassion with regards to restaurants, particularly for contact staff, for example, a server in a bustling supper surge when one is regularly attending to at least 20 individuals at once, might be short lived, best case scenario (Tsyutsyak, 2014). Clients additionally do not need a hovering server giving individual consideration when all they need is to appreciate the sustenance and the organization. For the restaurant business, unwavering quality converts into the freshness and temperature of the sustenance (the guarantee), and getting the nourishment blunder free and as requested the first run through (constantly and precisely). Unwavering quality has been viewed as the most basic component for US clients in view of both direct measures and significance weights gotten from relapse examination. The SERVQUAL writing recognizes unwavering quality as the capacity to perform guaranteed benefits reliably and precisely.
The growth and profit estimations including budget estimations have been provided in the attached excel sheet.
The primary financial need is to recover the complete amount of the capital in the shortest possible time. According to estimations, if the business is as per the expected mark, the restaurant will be able to recoup the complete amount of the capital in 2-3 years of business.
A server’s appearance stacked with responsiveness and not with the “physical outline” things (i.e. physical assets). Truth be told, as past examinations have proposed, the outcomes appear to substantiate that strict adherence to particular measures, (for example, SERVQUAL) in various settings may not be suitable. As a particular illustration, it might be impeccably sensible for worker learning to be arranged as an affirmation thing in a high risk assurance based setting, for example, therapeutic or legitimate administrations, yet as a responsiveness thing in a lower-hazard encounter based setting, for example, eating out, recommending that settings can change implications of subjective measures (Canny, 2014). Regardless of whether this was because of the way that the measures of physical assets included just a single representative element (as in SERVQUAL) and four restaurant highlights, or whether slick workers again speak to how clients anticipate that staff will be (i.e. react) in their nearness is an unsettled inquiry and requests extra examination. This conflict should be perceived and additionally tended to by analysts so that sensible translations of measures can beat the need to hold fast to well known models or to conventional elucidations of measures that might be considered by some as unchanging.
The challenges of fast growth are as follows.
Market Competition – There is significant competition in the market as there are already some established restaurants and restaurant chains in Sydney. Hence, not only the restaurant has to ensure best quality food but also reasonable and cheap prices in order to survive and grow.
Loss of Customers – While customers themselves promote faster growth, fast growth is also challenged by loss of customers. This is because, with rising number of daily customers, other customers may be able to find it hard to book a table for some lunch or dinner (Grosul & Ivanova, 2017). Moreover, they can also think that due to heavy rush, the quality of food and service time will not be good as per the price. Hence, the company should consider these factors before starting business operations.
The long term goal of this business is to recover the capital within the next 2 years and become one of the leading restaurants in the whole of Australia so that the company can successfully be established as a brand. By doing as such, managers and proprietors of the restaurant can focus on preparing programs that urge representatives to ingrain this measurement of administration quality. From an administrative point of view, it is vital to create fitting projects and give on-going preparing on the different credits of responsiveness to reinforce representatives’ capacity to enhance client benefit. Albeit simple to propose, imparting these qualities in the forefront work force and picking up their dedication can be testing. In any case, if full administration restaurants need to convey elevated amounts of consumer loyalty, they could occasionally track staff execution on the seven things that measure “responsiveness.” It is critical, consequently, for restaurants to evaluate focused costs and clients’ reference costs for a chose portion in which they yearning to position their advertising. In light of the relapse coefficients and the institutionalized beta esteems the development of “sustenance quality” or unwavering quality positioned third in significance (Möhring, 2014). Inquisitively, in spite of the fact that the exploratory examination and the auxiliary research upheld it, the physical plan of the restaurant did not significantly affect consumer loyalty as appeared by the relapse coefficients. At first look, this finding was a bit of astonishing in light of the fact that sustenance – the supper – is viewed as the basic role for feasting out. Maybe, restaurants have refined the exploration of nourishment arrangement to the point where this is not the recognizing component any more. At the end of the day, restaurants are making such a decent showing with regards to here this is not the primary calculate a man’s choice to choose a restaurant (Han, Bonn & Cho, 2016). Future investigations should test this dispute. Maybe the physical attributes of a restaurant work through some other interceding variable to clarify consumer loyalty; this ought to be investigated in future research.
Conclusion:
This report is based on the preparation of a suitable business plan for the new startup business of a chosen industry. The name of the restaurant will be “The Corner Leaf” that will sell different types of food including continental, main course, snacks, desserts, drinks and others. The aim of the new restaurant business will be provided with the best quality dishes to the customers at the most reasonable prices. The main aim of “The Corner Leaf” will be to provide huge varieties of food to the customers. The types of dishes that this restaurant will provide are – continental, international main course dishes (like Chinese, Italian, Mexican, Australian, Spanish, etc.), snacks and casually consumable foods (like kebabs, nuggets, tacos, burgers, etc.), desserts (like different varieties of pastries, pancakes, puddings, ice cream, lava cakes, etc.), drinks (like beers, milk shakes, cocktails, soft drinks, tea and coffee, etc.) and others.
References:
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Canny, I. U. (2014). Measuring the mediating role of dining experience attributes on customer satisfaction and its impact on behavioral intentions of casual dining restaurant in Jakarta. International Journal of Innovation, Management and Technology, 5(1), 25.
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Kwok, L., & Yu, B. (2013). Spreading social media messages on Facebook: An analysis of restaurant business-to-consumer communications. Cornell Hospitality Quarterly, 54(1), 84-94.
Läikkö-Roto, T., & Nevas, M. (2014). Restaurant business operators’ knowledge of food hygiene and their attitudes toward official food control affect the hygiene in their restaurants. Food control, 43, 65-73.
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Majid, H. N. A., Zahari, M. S. M., & Yusoff, N. M. (2016). Service enhancement, in-house training and restaurant business resilience: Integrating the study framework. Heritage, Culture and Society: Research agenda and best practices in the hospitality and tourism industry, 37.
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