Double Fish: A New Aquarium Restaurant In Muscat Al Wavey

Business description

Business name: Double Fish

Double Fish is a new restaurant that has been started based on the prevailing opportunities the business has been formed based on agreement between two partners who are driving the whole process. The partners include Kevin and the founder who came up with the whole aquarium restaurant idea. The business has great opportunity by having an advantage of getting most of the startup requirement from already established venture. Kevin if one of the former business owners and will offer most of the services and guidance. The business has a perfect location in Muscat Al Wavey of around 1,000 square feet and has room for expansion and large number of guest can be accommodated at once.  The business has projected   a very busy 12months for growth and establishment. The business is located near a major national anchor site and major traffic site. The opening will require $75K for building out the business expenses and $10K for equipment.

Our mission: our main mission is to become one of the best fast food and casual dining restaurant. This will be achieved through unprecedented experience with quality food and best prices ever in the industry.

• To become and remain the premier fast food and casual restaurant in the industry.
• Offer best quality services and open new ventures across Oman.
• Create wonderful dining experience for our customers.

• Create a perfect customer relation by treating very customer with care.
• Create and employ strict financial control measures.
• Offer simple delicious and affordable menu items.

• Oman as a nation has remained peaceful and organized over the past years as a result of rules and regulations. This peaceful organization and stability of the country has been created and maintained by the wisdom of His Majesty. The existing internal as well as external stability offer the best environment to carry out business activities (Streekstra and UR 2015).
• The government of the nation came up with a favorable taxation policies which can only be compared to that of a few nations in the world. The current tax rate in Oman is at 12% percent which is low compared to the neighboring countries. The business will then offer its services at an affordable prices thus increased sales.
• The Oman government have raises the standards of import commodities leading to higher prices. The business will then be able to have an extensive market since majority cannot afford imported good. This policy is crucial and it boots domestic trade in Omani nation.
• On the other hand the business will have to world hard in terms of health. The government has a lot of health regulations which as a restaurant we must observe.

• Base on the current economic news, the inflation rate in Oman is has reached 3%. This means that the government of the nation is making varied efforts to maintain the rate at the inflation rate at its current state. Maintain inflation at a low rate means that the government is limiting cash flow in the nation.
• The interest rate in Oman has been raised to 5%, this rate has been set by commercial banks and by the government. The banks in Oman are currently giving loans to Small and medium size at the rate of 5% in order to limit and this rate is too high even though loan saves various startups.
• The Omani government has also come up with a minimum wage rate at RO 325. This minimum wage rate can be disadvantageous to the business at the pint of start but with time it will be convenient to the new restaurant.
• The purchasing ability of the Omanis have increased based on the announced RO 800 as a disposable income. With an increased purchasing ability the organization will have to benefit as many will be able to afford offered services.

The Oman nation has a large number of individuals totaling to 4.3 million according to the statistical data released by the National Center for Statistics and Information (NCSI). This help with the increase of the demand for the restaurant services. This population is composed of individuals with different backgrounds as well as socio-cultural life.

• The nation is not much grounded on culture as majority of the population have advanced life. Majority of the population are digital and have TVs at their homes and this culture of having TVs in the house will help the business as it offers an easy way of communicating to customers.
• Oman customers are adoptable to change and will be able to make adopt to the special food staffs being offered at the restaurant. Oman population show consumption hobbit which is changeable in relation to organization’s performance and service provision.
• The population in the current time indicates a changed lifestyle as well as trends in their demand. Majority of the population have changed demand in terms of food selection and drinks and this is positive to the startup and will enhance profitability of the restaurant.

Various industries over the recent past have been experiencing technological advancements which is currently forming up part if business competitive advantage.  Technological change has been also part of business operations guiding the aquarium businesses in Oman.  Technological advancements have therefore impacted business operations greatly in Oman. Based on research various types of businesses have changed greatly on their way of operations and this has an impact on new venture (Burgess 2010). Based on this, there is a great need for aquarium restaurants to adopt the current technological advancements. The firm will therefore have to implement various technological innovations as well as strategies in a way that it provides quality services to the customers (Jurevicius 2013). 

• The business will have to utilize these current technological advancements to create a competitive advantage. Through application of these technological strategies, the management will be able to access market information in advance and learn about consumer relation using best management methods.
• The business will utilize various forms of social media such as twitter, Instagram, Facebook accounts, whatsApp, messengers as well as ads for advertisements. This will enable the business of reach all the targeted markets.
• Based on the technological advancements, the business will have to create a web site to enable customers to make online reservations and enquiries.
• There will be a mobile app which will be available for customers who use mobile and laptops to make online reservation booking and table booking prior to visiting the restaurant (Pauwels, Erguncu and Yildirim, 2013). This strategy will be a success based on the report released by the Oman Global technology Readiness in the year 2014 which states that more than two mobile phones are owned by each family in Oman. The report further indicated that at least 70%of Oman housewives are having the knowledge on phone as well as other electronic operations.
• Through technology customers will be able to make inquiries as well as receive information from the business more regularly.

• Restaurants attracts various categories of customers, different ages as well as races. The restaurant customers will be placed into two categories. These two segments will be families and individuals.
• The families will make up most of the dinner time services and this segment is expected to increase by 30, 000 potential customers which comprises 10% annually.
• The second segment is composed of individuals who make up the majority of lunch time business. This segment is required to be growing at a percentage margin of 9% very year after the commencement business operations and this will be 35000 potential customers.
• Another group of customers is composed of those individuals who are looking for a cool luxurious place for dinner and lunch.
• The business will offer services to individuals earning an income of around 1000 to 50000 OMR, this will cover people of all classes form the lower, middle to upper class.

• As already stated in the customer analysis above, the market served will be divided in two segments. The families will make up most of the dinner time services and this segment is expected to increase by 30, 000 potential customers which comprises 10% annually. The second segment is composed of individuals who make up the majority of lunch time business (Meunier-FitzHugh and Meunier-FitzHugh, 2016). This segment is required to be growing at a percentage margin of 9% very year after the commencement business operations and this will be 35000 potential customers.
• Muscat the Waves will be dealing in fast casual niche of the restaurant industry. The business will face other segments in competition like fast food and the traditional sit down restaurants in the same region of Muscat, Al Wavey.

• Muscat the Waves as a restaurant will have to lay more focus on individuals and individuals varied reasons. The restaurant will organize more dinner business for the family.  Majority of the working families have limited time for making dinners. The two income family adults will have a lesser time for dinner preparations and will have to go out for dinner. These group of individuals see taking of dinners in restaurants as a way of saving time as it eliminates the time it would have taken them to prepare meals (Chauhan, 2014). Taking dinner will also enable to working or income family friends to have time and catch up with each other. The organization will therefore have to utilize such opportunities to increase sales.
• Muscat the Waves will have most of the lunch time business organized for the individuals. The lunch hour program will therefore in this basis be driven by individual customers. Majority of the people working in various organizations in Muscat Al Wavey always gout out for lunch to break the monotony at the work place (Maurya, 2013). Various organizations in the location of the restaurant have most of their meetings organized at lunch time. This is one of the groups which the restaurant will have their desires in program. These two groups of individuals have created a large and a potential market for restaurant and looks more attractive for the investors.

The market to be served has been divided into two segments of distinct groups.

This segment has been forecasted to bring into the business a contribution of 70% revenue from dinner business operations as follows:

• More than $50K in household income
• 5 children
• 30% have graduate level coursework
• 70% possess an undergraduate degree
• Go out to eat 2.1 times on weekly basis
• Dinner time organized out in restaurants as a meal replacement since income parents have limited time for meal preparations at home.
• The sophisticated households who live a 3 miles radius from Muscat Al Wavey.

This segment will comprise 70% of the lunch time business operations revenues. It will be comprised of the following categories:

• Individuals of 19 to 47 in age
• Individuals earning an average of $40,000 income
• This group will also comprise of individuals of over 24 years of age and have an undergraduate degree. These individuals will make 80% of the guests
• Young professionals leaving in Muscat Al Wavey
• Shoppers and shop owners in the nearby areas

The business will provide services to various groups of individuals who need to east and can as well need to save money. The business must therefore operate in smooth way which will enable people to enjoy the incentives of out dining.

The restaurant will have various departments who will offer services with vary specific pricing such as:

• Fast food segment Burger queen
• Department of delivery dine: pizza
• All you can eat segment: Buffets
• Combining food and alcohol: lounges
• The typically highest price segment: fine dining

Pricing will vary based on the quality and quantity of food. There prices will be arranged on a menu which will be presented to customers after reservation (DeVincenzi, 2014)). The prices fir desserts will be different form appetizers, mains as well as flavors.  The menu will be presented on online platforms as well as on mobile phone applicat Competition and customer purchasing patterns analysis

The business will be operating in a stiff competitive market.  The business will be facing competition from various competitors within the industry as follows:

• Fast food: the fast food services offer convenience fast services which majority of people would prefer. This is competitive to the restaurant as many people would have convenience at the expense of quality food which will be offered in the restaurant.
• Take out:  take away businesses will provide customers with the option of enjoying already made food at their homes. This will offer a great competition from the perspective of the dinning which is mostly enjoyed by income families with no time for dinner preparations. The take outs will offer option for these group of customers and the business will have to reorganize and come up with a competitive advantage.
• Sit down dining: the menu orders are too extensive for some customers thus will take an option for leisure eating. This is a threat to the restaurant as some guests will not be able to go through the extensive menu.
• Sandwich: the business offering selling sandwiches offer fats food to the customers and they offer stiff competition to the business. Sandwiches are healthier than fries of the fast food and the competitions mostly comes at lunch hours.
• Grocery market: this section offers alternative ready food to the customers.

The purchasing patterns of restaurant consumers depend on varied factors which can be analyzed as follows.

• The location of the business I vary important factor when it comes to restaurants and can influence the performance of the business. The restaurant is located at Muscat Al Wavey closer to homes and businesses.
• Convenience of the business to customers is also another factor which can influence purchasing capabilities of the business. People will eat at the restaurant because meals are offered to the customer’s faster than they can make them on their own.
• Another factor to be considered and it influences consumers consumption rate is the quality of the services being offered (Indris,2015). The menu items of the business are meeting the quality of customers and will encourage people to spend more money when at the restaurants.

• The organization is a partnership venture thus will have two mangers helping each other with the operations. The general manager will be the general manger based on the experience he has acquired of the last six years in the industry.
• The general manager will have to perform as the eye and the ears to the restaurant dealing with finances and payrolls.
• The other partner will assume the work of the assistance manager and we work under the general manger until best management techniques are well developed.
• The assistance manager will deal with human resource as well as supervision of the day to day business operations.

The human resource and staffing in a restaurant is always divided into two parts the front of house staff and back of house staff. 

These are the restaurant staffs which are equipped with the responsibility of ensuring customer satisfaction and come back (Gupta,2013). This category of staffs will compose various types of the staffs as follows:

• Hostess: the restaurant will have two hosts who will be responsible for receiving guests, answer phones calls and make reservations.
• Waiter: there will be only two waiters who will coordinate with servers to offers services to the guests.
• Servers: the organization will have three servers and this staff member will increase in number with expansion. They will prepare checks and interact with back of house staff to provide as well as collect payments.
• The organization will also employs two food runners, one bar tender and the possession of the busser will be taken by the general manager.

 The back of house will be composed of six staffs who are cooperate with the front of house to offer services to the guest.  These employees will work under a strict order and will be required to follow chain of command.

• Head chef: this is the head of back of house who will have responsibility to organize the kitchen and manage all the activities and comply directly with the management team. Will make all kitchen decisions.
• Line chef: there will be three line cooks who will have assigned responsibilities based on their field of specialization.
• Expeditor: will be responsible for kitchen and table arrangement as well as general kitchen cleaning.
• Dishwasher: this individual staff will have the responsibility of cleaning dishes after meals.

When coming up with a start up the following financial assumption should be made. The business will make the following assumptions:

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