Restaurant Business Plan
A business plan is a written document that is supposed to entail information about the nature of the business. Business plans are mostly written before a company is started. Business plans involve the business’s proposed name, the Logo of the business, the business’s mission and vision, the location, the target market, the expected completion, and a budget. The purpose of a business plan is that it shows precisely how a business will look like. A business plan helps in identifying flaws before a company has been set up. It also guides through the required steps when starting a business. A business plan can also be used by loan giving institutions to help them decide on whether to fund the company or not. A good business plan can result in success in business. This paper will prepare a business plan for a Latino restaurant out of Miami.
Business Name and Logo
- The Name of the Restaurant
The proposed restaurant will bear the name of Latino Dishes. This name is appropriate because it is simple and direct to the point. The proposed restaurant is supposed to serve Latin foods on its Menu. Using the name Latino dishes makes it easy for potential customers to identify the restaurant among other restaurants. The name makes the restaurant stand out, and even without getting into the restaurant, the possible client already knows what to expect from the hotel. The name Latino Dishes is well selected, and it is a name that can market the restaurant’s products and help the business to grow wide. A right name for a business can increase the chances for the company to become.
- The Logo
The business Logo is also well selected. The Logo is intended to be the restaurant’s identification logo and all the hotels’ branches in the future after it has expanded. The Logo uses the gold color to symbolize prestige and value. The company aims at providing high-quality services and to be of substantial influence. The company logo also has a plate, a fork, and a knife. These pictures in the Logo also play a role in identifying the company in the food industry.
Figure 1 below is the Logo for the Restaurant
Business Location
The proposed business is supposed to begin in New York and later expand to other cities and countries. New York is an excellent place to start a restaurant business because of its high population. The senior community in this town would provide a reasonable and adequate market for the restaurant. Companies tend to thrive well in high populated areas. The other reason why New York is a great city to start the business is that the tourism sector is doing well in New York. More than one hundred million people are visiting the city as tourists (Downtown Magazine, 2019). The tourism sector makes New York a desirable place to start a restaurant since it increases the chances for more people booking into the restaurants and trying the hotel’s foods.
The other reason why New York is an appealing place to start a Latin restaurant business is that it is a city of diversity. The city is well known for having different kinds of people from different cultures. Many Latinos live in New York, who could also be potential clients of the Latino Dishes Restaurant. People from other diverse cultures could also be potential customers as they try to taste the experience in a Latin hotel. The other reason why this city is advocated is that it has good pedestrian traffic. The high population in New York makes it hard to commute to the town using vehicles. Many people walk around, and these create opportunities for businesses to make sales (Downtown Magazine, 2019). New York is the best place to start a Latino restaurant business.
Mission and Vision
Mission: The mission of the hotel is to achieve customer satisfaction and to achieve customer loyalty. Customer loyalty is essential for the growth of a business. If a company has a lot of loyal customers, it is likely to succeed and expand. Customer loyalty can be achieved by offering high-quality services and products. In a restaurant, high services involve good and well-prepared food, excellent services like adequate room service and cleanliness. The mission of this hotel is good, and through hard work, it can be achieved.
Vision: The vision of this hotel is to grow and become the global leading Latino hotel. This restaurant aspires to grow and to compete at global levels. The hotel wishes to spread its wings to other continents like Europe, Africa, and Asia. This vision can be easily achieved through the company’s mission. By making customer loyalty, the business can gain enough profits and use the profits to expand to other continents. The company can also extend to other regions through franchising. When the market creates a firm name for itself, it can even franchise and have other investors expand it to different continents worldwide.
Goals and Objectives: The hotel will be guided through a set of goals and objectives. These goals and objectives will assist in controlling the daily activities of the hotel. The goals and objectives will be made known to all employees at the hotel to be guided towards achieving the hotel’s mission and vision. These goals and objectives will also help measure success and determine failure at the end of every day. These goals and objectives are as follows:
- To ensure that all customers are served fast and to their satisfaction
- , providing healthy food that is well prepared with high levels of hygiene and robust procedures
- , providing high-quality room service that is available 24 hours a day
- , maintaining all the ethical and privacy requirements of a restaurant.
- Operating within the law and obeying all laws and regulations.
Hotel Menu
The restaurant’s Menu will have a wide variety of foods. Most meals and drinks will come from a Latin heritage, while others will be drawn from American culture. He started Menu will not be fixed at all the hotel’s outlets in the future. The Menu will be flexible enough to change as the consumer’s taste and demand change. In the future, when the hotel expands, the Menu will differ in the different countries to fit in with the various clients The Menu will also have prices that are favorable to potential clients so that it can attract more customers and beat the competition. The following is a sample of the hotel’s Menu:
LATINO Dishes Menu
Breakfast
| Beef Pastelitos $4.00 | Enchiladas- Tostadas $4.25 |
| Chicken and Shrimp $ 13.00 | Fried Chicken Ciebeno $ 8.55 |
| Grill Beef $8.25 | Tacos Beef/Chicken $4.35 |
| Ground beef Ciebeno $ 6.25 | Quesadilla Beledas $2.50 |
| Hunduran Diner $8.50 | Quesadila and Beef $ 3.85 |
| Pork Chops $ 8.00 |
Daily Specials
| Ocean Lovers $ 12.00 | Pork Chops Ciebeno $ 8.00 |
| Grill Beef – Carne Asanda 8.50 | Honduran Dinner $ 8. 25 |
Lunch Specials
| French fries and burgers $ 1 | Fish Sandwich $5.55 |
| BLT Sandwich $ 3.50 | Grilled Cheese Sandwich $5.75 |
| Bacon Cheeseburger $ 4.85 | Grilled Chicken Salad $ 5.00 |
| Bail bonds Chicken salad $ 6.0 | Grilled Chicken steak Sandwich $ 5.25 |
| Chef Salad $ 5.0 | Hamburgers $3.75 |
| Double Cheeseburger $5.55 | Turkey Sandwich $3.85 |
| Ham and Cheese sandwich $3.25 | Steak Sandwich $ 5.50 |
| House Salad $ 2.95 |
Coffee, Drinks, and Desserts
| Soda $1 | Banana split $ 3.65 |
| Café con Leche $ 2.85 | Fan $3.55 |
| Carrot Cake $ 2.95 | Ice Latin Coffee $ 3.70 |
| Cuban Coffee Espresso $ 3.00 | Lemonade $ 2.50 |
| Mango $ 2.75 | Maracuya $ 2.55 |
| Milkshakes $ 3.00 | Orange juice $ 2.40 |
| Orange- Carrot $ 2.70 | Tamarindo $ 2. 70 |
| Papaya $ 2.65 | Tres Leches $3.00 |
Potential Competitors
The new restaurant is expected to come across lots of competition. This competition will arise from other Latin hotels in New York and other places in America. The game will also occur from other large hotels that operate at a global level. Latino dishes are also a restaurant that aspires to grow globally and compete at that level the restaurant will have to face the competition and stand out. The strategies that will be applied so that the hotel can beat its competition and survive are like affordable prices, better services and products, marketing, customer loyalty, and technology use.
Better Prices
One of the strategies of beating the competition in this hotel is through fair prices. The restaurant aims at having one of the fairest menus. The Menu displayed above is arrived at after several discussions and evaluations. Reasonable expenses can attract a whole lot of customers (eHopper, 2019). The restaurant will use its open and slightly cheaper Menu to attract more customers. By pricing its services marginally lower, more people will shift their attention from other restaurants to Latino Dishes. This approach will put the restaurant ahead of its competition.
Better Services
The secret to the restaurant business is excellent customer service. The restaurant will be in a better position to beat its competition if it can satisfy all its customers. The store will first conduct thorough market research. Through market research, the company will understand the customer’s needs (eHopper, 2019). The restaurant will maintain exemplary services from all its employees. Customer response and feedback will also play a vital role in ensuring that the customer’s needs are met. Through proper customer service, the restaurant will be able to draw more customers to itself and defeat its competitors.
Customer Loyalty
Customer Loyalty is another way of beating the competition. The restaurant will try to obtain customer loyalty by creating systems that will attract customers. The restaurant can generate a point awarding system where customers are awarded points every time they consume the restaurant’s products. After these pints have accumulated, they can later be redeemed into money and gifts. Such a system can work well in encouraging customers to be loyal to the restaurant so that they can increase their points and get rewards. Customer loyalty can put the customers ahead of their competition.
Strong Advertising Strategies
Advertising is another source of success for a company. Through adequate advertising, a business can inform its potential customers about its existence. Advertising also helps an organization with the services it offers, new promotions, and improvements in the company’s products. An excellent advertising method should be able to reach all the potential customers of the business. Through market research, the transaction will be able to identify the best advertising forums like billboards, television, and radio. Through adequate and proper advertising Latino Dishes Restaurant can attract more customers and be ahead of its competition.
Social Media
The use of social media can help in creating more customers for a business. This proposed restaurant shall use social media to influence more people to come to consume the restaurant’s products. Through social media platforms such as Face book, Watts’s app, Twitter, and Instagram, the restaurant will increase its sales. The restaurant will be uploading pictures of the dishes and the restaurant’s environment to draw potential customers to the hotel (eHopper, 2019). Through social media, the restaurant will be able to maintain contact with its potential customers. Through proper utilization of social media, Latino Dishes will grow and become a globally competing company.
Personal Deliveries and Online Ordering of Food and Services
Latino Dishes Restaurant will take its business online. The hotel will partner with transport providers like Uber to deliver services to clients at their preferred positions. This door to door delivery of food will increase sales for the company and put it ahead of its competition. The hotel will also prepare an online system where bookings and orders can be made online. Many hotels do not practice online reservations and orders. This bold step will increase sales to the restaurant since it will serve even customers who are a bit far from the business location. Through personal food deliveries and online transactions, Latino Dishes will be ahead of their competition.
Legal Procedures in New York
The restaurant will like to operate within the law. The restaurant will opt to work within the law. When a company operates within the rules, it has a positive environment to grow since there is no harassment from the government. The restaurant will ensure that it obtains all the relevant documents required by New York City when starting a restaurant. These documents are like operating licenses. The business will also receive an insurance policy as it is required by the law and also for the safety of the business organization. By meeting all the legal requirements, the restaurant will be able to operate peacefully and grow without limits.
Budgeting
To set up the first outlet for this company, a large amount of money will be required. The budget to start this business is as follows:
| ITEM | PRICE |
| Rented Building for one year | $2,500,000 |
| Furniture | $ 800,000 |
| Kitchen Items like cookers, refrigerators and ovens, and Cutlery. | $ 400,000 |
| Employees wages for a year | $ 500,000 |
| Legal requirements and insurance | $ 150,000 |
| Extra expenses | $ 100,000 |
| Total | $ 4, 450,000 |
The approximated budget for starting a Latino Dishes restaurant is roughly four point five US dollars. These budgets cover all the expenses that are supposed to incurred when starting the restaurant. The hotel is supposed to begin its operations as soon as the money has all been acquired.
Sources of Money for the Budget
Shareholders’ investment.
The first expected source of capital for this business is the shareholder’s investments. When starting a business, it is essential to first look at what you have in hand before seeking support from other sources (Honeycutt, 2016). The shareholders for this company are ready and capable of raising more than half of the initial capital. They are prepared to start the business by investing 2.5 million dollars. With this investment from shareholders, the company will have a solid financial background to begin its operations.
Business Loans The other methods that will be used in financing the restaurant is through loans. The hotel will take a business loan to finance itself. These loans can be obtained from banks and other money lending organizations. The money from investments will be payable to the lenders through profits. As the business starts to make its profits, it will slowly begin to repay its debts. The amount that the company wishes to obtain from loans is roughly two million dollars. If one organization cannot lend the loan requested in full, the restaurant will switch to other money lenders until it collects enough money to cover its debts. The company will present its business plan to the loan lenders to make an informed decision about lending money.
Debt on items: The final way to obtain initial capital is to get details at a debt. This method will be applicable if, by the time the restaurant is supposed to start, it will not have had all its money from the loans and shareholder’s investments. In this method, the company will get into a contract with the tender suppliers to supply the items on debt and get paid later on in installments as the business continues to grow and make a profit. This strategy is always essential when the company does not have all the money in cash. Items like furniture and buildings can be acquired on debt and paid later slowly in installments.
Conclusion
The Latino Dishes restaurant is a good investment idea. The restaurant is supposed to be started in New York. The name and logo of the company are unique as well. The choice of location is a good one because the city has a high population of different cultures, which increases the market for the restaurant. The mission of this company is to serve many happy customers to achieve customer loyalty. The purpose is to grow and to expand to a global level. The company also had goals and objectives that can help it to grow every day. The Menu for the restaurant is mainly Latin delicacies mixed with several American foods.
The company expects to meet lots of competition along the way. This completion can be defeated through strategies like high-quality products, better pricing, customer loyalty, and suitable advertising styles. The budget to start the business is 4.5 Million dollars. This budget can be achieved through methods such as investment from shareholders, taking loans from banks and other organizations, and taking items on credit. The business plan for this restaurant is excellent and worth investing in.
References
Downtown Magazine (2019, July 31). Five reasons why you should start a business in New York [Blog post] Retrieved from https://www.downtownmagazinenyc.com/5-reasons-why-you-should-start-a-business-in-new-york/
eHopper (2019, Jan 16). Critical steps your restaurant must do to beat the competition. [Blog post] Retrieved from https://ehopper.com/articles/how-to-increase-restaurant-profits/
Honeycutt, L. (2016, Aug 5). Five ways to finance your business [Blog post] Retrieved from https://www.entrepreneur.com/article/279749