Executive Summary
Introduction
This initial statement is a plan to disclose the intention of beginning a restaurant that solely serves Caribbean cuisines by a group young business minded investors. It is based on facts gathered from analysis of the industry in New York. This proposal will remove any possible doubt by ascertaining the viability of the business in its initial target market (Bhatia, 2000).
Le déjeuner de la Caribe, the name of the restaurant, is an establishment that will sell Caribbean cuisine. This will include a fusion of Indian, Chinese, African, British, French, and American Indian dishes. The restaurant will offer quality and fancy Caribbean dine-in-cuisine.
The total amount of money that shall be needed to run the restaurant for its first year will be $ 300,000. This amount includes $200,000 for startup capital and $100,000 for operations reserves. In order to locate the target market, Le déjeuner de la Caribe will be sited in upstate New York which is also close to one of the up market residential areas.
This will ensure a 24/7 work flow during working days, weekends and holidays. To be more specific, the restaurant will be located near a business mall in New York with a continuous streaming of shoppers and people in general (Clow and Baack, 2007). This is the restaurant of this kind in this location as most of the restaurants in New York are fast food restaurants (Cook, 2000).
Mission statement
To provide fancy and quality joule of the Caribbean cuisine
Vision statement
To have a global franchised network of restaurants that sells our diverse food product and services
Value
The value of the restaurant will be based on its clients, associates and ideologies. The clients are the most important value for the Le déjeuner de la Caribe. It is the clients who will ensure that a culture of eating from the restaurant and all its future franchises is built (Graebner, 2005).
This will be achieved by ensuring that the services we offer shall be of high quality. Our associates shall be highly appreciated in accordance to the labor laws of the state of New York. Finally, our ideologies and principles are also of great value to Le déjeuner de la Caribe.
We believe in quality food, great services and a perfect dining environment for both family and couples. To achieve this we will ensure that the menu is very appealing to diverse clients and the dining environment is perfect for clientele satisfaction.
Project overview
Apart from the dine-in restaurant, additional services that shall be offered include:
- Catering for private fancy dining.
- Family house catering cook to specifications.
The private dining service is specifically tailored to suit the needs of private romantic dinners or business dinners. The meeting spaces intended to be set aside for this purpose will provide the perfect environment for yielding productivity during the dining sessions.
The set shall also be tailor made for private celebrations. This section however, shall have a limited number of guests. The numbers shall not exceed 10 and this specifically addresses the business dinners that will be held in the private dining rooms.
The family housing cook to specification will involve catering services for clienteles in their private homes. This will mainly be during events such as weddings, parties, and family gatherings. All operations of the business will have to depend on technology for effectiveness and efficiency.
In this regard, there will be online reservation especially for the fancy private dining services (Strokes, 2008). Since this section of the restaurant will accommodate only 10 guests per setting, then most likely, there will be need to book reservations in advance. Another technological presence aimed at efficient service delivery is text awaiting customer for table.
Strategic Goals
The strategic goals focus on marketing, sales, finance, operation, innovation and technology. The goals are supposed to ensure that Le déjeuner de la Caribe stays competitive in the overcrowded market of New York. These goals are for the first year of operation and they include:
- Creating a highly innovative and unique environment for dining that will give us an edge from all our competitors.
- Providing good quality food and services to all our clienteles in order to create a customer base and brand the restaurant.
- Providing the perfect environment to all our associates in order to retain them and get the best skills out of them.
- Controlling the cost of operation to ensure the organization meets its target profit margin. The elements of operation that will be emphasized in order to meet this goal include: accounts receivable and accounts payable, order taking, receiving, purchase, and storage.
- The average target sales for this first fiscal year is $800,000; achieved by keeping the labor within small range of the total sales and which would translate to a higher gross margin
- Launch vigorous marketing strategy in New York within the first fiscal year of operation in order to build a clientele base and develop a brand for Le déjeuner de la Caribe in New York. It is expected that within this first fiscal year, the restaurant be known for the best Caribbean cuisine in whole of New York Borough (Kurnit and Lance, 2010).
Operational Plan
General operating hours and personnel
Le déjeuner de la Caribe will be operating every day of the week. On weekdays, the restaurant will operate from 12 pm to 12 am while on weekends and during holidays it will operate from 9 am in the morning up to 3 am. The first venue for the restaurant will be New York, before expanding to other regions and cities.
In the mean time, the starting work force will consist of special cooks trained to prepare Caribbean cuisines, waiters, supervisor, account officers, IT personnel and the top management. Selection for appointment of the each member of staff will follow through evaluation criteria in order to select the most qualified candidates. The lower rank employees will work in shifts in order to observe the requirements of the labor laws.
Startup Expenses
The total starting cost for the restaurant is $ 200,000. This money includes the operation expense at least for the first six months without making any significant sales or profit. The space in which the restaurant will be located costs $ 1,000 per month.
The space is 2,500 square ft and this will accommodate the section for the private dining room, the in-room dining section, bar section, and the open grounds section. The total worth of assets that needs to be purchased for the startup is 30,000 dollars.
This will include lighting and any other fixture for $ 9,000, equipments of both the bar and the restaurant for $ 5000, television and sound gadgets for $ 8,000, and office equipments for $ 8000. The kitchen equipments are more like long term assets for the restaurant.
The total amount of money for all the necessary equipments for the kitchen is $ 30000. Other costs of operation include, purchase of food substances, purchase of office materials, outsourcing services such as cleaning and technical services, payments of bills, and payment of dues to employees.
These costs sum up to $ 50,000. In order to crease the customer base and awareness of our presence, we will have to engage in vigorous marketing for our products and services. Some of the strategies that will be employed towards marketing include: direct marketing, advertising, promotion, and person to person marketing. A budget for implementing an effective marketing strategy within the first one year is $ 50,000.
Industry analysis
The target market group is the middle class, upper middle class and rich people of New York. However it is not only limited to this. Tourists are also potential customers since New York is one of the most common tourist destination cities (Mitchell, 2005).
From the analysis it has also been established that in the target market, there are diverse race of people from different part of the world (MMS, 2008). Since the concept of this restaurant is sort of ethnic, most of the diverse ethnic groups represented in New York (O’guinn, 2008) are included in the overall fusion of Caribbean cuisine.
After conducting a survey in the region and on the internet of restaurants with a similar concept as Le déjeuner de la Caribe, it was established that there are few restaurants that offer Caribbean food. Most of the restaurants in the region are either Asian or European restaurants.
There are also numerous fast food restaurants. 65 percent of the population is a working population of ages over sixteen years. Only ten percent of the entire population is considered to be below the poverty level index of the US. This implies that a good number of the population is in a position to meet the basic needs of life.
The overall economic status indicates that the medium house hold income is 47,144 dollars annually. The only competition in the in this market is the numerous fast food outlets spread across the city. The uniqueness of Le déjeuner de la Caribe will give it an edge over the fast food restaurants.
Projected expenses.
The net profit therefore is expected to be $ 117000.
Conclusion
The viability of the business is based entirely on the analysis of the market that was professionally conducted. However there are assumptions upon which the business will be run. It is expected the trends of the market in terms buying and spending habits of the residents of New York to continue at least for the future.
Based on the all the information provided in this statement the business is expected to grow in profit and expand in size. According to the vision statement of Le déjeuner de la Caribe, the long term goal is to be able to sell franchise and brand rights to individuals in different parts of the world.
References
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