Introduction of the Proposed Business
The proposed business will be a restaurant that will be located in the city of Chicago. The decision to start a restaurant in this location was arrived at following one-month long research that was conducted to understand how customers’ needs are met. From this market research, it was established that there is a market segment that has been ignored by almost all the current firms existing in the market.
We will write a custom Essay on “The Blue Gardens” Restaurant Business Idea specifically for you
807 certified writers online
In Chicago, the size of the middle-class population has been increasing. Young adults now have decent jobs in various companies in this city. Some of these young men are keen on getting quiet places where they can take their meals in privacy. Our research revealed that most of them are not very comfortable with the open-space design that is common in most of the existing restaurants. For that reason, we considered it appropriate to come up with a unique product, The Blue Gardens Restaurant, which will meet their unique needs in the market. In this essay, the researcher focuses on how this business can be put into operation, challenges that may arise, and how these challenges can be addressed in order to ensure that this business is a success.
Type of Business Entity
The business entity that has been chosen is a restaurant. The main products that will be offered here will be various types of foods and drinks. However, The Blue Gardens Restaurant will try to offer an experience, other than the products mentioned above. These products will be part of the experience that our customers will get. In fact, these products are available in other rival firms. However, the experience that they will be offered will be unique, given that the restaurant will be targeting young adults.
The products offered, design of the restaurant, the lighting that will be used, the music in the background, and the choice of colors, the waiters and the waitresses, the payment mode, and post-purchase services will all make the experience that this firm will offer to its clients. As Finch (2013) says, in the service industry, experience economy has become very important, and only those firms that have realized how it works can achieve success.
Customers are no longer keen on the products and services offered to them because most of the firms have perfected the nature of their products. The focus has now turned to the experience the customers get when they visit these facilities (Abrams & Abrams, 2003).
Our firm will be operating in the hospitality industry where experience the customers get defines their ability to make repeat visits. The middle-class young adults were considered a more attractive market segment because of a number of reasons. These clients have the potential to afford to pay for the products that we will offer. Our products are designed to offer value based on their own tastes and preferences. Moreover, most of them have just started staying away from their families have graduated from colleges and secured good jobs. They may find preparing their own meals a little challenging. Our firm will be there for them, offering them unique products to meet their needs.
Steps Needed To Successfully and Legally Start the Business
In order to start this business, there are steps that will have to be followed in order to make The Blue Gardens Restaurant a legal business. The first few steps have been conducted. These steps include conducting market research to determine the size of the market, the specific products needed, how to deliver the products to the customers, and the location of the business premise. Our team has also determined the amount of money needed to start this business entity, the number, and type of employees, the cost of these employees, among other issues of internal operations. The next step will be to undertake processes that will make this business to start as a legal entity. The steps include the following:
The first step in legalizing this business entity will be to define the business structure (Zaharuddin, 2009). Our business will be a partnership. We would have preferred a limited liability company, but we may consider that in the future because some of the requirements are way off our limits currently. This was a decision that was approved by all the partners.
Application of the business number
The next step that we will have to follow is to make an application for a business number. In order to operate legally in this country, we will need to have a business number that will be our identity when it comes to the issues of payment of taxes or other government obligations.
Checking if the proposed business name is available
We will then go for a name search to determine if the proposed name, The Blue Gardens Restaurant, is available. If it is available, it will be registered against the business number. If it is not, then we will be forced to look for another name that is available.
Register the business name
The registration of the business name will be the formal acceptance by the government that our business entity is accepted legally and authorized to conduct business operations as defined by the applicants.
Register the website domain name
In the current digitized world, we will need to maintain an online presence. For this to be possible, we will need to put up a website that will help us to interact with our customers. We will register the domain name as per the name that was accepted during the name search stage.
Get the certificate
We will wait for a few weeks for the certificate to be issued, identifying the business as a partnership to validate our operations.
When all the above steps have been followed, and the business website is up and running, we will be able to start the operations immediately.
Get your first paper with 15% OFF
A Draft of a Valid Contract with a Supplier
In this business, the suppliers will be very important in defining our success. The following is a draft of a valid contract of our relationship with one of the suppliers.
Contract for Supply of Vegetables
This is a contract made between The Green Suppliers Limited and The Blue Gardens Restaurant for the supply of vegetables for the period starting June 1, 2015, and ending December 31, 2015.
Duties and obligation
- The seller and the buyer enter into an agreement that the supplier will be delivering 20 kilograms of the vegetables that will be bought at $ 15 per kilogram every morning before 10.30.
- The seller and the buyer enter into an agreement that the buyer will pay the cumulated amounts on or before the 4th of every month.
- Any delays in the delivery of products or payment should be communicated in time and alternative mutually accepted by both parties.
The delivery mode of the product
The seller and the buyer agree that the products (vegetables) will be delivered by the seller through means that are convenient to the seller.
Breach of the contract
In case the supplier fails to deliver the products as per the agreement without consulting and agreeing with the buyer, all previous payments will be forfeited.
In case the buyer fails to make the payments due for the seller without a mutually accepted reason, the buyer will be liable to a 25% fine of all the dues.
- Seller Date
- Buyer Date
- Witness Date
Ethical Considerations the Business
When we start the operations, it will be important to put into consideration ethical concerns in order to enhance our sustainability. We will avoid any form of environmental degradation. We will establish a proper disposal mechanism. We will use modern cooking stoves to save energy. The firm will give customers a priority when it comes to meeting their needs in time and as per their desire. Our business will be responsible for the national and state government when it comes to payment of tax and other levies.
Social responsibility plans or attitudes that the business will embrace
We will engage in a number of corporate social responsibilities. The first two activities will be tree planting within the city and supporting sporting events for the youth in this city. We understand that most of our customers are sports enthusiasts. Supporting sporting events will be an activity acceptable to them.
A Possible Disagreement That Could Be Encountered Among the Partners
We hope that when this firm starts the operations, we will not encounter any disagreements among the partners or the shareholders. However, we are conscious of the fact that such disagreements may not be avoided given that we are different individuals with varying business ideas. The main area of disagreement that may be encountered is how to reinvest the earned profits. However, we did not specify how to reinvest profits. One partner may feel that the profits should be shared while the other partner may feel that the profits should be reinvested. Unless this issue can be addressed amicably among the partners, it may be an issue with the potential of disrupting the operations of the firm.
Various Ways through which the Disagreements Could Be Resolved
When such disagreements occur, the partners will have various means of resolving them. The first and most recommended way of solving the disagreement will be through dialogue. Each member will be given an opportunity to explain and justify his thoughts. From that, it may be possible to find common ground. When this fails to yield fruits, a mediator may be called in to act as a neutral person who will bring understanding and justice to the issue. If this fails to work out, then an arbiter will be called to guide the arbitration process. The parties will be legally expected to accept the decision of the arbiter. If this is not accepted by either of the parties, then the last resort will be a litigation process in a court of law.
Abrams, R. & Abrams, R. (2003). The Successful Business Plan: Secrets & Strategies. New York: Cengage. Web.
Finch, B. (2013). How to Write a Business Plan. New Jersey: John Wiley & Sons. Web.
Zaharuddin, H. (2009). Business Plan Analysis for Steel Fabrication. London: McMillan. Web.