Restaurant Business Plan Creating A Business Plan
A carefully developed Business Plan serves as a blueprint to your success. Without a plan in place, there is no control or guidance charting to the direction of success. When you encounter unexpected events, a well-crafted plan includes alternative steps that will assist in guiding you through course adjustments. A good strategy contains sustainability measures.
· Your business plan will not include a detailed financial data section.
· Please, do not copy a business plan from an existing company.
Your Business Plan must be at least 12 pages and consist of the following:
· Title page – that includes your name, and course number
· Minimum of ten pages
· Reference page
The focus of your Business Plan should identify, describe, and analyze the pursuit of your business opportunity already underway. The plan should examine the business strategy, technical and regulatory issues, economic and financial feasibility. The focus of your plan should be the story of your new enterprise. It should be written from the perspective: “what is your story, and why are you writing this plan?
You may include an Executive Summary which can be the most critical part of your business plan and often is the only one that lenders read, so make it perfect! The executive summary has only one objective: get the investor to read the rest of your business plan.
The primary focus of your plan is to create a road map. The plan furnishes the basis of a strategic plan designed to create a visual journey of the required steps to run your company successfully. Writing a plan that analyzes strategic growth, marketing, sales, manufacturing, website design, licensing requirements, future financial needs, steps to attract investors, etc., dramatically improves the odds of success.
The core focus of your plan is the legal and business relationship with regulatory requirements that must be met in establishing a legally recognized business.
Build your plan on essential information and supporting details (list of actual potential costs), (federal, state, and local legal permits, licenses, other requirements), (list of potential equipment purchases, cost, and use).
As Chief Executive Officer (CEO), you are going to take the lead in preparing the plan to kick start the restaurant operation. Sally has developed the minimum format guidelines to assemble the required information to build the Business Plan. The Name of your restaurant business is Le Séduire which is French for the Allure and will be based out of Florida. This restaurant is also intended to be a high end restaurant that serves exotic meals and attract consumers from all around the world. The restaurant address is 1512 S orange Ave, Orlando, Florida 32803.
Additional resources and background information is attached in the attachment section.
Your business plan should include:
· Present and describe the items you will use to address the concerns of your business plan.
· Set the stage for the framework that will become your business plan.
· Type of Business Restaurant Service
· Describe the business, the product or services, location (Florida), and any other facts you want to report.
Legal Form of Business
· Pick the appropriate form of business except for a sole proprietorship. (The company form may change depending on future events). See Module on Formation.
· Consider the costs associated with the chosen business form.
· Explain why you have selected this form of business from a tax, company, and personal liability perspective.
· Indicate what the advantages and disadvantages of this legal form.
· Specify types of officers and duties that will be involved in the company’s management.
· Using the business’s location, review all state and federal requirements for starting a business.
· Using any new information or previously provided information, write a brief outline mapping the required steps required to qualify.
· Using the fictitious name that you researched for availability, attach the information collected from your search.
Legal Setting of Business
· Expand upon the information you stated under the legal form of business. Describe any government laws or requirements that pertain to your business.
· Describe any zoning requirements for the business.
· Include any restrictions such as zoning, safety, environmental, easements, or other requirements.
· Describe the property or location of your business.
· Discuss the viability of the business in the chosen location from a population, transportation, and community income perspective. Have you considered transportation, ease of customer access, and utilities at this location?
· Considering the debt acquired to purchase the property and discuss the viability of the profitability.
Business License Research and Costs
· Describe the business license and permit requirements for the location where you will be doing business (factor in the type of business and the impact it will have on the costs of governmental regulation).
· Check the city and county websites for business license requirements and the costs for the business license.
· Describe the types of business insurance required for operating this type of business.
· Is bonding required?
· If you have employees, describe the mandatory types of insurance to consider.
· Describe any Intellectual Property that your business may own or create.
· Consider trademarks, copyrights, design specifications, patents, and logos.
· Discuss the steps required to protect all intellectual property associated with the business.
Employment Law and Requirements
· Attach a copy of the search for federal Labor laws obtained from your research of federal Employment Regulations. Describe your decision to hire or not hire employees vs. independent contractors.
· Review IRS.gov for guidance on mandatory taxes.
Purchase Orders and Contracts
· What foreseeable types of pricing arrangements are you underneath? Contract pricing arrangement examples are firm fixed price, fixed price with economic price adjustment (EPA), etc.
· Are the other Regulations that are required based on the mix and government contractor status cost-effective? Government contracts, direct hires, particular needs?
· For other types of contracts, are you considering labor, time and materials, or multiyear- type?
· Support your contract types with justification. Why are you planning on using these purchase orders and contracts?
Torts and Crimes Protection
Describe the types of torts and crimes relating to your business that you will have to protect from damages and disputes.
Property and Requirements
· Describe any company property (equipment, computer systems, or building requirements) that may be necessary for startup and planned for business operations.
· Do you plan of leasing, renting, or buying any business property? Please support your decision.
· You will learn in this course, that the Uniform Commercial Code (UCC) governs many types of business requirements such as contracts for lease or sale of goods, transactions, fraud, the passing of title, risk of loss, and other contract requirements. Describe how you plan to comply with the UCC for your business.
· Describe any other requirements you have learned in this course that you will have to consider in starting, operating, and eventually closing your business.
· Your Plan Conclusion should summarize the main concepts addressed in this paper. Restate the blueprint of your businesses’ success. Restate important ideas and recap your findings.
Use the following link for more additional information and guidance on developing the Business Plan: https://learn.sba.gov/learning-center-plan/learning-center-how-to-write-a-business-plan worldwide.erau.edu
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Requirements For Starting a New Business
1. Assess yours and Sally’s strengths and weaknesses as an entrepreneur
My strength is that I have the ability to conduct extensive market research which will help discover the factors and elements which will affect the operations of the business including opportunities for expansion of the business. However, I lack the administration skills that are needed to run the business operations smoothly. Sally has an advantage of being innovative and having the ability to recognize business opportunities and convert them into a business. However, Sally has poor time management skills.
2. What are your business and personal goals?
One business goal is ensuring that the business is launched successfully. Another business goal is helping to ensure that the business is able to capture a large market share to help boost its sales and profitability. My personal goal is to understand all the legal aspects of the business and ensure that all the documentation process is done well.
3. Assess and list your financial resources and identify potential sources of funds.
1. Personal investment.
2. Support from family and willing partners.
In this case the financial resources are limited to the personal investment and the support from family members and other partners that might be willing to be part of the business venture. The process of starting a business is very challenging when it comes to getting financing and this is because it is hard to convince investors to invest in a business they are not sure will do well.
4. What are the financial risks of this adventure?
There are various financial risks and one of the risks is that there might be insufficient flow of cash flow. This will be causes by inaccurate estimation, a business will take a long time to realize cash flows and there is a risk that the time we expected break even might be later than anticipated. Another risk is defaulting on loans used to start up the business which might result into the closure of the business and repossessing of the business assets by financial institutions.
5. Determine the start-up costs?
Various costs will be needed for the startup of this business. The business will need around $2000 to facilitate the certification of the business. $10,000 will be needed to purchase or hire the needed equipment and resources needed to start the business. Advertising costs of around $3000 will be required to ensure that the business communicates its brand, products and services to the target market.
6. Why is business location important?
The location of the business determines the success of the business. Since the business is a restaurant one location factor which is important is the ease of access. If the business is not located in a place where the customers can easily access it then the sales will be affected. The business also needs to be in a more populated region for more customers.
7. What does the market research indicate?
The market research shows there is a considerable market in Florida and the market is growing as more people are becoming aware of their health and desire to have healthy meals. The market also has a purchasing power because of the income level of the people in Florida.
8. Identify your customer market.
Our target market is made up of individuals who are health conscious and those who have the purchasing power as well. For the startup period the business will target the middle class population and this is because they have the purchasing power.
9. Identify your competitors.
The main competitor will be the Floridian restaurant and this is because the business is big and has captured a big market share. The business has also makes huge sales and has a large space to serve more customers.