Discuss About The Business Description In The Form Of A Study?
The new venture is a restaurant that is to be set up. To start the proposed business venture firstly the concept for the restaurant has to be decided and to keep up with the traditional cuisine of the place it is to be set up in. The location of the restaurant has been decided keeping in mind the competitors and the necessity of the space available for parking. The traditional home-style restaurant is supposed to be a moderately priced 100-seat restaurant that offers family style food and service. The menu has everything from roasted chicken, pot roast, steaks, pork chops along with classic dishes and generous salads. The owners of the restaurant have valid experience in the industry of restaurant and catering. The d?cor of the restaurant will have wood accented chairs with purple and white checked tablecloths (Solomon 2014). The wooden chairs with seating cushions that are comfortable for the diners will surround the dinner style tables. The main objective is to be the foremost home-style restaurant in the location it is to be set up. The restaurant should provide quality meals that are at reasonable prices with commendable services. The owners will be aware of the well-being of their customers and staff treating each and everyone with dignity and respect. The will be a provision of affectionate and open service from this family-style restaurant by creating an informal and relaxed environment that will enable the consumers return to the restaurant again and again. The restaurant will use quality ingredients for the items that are stated in the menu (Bryman and Bell 2015). The restaurant owners will be hiring the best chefs and offer guidance to them to keep the chef motivated to achieve the desired results for the growth of the restaurant. The employees have to be motivated and there will be communication between the chefs, employees and the owners so that the food and service given to the customers is of the best quality.
Business Opportunities research and analysis
The business opportunity will involve the sale of the products of the restaurant, service and equipment that will enable the beginning of the business. The location of the restaurant has been decided keeping in mind the competitors and the necessity of the space available for parking. There will be the involvement of network marketing that covers the realm of the direct sales and multilevel marketing. Each customer who visits the restaurant previously should want to return to dine and propose them. The word of mouth form of marketing is an influential ally. Convenience is essential for the setting up of this restaurant. There is a need to be close to the market, as the owners are not demanding to get people to travel to reach the restaurant. A variety in the menu is being offered with a theme of down home and is sensibly priced to establish credibility, but not so high as to limit the number of consumers. The idea and inspiration for this restaurant is taken from life situations and surroundings. This business idea is based on skills and interests of the owners (Zikmund et al. 2013). The entrepreneur needs to have substantial experience and passion for this activity as it involves the risk that the restaurant will be established rather from love to hobby than with the aim to satisfy market needs. The business opportunity then will be transformed into a business plan. During the stage of the idea implementation, the market needs are identified along with the amount of required resources. The elaboration of this business plan will include the processing of the financial section. This is performed by the estimation of the future created value and estimate of income. In the end, the business plan is at disposal (Ward 2016).
The marketing strategy that will be followed to promote the restaurant is through the help of social media. The demand for visual content is high online these days. The updating photographs of food items that are mouth watering and delicious on the website of the restaurant is essential to attract the customers (Kajanus et al. 2012). Experienced photographers can take these photographs. The collaborating with the online food applications is a definite strategy for marketing. This enables and encourages the visitors to check out the features and menu of the restaurant and may offer discount at times. There should be a space where the owners of the restaurant provide the details of the restaurant, which includes the photographs, store hours, location, menu, price range, and the facilities that the restaurant provides. The royal restaurant should set up an account on the Google search engine. This will help the restaurant appear through Google’s Knowledge Graph. There will be the use of geo-targeted advertisements that will help to save money ensuring that only certain cities or within a specific radius can view the advertisements. The sending out of an email newsletter is also a marketing strategy to be followed by the restaurant (Baker 2014).
· Prime location with easy access.
· Exceptional staff with the can do attitude.
· Recruiting and retaining quality employees.
· The Tight margins will allow little wiggle room for error.
· Little barriers to entry allows for immediate business opportunities.
· Offering additional catering services
· Government mandates (restaurant operation, food safety, and worker security at the federal level and health, hygiene, safety, fire at the local level).
· The rise in the operating costs.
· The building and maintenance sales volume.
· Due to the small size, it is to be believed to provide exceptional quality by hand selecting our market specials when compared to the larger corporate competitors.
· The owner has catering industry experience and has established a customer market.
The area of business operations covers the generation of recurring income, increase in the value of the business assets and the securing of the income and value of the business. This is to maximize the value harvested from the business assets. The more amount of recurring income the asset generates the more valuable it becomes. The increase in the value of the product increases the recurring income that is generated. The essential value and the income generating prospective of the asset are not realized unless there is a way to secure it (Slack 2015). There should be a sustained delivery of the goods and services to the customers at a cost that is less than the funds that are acquired in exchange of the said goods and the self-employee services to make a profit. The funds that are acquired by the business in the exchange for the goods and services it delivers is the revenue for this business (Khalili Shavarini et al. 2013). The restaurant arrangement that includes the dining room, kitchen and serving line will be designed for the efficiency and flexibility so that it can provide accommodation for the fluctuation in customer traffic and peak meal periods.
Automatic biodiesel converters
As far as the cooking fuel is concerned, the restaurant must use eco-friendly fuels. This can be done by using automatic biodiesel converters, which can turn used animal or vegetable oil free from its added pollutants or the industrial grade biodiesel (Yang 2017).
LED Alert systems
The restaurant will use this technology, as it is often it is seen that the kitchens are loud and noisy when many kinds of stuff are working together or are busy in communicating with different languages (Axelsson, Malmberg and Zhang 2017). This device helps in making the work much faster, easier and smooth by lighting the floor under the dishwashing sink or the wall above the deep fryer to show or rather alert the kitchen staffs that the work is done and ready to be used.
Tablet restaurant management
This is the era of fast-paced life and people are always in a hurry, often it really becomes a very tough job, taking the catalog, going through it and then selecting the food according to the price. In order to save people from all these confusions, this flexible iPad app was developed which uses particular software in order to give a real time view of tables, catalog, dishes along with their ingredients and price, then it processes sales and delivery tickets and sends orders to the kitchen. This will also be adopted by the restaurant for increasing its sales and making the work easier.
HR strategies highlight on the actions that are adopted by an organization to manage the policies and practices in the human resource management system (Malik 2016). HR strategy includes the process through which the practice and the policies are integrated within a business. High-performance management is one of the important HR strategies that include recruitment, training, reward and performance management. In the context of Royal restaurant, performance management strategy will be effective to improve their skills of employees and to maximize their performance. Resourcing is another vital strategy of HR to manage the financial and human resources within an organization (Soni 2016). This strategy will be applied by Royal restaurant to enhance their financial stability and to increase their work force. Corporate social responsibility (CSR) is another HR strategy that is appropriate for the food industry. However, by following this strategy, Royal restaurant will be able to manage their food waste through taking CSR activities and it will be helpful for them to maintain the environmental sustainability. Moreover, employee engagement and employee relationship management will be undertaken by Royal restaurant to motivate their employees and to encourage them in their work. Apart from this reward, strategy will be adopted by this organization to motivate the employees towards their work and it maximizes their performance.
Proper management of the financial resources is a crucial part of a start up business. However, it is important for the new venture to use available resources for their new venture (Svensson et al. 2016). The first thing that this venture will do is to select the correct financing method. It must have a sound debt financing ability so that it can pay off any debts within the right time without any delay (Hua, Xiao and Yost 2013).Long term loans can be taken but at the same time, the business must be able to pay the significant amount of interest. At times, the restaurant will also use the prepay obligation that is paying the loan obligation prior to its due date. All the associated costs are to be calculated properly and this will be done before making any crucial decision so that the business can be okay with the final cost. In the context of Royal restaurant, online resources will be undertaken by this organization to get proper guidance.
Therefore, such organization needs to make a list of requirements of equipment and its cost. Hence, determination of the operating cost should be taken by such organization. Moreover, consulting with the financial professional should be adopted by Royal restaurant before making any financial commitment while starting the business.
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