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Business Plan of a Restaurant for the Wurst Family

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Business Plan of a Restaurant for the Wurst Family

Table of Contents
1.0 Executive Summary 3
2.0 Justification of the Restaurant 3
3.0 Non-Financial Analysis of the Restaurant 5 3.1 Products and Services 5 3.2 Market Segmentation 5 3.3 Strategies 7 3.31 Competitive Edge 7 3.32 Promotion Strategy 7 3.33 Management Summary 7
4.0 Financial Analysis of the Restaurant 8 4.1 Breakeven Analysis 8 4.2 Cash Flow Data 9 4.3 Income Statement 10 4.4 Balance Sheet 11 4.5 Taxation 11
5.0 Conclusion 12
6.0 References 13

1.0 Executive Summary

The main purpose of this report is to generate a business plan for a start-up restaurant for the Wurst family. This report consists of marketing and financial initiatives of the restaurant for about 3 years to 30 October 2013, which have been generated through undertaking research, collecting financial and non-financial data, and analysing them.
Supported by Matt’s inheritance of $70,000 from the will of his great uncle, the restaurant will be located on Playford Avenue in Whyalla offering both ethnic and organic food to attract customers from the five main markets of minority ethnic groups, students, young couples, tourists, and those concerned about dieting and health. The competitive edge of the restaurant will be its products themselves while it is necessary to promote the products via brochures, discounts, and others as well. The financial status of the restaurant will be appraised every six months as a financial period. After calculation, the restaurant will break even during the second period from May 2011, make profits and have positive assets during the third financial period from November 2011 in spite of a big amount of income tax. Since then, the restaurant will earn acceptable profits to sustain its development, making the restaurant a viable business venture.
In accordance with the above, this report will be divided into four major parts. Firstly, the report will identify and analyse the reasons why the restaurant is chosen as the start-up business venture for the Wurst family. Following that, it will make use of the collected information to investigate the restaurant itself and the external environment so as to achieve appropriate business strategies. Subsequently, it will provide the financial budgeting for the restaurant to 30 October 2013 in terms of breakeven analysis, cash flow, income, balance and others. The last part will conclude the report in terms of viability of the restaurant.

2.0 Justification of the Restaurant

After negotiation, Mr. and Mrs. Wurst are advised to establish a restaurant rather than a retail florist shop on Playford Avenue in Whyalla, and the choice is made on the basis of the following reasons. For one thing, it is known to all that catering trade is one of the few industries that are mostly inextricably linked with people’s daily lives, which is therefore quite a stable industry. For instance, in 2009, although economic conditions were extremely tough for Australia by worsening further from the preceding year, consumer food service maintained a growth of 4%, similar to the growth of the last year. The increase was attributed to a big and steady gain of the cheap takeaway or home delivery food choices and slight increases of full-service restaurants. Furthermore, it’s predicted that Australians are expected to continuously dine out as the economy is bettering in spite of rising interest rates and inflation (Euromonitor, 2010). Hence, as a start-up business, the Wursts are advised to take up a venture in an industry that has bigger winning possibilities.
Secondly, according to Maslow’s hierarchy of needs, the five needs of physiology, safety, affection, esteem and self-fulfilment are advancing step by step while people would not have the next need until the preceding one is achieved (Maslow, 1999). As a result, it is logical for people to put food service, which falls into the physiological needs ahead of the florist industry even in peaceful times. On the other hand, assuming inflation continues to weaken Australian people’s living standards, it can be foreseen that citizens would give up their florist hobbies for their catering needs. For this reason, the Wurst family are recommended to start the catering business.
Subsequently, Matt is a professional sales manager for a major restaurant coffee supplier whose skills are adequately versatile to cater for each and every cuisine and food style. As for Lily, she works part time as a shift work nurse while she is very skilful at floristry and botanical arrangement and had much part-time working experience in florist shops. Although both of them are greatly respected in their individual work fields, Matt would appear to have more field experiences and useful contacts when opening a restaurant while what Lily possesses are mostly theoretical and part-time. In comparison, Matt has gained more needy working experiences to start a new business venture.
The last but not the least, as Brad, the son of the family badly needs some working experience, it would improve him more all-round if he were to work at a restaurant than a florist shop as the former entails much more working load and personnel relations in terms of staff, customers, suppliers, competitors and others. Working in the restaurant would provide for the experience that makes Brad more sophisticated in a shorter term. As above, Matt and Lily are recommended to establish a restaurant as their start-up business venture while a florist shop should be suspended indefinitely.

3.0 Non-Financial Analysis of the Restaurant

3.1 Products and Services

After contemplation, the 45m2-sized restaurant of the Wursts will be located on Playford Avenue, a fashionable neighbourhood in Whyalla. The emphasis of the restaurant will be placed on innovative ethnic and organic food, which is based on the restaurant’s devotion to sustainable development. In addition, the restaurant also produces native cuisines when possible to satisfy various needs of different customers. However, to cater to the industrial trend for healthy dishes demands, Matt will be providing customers with ethnic cuisines that focus on healthy food in most cases. The diverse and unusual menu of the restaurant will hopefully increase its competition in the neighbourhood.

3.2 Market Segmentation

Whyalla is a greatly diverse regional community with about 70 various nationalities, and the population here amounts to more than 22,800 with an increase rate of one percent per year (Whyalla Office, 2010). Although the huge population can serve as the potential market of the restaurant, the main target markets are limited. In this case, as Matt is a professional sales manager for a big restaurant coffee supplier, he has gained connections within the community to get to know the core customer groups of the restaurant, and they can be divided like the pie chart below.
[pic]
Chart One: Market Segmentation of the Restaurant
·Minority Ethnic Groups: Firstly, as a community accommodating 70 different nationalities, the city of Whyalla is in fact very suited to the restaurant’s menu of ethnic and organic food. When the minority ethnic groups hang out, they are more inclined to preferring a restaurant that offers ethnic food, and that’s where Matt’s restaurant comes in.
·School Students: Referred to as the “City of Education”, Whyalla has facilities including a specialized school for intellectually disabled students, private and public primary and high schools, and campuses of TAFE SA University and SA University (Whyalla Council, 2010). The students in Whyalla constitute a massive group and as they often dine out to have gatherings, they always prefer something that’s original. The restaurant of Matt’s will pander to their tastes to profit out of this group.
·Young Couples: This restaurant will present an air to encourage guests to bring their dates to enjoy the cuisines together so that the restaurant can serve as a social place for people to meet others and form a network. The happy young couples are in general quite successful and they will spend quite an amount of wealth on the ethnic and organic cuisines in Matt’s restaurant.
·Tourists: Tourism is one of the most important development services in Whyalla with a lot of tourists flooding into the city every year to enjoy fishing, boating and other events (Whyalla, 2010). These tourists will make an important guest group for the restaurant.
·Dieting and Health-Concerned People: The restaurant’s feature menu of organic dishes will have a very low-fat line of meals, which are designed for people that are concerned about health and dieting. In this way, this group of customers are very likely to frequent Matt’s restaurant once it starts operation.

3.3 Strategies

3.31 Competitive Edge

The competitive edge of Matt’s restaurant will be its products and services, i.e. menu of the trendy organic and ethnic food as well as the friendly social atmosphere. As a result, the marketing strategy of the restaurant will be focused on product itself. The prices of the meals will be a little high due to the ethnic and organic ingredients yet they will be fairly moderate.

3.32 Promotion Strategy

Limited by capital, the main means for the restaurant to promote itself is from mouth to mouth, making it important to provide satisfying food and services to customers. Besides, Matt and Lily will place brochures at noticeable places in the restaurant so that customers can get to know the restaurant better and introduce it to more friends. In addition, there will be regular discounts and chef recommendations to attract more price-concerned customers.

3.33 Management Summary

Matt has much experience in dealing with people in the food industry and his skills are quite versatile. Lily is respected in her area and is also committed to the business venture while their son Brad is urging for some work experience. The Wurst family will be majorly in charge of the management of the restaurant. However in addition, other personnel are also needed including chef, cleaning, waiters, hostess and others. At the beginning of the establishment of the restaurant, there will be about 8 staff while more will be needed as it expands so that personnel is in suitable proportion to projected revenues and restaurant size.

4.0 Financial Analysis of the Restaurant

4.1 Breakeven Analysis

In order to break even, the total revenue of the restaurant needs to equal its total expenses. The whole financial years from 1 November 2010 to 31 October 2013 can be divided into six individual financial periods for the restaurant as rental increases 1.5 percent every six months. In addition to rent, fixed costs also include those of fixtures, furniture and business equipment for the restaurant. As these equipments have issues of depreciation, fixed costs remain stable in spite of increasing rent. Variable costs refer to those that change with business volumes, and they normally contain raw materials, labour, inventory and others (Warren, Reeve & Duchac, 2009). The total sales for the six financial periods of the restaurant can be displayed in the Table of Sales Forecast in the attached Excel spreadsheet while it’s important to note that all data used in the report are based on researches of similar sized restaurants except for those already given in the case (Palo Alto Software, 2006). According to the sales forecast, the total revenue and costs of the restaurant for the six respective financial half-years are shown in the table below.
|Financial Period |1 |2 |3 |4 |5 |6 |
|Total Revenue |$161,000 |$205,560 |$258,000 |$307,000 |$341,000 |$389,000 |
|Total Cost |$172,000 |$188,992 |$206,200 |$223,050 |$237,900 |$254,350 |

Table One: Revenue and Cost for Six Financial Periods to 31 October 2010
[pic]
Chart Two: Breakeven Analysis of the Restaurant
From the breakeven chart above, it can be concluded that the restaurant will break even during the second financial period, to be specific, in May 2011. At that time, the total revenue will equal total costs to be around $17,750.

4.2 Cash Flow Data

As the fixed costs for every financial period of the restaurant is assumed to be $10,000 and they need to be spent before the operation, the cash balance on starting date for Matt’s restaurant is left to be $10,000. On the basis of this, the cash flow table for the six consecutive financial periods can be seen in the Table of Cash Flow in the attached Excel spreadsheet. Furthermore, the net cash flow and net balance of the restaurant are shown in the chart below while the red column stands for net cash and the yellow one represents net balance.
[pic]
Chart Three: Cash Flow of the Restaurant
The projected cash flow shows that the start-up capital will not be sufficient for Matt to operate the restaurant, which requires Matt to take out some loans. However, as the business develops, the business itself can generate adequate cash flow to support operations since the second financial period from May 2011.

4.3 Income Statement

The income statement for the restaurant over the six financial periods until 31 October 2010 is shown in the Income Statement Table in the attached Excel spreadsheet. The net profit for the six financial half-years is shown in the table below.
|Financial Period |1 |2 |3 |4 |5 |6 |
|Profit |-$34,200 |-$11,423.50 |$15,600 |$40,900 |$55,200 |$80,300 |

Table Two: Periodical Profit of the Restaurant
[pic]
Chart Three: Periodical Profit of the Restaurant
According to the chart of periodical profit of the restaurant, it can be expected that the restaurant will become profitable in the third financial period, which starts from November 2011.

4.4 Balance Sheet

The table of projected balance sheet until October 31 2013 can be seen in the Balance Sheet Table in the attached Excel spreadsheet while it’s important to note that furniture and equipment in the restaurant worth around $20,000 in total as part of the restaurant’s assets. From the table, it’s obvious to see that the restaurant will enjoy positive capital since the third financial period, which starts from November 2011.

4.5 Taxation

For the staff working in the restaurant, their income falls into the category of taxable income which varies from $2,000 a month to $5,000 a month. However, as the threshold to impose individual income tax is $6,000, the personnel have no need to pay taxes. On the other hand, for the restaurant, the taxable income refers to the revenues excluding depreciation and others (Australian Biz, 2010). The specific taxable incomes and taxes payable can be seen in the Table of Tax in the attached Excel spreadsheet. See the chart below for the general trend of taxable income and tax payable of the restaurant over the six financial periods.
[pic]
Chart Four: Taxable Income and Payable Tax of the Restaurant

5.0 Conclusion

In conclusion, the restaurant is a viable business venture for the Wurst family to operate since the net assets of the restaurant will be positive a year later and accumulate rapidly afterwards. The restaurant will be located on Playford Avenue in Whyalla offering both ethnic and organic food to attract customers from five main markets such as minority ethnic groups, students, young couples, tourists, and those concerned with dieting and health. The competitive edge of the restaurant will be its products themselves while it is necessary to promote the products via brochures, discounts, and others too. As for the financial status about the restaurant, it is judged every six months as a financial period, and it will break even during the second period from May 2011, make profits and have positive assets during the third financial period from November 2011 in spite of a big amount of income tax. Since then, the restaurant will earn acceptable profits to sustain its development, making the restaurant a viable business venture.

6.0 References

Australian Biz. 2010. Tax and Management Tools for Small Businesses. [Online]. (Updated 2010) Available at: http://www.australianbiz.com.au/small-business-tax-rates.aspx [accessed 6 November 2010]

Euromonitor. 2010. Consumer Foodservice in Australia. [Online]. (Updated Oct 2010) Available at: http://www.euromonitor.com/Consumer_Foodservice_in_Australia [accessed 4 November 2010]

Maslow, A.H. 1999. Toward a Psychology of Being. New York: John Wiley & Sons.

Palo Alto Software. 2006. Studio 67 Restaurant – Sample Plan. United Kingdom.

Warren, C.S., Reeve, J.M. & Duchac, J.E. 2009. Accounting. 23rd ed. Mason: South-Western Cengage Learning.

Whyalla. 2010. Attractions. [Online]. (Updated 2010) Available at: http://www.whyalla.com/site/page.cfm [accessed 6 November 2010]

Whyalla Council. 2010. Whyalla Council News: Keeping the Community Informed, Spring 2010. Darling Terrace: Whyalla.

Whyalla Office. 2010. City of Whyalla, Annual Report 2008/2009, Darling Terrace: Whyalla.…...

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...Executive summary: This business plan provides all specific information about business’s founder’s vision and the basic strategic plan necessary for initial establishment and operation of Vietnam Garden restaurant such as marketing analysis, marketing strategy, management, etc., (Stephen P. Robins and David A. Decenzo, 2010, p.74) . To be located in Jalan Bukit Bintang, the Golden Triangle of Kuala Lumpur, Vietnam Garden is established to serve Vietnamese cuisine for people in Bukit Bintang and areas around it. The basic objective is to offer travelers and residents the fresh, creative, attractive Vietnamese traditional foods. In fact, we have strong unique selling position in attracting customer attention because we provide foreign cuisine and elegant dining services. Moreover, our restaurant will offer different services in order to develop the popularity of our restaurant brand name. Vietnam Garden will be dedicated to be a customer friendly environment by providing customer the best Vietnamese food and the best service as well. Objectives : Provide genuinely Vietnamese traditional cuisine. Showing customers that our restaurant is a good place to enjoy relaxing environment, together with nice food and excellent customer services. Maximize our reach to as many potential customers in the first six months. Hence, this is the important step before they get to know of our restaurant. Inform and remind customers about our restaurant. Achieve the image as the place for......

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Restaurant Plan

...become a great vision, a restaurant that will give a home style environment with a touch of culture with new rich and diverse tastes of food. Where you can sit down and listen to live music along with one of our specialty drinks and food. The restaurant setting its for a family dining restaurant with a very casual environment, were everyone can sit done as a family, a group of friends or just individuals and enjoy the food and the environment of the restaurant and enjoy their time there. The menu will consists of different dishes which will include rice, beans, tortillas, grilled meat such as chicken or beef, seafood such as fresh fish, shrimp, lobster or the endlessly versatile conch, tamales, burritos, pastelitos de carne with side dishes. Alcoholic and non alcoholic drinks will be provide which will varied from tropical fruit juices, as well as coffee and alcoholic drinks. The restaurant will also provide other services as catering for parties and receptions as well as to the rental of space in the restaurant events. Los Criollos is a family dining restaurant with a very casual environment to all ages to come and enjoy the live music and food. Concept Development Los Criollos is a family dining restaurant with a very casual environment to all ages to come and enjoy the live music and food. At the restaurant we want the customers to feel they are at home, as well as to noticed and feel comfortable in a new cultural restaurant. The restaurant will have a very colorful...

Words: 3334 - Pages: 14