New Business Plan for Development Of The Restaurant †Free Samples

Question: Discuss about the New Business Plan for Development Of The Restaurant. Answer: Introduction: Business is the term that defines the activities that are conducted in order to earn profits. It has been analysed that the business activities require so many things and one of them is a good and unique business idea. After having the idea, the business plan needs to be generated that helps in provide the direction to the business person to conduct the initiate the business activities. This is the report that discusses about the new business plan that deals with development of the restaurant. It is the industry that is very competitive and is also providing various opportunities for the entrepreneurs (Gartner, Carter and Hills, 2016). The restaurant that has been disused below is the restaurant that serves the people with healthy products. It is the restaurant that serves the market with healthy products such as salads, multigrain products with vegetables etc. It has been analysed that this is the business that operates with targeting the market of the sports people and the young pe ople who are every much diet conscious. Taste is not the thing that the company is serving because only the diet food is served at this place. It has been analysed that this business is innovative in nature as there is no such brand in Australia that uses this type of business idea to serve the people only with the diet and healthy food. It is the business that can only target the premium customers because the prices of the products are very high as compared to normal products at other restaurants. Business model canvas: Business canvas model is the tool that helps in providing the different elements of the business in the model so that the investment decision and the strengths and the weakness of the business can be analysed. Below is the brief description of the elements involved in the model along with the diagrammatic view: Customer Segments: The customers have been segmented on the basis of their preference of their food. As discuses that the business is about serving the diet food and healthy food products to the customers, so the customers are segmented on the basis of age as well as their food preference. It has been analysed that the restaurant target the customers who wants to have healthy food. The company can also target the customers who are in sports (Boyd, et al. 2017). Value Proposition: The value proposition is the element that adds value to the products or what value the products adds for the customers. As far as this restaurant is conferred it provides the customers with healthy food and thus it is promoting the healthy diet and food among the customers (Mackey and Sisodia, 2014). Serving the diet food in a sophisticated manner results in attracting the food lovers to have food as well as health together. It has been analysed that the segment of people who are health conscious and are switching to diet food is increasing; thus, it will be a great idea to serve the people with the diet food in restaurants. People at Australia are health conscious and thus the business does not need to make so many efforts in convincing people to be health conscious. Customer Relationships: The company would be dealing with online as well as offline mediums. It has dry food as well that the company sold and deliver. This business of the company runs through online mediums and the same store in the corner of the restaurant. The company provides additional health to the customers when they visits the place as per their requirements as they have hired a nutrition specialist to deal with the customers and that is for free. This is the strategy that helps the company to make the customers loyal. Channels: The channels that the company served with are the physical restaurant and the online delivery option. Most of the tie the company prefers to prove food at the store only as healthy food get rotten easily when packed thus it is required by the customers to have dine in rather than take away (Ward, 2016). Another thing is that the company also serves the customers with online site but only deliver the dry food products such as healthy cookies, juices etc. no fresh products are delivered. In order to make the products, various products can be used by the company. One of the most important channels is social media that helps the company to market its services and the products as well as the brand name (Morecroft, 2015). Social media is the most popular tools these days because most of the customers are using these social networking sites to surf for the places to visit. Promotion on these sites allows the brand to reach to the masses (Drucker, 2017). Key Activities: Some of the key activities of the company are: Serving healthy and diet food to the customers Nutrition advice for free Delivering the healthy food products at home The store at the restaurant provides the customers with various healthy products to buy. Key Resources: Physical resource: As far as the key resources of the company are considered, the physical resources that are involved in the business are the restaurant ambience. The ambience of the restaurant is also very sporty that attract the food lovers. All the chairs and the tables have food chart that provides the information about the healthy food to the comers sitting. The walls of the restaurant have the pictures of the big sportsmen and the healthy properly having threat physique (Mullins, 2013). This motivates the customers to a have healthy diet. The menus of the restaurant also provide detailed information about the dishes that are served to the customers (Wirtz, Pistoia, Ullrich and Gttel, 2016). Human resources: They are the major and the very important resource of the restaurants. Human resources are in the form of sales person at the store, waiters, management, IT department for handling the online websites of the company etc. it is very important for the company to have skilled human resources in all the departments so as to serve the customers efficiently. The employees who are at the front desk and deals directly with the customers should have the skills to deal with the customers. They should have the presentable appearance that attracts the customers in the restaurant (Zott and Amit, 2013). They should also have some of the knowledge about the diet food and the healthy serving offers at the restaurant. Financial resources: It has been analysed that in order to penetrate in the market and to attract the customers, it is required by the company to be financially string and maintain that image of the company that is being claimed in front of the customers. This required the company to be string in their finances. The company is financially strong and this restaurant provides a great experience dining to the customers with high quality products (Tukker and Tischner, 2017). Key Partners: The key partners can be defined as the partners that are being involved in the business or are associated with the business to support the business activities. It has been analysed that in the restaurant business, there are many supportive entities such as suppliers, logistics, delivery etc. there of the main partners of the business are: suppliers: As the company is operated in the restaurant industry thus it is dependent on many suppliers (Brown and Duguid, 2017). The primary suppliers of the company are the suppliers that provide them the processed food products such as bread, egg, chicken etc. and the secondary suppliers are the suppliers which provide them with the unprocessed food such as farmers that provides the company with the vegetables and fruits as well as grains. The other suppliers that are involved in the business are the logistics people who deliver these food products to the company or at the restaurant where the dishes are served to the people (Boone and Kurtz, 200 9). Revenue Structure: The revenue of the structure of the company is very simple; it provides various methods to the customers to pay such as electronic medium and cash as well. The company also earns it revenue by the online sales it made as well as by the home delivery services. The in house store of the restaurant also provides revenue of the company. There are some packages as well for the regular customers and the company can earn large benefits of customers loyalty through these strategies. The revenue has been generated by the store that is in the restaurant that serves the people with the dry healthy food which can be kept at home and need not to be taken fresh. Cost Structure: The cost structure of the restaurant is framed by analysing the cost incurred in the activities that re being conducted in order to have a proper business functioning (Cascetta,et al. 2015). It has been analysed that cost structure of this restaurant business is: Cost of the startup Expenses Amount Restaurant infrastructure cost Servicing cost Legal charges and expenses Portal expense and IT cost Marketing and hiring cost Total Start-up Expenses $20000 $20000 $2000 $13000 $10000 $65000 Start-up Assets Cash in hand Long-term and short terms assets Current assets $40000 $50,000 $15000 Total Start-up Requirements $105000 The cost structure of the restaurant suggests that there are various important activities that require cost to be spent by themanagement or the owners of the business.it has been analysed that sales at 105000 AUD is required by the order to start up this new business. It is also required to manage this cost accordingly and efficiency so that can be better used optimally and gives better results. Minimum Viable Product (MVP) (if applicable) The minimum viable products cannot be exactly imposed on this business this is the service as well as the products based company but service plays a most important role. It has been analysed that the major value that is provided to the customers is the diet food and healthy living (Christensen, 2013). Feasibility analysis: Feasibility analysis of the business determines that how much the business is feasible to enter the market or the industry in terms of various factors such as marketing, financial, human resource etc. it is the analysis that provides the strengths and the weakness of the company or the new venture in the industry (Emma, 2010). Below are some of the types of feasibility that has been discussed: Market feasibility: It is the part of the feasibility that suggests that how the business can enter the market and how is the market of the business. It has been analysed that the restaurant industry in Australia is growing at the pace of 5.6% from 2012 to 2017. As far as the revenue of the industry is considered, it is around 20bn AUD. All this information suggests that the market is very competitive and competitive market required the companies to enter with an innovation that the new business have. This is because the new business is serving the people with diet and healthy food unlike other restaurants which are serving only tasty and fatty food. It has been concluded from the above information the market is very feasible to enter because the industry is showing no barrier in terms of marketing (Johnson, 2010). Government has its interference in the industry as it is regarding the food products that are healthy are the most important element to be conscious about. The quality if the food matters a lot. Technical feasibility: The technical feasibility in this section or the business depends on the customers support program for the online sales. Other technical feasibility or the program depends on the online payment system. Suppliers are the major element of this business as all the raw materials that are required for serving the dishes to the people in the restaurant (Kyle, 2008). Food safety standards have been given by the government of Australia for all the restaurants to maintain the quality of the food as per the standards. Food safety compliance has been released by the government as well that needs to be followed by every restaurant business at Australia. Financial feasibility: As per the market research, it has been analysed that the expected sales volume for the company is would be 200000 AUD. This selling price of the products is different but the range of the selling rice per unit of the dishes is 16 AUD to 60 AUD. The starts up cost of the company are explained in the appendix 1 as per the activities that are required to be conducted and the process of the business (Lager, 2010). As far as the source of finance is concerned, it has been analysed that source of financing includes the partners as many of the suppliers have also invested in the restaurants business. The other source of money is business loans that are available for the entrepreneurs. It is required for the company to generate the expected revenue and give away the loan as soon as possible. Human resource feasibility: Human resource is the most important function of the element that is required by the comaony.in the restaurant business, it is required to provide different skills to the different people of different departments. The major roles that are required in the restaurant business are the manners at the higher level, the IT team for handling the online business function and the sales or the front desk executives and waiters that deals directly with the customers (Lober, 2015). Conclusion: It has been concluded from the report that this business is related to the restaurant industry. It is the business that requires a seed capital of around AUD 105000. It has been analysed that all the element of feasibility are in favour for the business so that business can easily enter the Australian industry. The restaurant industry is Australia is very competitive in nature and thus it is required for this new business to convey its business idea properly to the customers. The business that has been disused in the report is of healthy and diet food restaurant that delivers the services to the people who are very much heath conscious. The competitive environment of the industry provides many opportunities to this innovative idea as Australia is becoming very health conscious and thus it is required by the company to make efforts in the processes and the market promotion. The quality is also the major concern for this business as it is required to provide the high quality products t o the customers as per the Australian food quality standards. References: Boone, L.E., Kurtz, D.L. 2009.Contemporary Business 2010 Update.John Wiley Sons. Boyd, B., Henning, N., Reyna, E., Wang, D., Welch, M. and Hoffman, A.J., 2017.Hybrid organizations: New business models for environmental leadership. Routledge. Brown, J.S. and Duguid, P., 2017.The Social Life of Information: Updated, with a New Preface. Harvard Business Review Press. Cascetta, E., Carteni, A., Pagliara, F., and Montanino, M. 2015. 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