Start-up Business Plan – Asian Restaurant
The name of the company that we intend on launching is Ambrocio Restaurant. This is a restaurant that is expected to be one of the busiest in Asia. This is because we have chosen an ideal site for it, at a shopping mall, in Hong Kong. The mission of the company is to be a pioneer and example of conscious capitalism, while achieving financial excellence. This mission also points to the goals that the company has for itself. The company seeks to be one of the most successful restaurants in Hong Kong and to partner with other companies, with the aim of developing the best supply chain collaboration in the city.
Products and services
This restaurant will borrow some features from a contemporary Chinese restaurant. However, it will still retain its originality, in relation to the products and services that it will offer. First, the restaurant will have varying styles and tastes. This diversity of tastes and styles shall be based on the region, ethnic background, as well as the class of the customers. Therefore, some of the products that will be on offer are Chinese food, American dishes, ancient African dishes, beverages, alcoholic drinks, seafood, Cantonese dishes, soups, tingzai porridge, desserts, snacks, as well as other foods from different cultures around the globe. However, Asian dishes shall be given priority in order to serve the local population in Hong Kong, as well as other cities in Asia. Take out and food delivery services will also be offered by this restaurant. Whenever customers have their dishes in the restaurant, there will be many accompanying attractions that will be provided, including live TV, music, ancient dances and other treats. The basis of this will be, solely, for the comfort and entertainment of the customers.
Target market and competitors
As a new company in the industry, it will be extremely hard to pick up at the outset. This is due to the competitive barriers placed by the companies that already exist in the industry. Most of the restaurants that have been set up in Honk Kong, have already established themselves, and have loyal customers. However, an analysis of the target market is important, in order to come up with ways in which customers can be attracted to this new restaurant. First, the local population is being given priority, even from the kinds of dishes that are prepared. Secondly, people from foreign nations, with different cultures, have also been considered. Foods that fit well with their culture shall be provided. This will give the company a vital edge over its competitors. These competing companies include The Chairman, Gold, Otto e Mezzo, as well as others. These are well established restaurants that can be expected to offer stiff competition.
On the issue of coming up with an efficient and effective marketing plan, there is a great need to consider the issue of pricing. First, the company must establish the equilibrium price for most of the common products between the restaurants. Then, the prices of these products, in the restaurant, shall be set at slightly lower figures. This will be used as a way of attracting more customers. In all the advertisements that will be made, the company must make sure that these prices are mentioned. This is to ensure that potential customers have knowledge of this benefit. This leads to the second part, which is advertising. Restaurants are in the hospitality industry. This is an industry that mainly depends on extra income, as well as disposable time. Therefore, the audience can be reached through newspapers, magazines and television. In keeping with the budget that the restaurant shall come up with, there will be optimization of these advertisements. This will ensure the competitiveness of the company. Lastly, there will be a great need to engage in some community service, in the future, and this will make the society around Hong Kong feel indebted to the company. In return, they will give back to the company by being loyal customers. As mentioned in the beginning, this is conscious capitalism.
According to the budget that has already been calculated, the launching of the restaurant will require $11, 000. With the $3,000 in hand, an additional loan of $8,000 will be required. This should be able to fund the whole project, as it was planned. Assuming maximum cost and minimum returns, the maximum repayment period should be about 13 months. This should be enough time for the company to catch up with others in the industry, and pay the debt for itself. However, there will be a need to spread the payment by installments. This way, it should be easier to amass the funds, especially, at the end of every month. Also, it should allow the company some space, as well as bonus money, to help it grow in a gradual but permanent way.
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