For your term project, you are going to explore your restaurant. The exploration will be constructing a business plan for the restaurant you have been using throughout the term of the class. Several assignments during the term have highlighted what you have learned and how that knowledge can be applied to your restaurant. Topics included human resources, performance analysis, menu planning, controlling labor, and providing value in service. Now it is time to tie it all together.
Using what you have learned about restaurant operations, investigate the industry (or the competition). Utilizing site visits, Internet research, literature research, and interviews with owners, operators, or managers, compare and contrast your (currently) hypothetical restaurant to existing restaurants. You may elaborate on topics that you have already discussed, being careful to not repeat or copy work already submitted, or you may use other aspects of operations that were not discussed, such as safety and sanitation or facilities design. There is no specified perspective you must take except to compare some aspect of your idea of a restaurant to an actual restaurant.
The business plan will need to include the following sections;
1. Executive Summary
This is the introduction to your restaurant. You will want to provide the basics for your concept, such as style, location, and name. You will also need to describe the goal of the business, or motivation for starting, and describe your mission statement.
2. Company Description
This is where you will to into more detail describing the restaurant and provide your analysis of the business environment. You will reiterate the name, the style, and location as well as local competition and population. You will also share any relevant information from your research. Another aspect is that you will identify your values in management, or management philosophy, in relation to your mission statement.
3. Market Analysis
This section will detail your marketing strategy by describing the industry, competition, and the marketing. You will need to provide some background information to the industry in the area. This means that you will identify the target market and explain why they will choose your restaurant, you will identify sources of competition and develop a strategy to compete, and you will explain how you will reach out and advertise to your target market.
4. Business Operation
This section will describe the operations of your business, such as number employees and the job roles that you will need to incorporate. You will use this section to explain any advantages or disadvantages that you may have and how operations will function. You will explain your product.
5. Management
You will use this section to reiterate your management philosophy (how you will manage) and explain who would make a solid candidate for the management team.
6. Challenges (not typical section of plan)
This section will identify and evaluate challenges that you anticipate having to overcome by proposing a strategy or explaining how your plan of operations will minimize the effect of the given challenge. You will need to identify at least two challenges not already addressed earlier in the writing.