Type of business: Sole trader, Partnership, Limited liability
The business is an Arabic
restaurant. It will be limited liability
business Type Company. The restaurant will be specialise in Arabic food and
will be Locate in high street, in Southall, London. It will sell healthy fresh Arabic
food, Such as, homos, falafel, traditional dishes, and act. Also I will serve
drinks such as, cold drinks, hot drinks, and alcohol.
Aims and objectives: Profit, Turnover, Customer service, Market share
The aim of my business is to have an
Arabic restaurant in Southall, London. Furthermore, my aim is to make £
200,000 per year and receiving 10% profit. The objective of my business is to
make a good profit at the same time to make a loyal customer for long term.
Unique selling point
My unique selling point it will be the restaurant itself
as I am going to provide Arabic food with shisha which is unique for people who
are lives around Southall area. Furthermore, there is no restaurant in this
area similar to mine so my business will be unique and attractive.
Establishing potential demand for new business
Establishing potential demand for new business
To establish demand for my business I will carry out
primary and secondary research to find out if my business would be a
successful. I will do that by using different methods of market research such
as, questionnaire, surveys, focus group. Furthermore, to establish my business I need to
spend money on promotion raise brand awareness.
Balancing
owners need with business needs
Every business needs to balance the business needs with owner’s
needs. As running a business can be a quite stressful task. In order to balance
my business needs and my own personal needs to avoid being stress and focusing
on my business to use my time wisely. For example I need to do a good research
to find out more about food industry to make my business become successful.
Also to learn more what the business needs to run in order.
Estimate Potential profitability
Below is an estimate of my optional profitability for my business
Total Sales Revenue =200.000 per year
Cost of sales = 50% of sales revenue Assumed
Number of customers= TSR/Revenue per sale
Gross profit= Total sales Revenue – Cost of sales
Gross profit = £200,000 – £100,000= £100,000
Net profit= Gross profit – Expenses
Expenses = 50% of Gross profit (Assumed)
Identifying business trends
My business needs to identify and keep up with business trends in restaurants industry. This is can be done by looking at restaurant industry to find out what my business will need in order to compete with different business within this industry. Furthermore, I will look at different businesses within restaurant industry will help me to identify what will my business outstanding.
Business environment: PESTLE analysis
Estimate Potential profitability
Below is an estimate of my optional profitability for my business
Total Sales Revenue =200.000 per year
Cost of sales = 50% of sales revenue Assumed
Number of customers= TSR/Revenue per sale
Gross profit= Total sales Revenue – Cost of sales
Gross profit = £200,000 – £100,000= £100,000
Net profit= Gross profit – Expenses
Expenses = 50% of Gross profit (Assumed)
Identifying business trends
My business needs to identify and keep up with business trends in restaurants industry. This is can be done by looking at restaurant industry to find out what my business will need in order to compete with different business within this industry. Furthermore, I will look at different businesses within restaurant industry will help me to identify what will my business outstanding.
Business environment: PESTLE analysis
Below is a PESTLE analysis
of my business identifying factors that will affect my business.
Political- In order
for my restaurant I need to have a government regulation to regard hygiene,
health and food regulations, food standard. Furthermore I have to get all these
political licenses to run my business.
Economic- rising of inflation and interest rates will
be the most important factors for my
business. As due the increase in these people are spending less money because
they will be considerate about what they are spending their money on. Therefore
I believe this affect my business if people have to spend less. At the same
time during winter time less people like to go out for a meal. Whereas in
Summer time more people are likely to visit my restaurant, so if less people
are coming into the restaurant, less staff members will be needed.
Social- certain cultures don’t eat certain food such
as, Hindus people don’t eat beef therefore I have to provide vegetarian meals
to attract this culture people to visit my restaurant. So social media such as
Face book, Twitter and emails will help me to promote for my business at the
same time to communicate with the customers. Furthermore, this will help me to
find out about eating habits of the people to decide what to provide into my
restaurant.
Technological- my business is a restaurant, so I need to buy a good equipment to be up to date.
I mean by that technological machinery will be so important for the restaurant,
because we need to serve a big numbers of customers, so technological machinery
will help my business to run better and faster. By doing this the customers
will be satisfied as they will receive the order in less time.
Legal- the legal aspects for the restaurant will be tax obligations, employment standards
and quality requirements. Also the most important factor for restaurant will be
health regulations for food preparation.
Environmental- restaurant environments are generally
required the utmost efficacy. I mean by that reinforce staff roles are very
important to make the restaurant more efficient. So the staff members will know
about the tasks and roles which they are responsible. Also maintain an
open-door policy is very important, because it’s a key to creating the most
efficient work environment.
Self-esteem – choose a Business Mentor
from seminar profiles
The business mentor I have
chosen from the business Start Up event is Chef- Greg Malouf, born in Melbourne
to Lebanese parents. I have chosen this mentor as I believe that he is the best
chef, as he has many years experience. Also he awarded ‘’two hats’’ (roughly
the equivalent of two Michelin stars) for the new style of new Middle Eastern. Therefore
he is an inspiration and successful, so by using this mentor I will gain
knowledge and advice that will help me to start up my business to become
success.
Seven
steps for business plan
In order for
a business plan to be a success, concrete research into the following 7 things
is essential.
1) Type of business
2) Target Market
3) Human Resources
4) Legal and Physical Resources
5) Financial Resources
6) Growth and Development
7) Financial Contingency
2) Target Market
3) Human Resources
4) Legal and Physical Resources
5) Financial Resources
6) Growth and Development
7) Financial Contingency
