Example Essay on Business Plan for Restaurant
This restaurant business plan example will help you in coming up with: fast food restaurant business plan sample, restaurant business plan pdf, business plan for restaurant ppt or even a small restaurant business plan with ease. If you need help writing an essay on restaurant business plan, click on order now for a custom paper.- We will use The Red Lobster as an example
Sample The Red Lobster Restaurant Business Plan
Company & Product Description
The Red lobster restaurant is a seafood restaurant located in the United States. The main delicacy in the restaurant is expected to be the lobster with the inclusion of other sea foods like the crab. The location of the restaurant is strategic being close to the sea and hence the availability of the products that are prepared in the restaurant. In addition to that, it is strategically placed in reference to the target market. This is an area that is mostly occupied by tourists who are interested in trying out sea food and their traffic is high throughout the year. This means that there are no chances for the restaurant to experience low seasons or losses due to lack of customers. The local community is also a good target market for the restaurant in terms of providing the products as well as purchasing them.
The Red Lobster is under the tourism and hospitality industry due to the description that is involved. The restaurant should target tourists mostly and also undertake hospitality and catering for them. The tourism industry and hospitality industry also involves leisure and recreational activities. This is made possible by creating sporting activities in the activities that are carried out by the restaurant. This is when the tourists are involved in activities like the catching of lobsters and crabs, an activity that can be defined as a recreational as well as leisure activities. In addition to these activities, there should also be adequate entertainment which should cover the leisure part of the tourism and hospitality industry hence making the restaurant fit for the industry in which it is expected to be in.
The restaurant is expected to cover an average of two to three hundred customers in a day where the two hundred customers are present on days when the turnout is low. Otherwise, the customers should exceed three hundred in consideration of the traffic and the number of similar restaurants in the area. In order to make this possible it is possible to have reasonable prices for the products in order to attract more customers. With this in mind the prices should not be too low such that the restaurant is at loss. The customers should also cover people across all ages hence the environment of the restaurant should suggest so. This means that there should be restrictions especially concerning conduct of the adults which may not be accommodative for the children or areas that are set apart for families such that nobody is left out (Abrams, 2003).
In light of competition, it is advisable to set up in an area that has restaurants that do not specialise in sea foods. The best location for setting up, therefore, should be around drink bars or in an area where there are no restaurants. If that is not possible, then it can be located in an area where there are few restaurants of the same type. The main goal of doing this is to reduce competition as much as possible. The fact that there are few restaurants of the same kind makes it possible to evaluate the kind of threat that they pose to the Red Lobster and coming up with methods of countering the competition. This is in addition to borrowing ideas from the other restaurants and implementing them in a way that they would enhance the uniqueness of the restaurant.
Marketing Plan Research
One of the most challenging parts of a business is the marketing part. Marketing is very important for creating the image of the restaurant and hence attracting the target market. There are many methods that can be used for the purpose of marketing and making it effective. One of the most common methods of marketing is by word of mouth. This is mostly dependent on the customers who are expected to tell other people about the restaurant. This means that the restaurant should put a lot of effort in satisfying the customers hence attracting more. In addition to that, advertisements on television and print media also serve the purpose of marketing. Print media involves the use of advertisements in print form and also handing out flyers about the restaurant.
Primary and Secondary Research
In order for marketing to be effective, it is important to carry out research concerning the available market in order to determine the most effective method of marketing. This can be done by carrying out primary research where the people around are questioned concerning their expectations and suggestions. This will help as a guide towards satisfying the needs of the customers. Secondary research is also important especially when dealing with competition and other restaurants that have gone through the industry. This helps in determining which of them were successful or not and what they did or did not do in order to attain their kind of results. By doing so, it is then possible to come up with strategies that have been corrected from the mistakes that were done by others or implementing plans that have not been implemented (Lamb, 2009).
Abrams, R. M. (2003). The successful business plan: Secrets & strategies. Palo Alto, Cal if: The Planning Shop.
Lamb, C. W., Hair, J. F., & McDaniel, C. D. (2009). Marketing. Mason, Ohio: South-Western Cengage Learning.