Business Plan; Smexi’s Bar
The industry you are in?
We are planning to go into the food industry. Our bar will serve drinks and food from a small bar menu. The service industry is a hard, demanding and risky business but a person can have great success in it. It has been around for a long time dating back to the early centuries. The industry had a fall when alcohol became illegal, making the industries popularity and profit dropping. Currently in this economy most restaurants are down 10% in revenue. But new, innovative affordable restaurants are becoming increasingly more popular. The future of the industry is bright. People always like to go out and enjoy themselves, and it is not suspected to change anytime soon.
Background of your company?
A partnership joined between two friends who wanted to venture into the business world. We chose to do a partnership/dual-ownership for the company and then hope to franchise it. We chose this because then we are both responsible and we feel like in the service industry it is the best option. We both also have different skills that we are good at, and combining those skills would make a knockout team. We want to provide people with the service of a fun bar/ restaurant that they can go to and be able to enjoy themselves. We chose self-employment because we want to be able to make decisions that we want to make and not be heavily forced by anyone. We also feel like this is the way were we can make the most profit. There is also nothing really like what we are trying to do, and to some it might be considered a risky idea, making it the best choice for us to venture into it ourselves.
Buying a Business (Restaurant) PROJECT Submitted to the College .. By Name, surname Town, state 2005 Buying a Business (Restaurant) Name, surname Table of Contents: I. Abstract II. The Introduction III. The Main Body: 1) Pro and contra of buying a business; 2) Ten Commandments of running a good business; 3) Investigating the business; 4) Determining the price or value of a restaurant; 5) The ...
Description of your product or service?
We are planning to build and interactive bar with cheap drinks and cheap food. The drinks will be innovative, trendy and good. The food will be on a small bar menu with a new twist on traditional bar food. There will be nightly performances by our staff, a mechanical bull and lots of exciting nightly activities.
The market and how you will reach it?
Our bar will be serving alcohol so we are planning to reach the market of the legal drinking age. We will reach this market by creating a fun and different environment for them to be able to enjoy themselves in.
Pricing and Delivery policies
We will be creating our own entirely new and fun menu and price accordingly to the food and drinks. We will provide quality food and drinks for a cheap price, which can be determined from the competition. We will have a 10% markup for food and a 46% mark up for alcoholic beverages. Delivery policies are not applicable.
Where you will operate
We will be operating from our flagship store, which will be located in Toronto, Canada. We chose this location because it is a major city where there is a large amount of people in our target audience live. It is a large party city so it is a good place to start an innovative bar.
What assets you have or need
how you will provide your service
We will provide our service out of the flagship location in Toronto.
Management and Employees required
The general manager will run the front of the house. There will also be an assistant manager. The servers will also be qualified bartenders and entertainers. Some of the servers can sometimes have supervisor opportunities. There will also need to be host staff, as well as bussers. Finally there will be security because it is a bar and there can be issues. In the Back of the house there will be an executive chef who is in charge. There will also be a culinary supervisor, with cooks. The kitchen will also employ dishwashers and prep staff.
Food and drinks were different depending on your status, and wealth. “In the early medieval times meat was a sign of wealth. ” (Elizabethan Food). What you hunted for food depended on your status. “Only Lords and Nobles were allowed to hunt deer, dear, boar, hares, and rabbits” (The Last Colony). In the Elizabethan Era, most of the meals were cooked using an open flame, by: “spit roasting, being ...
We will both be present every Friday and Saturday nights in store to make sure everything runs smoothly.
Potential Problems or risks
Being a new business, there are always many potential problems and risks. Some general potential problems and risks that the company may face are customer loyalty, human rights, licensees (alcohol), running out of money, making no profit, etc.
What You need money for
We will need some money to build our store and get us started. The sector is currently at a standstill with not many bars being built; it is expected to increase rapidly in upcoming years. Getting in the industry now and being the only new bar in the area is great, because people will not have choices and attend our bar. Restaurant/bars are growing and the industry is not seeing so much growth of just restaurants or just bars.