Alexandria Tavern’s- “a Greek restaurant,” unlike a typical restaurant, will provide a unique combination of excellent food at value pricing with a fun and entertaining atmosphere. Alexandria Tavern’s is the answer to an increasing demand. The public wants value for everything that it purchases, is not willing to accept anything that does not meet its expectations, and wants entertainment with its dining experience.
In today’s highly competitive environment, it is becoming increasingly more difficult to differentiate one restaurant concept from another. Alexandria tavern’s does this by being the only Greek restaurant in the area. We will provide our customers with unique Greek food with Greek entertainers every week.
This plan is prepared to obtain financing for the initial launch of this concept. The financing is required to begin work on kitchen design, manuals and recipe books, site selection, equipment purchases, and to cover expenses in the first year of business.
The financing, in addition to the capital contributions from the owners, will allow Alexandria Tavern’s to successfully open and maintain operations through year one. The initial capital investment will allow Alexandria Tavern’s providing its customers with a value driven, entertaining dining experience. Successful operation through year three will provide enough cash flow to be independent in year four.
Objectives
Alexandria Tavern’s objectives for the first three years of operation include:
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-To get a good market share in Jyväskylä restaurant business.
-Keeping food cost fewer than 35% of revenue.
-Keeping employee labour cost between 16-18% of revenue.
-Building a good reputation in business life.
Operations
Facilities & Offices
The restaurant at Kauppakatu 21 is a 400 Square meter space. It was formerly a restaurant and needs on minor structural modifications. The licenses and codes’ issues are all in order. New equipment and dining room furnishings will be purchased and installed by the general contractor.
Hours of Operation
The restaurant will be open for lunch and dinner 7 days a week. Service will begin at 11:00 AM and end at 11:00 PM. The restaurant will be closed Christmas and Midsummer Day. On any other public holiday we might have slightly different opening hours.
Employee Training & Education
Employees will be trained not only in their specific operational duties but in the philosophy and applications of our concept. They will receive extensive information from the chef and be kept informed of the latest information on our special menu’s. We will take advantage of the students of Marata, who are studying restaurant business. We are going to offer the opportunity for these students to come to our restaurant for their work placement. Therefor we will also benefit by getting cheap labour.
Systems & Controls
A big emphasis is being placed on extensive research into the quality and integrity of our products. They will constantly be tested for our own high standards of freshness and purity. Food costs and inventory control will be handled by our computer system and checked daily by management.
Food Production
Most food will be prepared on the premises. The kitchen will be designed for high standards of sanitary efficiency and cleaned daily. Food will be made mostly by order and stored in large coolers in the basement. We are going to use only fresh ingredients, whenever it is possible.
Mission
Alexandria Tavern’s will try hard to be the premier restaurant in the local marketplace. We want our guests to have the total experience when visiting Alexandria Tavern’s. Not only will our guests receive a great meal, they will also be provided with a fun atmosphere. We will be doing unique things, such as Greek Village evenings and local dance nights. We will want the dining experience to be as pleasing to the senses as it is to the taste.
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Our main focus will be serving quality food at a great value. Customer satisfaction is supreme. When approached by a customer with a request, our motto will be, “Yes is the answer; what is the question?” We will make every effort for broad appeal. We want to be the restaurant of choice for everyone: families and singles, young and old, male or female.
Market section
Alexandria Tavern will start to provide the people of Jyväskylä original food from Greece. This market area has over 100,000 people. There is no such a restaurant nearby, and the variety of restaurants in town is not very wide. Our market share will be growing steadily, because of the positive inflow of inhabitants. Town of Jyväskylä possesses a high potential for good quality restaurants. Our target markets will include families that want to come and eat tasty Greek food and see Greek shows. We will also focus on our business clients; we will provide special prices to companies that will use our services a lot.
Competition
Chain restaurants dominate Jyväskylä and there are no specialised restaurants. Alexandria Tavern will bring something new to the scene and we will differentiate ourselves from our major competitors (Amarillo & Rosso) by providing unique food.
Competitive Strategy
There are three major ways in which we will create an advantage over our competitors;
1) product identity, quality, and novelty
2) high employee motivation and good sales attitude
3) innovative and aggressive service options.
Alexandria will be the only restaurant among all the competition which focuses the entire menu on Greek food. The target market will perceive Alexandria as the destination location for healthy, high quality Greek cooking. Once they have tried the restaurant, their experience will be reinforced by friendly, efficient, knowledgeable staff.
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Financing:
Alexandria Tavern will be financed with the owner’s money. We have savings worth of 40,000 EUR, which we will put as our start up capital. We have also applied for the start-up money from the government of Finland; the decision is to come on 1.1.2002. With these assets plus the loan from bank 50,000 EUR, we will be able to rent the premises, hire a chef, buy the equipment needed and cover the expenses for the first fiscal year.
Marketing
We will market ourselves through the radio, and place couple of adds to the local newspaper. We will also rely on mouth-to-mouth marketing. We will prove our value in restaurant market, by giving our customers greater value for their money than our competitors. We will also do a marketing campaign towards big companies and societies in Jyväskylä region, such as Nokia and Metso. We will market our unique atmosphere and lure them to bring their visitors to eat at us.
Marketing Plan & Sales Strategy
Market Penetration
Entry into the market should not be a problem. The store has high visibility with heavy foot traffic all day long. The local residents and students always support new restaurants and the tourists do not have fixed preferences. In addition, 10,000 has been budgeted for a pre-opening advertising and public relations campaign.
Marketing Strategy
Focusing on the unique aspect of the product theme (Greek restaurant, with original food and entertainment) a mix of marketing vehicles will be created to convey our presence, our image, and our message.
Print media – local newspapers, magazines and student publications
Broadcast media – programmes interested by our market segment and special interest shows
City guides, Restaurant brochures (Kompassi),
Direct mail, University and Polytechnic email-lists
Misc. – yellow pages, City Info, City events (Yläkaupungin Yö, Jyväskylä Summer, Neste Rally)
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Long-term Development & Exit Plan
Goals
Alexandria Tavern is an innovative concept that targets a new, growing market. We assume that the market will respond, and grow quickly in the next 5 years. Our goals are to create a reputation of quality, consistency and uniqueness of food that will make us the leader of a new style of dining.
Milestones
After the restaurant opens, we will keep a close eye on sales and profit. If we are on target at the end of year 1, we will look to expand to bigger markets, maybe another unit in some other town.
Risk Evaluation
With any new venture, there is risk involved. The success of our project depends on the strength and acceptance of a new type of restaurant in town. After year 1, we expect some copycat competition in the form of other independent units. Chain competition will be much later.
Exit Plan
Ideally, Alexandria Tavern will be the market leader of Jyväskylä in 5 years. At that time, we will entertain the possibility of a buy-out by a larger restaurant concern or actively seek to sell to a new owner, to gain good profit.
