Personal Assessment: After doing comprehensive research I come to the conclusion, that by opening a Restaurant with Bosnian food would be very good business venture. By opening a restaurant with authentic Bosnian food within the Bosnian community of fifty thousand people would be very profitable. In a way risk free. My only concern is that this is my first time investing a large amount of money. Bosnian Food is very unique. Most Bosnian people have very busy schedules and they don’t have time to cook.
My restaurant would feature traditional Bosnian food and atmosphere to make people feel as if they were in Bosnia. By opening this restaurant, families would be able to come to dine or to take food home that would make them feel at home and also employ many Bosnian people who can’t find jobs because of the language barrier. Uncontrollable variable in this case is that someone else may come up with the same idea shortly after I start my business. I want to start my own business for several reasons. My money, hard work, time, and effort would be invested in something that would, in the long run, benefit me, my family and also the Bosnian community. Research: Chicago is home to fifty thousand Bosnian people.
Which makes it the largest Bosnian community in the United States. Bosnian started immigrating to United States in 1993 Which means that this is a very young community with great potential. Memories of their homeland and home cooking are still very fresh in their minds and is something that they miss greatly. The sense of community is missing and by opening this restaurant I hope to help my countrymen feel as if they have a place of their own that they can go and get a little piece of home. This restaurants is located in the heart of the Bosnian community and other businesses.
The Essay on Home Food VS Fast Food
Homemade food is often treated as a privilege. Low cost of fast food and its nutrition value become a solution for many families who have neither time not money to cook at home. Warnings that fast food is not healthy do not stop Americans who treat it as an essential part of their daily diet. As a result, the prevalence of obese and overweight people plummets. If we look at what is behind ...
Site Map The location of my business would be in the Lincoln square area on the Northwest side of Chicago. I would be renting the space. My restaurant is in a very good location and very accessible. It is in center of the Lincoln Square area and is also very close to four major streets: Lawrence Ave.
, Wilson Ave. , Western Ave, and Lincoln Ave. and has public parking nearby for customers. The Building in which I am planning to open my restaurant is very appealing.
Building was recently remodeled and has very good visibility. Next door to the restaurant is a old antique store, gift shop and doctors office. There is a no competition for my business at all. There are other restaurants in the area that offer different kinds of food like American, Mexican, and German, but I am targeting the Bosnian community and my restaurant would be the only traditional business in this area. Legalities and Insurance Business that I am planning to open it will be a service oriented business. Legal form for my business will be Sole Partner Proprietorships.
sole proprietorship has number of advantages. As a Sole proprietorship you have advantage to work for your self, you can make your own decisions, such as which hours to work whom to hire, what price to change whether to expand or whether to shut down. For the restaurant that I am planning to open I would need Business license, Deportment of Public Halt of Chicago food license and Illinois department of revenue registration Unlimited Personal Liability for Loss. This is the simplest form of business. A sole proprietorship is not a separate entity itself. Rather, a directly owns the business and is directly responsible for its debts.
Financing I would research for different type of loans small business or minority loans or get regular Business loans. I estimate for start up cost to be $40. 000 I will contribute form my savings account $5000 dollars to the start up of business. I will take lone of $35000 for 10 years. Those are equipment loans are 10 years loans at 15% interest rate.
The Term Paper on Buying A Business restaurant part 1
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 ...
Pricing My pricing process will be cost base pricing. Method which I would price my products by starting with the producing a product or providing a service and then adding a markup to provide some extra profit. What will be the terms of the loanStaffingI am planning to staff four full-time employees. They will be Bosnian Two of them will be cooks and two of them will be waiters. My employees will work in two shifts the first shift will be from 10 am to 3 pm and second shift will be from 3 pm to 11 pm. They will have competitive salaries to other restaurants in the area and pay will be bi-weekly.
These employees will be selected within the Bosnian community where there are well qualifies cooks that would require little or no training. They would be required to take a drug test and have up to date medical information such as pertinent shots and physical requirements. My employees must also be trustworthy and dependable and that they obey the rules of City of Chicago health code. Services, Inventory Credit Customer service? Nice friendly people.
Providing the necessary wait that will serve the food hot and in a timely manner. Also by offering pickup delivery customers will be able to take food home. For my inventory I will use Material Requirements Planning procedure. Advantage of this procedure is that I will get the supply’s when I needed them and without unnecessary stockpiling. What type of channels of distribution do you plan on using..
