Introduction
The business plan is designed and developed to establish a new company. This report focuses on describing the new business whose name is Crazy Grill Restaurant where they provide a variety of grill meats and chicken to gain the attention of potential customers in London. This plan is developed to obtain a location for the initial launch of the concept. This type of restaurant mainly attracts young people in London and they are like to eat a different form of grill food or meat. It has been analyzed that most of the London people eat restaurant food as they are busy in their job so they do not have to prepare their food at home. For this, the restaurant also requires to analyze their choice and preference to make the business successful.
Part 1 – Proposition
Business Idea
Crazy Grill Restaurant is a single unit restaurant that mainly focuses on creative food and grill meat items. This will be a 20-25 seated restaurant that offers family and youth style of food services(del Campo, 2017). It includes Roasted chicken, pot roast, grill meat, pork chops along with classic burgers, salads, and wraps that are included in the menu. They will offer special discounts on small children’s food items.
Objectives:
- To offers quality meals at the restaurant at a reasonable price
- To reach the set goals of the company within 5 years
- To enhance market growth by 10% within 5 years
- To promote new products and services among customers through different networks
Products and services
Crazy Grill Restaurant offers a variety of products such as meat, grill meal, pork chops, roasted chicken and so more. These items gain the attention of people and satisfying their needs or want in a better manner. The business also focuses on analyzing the current customers’ demand and work on making changes in their product’s ingredients according to their preferences.
Key to success
- The development of a unique and innovative restaurant environment with differentiated products from the competitors. The restaurant needs to stand out from the restaurant in such an area as the unique design and décor. This restaurant offers a great experience to the customers.
- Crazy Grill Restaurant focuses on quality based products and they ensure that meat should be fresh and new. This will attract new customers and retain existing people towards the services of a business(Barroso-Tanoira, 2017).
- The menu will appeal to wide and different clients and it includes international dishes as well.
- Crazy Grill Restaurant will conduct special nights such as local artists singing, party, swimming pool party, birthday celebration, and ethnic nights. This will gain the attention ofmore people.
Location of the business
Crazy Grill Restaurant location will range from 50-80 meter square and it will seat from 20-25 guests. Thefirst location will be on the larger end of such range. The place will feature its originality in marketing demonstration and other brand-building attributes. The business will equip the outlets along with the modern furniture and its main aim is to maintain cleanliness and another open feeling(Faggian, et. al., 2017). The business venture currently looking for the various possible locations near shopping malls or crowded areas to attract customers.
Using the Business Model Canvas framework, provide an innovative business model that supports the idea
| Key Partners
· Distributors · Online Retailers · Retail partnership |
Key Activities
· Research and development of products · Marketing and sales · Branding · Consumer awareness |
Value Proposition
· Innovation in ingredient · Strong distribution channels · Technological innovation · |
Customer Relationship
· Online discussion · Offer discounts and coupons · Special food arrangement for the birthday person |
Customer Segments
Consumer · Families · Adults · Students Business · Grocery stores · Hospitals · Corporate |
| Key Resources
· Brand · Product · Team · Retail networks
|
Channels
· Websites · Social media · Tradeshows
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| Cost Structure
· Staff salaries · Regulatory & compliance · Technologies |
Revenue Streams
· Funds · Product sales · Banks
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Partners – Crazy Grill Restaurant’s main key partners include retail organizations, online retailers, and distributors. With the help of them, the business can easily lead the restaurant in a better manner.
Key activities –It is important for every organization is to set their main activities by which they can perform work in a better manner. Crazy Grill Restaurant activities involve product R&D, marketing, sales, consumer education and branding of products(Naik, 2017).
Value proposition – It is a major aspect of the business that should focus on Crazy Grill Restaurant. The business concentrates on make innovation in ingredients of food and meals which they serve in the restaurant. Technological and distribution innovation also helps in increasing business operations and sales value.
Customer relationship –It is the main factor which helps Crazy Grill Restaurant to develop a strong relationship with their customers. For this, they are conducting buying clubs; offer discounts, online discussion with them where they can easily understand their guest needs.
Customers – Crazy Grill Restaurant mainly targets a different type of customers in which families, young people, and students. They provide food service to businesses as well which involves grocery markets, hospitals, and corporate sector people(Belitski, et. al., 2016).
Key resources – the business main resources involve a product, team members, brand, and retail networks, by which they can perform a better function and manage it. Such resources help in managing and maintaining all business functions to achieving desired goals.
Channels – Crazy Grill Restaurant uses different channels such as social media, networks, websites, and tradeshows to promote a variety of food items among customers. This will help businesses in gaining the attention of a large number of guests towards their restaurant. They provide a wide range of food and meals to the potential customers to fulfil their requirements or needs effectively.
Cost drivers – Crazy Grill Restaurant needs to focus on cost drivers while operating and running of business functions in the London market. It includes staff salaries, technologies, regulations and compliance which assist in properly managing all the activities.
Revenue streams–It is the main key factor which required being a concern by Crazy Grill Restaurant as it provides budget and amount to run the business. It involves product sales and funds, loans from banks(Dubina, et. al., 2016).
Start-up capital and how it will be used and your contribution
The founders of the crazy grill restaurant are Ellie Johnson and Mark Rogers who is the companion of Ellie. Ellie works in the kitchen areas and also manages the personnel departments of the restaurant. Mark focuses on the economic matters of the crazy grill. The establishment of a crazy grill requires a space of around 2000 to 3000 sq. Ft. in London, England. The crazy grill restaurant will open after the interiors of restaurants are done in around four months. The start-up is started using a capital of $60,000 in liquid assets and contributing it with $200,000 of the loan amount. Some investors invested a large amount of money in a restaurant which is approximately $125,000.
The start-up for a restaurant named crazy grill has cost around $385,000 which has covered all the expenses of the restaurant’s inauguration. The costs include the expenses of furniture, rent of the place, liquor licence, legal and consultation charges, start-up labor, paintings, reconstruction, pieces of equipment, kitchen electronics, and cash for operating restaurant for around six months(Coulson-Thomas, 2017). These are the start-up requirements for the restaurant in which various kinds of products and services will be offered for the customers of the restaurant. The contribution of the business is divided into the founders of the start-up and followed by the contribution of the sales and revenue increment. The business will enhance growth and development using various kinds of strategies and models of business. The social media platforms and competition among the competitors of the marketplace will help in advancing the crazy grill on higher levels with such great range of consumers who will be mesmerized with the offerings and services of the restaurant. The consumers will enhance the rating of the crazy grill in the market place to improve and become popular.
Part 2 – Detailed plan
Details of the product/service concept
The crazy grill offers loads of variety of products for the consumers such as a grilled sandwich, grilled chicken wrap, grilled sausages, grilled chipolatas, chicken wraps, etc. crazy grill has a wide range of products for customers. The food served by a crazy grill is both healthy and consists of low calories products which are not harmful to any person. The customers can order any kind of wrap in which they can decide their favorite fillings and sauces. The crazy grill offers services to the customers such as they communicate about the food desires the customers have, they welcome the customers as they can feel at home, they also provide undivided attention to all the customers at the same time which makes it special for the customers to come at the crazy grill to enjoy their favorite meals and also enjoy a great service(Andrzejewski, 2019). The product and service concept of a crazy grill includes the hosting of customers at the restaurant and provide them with the best experience for both the food and service inside the restaurant. This concept of providing the best services and product range enhances the business and makes profits for the business and popularize the restaurant in a wide range of area.
Market and competitive analyses
Market and competitive analysis is the process of finding out the strengths and weaknesses of competitive companies in marketplaces using competitive intelligence tools for the analysis procedure. The information taken about the strengths and weaknesses of the competitive companies is taken from the public domain and are gathered using legal and ethical manners. The crazy grill is situated in London which a hub for competition for fast-food restaurants. The crazy grill can analyze the situation of competition in the market place to identify the condition of competition intensity and the marketing of crazy grill can be decided out based on the analysis(Dentchev, et. al., 2016). Web analytics, benchmarking, sales forecasting, multi-touch attribution, and marketing opportunity are some of the competitive analysis processes which can help in conduction analysis about competition rise in the market. The crazy grill will use the results of the analysis to improve their marketing and competitive strategies which will help in enhancing the business activities despite intense competition in the marketplace. The target customers will be decided for the restaurant to make the profit percent higher and compete with the competitors with full forces.
Marketing
Marketing is the activity of any organization under which the various processes are done such as creation, communication, or exchanging of services to attract consumers, customers, clients, or partners for the organization. The marketing helps the organization in gaining a wide range of consumers and clients or investors for the organization to follow a smooth path in the way of success. The crazy grill uses marketing strategies which are the game plan for the business used to attain prospective customers for products and services offered by the business organizations. The marketing strategies consist of four Ps of marketing which is referred to as product, place, price, and promotion. Marketing is used for increasing the consumers for the products and services being offered by the business such as crazy grill restaurant(Lu, et. al., 2017). The products, prices, promotion, and place of business are all related to the marketing strategy and consist of the planning for the improvement in business to attain growth and development in the market place. The marketing strategy can involve the promotional activities in which the crazy grill can use social media platforms, pamphlets, newspapers, and other media outcomes to promote the crazy grill restaurant to increase the followers of the services offered for the consumers and clients.
Promotional and sales/ revenue generation plans and projections
Promotional plans are the plans under which the business of crazy grill restaurant will be promoted among the people using various modes of communication with the base consumers to increase the revenue of the restaurant. Crazy hill can use loyalty programs such as partnering up with online food apps to promote the restaurant. The crazy grill can Set up Google accounts for the restaurant to enhance the promotional strategies which will help in increasing sales of the restaurant(Coulson-Thomas, 2017). The social media platform plays an important role in promoting crazy grill restaurant in which there are various modes such as Facebook, YouTube, Instagram can be used for promoting business and attracting customers for the business offerings. Crazy hill can use coupons and discounts for attracting and promoting the restaurant. This will help in increasing the number of consumers who use products and services offered by the crazy hill restaurant.
The crazy grill can use various methods or planning to improve the sales or revenue for the restaurant. The crazy grill can offer an online ordering system for the customers which will increase sales as the consumers can have their favorite food at their doorsteps. The social media promotional strategies will be able to increase the sales for the restaurants in such a way that the revenue will hit the charts. An interesting menu and innovations in the services offered and food served will also play an important role in increasing the sales of the restaurant. The crazy grill can use the customers as their promoters who will enjoy the offered products and services and in exchange, they will promote the products and services of the crazy grill to their friends and family. This will increase the sales/revenue for the crazy grill restaurants and compete with the competitors in the market place.
Operational and staffing plans
The operational plans for the crazy grill restaurant should follow the plans in which the consumers’ time will not be wasted and their dining experiences will improve. The menu of the restaurant should be appealing but remain simple as the consumers cannot take more time in serving the food on their tables. The fast foods such as grilled sausages, sandwiches, chicken can be on the menu. The items on the menu should be affordable for every consumer in such a way that the menu will reflect simplicity and straightforwardness. The food procurement process should be kept smooth by purchasing items from limited vendors. The operating systems of the restaurant need to be quick and no compromise should be done for the quality of food offered by the crazy grill restaurant(Barnard, et. al., 2018). These are the operational plans that are needed to be fulfilled for the smooth functioning of the restaurants and have happy consumers.
Staffing planning is a very important part of the operations as the staffs are the major assets of the restaurants. The crazy grill needs to operate the staffing plans in such a way that the consumers can have their food ready before the time limit. The restaurant should have enough employees for kitchen work. The employees need to be trained well before working in such a way that they can help on the floor whenever required. The kitchen staff should be trained to quickly prepare the ordered food with quality to maintain the image for the best food delivery services. The hiring or recruitment planning or staff selection is the major step for the restaurant. They should be qualified and experienced to handle the work pressure and should know how to communicate with the customers and clients. This will help in the growth and development of the crazy grill restaurant.
Gantt chart
| Activities | Week 1 | Week 2 | Week 3 | Week 4 | Week 5 | Week 6 | Week 7 | Week 8 | Week 9 |
| Restaurant name | |||||||||
| Location | |||||||||
| Hire skilled employees | |||||||||
| Arrange interiors and décor |
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| Adopt the latest technology | |||||||||
| Organize management and process | |||||||||
| Final analysis | |||||||||
Financial plans and projections
Crazy Grill Restaurant is currently privately owned and regulated by Arthur Morgan. the future shares will be provided after two consecutive years of operating business in London.
Start-up funding: The Company is owned by a single owner with an investment of $2, 00,000 for the same share amount, 20%.
| Start-up Funding | Amount |
| Start-up Expenses to fund | $68,000 |
| Start-up assets to fund | $50,000 |
| Total Funding Required | 118,000 |
| Assets | |
| Non cash assets | $20,000 |
| Cash requirements | $60,000 |
| Additional cash raised | $680,000 |
| Cash balance on starting date | $730,000 |
| Total assets | $1490,000 |
| Liabilities and capital | |
| Liabilities | |
| Current borrowing | $0 |
| Long term liability | $0 |
| Account payable | $0 |
| Other CL | $0 |
| Total liabilities | $0 |
| Capital | |
| Planned investment | |
| Arthur Morgan | $2,00,000 |
| Additional investment requirements | $0 |
| Total planned investment | $2,00,000 |
| Expenses | ($68,000) |
| Total capital | $730,000 |
| Total capital and liabilities | $730,000 |
| Total funding | $2,00,000 |
Cash Flow Statement (12 Months)
| Cash Beginning Balance | $2,00,000 |
| Operating cash flows | |
| Income from operating activities | $4,00,000 |
| Depreciation | |
| Gain/Loss from sale of assets | ($5,000) |
| TOTAL | $395,000 |
| Investing cash flows | |
| Technology improvement | $6000 |
| Cash Payment from Equipment | $45,000 |
| Proceeds from the sale of assets | $15,000 |
| TOTAL | $66,000 |
| Financing cash flows | |
| Service on debts | ($50,000) |
| TOTAL | ($50,000) |
Break even Analysis:
It shows that business needs until sales over 9,700 per month to break even and does not expect to start the income.
Conclusion
From the above-described report, it can be concluded that the business plan is based on Crazy Grill Restaurant which provides a variety of food or product services in London. The business decides start-up capital and location where they establish the restaurant. The business focuses on maintaining and managing marketing activities, promotional functions, and sales growth in a better way. Along with this, there are various promotional methods are used by the company to reach a wide range of customers. The financial plan shows the cash flow statement, start-up financial statement, and beak even analysis that are described in this report.
References
Andrzejewski, S.A., 2019. Entrepreneurship, Innovation, and Creativity: Gendered Constructs or Equal Domains?. Go-to-Market Strategies for Women Entrepreneurs, Emerald Publishing Limited, pp.45-56.
Barnard, B. and Herbst, D., 2018. Entrepreneurship, innovation and creativity: the creative process of entrepreneurs and innovators. Available at SSRN 3195912.
Barroso-Tanoira, F.G., 2017.Motivation for increasing creativity, innovation and entrepreneurship.An experience from the classroom to business firms. Journal of Innovation Management, 5(3), pp.55-74.
Belitski, M. and Desai, S., 2016. Creativity, entrepreneurship and economic development: city-level evidence on creativity spillover of entrepreneurship. The Journal of Technology Transfer, 41(6), pp.1354-1376.
Coulson-Thomas, C., 2017.Leadership for creativity, innovation and entrepreneurship. Effective Executive, 20(2), pp.12-30.
Coulson-Thomas, C., 2017.Stimulating creativity, enabling innovation and supporting entrepreneurship. Management Services, 2017(Summer), pp.26-29.
del Campo, C., 2017. The role of creativity in entrepreneurship: An empirical study on business undergraduates. Education+ Training.
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Dubina, I.N. and Carayannis, E.G., 2016. Creativity, Innovation, and Entrepreneurship Across Cultures. Springer.
Faggian, A., Partridge, M. and Malecki, E.J., 2017. Creating an environment for economic growth: creativity, entrepreneurship or human capital?. International Journal of Urban and Regional Research, 41(6), pp.997-1009.
Lu, J.G., Hafenbrack, A.C., Eastwick, P.W., Wang, D.J., Maddux, W.W. and Galinsky, A.D., 2017. “Going out” of the box: Close intercultural friendships and romantic relationships spark creativity, workplace innovation, and entrepreneurship. Journal of Applied Psychology, 102(7), p.1091.
Naik, B.M., 2017. Enhancing employability, innovation, entrepreneurship and creativity in changing world. Journal of Engineering Education Transformations, 30(4), pp.84-91.