Business Plan: Japanese Restaurant in New York

2021-06-16 01:14:31
7 pages
1907 words
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Wesleyan University
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Essay
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My groups business plan includes starting a Japanese restaurant in New York. And in this plan, we have detailed out a set of systematic business ideas necessary for this business to work. Before we rolled out our business plan, we first identified the goals of this business (Business and Organizations, 1990). These goals specified that, for this restaurant business to be a success, the restaurant had to preserve good relationships with the customers and the staff members, provide quality dishes at reasonable prices with great services, and most importantly be a good place for nice food and relaxation. Starting a business is an amazing idea, but its also an incredibly difficult process. A business plan is a necessary tool for business prosperity. This important document projects 3-5 years ahead and gives the path a company intends to take to grow profits. The business model I choose will have tax and legal implications. I will initially have to come up with a good and alluring name for my business. Registering and choosing my business name is a crucial step to legally carry out my business and potentially receiving financial help from the government. To manage my business legally, there are several state and federal permits and licenses I will need to acquire. I intend to increase the odds of my endeavor success by comprehending my financing requirements as well as the choices that are available to help me commence, run, and grow my business

The mission of this restaurant is to provide an amazing dining experience. And this exciting dining experience translates to quality services offered to customers. And to achieve this experience, it is necessary we provide a lot of leisure activities like playing cards, provide seasonal and selected menu items incorporated with quality ingredients at reasonable prices and also participate in social activities to the awareness of our business. For us, this restaurant is about a divine dining experience, an experience where each element is of equal significance, and yet each element delivers the same purpose which is to complement the flavor and taste of food (Market Management and Project Business Development, 2014). An innovative and exciting range of beverages is available to complement the cuisine. The restaurant will be situated in Kowloon West on a 4000 square foot building, and it will be under private ownership. This business plan has explained in details all the ingredients this restaurant will require to achieve business success. Although we did SWAT analysis to have better ideas about the potential risk this business could face, well I think more need to be done to assess the risk and find long-lasting solutions (Business and Organizations, 1990).

Idea initiation

It is usually easier to invent new ideas for new business ventures and harder to implement those ideas. A business idea is a bridge between a concept and a business plan. It concentrates my thinking so that I can identify the specifics of my intended venture. Transforming an idea into a venture concept needs thinking about how the service or product will be marketed and who will purchase it, the profits of the service or product, how it is distinguished from similar ones, and medians of delivery. Developing a written concept statement helps uncover critical elements of a venture and undertakes research into important factors that may be fully tackled in a business plan. As the business concept takes form as an idea statement, I will be able to evaluate the business more efficiently for potential difficulties and pitfalls.

We wanted to bring style dining to new heights. Other than providing the traditional individual starter and main course menu structure, this restaurant menu has been developed with the concept of sharing dishes that are brought to the tables continuously and steadily throughout the meal. Our food taste will be based around the traditional Japanese foods, and we will also provide spiced-up types of Japanese foods more suited to western tastes. Our ideas were basically from the analysis (About Business, Peace and Sustainable Development, 2013) we made from other Japanese restaurants operating in New York. After a conducting extensive research on this restaurants we detailed out all their strengths and weaknesses, and deduce our ideas from the research. We find out that, to compete favorably we had to develop a plan which maximizes on their weakness and makes this restaurant unique (Business Plan Guide, 2010).

I learned that most business plans are created for an audience. And the most known audiences are lenders and investors (Business Plan Guide, 2010). This means you should write your plan with your audience in mind. Your business plan can never answer every question your reader might want to ask. Such a plan would be too long, and nobody would want to read it. Rather, your plan should include the power points of your business, make the reader interested, and show you have completely thought through the opportunity. While your business plan should excite whoever is reading, do not oversell and especially dont load your business plan with superlatives. Unless you can show hard evidence supporting each of your claims (Beyond the Business Plan, 2013).

Teamwork

Teamwork includes various people and diverse groups across my business acting together to maximize their effectiveness and reach a mutual goal. Teamwork enables workers to take greater accountability for decision making and additionally allows team members to manage more of the business process. This can influence improved attitude as employees obtain more authority and control over the plans they are working on. The extra duty can lead to a more pleasant work environment and less turnover. Being on a team additionally gives workers a greater feeling of belonging and of perception, which encourages them to take more satisfaction in their business, and their company.

To interpret how a group runs it is necessary not only to look at the role of the group leader but also the roles of the individual members. For a group to be efficient and productive, members must know what it takes to strengthen and maintain the teamwork (Business Teamwork Management, 2012). As group members we decided that the process of getting things started, suggesting new approaches, suggesting new meanings of the problem, trying a new attack on the problem was everybodys responsibility. Our team comprised of five members, and we gave each and every one a role. Some of these roles included members responsible for sponsoring and encouraging that is, they were supposed to be responsive to others, being friendly warm, agreeing with contributions of others, praising others for their ideas and encouraging all members to contribute. And also sponsoring ideas of others, especially those who may be less aggressive in speaking out. Some of the members were given the responsibility of timekeeping and gatekeeping. Their role was to make it possible for another member to make a contribution to the group and they also suggested limited talking time for everyone so that everyone will have an opportunity to be heard, they were also involved in limiting discussion on a topic to an agreed-upon time limit. To improve the group performance we sought members with diverse personality behaviors and backgrounds to gain the benefits of diverse perspectives and opinions (Business Teamwork Management, 2010). Moreover, we encouraged our members not to be afraid of conflict since a passionate exchange of opinions is desirable and infighting attacks are counterproductive. Main factors which made our group a success was the agenda and time integrity. We always made sure that all items on a meeting agenda were discussed, and items not on the agenda were not discussed. We knew that if agenda integrity is preserved, people will read and respect a meeting's agenda. We started meetings on time and end on time there were absolutely no exceptions. Time integrity also meant that time allocated to discuss items was keenly kept (Clayton et al., 2016).

Presentation experience

There are some situations in the business world that are scarier than delivering a presentation, yet there are few that are as important. Presentation techniques are required in almost every corner of life. Presenting information effectively and clearly is an important skill to deliver your opinion or message across (Model Business Plan, 2010). These skills are crucial to both business and individual success. There are a lot of circumstances where public speaking and good presentation skills can help you create opportunities and advance your career. Therefore, it is necessary to present my plan so that I can deliver the information about the plan, in a convincing way. That is, it is possible for me to maintain touch with the panel members and they are in a position to ask any questions whenever they feel they are not convinced. Also, the importance of presenting a business plan is that it is a better way to let other people know what you really mean in the paper document (About Business, Peace and Sustainable Development, 2013).

I have learnt that delivering a presentation puts you on public display. The panel members not only listens to your ideas, but they also reply to the way you use your body and voice. You require more than a good written business plan to make an impact. You will also need to present it in a flexible, lively and interesting way. Also when doing my presentation I realized that it is necessary to appear confident at all times. A very upright, formal and still posture will create a different atmosphere from an active and relaxed one and always remember to match your physical character to the goals underpinning your business plan. If you want to be either informal or formal, make right decisions about your physical style and stick to these choices. You must be optimistic that the panel members wants to listen and that you have something interesting to tell them. Dont fear to wait for them to settle down before you start speaking. And lastly, try to keep your business plan simple and straightforward. Loads of figures and facts and complicated sentences can overwhelm both you and the panel members (Business Continuity Management Plan, 2015).

Alternative scenario

Our business plan provided that this restaurant is planned to serve a wide range of people, and to achieve this, we chose New York as the best location. The main reason is that New York is a tourist destination. And this restaurant could be the best place to dine for great Japanese food and drinks with relaxing and the distinct environment. We estimated that our targeted customers (The Business Plan, p.15) would range from the business men, happy couples, high-end singles, families, tourists with money, and wealthy image seekers to compulsive spenders. Our focus was on these groups that are potentially willing to spend their money on good dining and service at a value price. Our customer awareness strategies were tactical; we sought word of mouth and social network marketing strategies. These techniques are cost friendly and efficient compared to other marketing strategies (Rick Grossmann and Michael Katz, Esq., Patel, D., Leadem, R., Grady, A., Lee, N., Oracles, T,2017)

Based on the business plan which I have drawn up, I believe that the future of this business is fairly positive. I am completely optimistic in the growth of this business. However, I know that business can at times have some pretty shocking outcomes (Business Continuity Management Plan, 2015), therefore, given this, I will formulate a near perfect scenario in case things do not turn out as I had expected. I have considered alternative growth trajectories for this business in case the business pl...

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