Business Plan The Princeton Organic Restaurant In Australian Market

Question: Describing the nature of the business, the sales and marketing strategy, and the financial background, and containing a projected profit and loss statement? Answer: Executive Summary The organic restaurants business is one of the booming businesses globally. The current project deals with the restaurants business plan and its feasibility study in the Australian market. As the business of organic restaurants business plan which will be known as the Princeton Organic Restaurants. The restaurants will be large scale and located at high street market of the Australia. It will be based on organic food and beverages. With help of ownership structure of business, it has been found that, business will be suing LLC form of ownership style. Apart from that, the restaurant chain business will be needed more than $500000 in order to open the business. With the help of menu and tropical changing season, company will be changing its frequently in order attract the customer base. With the help of pricing strategies model, company will be able to generate large customer base and targeting the middle income group. Porters generic model considers that, the POR chain will be using product differentiation in order to create niche market in long run. Lastly, with the help of budgeted financial statements like profit and loss statement and the balance sheet would help to analyses the potential net return on investment of the ownership along with total expenditure. Are You Daunted by the Thought of Due Assignments? Avail Our Services and Receive Assignment Help from Experts. Company Overview Business Description The report summoned by one of the international health magazines called Australia Natural Health has been reportedly found in their survey that around 40.19% of the population of Australia is willing to go for the organic food rather than general verse of food items while visiting to the restaurants (Bingham Eisenhardt, 2011). The restaurants business plan will given enough scope to the researcher about the entrepreneurial venture and the feasibility study before starting any fork of business. Apart from that study will also give an insight of the knowledge and endurance about the market and different marketing strategies as used by the different competitors like McDonalds and subway to stay in the hunt (Bingham Eisenhardt, 2011). The business will be of partnership form with equal part of sharing. As the owners will be the major shareholder who will be hiring the general manager for hiring nest level of personnel (Marcer, 2012). The LLC ownership structure is combination of the sole proprietorship and partnership as feasibility which will give enough scope to manage the personal asset protection of corporations. Figure 1: Princeton organic Restaurant chain ownership structure (Source: Schnaars, 2010, pp-125) The Product or Service The menu for the Princeton Organic Restaurants would be more of simple and will be tropical changing with every month. Some of the items like Chinese, French snacks items and burgers will be permanent feature in menu in order to maintain the customers general likings (Seshadri, 2009). The menu will have enough scope will be 100% of the menu ordering in order to keep the demand of the consumer in mind. Organic ingredients and feature will add the local flavour which would make the food moir delicious and healthy. Apart from that, company will also serves the salads and fruit in order to keep the reprise the menu extremely hale and hearty (Shaw, 2008). Company History The company is a Limited Liability Company with 2 major owners holding the equal shares which are 50% of each in the franchisee. The ownership structure is very based on the partnership between the parties. The company will have funding from the both the banks and the own capital. The Industry Currently, there has been no fully organic restaurants chain in Australia. This project has huge opportunity to reach the global audiences the increasing demand of the organic food in restaurants is one of the major evidence which has been provided by the Australia organic food association (Jansson, 2011). Countries with large domestic market for organic restaurants opportunities 2013 (million,$) USA 12 Germany 7.20 France 6 UK 5.12 Australia 6.26 Japan 1.85 Italy 0.93 Graph 1: Countries with large domestic market for organic restaurants opportunities (Source: Jeannet Hennessey, 2013, pp-136) From the above, it has been found that, a country whose population is obsessed with organic food is USA in top followed by the UK, Germany and Australia with 6.26 billion industries (Luffman Kenny, 2009). Organic food awareness in Australia is been rising due to the number of rising disease like kidney damage, skin diseases and the arthritic syndrome. It also reduces the fertility within the women which will affects the company by large (Lymbersky, 2009). Competitor Analysis As per the Organic Trade Associations, organic food is combined of the natural food and the embrace the between quality along with ingredients which support the thought of Healthy Living. The word organic is generally associated with the fruits and vegetables but organic term is also presence in the meat, wheat, bread and the milk. In the current state of the restaurants chain industry companies like KFC and McDonalds are using the Fresh in order to create high brand value for their products which they are serving (Drummond, Ensor Ashford, 2012). The restaurants business of Princeton will have those meats and other grocery items organically and free from the antibiotics or genetically modified feed or any other form of drugs. There has been huge demand of the organic food which is well served, freshly made and the as per the taste and preference of the general consumers (Holliday, 2009). The success of an organic restaurants chain is being dependent upon these factors that will help the Princeton to create large chances of achieving their objectives. Industry Trends The organic food industry has been able to generate the nearly more than annual growth of 205 per year which is tremendous growth. The rapid growth of the business has increase the confidence in organic food sector which has been one of the major steps that has lowered the possible health risk and maintain the sustainability with the business (Dobson, 2009). The organic form of food is much more conventional method of producing the food items which includes free of pesticides or any kind of chemical used on the vegetables, fruit, meats or any other grocery products (Doyle Stern, 2006). Competitive Advantage Solid waste generations composition around the Australia, in 2013 Composition Municipal (%) Commercial and industrial Food waste 47% 13% Paper 23% 22% Plastics 4% 6% Glass 7 % 2% Metals 5% 22% Concrete 3% 3% Timber 1% 9% Other 12% 24% Graph 2: Solid waste generations composition due to food items (Source: Dentchev, 2009, pp-428) Now from the above, it has been found that, solid waste management of Australia is been reformed recently because of 1.82 trillion of waste is been throwing as sewerage by the restaurants chain business in all over the Australia (Dentchev, 2009). The restaurants chain business is being doing since 2000, the law of sewerage for the organic food sector sis been lower than other restaurant chain because of it is quickly observed in the landfill. Along with that, POR will be get certified by the USDA, IFOAM and OF (Organic farming) will helps the company to create goodwill and high brand value in the Australian market (Ghoshal, 2009). This organic standard will help the company to prove their point of addressing the environment friendly food and sustainability management for the agriculture. Market Plan An introductory paragraph here. Pricing Strategy Price Figure 2: Pricings strategies used by Princeton Organic Restaurant chain (Source: Mouncey Baker, 2009, pp-419) Princeton Organic Restaurant will be using the penetration pricings which will be focusing on the lower pricing and high quality of food. Although, price of the organic food is been decreasing since the demand of the products is been ridings (Patel, 2011). The organic food farmers have been avoiding pesticides in order to understand the demand of restaurants chain business clients. As the demand of the for the products is been rising by the 23% , this shows that most of restaurants chain opting for the organic food items rather than high pricing on fertilized or hybrid form of food items (Payne Holt, 2008). Some of the other restaurants competitors like Bottega , Quay and Attica organic Restaurants are using high pricing or rather price skimming activities w in order to carter the large customer base of the Australia (Organic Consumers Association, 2015). As per the Health magazines of Australia, it has been found that, organic restaurants chain are using hike in the price of the food items in order to cater only small customer base. Another major competitors like KFC and Subway are also been using the price skimming method to cater the large customer of the Australia. With the rise in the competition in the market, POR will be using penetration pricing in order to large customer base (Ulaga Chacour, 2007). SOUP POR price $ Quay Price $ Main course POR price $ Quay Price $ Wonton Soup 4 4.59 Thai fried rice. Chicken Hakka noodles, rice 18 25 Egg drop Soup 3.54 5 Pill up rice 20 28 Spicy lemon Soup 3.50 4.55 Fish valuate 15 21 Chicken soup 5 5.75 Mexican beans 10 16 Hot and Sour soup 4.75 3 Buffalo burger 9 11 Lemon grass soup 3.29 4.55 Arugula and pear 23 25 Fruits 8.4 Not available Grilled chicken Anini 32 38 Salads 12.90 Not available Pan organic roasted duck 21 28 Crispy duck (straight from the Organic farm) 34 38 Cassoulet (garlic chicken with herb and beans) 22 19 Curry RENDANG Made with coconut milk) 12 Not available The above pricing mentioned but the POR has been offering the same products in different price in compare to the Quay organic restaurants. Apart from that, major items like smoothies and the fruit and salads are missing from menu of the Quay. The low pricing offering and high quality helps bushiness to boom in the Australian soil (Sirdeshmukh Singh Sabol, 2008). As the Australia economy is bee suffering from the rise in inflation with 2.87% in 2014 is one of the evident that helps to proves that customers are not willing to pay high amount to dine out or purchase the products. Market Research The marketing strategies for the Princeton Organic Restaurants chain is been Products Company will have standard formant of menu which will attract the customers and the creates different approach form the other major restaurants chain like Bottega Restaurants , Quay, Attica and Marquee along with other junk food retail chain like Subway, McDonalds and the KFC in order create niche market (Glowik Smyczek, 2011). POR menu platter consist of various tropical food and vegetables items along with multi cuisine items that would consist of the delicacies from the across the globe which would made out of organic food ingredients and more than 69.01% healthier than other contemporary in the market (Greene, 2015). SOUP Appetizers Main course Wonton Soup Egg roll (with organic egg and flour) Thai fried rice . Chicken Hakka noodles, rice Egg drop Soup Vegetarian spring roll Pill up rice Spicy lemon Soup French fries Fish valute Chicken soup Italian heart bread with Filled organic tofu Mexican beans Hot and Sour soup Shrimp Buffalo burger Lemon grass soup Chicken streak Arugula and pear Burgers (veg and non veg) Grilled chicken Anini Crispy pork flautas Pan organic roasted duck Burrito Tijuana Crispy duck (straight from the Organic farm) Sushi Cassoulet (garlic chicken with herb and beans) American chopsey Curry RENDANG Made with coconut milk) Dessert Drinks Orange Sherbet Soft drinks Mango and sticky rice Margarita Crispy bananas Fresh lime soda (homemade limeade) Coconut pudding Juice Choc lava Mock tail Lychee Ice cream with hot chocolate Tropic fizz (Smoothies) These are some of the major items which will include in the menu of the POR. The products will have be varied from as per the tropical changing if Australia (Hart Ellis-Chadwick, 2000). As the organic food restaurants, the company will be looking to invent new form of organic food and desert items to attract the general audience of the Australia. Ethnic ingredients and recipes: In order to maintain the enthusiasm of the Australian , local food items like hot dog and burger with pizzas are being also been kept for daily features. Apart from that, Aussie creamy fish is one of the most prominent dishes in Australia which is feature in the menu everyday menu. Besides that the menu also is looking to go with local delicacies like Australian coleslaw, Australian meat pie and Pavlov (Jones Hayes, 2008). Figure 2: PLC curve for the products and services sold by the POR (Source: Marinova Singh, 2008, pp-29) From the above , it has been found that, PLC curve restaurants business is totally dependent upon the changing frequency in the recipes. The recopies of the restaurants shows that company is very much associated with those business which will boom the industry. One of the items known as the fish Valuate is needed to change as per the changing times (Matsuda Hirano, 2007). The fish valuate will have various phases. Lastly, would be declines phase when the chef will be innovate the items with fish valuate with cheese. The Australian are very much foodie in nature. Aussie are being known for boiled and the backed food more than the fried or the oily (Mohammed Rashid, 2012). Most of the food items in Australia are made in the olive oil or soya oil which will be one of the major findings during the show master chef Australia. The Australian ethnic items like Spicy hassle back potato, yummy back potato with cheese and Zucchini bites. The changing food and menu will one of the top priorities while catering the locales and international audience of Australia. Category 2011 ($, m) 2012 ($, m) 2013 ($, m) Organic food 23,902 26,801 31,891 Growth 15.7% 5.1% 7.7% Total food 659,012 721,556 724,321 Growth 4.9% 1.6% 0.6% Total 3.6% 3.7% 4% Operations Plan Business plan is guide to reach the business objectives for the entrepreneur. Business plan gives opportunities to reach the new age entrepreneur to take step to grow and lead the path of the prosperity. The chosen business here is restaurant chain which will be known as the Princeton organic restaurants (Analoui Karami, 2009). Organic restaurants business chain is one of the booming industries and is very much attracting the general population of Australia. The organic restaurants chain business is been currently having more than 1.80 billion industry. As the general population of austral are very much wanted to be associates themselves with habit of healthy eating (Biggadike, 2010). Production Facilities In order to operate in the Australia environment, POR should have to obtain the license. The licenses will give the POR too permit to work on the Australian solid with all the laws and the regulations of the city, country and state (Bingham Eisenhardt, 2011). One of the major licensing would be obtain by the POR is certificate of occupancy. The certificate of occupancy will issue certificate that will allow opening the doors for the business. The certification of will only issued after the POR have passed the final inspections. Apart from that, other license would be employee identifications number (EIN), this is tax ID registered for all business in Australia. It can be register online too. Besides that, Flammable materials permits, since the business is of restaurants, the POR will be using flammable materials like gas and fire for which permit is needed to be taken from the fire departments (Chesbrough, 2009). The permit will be helpful to get rid of any of the further complication for the restaurants chain business. Another major licensing are give below: License Registrations Legal name At the local business and state bureaus of registrations . The registration comprise of articles of association and memorandum of associations. Retail sales National business license information office which present in all over the state of the Australia Sign permit Australian business license and information service would give the permits to sign (Cool Schendel, 2010) Music license Environment protection authority permission is needed for the granted for the music in restaurants which is will based on the place and the location along with guidelines Sewerage permits ABLIS based on the environment and heritage, 2006 reformed law will be followed to get the permissions (Collis, 2010). Geographic Location Segmentation bases Target customers segment of Fast food industry Geographic Region includes NSW, Northern territory, western Australia and Queens land Density Rural and Urban (24 million) Age All age category Gender Male, females and others Income High ,Low and middle income groups Occupation Employees and professionals Demographic Social status Working class, middle class and higher class Family size Single, nuclear, joint family Psychographic Lifestyle Traditional and moderns Occasions Regular and other Festive seasons Behavioural Benefits Price advantages and diversify products under one roof. Occasions Parties, Birthdays, anniversary and festive season along with normal days Control Systems Porters generic model Figure 3: Porters generic model for the POR (Source: Shoming, 2007, pp-20) Porters generic model will help analyze that, POR is looking for the product differentiation focus rather than achieving cost leadership (Reid Hinkley, 2006). Product differentiation needs change in innovation in recopies in order to attract the customers. Most of the multi cuisine restaurants is being looking to achieve the cost leadership in the market in order to increase their brand value. However, POR are looking to product differentiation by innovating the recipes like Potato grilled with stiffed cheese and onion filler when its sales is been decreasing (Rangaswamy Burke and Oliva, 2008). With the help of given PLC curve , it has been found that, every recipes will have and ending , chef need to invent and change recipes pattern to keep attracting the customer base. In order to product differentiation focus, POR will have to spend more in the RD in order to achieve the large customer base of the Australia (Preble Hoffman, 2009). Princeton Organic restaurants chain would be opened all over the Australia that includes NSW, Northern territory, Western Australia and Queens land. In order to do so, company will have to choose the technology called Sap which helps the business to manage centralized (Payne Holt, 2008). The centralization needs the technology to keep the track and monitoring of the restaurants along with consumer taste and preference. POR will be locating its business in various high street market of Australian region in order to maintain the high brand value. The one restaurants in each territory will be enough to capture the large market base initially (Patel, 2011). Promotions Australia organic restaurants supplies by farmers 2010 Fruits and vegetables 39.7% Dairy products 14.6% Beverages 13.9% Breads and grains 12.4% Spices 4.6% Non hybrid egg and meat 11.1% Graph 3: Australia organic restaurants supplies by farmers (Source: Mouncey Baker, 2009, pp-419) Promotional strategies Expenditure (%) Social media (Face book, Twitter, and YouTube) 58.01% TV 32.02% Websites 28% Mobile app 21.03% Magazines and Newspapers 14.11% Offers, free discounts coupons 9.07% Graph 4: Promotional strategies (Source: Mohammed Rashid, 2012, pp-222) Social media : With the of sharp rise in the internet users , most of the companies are looking to promote their products in the in social media platform like FCE book and Twitter fan page in order to gain the popularity and high brand value (Matsuda Hirano, 2007). POR will be showing various diseases cause by eating the fertilized food and benefits of eating organic food which will attract the customers. Social media plat form will be one of the major place for the advertising the products and services by the companies. Online selling: Since 2005, intent users are being rise from 26% to 57% in Australia ahs been one of the reason for the online restaurants chain opening. POR will be also using be creating websites to sell online table reservation and the online selling of the delicacies (Marinova Singh, 2008). Mobile app: With rise in the technology, POR chain will also be inventing the mobile aaps in order to easily citation for the venue and table reservation for the customers in the restaurants. This will helps the customer take the liberty of using the mobile apps in order to reach the larger audience via using the mobile apps (Joshi, 2009). Mobile app will enhance the company to build their brand and creates niche market for themselves when it comes to reaching the larger audience. The rest promotional strategies are being general which is been used since inceptions by the companies. Television is being strong media to attract the customer base or influence the customers (Hart Ellis-Chadwick, 2000). Since TV watcher is Australian has been rise from the 2.01 billion as per the TVR rating, this proves it is one of the strong medium of managing the large customer base. Other major promoting actives are offers and discounts. With the offer and discounts company will attract the customers. Offers and discount coupons on festive season and other tropical season would attract the customers to visits the restaurants. There has been ample evidence which shows that, customers are being attracted by the promotional coupon which given them satisfaction of low price. Age group for POR Targeting (%) Year 1 Year 2 Year 3 13-25 10.11% 30426 31643 35594 25-40 41.1% 61,583 64046 72043 Above 40 48.1% 26775 27685 30605 Total 99.31% 118784 123, 374 138,242 Income group per month of Snacks food customers (Europe , UK and USA) Market shares (%) $5000-$10,000 34.01% $10,000-$20,000 28.09% $20,000-$35000 31.03% $35000-$40,0000 19.1% $40,000-$50,000 11.08% Above 50,000 Financial Plan It has been found that, both the partners will be investing 80000 each in order to on the business . The rest of $345000 is been arranged by the debt financing. Debt financing is one of the prominent ways of financing the business (Erevelles, 2008). However, with large interest rates make it more riskier and dangerous. Apart from that, next options will be equity financing which has been which will not be easily available for the business because of new entrepreneur. It is less risky than the debt but company has to share with profit with the general share holders (Darke Ashworth Ritchie, 2008). Figure 6: Source of fund for the implementation of TQM (Source: Gruca Rego, 2009, pp-115) Start-up Costs Start up funding Amount $ Start up expenditure 266,207 Start up asset to fund 238, 793 Total funding required 505000 Asset Fixed asset Non cash asset 151,507 Cash required 87,286 Cash balance 87286 Total asset 238286 Liabilities Debt 345000 Total liabilities 345000 Capital Partners (Two partners 80, 000 each) 160, 000 Loss on start up expenses 266,207 Total capital (106,207) Total funding 505,000 Profitability Particulars 2014 2015 2016 Sales 677297 717,935 761011 Direct cost 135,461 143590 152,206 Total cost of sales 135461 143590 152,206 Gross profit 541836 574345 608,805 Cash Reserves Particulars 2014 2015 2016 Current asset Cash 338,332 575,990 831,592 Inventory 6044 6407 6791 Bank 41,775 41775 41775 Total 386,201 624,171 880,159 Long term asset 99732 99732 99372 Depreciations 30000 30000 30000 Total asset 455933 663,903 889,891 Liabilities Current liabilities Accounts payables 26,338 26725 28071 Total current liabilities 26338 26725 28071 Debt 322424 296092 267855 Total liabilities 348762 322817 295926 Paid in capital 160000 160000 160000 Retained earnings (266,207) (52,829) (181,086) Earnings 213,378 233,915 252,878 Total capital 107,171 341,086 593,964 Total liabilities and capital 455,933 663903 889,891 Net worth 107,171 341,086 593,964 Projected Income Particulars 2014 2015 2016 Sales 677297 717,935 761011 Direct cost 135,461 143590 152,206 Total cost of sales 135461 143590 152,206 Gross profit 541836 574345 608,805 Expenditure Marketing 3000 4000 5000 Depreciations 30000 30000 30000 Rent 50904 50904 52431 Equipment Total operating expenses 213,642 218,532 227,813 PBT 328194 355,813 380,992 EBIT 358194 385813 410,092 interest 23376 21648 19738 Tax 91448 100,249 108376 Net profit 213,378 233,195 252878 Critical Risks and Assumptions Profitability worth of double the investment which is more than half million after second year. Presence of high quality with top notch menu service along with standard menu. Value pricing for the food or the service served by the restaurants (Hoskisson, 2009). Enhance the goodwill as being the best healthy food server within the Australian market. Promote the organic food to create niche market in the restaurants industry. Conclusion From the above study, it has been found that entering in to the restaurants chain marketing Australia is very tough because of the huge competitions among the companies. However, one of the major areas which is still had not been tapped is organic food section which has been rapidly since 2005. The demand of the organic food is been increasing. The business plan for the new restaurants is been known as the Princeton Organic restaurants. There has been ample evidence show that, before opening of business market feasibility, financial feasibility and the personnel feasibility must be done. Australia is one of the growing market of organic food with demand is being risen up by 41%. Apart from that, POR will be using the penetration pricing sin order to stay in the competition in the market. Apart from that company has chosen the target customer base worth of $5000. Lastly, financial planning budget has been helpful to understand the restaurants business been able to gain the profitabili ty. Appendices Appendix A: Key Personnel Details Particulars 2014 2015 2016 Wages 126738 129,228 136,982 Total people 7 9 14 Total payroll 126738 129,228 136,982 Reference list Books Analoui, F. Karami, A. (2009) Strategic management in small and medium enterprises - Page 74, London: Thomson learning Dess, G. Lumpkin, G. (2009) Strategic Management: Creating Competitive Advantages. 6th ed. London: McGraw-Hill Education. Dobson, P. (2009) Strategic Management: Issues and Cases. 6th ed. Hoboken, New Jersey: John Wiley Sons Inc. Doyle, P., Stern, P., (2006). 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