Best of Middle East- Business Plan
Executive Summary
Best of the Middle East will be a moderately priced 54 seat restaurant that will be based on offering family style meals as well as services. The restaurant will mainly offer specialty of the Middle East foods which will include both light and small portions diets for kids. Best of the middle believes in the special delivery of services based on its primary policy consummated culture. This can be regarded as the traditional Middle East and west outlook that will provide the consumers with the general sensation of being the primary priority of the restaurant (Shai, and Shapir, 87). Despite the fact that we are new in this market the love, as well as the taste of our meals, will be great and abundant. The restaurant will be located in Boston, Malden MA which will provide huge accessibility to the target consumers. The location will offer a huge access of individuals from the Middle East and American culture who truly loves Middle Eastern meals. The restaurant will offer all kinds of services to individuals in all age brackets.
The corporation will be individual owned and operated targeting a site that was previously utilized an Italian restaurant. Despite the fact that the location was formerly utilized as a restaurant the previous tenant took most of the equipment’s, fixtures as well as furniture’s which will thus necessitate a replacement sooner. The location will additionally necessitate additional renovation in order to ensure that the lavatories are updated and also increase the spacing of tables in the dining section. The general décor of the restaurant will mainly feature chairs accented with wood with a red and white cloths checked tables and chairs. The dinner tables will utilize a surrounding of wooden chairs which has comfortable seating and leaning cushions.
The assumed sales projections stand at 1500 clients every week where the weekly sales will total up to approximately $20,000 or 1, 040, 000 every year. This results in an equation of about 300 dollars per square foot in the context of sales. This will, therefore, position BOME as a restaurant with very high ownership concepts in regard to table servicing market as this generation can be considered are a moderate profitability in the restaurant market and this can, therefore, be regarded as a favorable investment (Pride, 247). The restaurant targets the Middle Eastern food lovers including those from the Middle East living in Boston. The startup cost for the restaurant will mainly be 350,000 dollars and as the owner, I will contribute 170,000 dollars and the remaining amount will be gathered from a proposed loan from the bank.
The most important aspect of the business will mainly be grounded on the decisions of pricing as well as consumers satisfaction. Marketing will mainly be achieved through the use of technology such as social media and print advertising. Pricing will mainly be focused and set based on value as well as market pricing. The corporation will begin with 25 employees to ensure that cost of operation is not high (Pride, 247).
Situational Analysis
The location for the restaurant business has a population of 60,293 and average income of 31,352 dollars. The location is associated with different benefits like the cities around the area have larger populations of individuals from the Middle East nations, for example, Boston with a population of 639,594, and $34,770 average income this provides a wider market for the restaurant foods (Pride, 247). Another city would be Cambridge, with a population that less than Boston, but it also large compared to Malden, the population of Cambridge is 106,844 and average income of $48,446 (Pride, 248).
The target consumers being individuals with a high interest in Middle Eastern food the location provides a growth opportunity for the business. The location has not been fully explored with Middle Eastern food. In addition, individuals have to travel longer distances to get meals which are priced highly by the well-established firm (Pride, 248). The firm will, therefore, offer moderately priced, fresh, quality and healthy meals unlike what is being offered. Consumer satisfaction and good consumer services will be the main focus of the business.
Competition Analysis
The business is just starting and therefore it is mainly objected at gaining a favorable market share through the proposed marketing strategies which will help in gaining a competitive advantage. Currently, the major competitors of best of the Middle East are the ‘’chicken and rice, Mediterranean piper grill, committee restaurant, café Jaffa and Bonapita’’ (Rhonda, 117). While reviewing the competitors it is clear that they utilize value and price strategy in developing the competitive market. In this case, BOME will be utilizing consumer satisfaction and health based diet as the primary competition strategy. The restaurant will offer more affordable meals to ensure that individuals from different background are involved. There is a closing need of providing precooked meals and nutritious which will satisfy even the poor timers food consumers (Rhonda, 115). In preparing Middle Eastern foods in the location much speed is required and the competitors have not established this since meals mainly take even more than thirty minutes in preparation. BOME will surely work in changing this occurrence.
Bonapita restaurant is a major competitor as it is intending on opening fresh stores in Boston in the beginning of next year. The company is currently operating 6 stores around major cities. As indicated by the latest corporation revenue research it is clear that the annual revenue for the corporation exceeds 5million which is a representation of 75 percent growth rate as compared to the previous financial year (Rhonda, 114). The growth is an encouragement to BOME which through the use of a competitive advantage will result in a wider exposure. Based on the large existence of competitors in Boston BOME can be an attractive merger or even acquisition intention. There are several competitive barriers that the restaurant must be ready for. This includes modality fast food modality availability which is characterized by unprepared periods, low investment capital, a unsegment market that has not be explored fully, nutritious, fast, fresh, price and quality competitive options and identifiable product and effective management (Rhonda, 117).
Business Model
The business has several advantages over the competitors since it will enter into the well-established market. This means that the efforts that will be utilized in creating of brand awareness will not be high. The marketing philosophy places it at an advantage because the product will be fresh and nutritious which matches the market trend (Mbengeranwa, 14). However, the corporation will have to deal with huge cost and risk as a starter. This will thus require the business do extensive research to avoid the occurrence of the capital risk. In addition, the company will employee experienced personnel’s in the management department to lower the amount of marketing and operating risks. The business is oriented on the wellbeing of individuals which will hold a positive impact on the society and the economy in general (Mbengeranwa, 14).
The competitors are characterized by different strengths and opportunities in that, they have well-established the brand with a strong focus as well as quality. Their prices are also established based on competition and the fact that they are established firms. The competitors have well managed and experience teams which show that they operate on low risk and the market condition in additionally favorable. However the firms are characterized with the following weaknesses their brand awareness is not strong, their brands are not diversified and differentiated and they offer their brands prices based on competition thus ignoring healthy and the changing lifestyle changes. This, therefore, makes their products to be vulnerable to the changing times (Mbengeranwa, 14).
Market Analysis
For BOME consumers are the general priority of the business. The major target group of the first set of middle eastern foods is a resident of Boston, MA which fits the status of low to higher income generators with healthy and tasty lifestyle goals. The initial phase of the business will generally entail creating awareness of the products and the major franchises that the business will target are university institutions (Mbengeranwa, 15). In extending the idea the brand will also target those that are seeking for value branded and low-cost products in supporting both organized and private events.
Given that the United States holds the first position in the global market of fast foods the corporation will utilize the market strategy of rapid penetration through the market (Rhonda, 118). This will be achieved through placing the business in the location where there is a high consumption of takeaway and dining Middle Eastern foods. The market will be expanded through addition stores via franchising to different locations to optimize the competitive as well as a marketing approach. Given that the market for fast foods yields more than a hundred and five billion yearly the chances of developing the existing and fresh products is very accurate.
The corporation marketing objective is to ensure that it is positioned well and the consumers gain the confidence in consuming fresh and healthy products which will be enhanced with great consumer experience. The marketing objectives, in this case, will include brand capitalization via diversification of product and franchising, gain and sustain high margin gross of products, position the corporation as the alternative for quality, tasty, healthy and traditional options and establish the restaurant's brands via retailing (Mbengeranwa, 16). Due to the growing health consciousness, it is very good for the food industry to main appealing and healthy meals. In ensuring that the economic environment is successful all the factors will be considered adequately. The moderate pricing of products will ensure that the corporation attracts a good share of the market via the differentiation of goods.
Operation Analysis
The business will be situated in Boston, Malden MA. This is because the location has a lot of Middle Eastern and Americans who love the Middle Eastern food in that area. This idea is feasible because there is not a Middle Eastern restaurant with different types of Middle Eastern food at that area. In addition, people come all the way to providence and other places to enjoy the limited and pretty high priced food. This means that there is obviously a market demand at that place (Mbengeranwa, 17). The restaurant will be operating for fifteen hours each day which will allow the employs to work in shifts and to get adequate time to rest and organize operations.
The corporation will be objected on forging fresh and vibrant quality foods brands in the fast food sector which will work in challenging the existing operators through providing tasty, fresh and more expertise options to the consumers (Shai, and Shapir, 87). This will thus help in developing a robust model of the business which will be grounded on high yields and low operation cost. Through franchising BOME visions that, it will dominate the domestic market which will help in the global operation. The corporation will additionally diversify its products through product keeping and catering in places the supermarkets.
BOME holds the strategy of getting acquisition from a different firm in the next five years through posting large sales and revenue. In addition to the particular period, the corporation may consider merging as an exit strategy. Raw products will be sourced from the selected suppliers and the corporation will utilize the strategy of restocking which will help in preserving products to ensure that sales and preparations of meals are not affected.
Work Cited
Abrams, Rhonda M. The Successful Business Plan: Secrets & Strategies. Palo Alto, Calif: The Planning Shop, 2003. Print.
Feldman, Shai, and Yiftah S. Shapir. The Middle East Strategic Balance, 2003-2004. Brighton [u.a.: Sussex Academic Press, 2004. Print.
Mbengeranwa, Allen. Restaurant Business Plan -: The Complete Practical Format. , 2014. Print.
William, Pride. Marketing 2016. Cengage Learning, 2015.
