Business Plan of a Restaurant in Alaska

Introduction of the proposed business

Considering the increasing number of consumers who have preferred to dine outside their homes or have prepared food, I have viewed it wise to start a restaurant in Alaska. This is a conceived business decision that I want to pen down its plan so that I can start with an immediate effect. The focus of my plan will be on organic and ethnic foods and food that will satisfy the needs of many who value and treasure such foods.

Services

Services that shall be offered will be majorly from the chef's recommendations. This is because he has a variety of ingredients and recipes that would serve best the services of this restaurant. The restaurant will consider a healthy dish as the key factor of its services. Most importantly, hygiene will be highly valued and any other important aspect will be upheld to ensure quality services are offered. Breakfast, lunch and supper will be made available at their respective periods of the day.

Management

Management will have a very powerful team with Mr. Daniel as the general manager. A team of twenty chefs and other workers will handle the catering department. Other offices will be handled by other members of staff including Dorcas K. the financial manager, Zack Volentino who will be the secretary. The management will work tirelessly to ensur that all workers work to achieve the core goal of maximizing the profits for the benefit of every person under this roof. It will also focus in rewarding the hardworking workers which shall be a motivating factor to all workers.

Objectives

Our main objective will be to maximize profit as we minimize the cost of production.

We are expecting to get $136000 in the first year, $566000 in the second year and progress with an increasing output thereafter.

Mission

Our mission shall be making Alaska restaurant to be the best place to dine.

Getting maximum out of the little investment is also our mission.

Creating an enjoyable working environment for all workers shall be also our mission.

Vision

The vision of Alaska restaurant will be to serve the community under sustainable and favorable services.

Business entity

The Alaska restaurant will be of general partnership entity and more particularly general partnership whereby we shall have a joint ownership with one of my business partner by the name Joshua Gorge. General partnership unit has very unique elements that made me choose it. Among them are the sharing of profits and losses equally and each one of us will have an equal right of managing the restaurant (Learn2succeed.com Inc., 2009).

General partnership is my best choice because it has numerous advantages over the other entities. First, it is easy to establish this form of entity. Since the ownership is combined, it becomes easy to raise capital and get funds whenever they are needed to run the business. This becomes a safety advantage when the restaurant runs at a risk of shortage of capital.

The quality of management is also higher because the different parties are able to combine their ideas and intellectual knowledge to come up with big and achievable ideas. This is the best advantage of this entity because if the management of the restaurant is promising, then the success is guaranteed.

General partnership provides a large variety of skills that are attributed by the different managers of the restaurant. This will minimize errors that come about due to lack of knowledge and negligence. Finally, the business will not be taxed separately because each partner will file his profits and loses and draw the taxes from his leftovers.

However, the partnership entity has some limitations which we shall try to bear with them. First, each partner is liable for any debts that the company may have. This implies that their assets would be a substitute of their debt. The partnership entity may be unstable because one partner may wish to withdraw from the business. The partners are also jointly liable of any step taken by any of the members of the partnership. This is a serious concern since when a third party may decide to sue the company; he can sue any of the partners.

Steps to be carried out before starting the restaurant

Having done the planning of the structure of the restaurant, the implementation of the plan shall start immediately after a careful analysis of the plans. The starting point of the business is very important but it is not until several steps are followed that the business can be commenced. In first step, we shall get ready with the funds that were estimated during the planning. This shall allow us to finish everything that required funds easily and with fluency (Learn2succeed.com Inc., 2009). 

Seeking legal authorization will follow whereby the following details are supposed to be approved and licensed. We shall first register the name of our partnership which will be Alaska restaurant. The other step will be to incorporating our business through the LCC process which will be essential in protecting the assets of the restaurant. These assets will include the utensils for cooking, furniture in form of chairs and tables, kitchenware and any other asset we shall have bought (Learn2succeed.com Inc., 2009).

The next step will lead us to obtaining a Federal Tax Identification Number. This will distinguish our restaurant as a distinct entity for security purposes. This will also save us from producing the personal social security number for business matters each time. We shall also create and sign the partnership agreement which shall be very essential because it shall outline the responsibilities that affect both of us as the partners. It shall also highlight how the profits and losses will be allocated and also the authority of each of us in decision making in the restaurant partnership (Learn2succeed.com Inc., 2009).  We shall also ensure that we license the partnership

This will help all our operations to be within the requirements of the law. We shall consult an attorney who has specialized in the catering sector who shall advice us on various strategies that will give us long-term benefits in our business. The attorneys shall have to be a recognized and licensed by the government of Alaska for quality guarantee (Learn2succeed.com Inc., 2009).  

Having passed all the legal requirements, we shall choose a strategic location where we shall set up the business. This is very important and so much research and precise planning shall be needed. Some of the considerations that we shall ensure include the brand image of the place. We shall also ensure that the area is business friendly (Learn2succeed.com Inc., 2009).  For instance, we shall look a vacant space along the superhighway where visitors and locals can be able to access. We shall also consider the safety of the area so that the employees shall feel safe and secure. Other consideration shall be on the local restrictions and rules of that place.

The other important step will be making the choice of the foods and the prices that each shall require. This will lead us towards designing a menu that shall list all the foods we shall be offering against the prices.

We shall also open a bank account which shall help us fund our business. This will enable the starting of building our business credit after which there shall be cash supply at hand.

We shall also seek to find start-up resources that will guide us on various ways to respond to various circumstances within and outside the restaurant. We shall also build up a team of working staff that shall get off the restaurant from the ground. We shall define the roles of each person, rights and responsibilities to each worker. This shall help us to minimize confusion once the operation commences. 

The last step will be starting up the restaurant. This step is a trial and error step whereby mistakes come up and discouragement may start (Learn2succeed.com Inc., 2009).  

There are several steps that are undertaken when the business shall start. First, branding and advertising shall start. This shall be done through various modes of marketing including word-of mouth advertising, creating awareness in the social media like Facebook and Twitter among others. Other modes shall be placing advertisements in TV and radio stations. Posters and offers shall useful in attracting customers.

The restaurant will then pick up the trend and start competing with its competitors.  As implementation of the designed business plan will be going on there will be room for improvement (Learn2succeed.com Inc., 2009).   

Reference

Formun Üstü

Learn2succeed.com Inc. (2009). Steps to starting a successful retail business: How to find a niche and turn it into a money machine. Toronto: Productive Publications.

Formun Altı