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Sample business plan part iii Competition 6.1 Immediate competitors
Management specifically selected this location
due to the community's thriving and vibrant nightlife. Little
West-Side offers approximately:
While CreditSunrise Fictional will be competing with all of these establishments for the consumer dollar, the main competition will be with several of the key restaurants within this community, most notably: • Club 1 - While this restaurant was rated highly on the TheCity.com website, their operations, menus and ambiance were all a direct result of John Smith's proven experience in the industry. Unless Club 1 adds entertainment to their venue, patrons may find it more convenient to go across the street to get a great meal and entertainment. • Sotto Wine & Pasta Bar – This restaurant provides the same calibers of food and presentation that CreditSunrise Fictional will. However, due to the lack of live music, they’re in the same boat as Club 1. • Bistro Bar and Grill – Their food is lacking and therefore not competitive with CreditSunrise Fictional in this section, but their DJ is great and attracts the crowd CreditSunrise Fictional is going after. • Tea Room – a new restaurant rated highly for their menu and ambiance. They will be losing their head waiter to CreditSunrise Fictional. There is no live music. • Main Avenue Bar – The music here is live and attracts the clientele CreditSunrise Fictional is looking for; however, the bar seats only 60 and the food is not comparable to CreditSunrise Fictional. • The Room – Owned by Jack Small of SSS fame, it has a bluesy/jazzy/funky ambiance. It is small but is expanding to fit approximately 125 people. The place gets extremely crowded making it hard to even go to the bathroom. The food is good, but very simple and more along the lines of bar food. The crowd is definitely in the early 30’s – exactly who CreditSunrise Fictional is targeting. • Shallow Start – This bar opened last year and caters to the 30’s crowd. It is a very crowded basement with a DJ. Food is bar food. This crowd will be hard-pressed to keep coming to Shallow Start when CreditSunrise Fictional is open.
There are many areas where restaurants are in fierce competition. However, Little West-Side, it is known for its restaurants. Because of all the tourists and because it’s a trendy part of The City, there is definitely an overflow of customers. CreditSunrise Fictional direct competition will definitely come from none other than Joe’s previous endeavor, Club 1. The clientele is familiar with John and will definitely want to try out his new venue. With the added space, great menu, and live music, CreditSunrise Fictional should win over many Main Avenue patrons. There are few restaurants that provide live music and most of them that do have ethnic music. The Room provides live music between Thursday and Sunday; however, it’s a cramped space and the food is more of a sandwich/appetizer style. Bar Italia has music on their second floor, but again, the food has been the same for years and is more of a landmark than a “hot spot”. Some bars like Shallow Start are popular, but provide DJ music.
The operations are already mapped out. John will monitor the kitchen and cook there with the chef, London Nott. He and John will also take care of the catering. Sam will monitor the floor, the waiters, and the door. Sam’s brother Steve, a licensed bartender, will be at the bar (he just finished bartending school) and manage that area. John and Sam will hire the waiters and kitchen staff. Staffing will include the daytime chef, delivery people for catering and an additional person for corporate events as required. Evening staff will include 5 waiters/waitresses, 1 host/hostess; 1-2 bus staff, 2 chefs and 1 coat checker.
The plan is to open slowly for the first couple of weeks – Thursday, Friday, and Saturday nights. The stage and seating capacity make this location ideal for business morning meetings and conferences (one client has already stated his willingness to book their location once a month) during the weekdays. Dinners will open up from Tuesdays to Sundays and then there will be further consideration for lunches, especially in the summer. The catering side of the business will start almost immediately. London’s previous job was in catering in the United States with his brother and therefore, will bring much experience to this position. The liquor licenses have already been received for the whole venue including the patio. The renovations are up to fire code and they have added another exit to be able to add seating capacity. Both Sam and John have used suppliers they know and trust and have therefore negotiated deals with them on cost and credit. Sam has used contacts in the construction business for the windows, labor, brickwork, etc. John has used his tried and true suppliers – the same used at Country Style Diner and at Club 1 including A R Foods, Cort’s and Pete’s, and Small Winemakers. Given management's extensive experience in the restaurant industry, significant expense is being incurred on a new computer and high-end camera system (covering all cash registers and bar activities) to ensure management's guidelines regarding the “handling of cash transactions” are strictly adhered to.
John Smith is the key strength of the business. John has been in the restaurant business most of his life and is well known in the community. His previous ventures have proven highly successful and generated profits in their first year of operations only to show continuous success in subsequent years. John is literally a “hands-on” owner. He can often be found in the kitchen cooking if his chef is off and if his chef is there, he’s the co-chef. John understands his loyal staff and leaves them to do what they do best. John ensures that he greets and banters with everyone. Anyone new to his establishment is introduced and quickly put at ease. John accommodates special requests on a health or diet basis and is always willing to make something special and off the menu for his best clients. It’s telling when even his suppliers join him for lunch, coffee or a drink before going on to their next clients. John has a loyal following. His waiters, chefs, and suppliers have been with him since he opened Country Style Diner fifteen years ago. When he opened Club 1, it was with one of his waiters and an old friend. The same suppliers, builders, and designers from Country Style Diner were used in Club 1 and with the new restaurant, CreditSunrise Fictional. John is a savvy entrepreneur. He is in tune with his financials and knows where he makes money in his business and what margins he needs. At Country Style Diner, he knew his sandwich bar made the most money, so any expansion was first made there. Because of Joe’s loyalty to suppliers, he is able to negotiate considerable discounts and is able to use credit from his suppliers. John’s restaurants get inspected often, as all restaurants in The City are, and e consistently receives stellar ratings. He runs an extremely clean and organized operation.
Sam has been contracting trades people and overseeing the renovations to CreditSunrise Fictional fulltime since June 2000 and is committed to managing the floor full time once CreditSunrise Fictional opens.
London Nott comes with much experience and he has worked with John before – in Country Style Diner and also at Club 1. He has worked at The Co-op and is presently working at SRC providing them with a food cost and analysis binder. Not only does London know how to cook, but he also can keep costs down and make each dish he prepares a work of art. His catering experience will be an asset at CreditSunrise Fictional. Steve Jones, a licensed bartender will act as the full-time, head bartender overseeing operations behind the bars. Sam's wife, Sue Jones, currently a chartered accountant for the Ontario Securities Commission, will provide the financial planning and preparation of financials required. John’s wife, Terrie will provide and monitor the monthly cash flow as she has experience as a bookkeeper. Henry Salral, a 6-year veteran waiter at Country Style Diner has agreed to join CreditSunrise Fictional when it opens. Henry is used to running a dining room on his own or with one other waiter and will be able to train the new waiters/busboys in the way John has trained him. Thomas Trent, headwaiter at PhePhoenixs agreed to come to CreditSunrise Fictional once it’s opened to manage the floor.
Fictional Restaurant seeks a $175,000 SBA Loan to assist in the project costs of $600,000. This includes the purchase of fixed assets in the amount of $225,000 and leasehold improvements in the amount of $375,000. The owners have injected $135,000 in funds over the past six months to renovate the building. We have provided a break down of existing disbursements in the appendix of this report. Future disbursements include $305,000 in additional leasehold improvements including construction, refinishing and details required prior to opening the facility. This will bring the total leasehold improvement costs to $375,000. Future equipment costs are estimated at $160,000. The owners will not purchase further equipment until the leasehold improvements are complete. The equipment expenses will include kitchen & bar equipment, security, and other required items.
Breakeven point
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