Executive Summary
Southern Soul food will be an eat-in, carry-out restaurant specialising in fast lunch meals, and take-away and eat-out dinners. Southern Soul food has a lucrative market of consumers who want a good meal delivered to the office quickly or taken during working breaks with the least waiting time with the growth of business establishments and offices in the city.
Quick food specialises in southern soul food; fries, chicken, burgers, wraps, salads, burgers, pizza. At a valuable price, the food will be excellent, supported by enjoyable packaging. It will include chefs with specials for customers who want to dine and an environment focused on a special menu to hold a fast business meeting.
There are other food stores in the region that already exist, and the market is extremely competitive. The Southern Soul Food Restaurant will capitalise on the fastest delivery of food within the shortest waiting period to solve this issue. Southern soul food will have a smartphone app to do this, which allows consumers to position their order early so that it is prepared on time, and they will be able to monitor the time when their food is ready when they are sitting at their office desk. They can see when the food is prepared, the pickup, and the delivery to their office through the application in the event of delivery.
In order to draw clients, Southern Soul Food would have robust ads, online advertisements, promotional campaigns and word of mouth marketing. The revenue forecast is assumed to be 1500 orders per week, resulting in approximately $900,000 per year. The estimated start-up expense will be $150,000, which investors will mostly contribute.
Section I
- Southern Soul Food will specialize in quick lunch meals and dinner-eats plus take away.
- Food will be delivered in offices or taken during breaks with fewer hours of waiting. It will also specialize in fast foods such as fries, chicken, burgers, pizza.
- A strategy to overcome the competitive market is to ensure the quickest delivery to the customers. This is through the use of a mobile application where one can place their order.
- There is the use of comprehensive marketing from online advertisement to campaigns.
- Aimed at making 1500 sales in a week, which can result in $900000 annually.
- Start-up cost of $150000 will be mainly from the investors.
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Section II
Vision/mission statement: To serve our customers with integrity efficiency via demonstration of warmth with zeal towards world-class status.
Industry Profile
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Ambiance
The southern soul Food is always the best place regardless of the occasion. A unique experience is guaranteed whether running a busy schedule or relaxing. We can deliver food to anyone at any time with the specified quantities regardless of the number. Contact us in case of any event too.
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Menu
Our menu is the fleshiest ever. We use fresh ingredients to ensure we give you a real taste. It is a real treat for those. The menu is for all and ever attractive. It gives one the experience they need to get from a five-star hotel. Our chefs are the best, and our prices are the real deal.
Section III: Feasibility Study
Identification and Exploration of Business Scenarios
The restaurant industry has a wide variety of service style that caters for a specific market. To ensure the success of Southern Soul food, the service style must please our target market. Fast food or quick-service restaurants are usually perceived to make bulk wrapped and kept, which doesn’t portray freshness. With our target market in mind, which is professionals and working people, this is not what we would like to be perceived. To prevent this scenario, clients will be asked to place their orders in advance from the mobile application to make their food memorable for their needs and not bulk and unhealthy.
Our fast-food restaurant will offer some table-side service for our customers who wish to have a casual meeting over a meal or catch up on office breaks. We aim to deliver food to our clients on time to have a fast-casual style that will make it possible for customers to come in at any time of the day to get their food without committing a lot of time dining.
Customer Profile
Since the area has a lot of offices and businesses. The target market is the working class who don’t have much time to sit down and wait for a meal. They can place advance orders or get delivery to their office desk in cases where they have no time to get out of the office for a lunch break.
Competitors
The leading competitor is a fine dining restaurant that offers a full service and experience. Although Southern Soul Food provides quality food and services, it will not be appropriate to make it a fine dining restaurant considering the style of food we offer and the target market.
Section IV: Business Strategy
The business strategy provides a diverse operational setting where it is possible to achieve the set organizational objectives. The underlying need to complete the developed goals is based on the active measures that have been implemented within the regulatory environment. The marketing strategy that would be critical, in this case, would be a differentiation business strategy. Differentiation business strategy considers different measures that outline essential concepts that define a festive business operational setting. The fast-food industry is very competitive. Thus, there is a need to ensure that the business strategy is adapted to develop a robust and unique engagement within the market (Kanagal, 2015).
Developing a highly competitive business strategy provides a uniquely positive experience, which better influences essential elements that define necessary measures that outline needed processes that determine a successful business development. In this case, the decisions that are made regarding the business strategy that is implemented should take into consideration the underlying organization objectives and essential elements, which define a successful business development. Increasing the market share and ensuring business continuity is a crucial strategy that provides a highly critical and efficient business environment made possible by the integrated approach within the marketing environment.
Product differentiation business strategy, particularly when considering essential elements, defines a proper understanding of crucial factors, representing a better focus on critical processes to achieve the set organizational goals. Market differentiation is a strategic concept, which outlines evident vital elements that need to be considered in creating a highly diverse business setting where it is easier to develop a highly integrated business operational environment (Kanagal, 2015).
Therefore, market analysis is essential in determining the underlying gaps that the company can exploit and ensuring that it is highly competitive. The Southern Soul Food focuses on lunch and dinner dishes and take-aways take-aways, which provide its customers with various options, which help improve the overall understanding of essential elements, which define greater focus on fundamental concepts that define successful engagement within the industry. The decision that is made by the company regarding the underlying business strategy should be based on a critical evaluation of the market as well as the production (Kane et al., 2015).
The company’s product and service differentiation will be based on the available business resources to develop a strategic plan that can be achieved. Critical evaluation of the essential underlying elements within the industry highlights a greater focus on critical concepts, which define a definite focus on crucial details, which represent positive change, based on the strategies that have been developed. The business strategy that has been adopted plays an integral role in influencing the ability of the company to achieve its objectives based on a positive evaluation of critical concepts, which define a more substantial influence on business development concepts.
Section V: Company Products and Services
The company’s products and services form the underlying vital elements where other business development considerations are integrated into developing a strong focus on critical factors, which define positive change. The company’s essential products and services will include fast foods such as fries, chicken, burgers, and pizza. The company will integrate delivery services to ensure that they completely fulfill the needs of the customers. The food products will be delivered in offices or taken during breaks with a critical focus on less than an hour delivery time. The company products and services’ primary target market is the working-class population, who are extremely busy. Thus, ensuring that their orders are delivered is a strategic focus, aiming to create a better focus on the underlying diversity within the market (Kane et al., 2015).
The delivery services focusing on less than one hour are strategic within the industry, especially considering the number of orders the company expects to receive. The need to adequately meet customers’ needs is a crucial service delivery objective, which outlines critical processes that are integral in achieving a higher level of success. The competition within the fast-food industry requires a strategic understanding of fundamental concepts, which define a primary focus on the company’s underlying successful development.
Section VII: Marketing Strategies
Marketing is an essential process within any business. It provides an integral focus on critical elements, which define a better influence on crucial measures, which describe a primary emphasis on essential concepts, representing a better operational strategy. Marketing has integrated vital concepts, which have sought to develop unique customer engagement strategies, focusing on improving a highly successful business environment where it is easier to grow a substantial market share based on the marketing strategies used to engage the target market. Technological changes have revolutionized the marketing in many business organizations since, to remain competitive, better mechanisms have to be put in place to ensure positive engagement within the target audience (Chaffey, 2016).
The adopted marketing strategy provides a critical understanding of critical processes that help the company remain competitive while developing a strong focus on essential elements that define a positive business development. The marketing strategy that will be integrated into this case to help the company achieve its objectives will be a comprehensive marketing strategy that will incorporate multiple marketing strategies ranging from conventional marketing strategies and online marketing strategies, positively influencing essential measures to promote significant societal development. The company has significantly integrated a mobile service application, which can be sued to make orders (Genç & Öksüz, 2015).
Social media is the most significant mode of marketing in recent years. Social media marketing entails consideration of various social media sites, which have sizeable human traffic where it is straightforward to engage with the target audience and ensure a clear understanding of the services and the products offered by the company. It is straightforward to engage individuals in a shared environment such as social media where the target market effectively receives an advertisement of company products and services. The availability of internet connectivity has significantly improved the overall understanding and influence of social media.
Effectively putting in place a clear understanding of the target market is crucial in creating a better experience within the business context and the industry. Being able to outline a target market effectively means that the business is well engaged and focuses on the quality assessment of the critical considerations that need to be made. Engagement in the market is an important consideration that needs to be considered adequate by the Southern Soul Foodservice Company is developing a clear strategy, which can be significantly engaged in quality production. Therefore, participating in the market will substantially involve the overall organizational well-being and gaining an advantage in the market. Thus, there are many important considerations, which will be significantly engaged in promoting and marketing the company’s new service (Ashley & Tuten, 2015).
Business organizations fail to put a clear strategy in place, which can be significantly engaged in creating a better environment where the quality understanding of the underlying issues within the market can be involved. Thus, it is essential to understand that these issues effectively manage a successful organization within a given firm. The current business environment is critical, especially considering the ongoing technological transformation within the business environment. Technological changes have revolutionized marketing in many business organizations since, to remain competitive, better mechanisms have to be put in place to ensure positive engagement within the target audience (Kane et al., 2015).
Online advertising is one of the latest technological advancements that many businesses consider to ensure that there is high-level engagement. Advertising plays a crucial role in influencing the market focus under which a company operates. Emailing is one of the latest communication methods that the industry has considered in creating a better operational center. Emailing has been preferred based on the understanding that it engages customers directly. The email setup is an important thing to consider in creating a better concentrate within a business setting. A business must be aware of the type of customers they are engaging with to ensure that they develop a better strategy to be employed quickly. Privacy is an essential element needed when engaging with customers, and email is a critical method that can be effectively used to engage customers with a much more direct approach (Okazaki & Taylor, 2013).
Section VIII: Location and Layout
Southern Soul Restaurant will be located in a high foot traffic area. The restaurant layout will include an open dining area and another dining booth at the front. The kitchen will be at the back, and it will open up into a serving line. Next to the serving line will be a cashier and one server at the dining booth. This has been designed to ensure efficiency and flexibility to accommodate customer traffic fluctuation and peak meal periods.
Section IX: Competitor Analysis
The Southern Soul Food competitors are the nearby restaurants and hotels that have been in the market for a long time and have established a good relationship with the customers; thus, poaching them won’t be easy. As a result, offering better and improved services to the customers would be the key to entice them to come back again and again. Also, giving customers discounts can be better bait and online selling systems to reach out to more customers.
Giving customers the freedom to choose the payment mode through cash, using credit/debit cards, and mobile payment will reduce the complexity associated with costs. If a customer refers to another customer to do business with the restaurant, a token of appreciation is offered through incentives.
A wide range of products will be a priority to be competitive and offer better services such as take away, which is not always with the existing market. A quick lunch for the employed personnel is also essential to give customers ample time to relax before going back to evening duties. Provision of Wi-Fi and internet connection is necessary to keep customers flocking back often.
Section X: Description of the Management Team
The management team will comprise the owner, who will double up as a general manager, and a kitchen manager. As a start-up, it will only require simple organization management. The owner and the kitchen manager will be in charge of recruitment of employees and hiring. They will ensure that background checks are done for all the applicants. Most of the recruits will be brought in through referrals. The applicants will be required to download a questionnaire from the southernsoulfood.com website, fill it, and attach an application letter and qualification documents.
Over time as the restaurant grows, there will need to hire a sales director, a general manager, and an assistant manager to meet any gaps in payroll, accounting, and inventory management.
Section XI: Plan of Operation
Southern Soul food restaurant will be open seven days a week for lunch and dinner, requiring multiple shifts. The kitchen manager will come up with the schedules to allow an increase or decrease in hourly labor according to sales volume to maintain consistent labor cost control. The application of proper labeling and rotation techniques, accompanied by ample storage facilities, will ensure consistency in high quality even during peak hours. The owner/manager will be responsible for ordering, receiving, and maintaining sufficient inventory. The manager will ensure that all contracts will the service providers are up to date. Perishables like fresh groceries will be delivered every two days to ensure minimal wastage. There will be constant checklists to verify that each work shift has been adequately prepared to meet all the set operational standards that ensure smooth working of all the restaurant sections.
Section XII: Financial Forecast
As the business gains momentum, financial returns are expected to grow using future returns analysis and projection. With a start-up capital of $150 000, the company is expected to generate revenue of about $1500 in a week, which could yield an income of up to $600,000 before taxation during the first year of operation with the expectation that it will shoot up to $900,000 in the second year and $1,200,000 in the third year.
It is projected that within six months, production cost will be about $300,000 a week while the price of a unit will be about $ 200. Sales per unit would be $750. This here is a pro forma financial Analysis
Section XIII: Loan or Investment Proposal
Being a start-up business, it is essential to note that it comes with a lot of financial power to maintain the production process. The company will also be under rented premises, so it calls for payment of the rent with up to three months of an advance payment. The total cost to kick-start the business will be about $150,000 but not enough to sustain it as it is making its way into the market. Thus, savings from the partners will be a minimum of $100,000. The start-up capital of $150,000 will be generated from the investor’s pocket. The maintenance capital of up to $300,000 acquired as a loan from a financial institution to be repaid after four months of business operation and extend up to two years.
Parting ways with investors will be after three years once the business has established itself within the market and can sustain itself. At this time, investors would already have recouped their money and made a profit out of it. After two and a half years, the business should be operating at 80% profit, which will be essential to keep it running.
Section XIV: Appendices
The key contracts will be with the suppliers and the building contractor. The restaurant will involve a layout designer and a team of builders to bring the layout to life. As mentioned in the management organization, there will be a checklist during recruitment. The following information will be required from the applicant:
Applicant’s Name ______________
Address ______________
Personal Contact ______________
Phone ______________
Fax ______________
E-mail ______________
Level of education and experience______________________________
Performance Evaluations for past 2 years from other employers, if any___________________
This questionnaire will accompany the application letter and other required documents.
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