Develop an eight- to ten-page business and marketing plan (not including the title and reference pages) telling a compelling story about a restaurant that you are planning to open. It should explain who you are, what you plan to do, when you plan to do it, where you plan to locate it, how you plan to do it, and why you are going to do it. This plan should be focused and clear and should define your specific objectives and goals and the parameters to guide your organization. This plan should become a living document and be a part of your restaurant which is updated on a regular basis.
The business and marketing plan must:
- Include an executive summary, which should give a snapshot of your restaurant and explain who you are, what you are doing, and why. This should provide a basic understanding of the company, such as whether this is a new venture, a franchise, or the management of a restaurant for an existing owner. The summary should be one to two pages in length; it is usually best to write this last, after you have completed the plan.
- Define your market, describing the restaurant industry and the outlook for the restaurant industry. This will provide a profile of your future customers. You should state the potential market share for your location.
- Describe your restaurant concept and the type of food you will provide, including a copy of your menu. The plan should state why you are in business, who your competition is, and what makes you competitive.
- Describe the organization and management of your restaurant, including an organizational chart. Describe your legal structure (owner, corporation, franchise, etc.). State the type of licenses you will need to acquire (liquor, health, etc.). Lastly, in this section you should include a brief biographical overview of your key managers.
- Describe your marketing and sales strategy, including a description of your market, who your customers are, if you are dine-in, take-out, delivery, etc. Explain your strategy for pricing, promotion, products, and place, otherwise known as the four Ps of marketing.
- Describe the financial management of your restaurant, including an estimate of start-up cost, projected sales, and projected cash flow. If applying for a loan you would need to include a personal financial statement (however, do not include a personal financial statement when submitting the assignment, it contains your personal information).
Writing the Final Paper
The Final Paper:
- Must be six to eight double-spaced pages in length (not including the title and reference pages), and formatted according to APA style as outlined in the Ashford Writing Center.
- Must include a title page with the following:
- Title of paper
- Studentâ€™s name
- Course name and number
- Instructorâ€™s name
- Date submitted
- Must begin with an introductory paragraph that has a succinct thesis statement.
- Must address the topic of the paper with critical thought.
- Must end with a conclusion that reaffirms your thesis.
- Must use at least four scholarly sources, including a minimum of two from the Ashford Online Library.
- Must document all sources in APA style, as outlined in the Ashford Writing Center.
- Must include a separate reference page, formatted according to APA style as outlined in the Ashford Writing Center.