Multi Cuisine Restaurant In London: Menu Variety, Location, And Family-Friendly Essay.

You must choose & adopt one of three entrepreneurial perspectives in developing your idea, either:

1. A) As a founder enterprise (cognitive perspective), or
2. B) As a collaborative venture (for example, as a limited partnership= organizational perspective), or
3. C) As a markets-based venture (typically via a website= economics/finance perspective).

Select & draw on at least one of these perspectives of entrepreneurship development (A, B, or C) to support the development of their venture. These are the only requirements of your business proposal.

Opportunity formation

It is being planned recently that a multi cuisine restaurant will be opened in the city of London. Their main aim is to offer several delicious dishes from several different cuisines at a cheaper rate and to be different from the other similar restaurant which can help them to retain their customers. The organization is to be built at Brick lane Market which is one of the busiest market places of London.  This location can prove to be really helpful for the organization because people visits this market very frequently and in large crowds so they will be able to visit the multi cuisine restaurant. This restaurant is being planned to be launched in March, 2019. The organization need to take some loans from the bank because it takes a huge amount of investment for setting up a restaurant and that too in London. The organization has decided to start working with the plan from January 2019 and will be implemented soon.

The organization serves around food preparation from almost 20 nations and the menus include the beef, chicken, seafoods and also the appetizers. The main specialty of the restaurant is that the restaurant offers complete menu of a restaurant of a nation for a week and then quickly shifts to the cuisine of another nation in the next week such as the restaurant may serve Mongolian cuisine for an entire week and in the next week the restaurant may serve Italian in the next week. Moreover, an open carnival is planned to be organized every month by the restaurant where they will serve the customers the cuisine of the four nations that got most demand in the ongoing week. A sample menu is appended to the business plan. The restaurant has promised to serve several varieties of wines, cocktails and also desserts to complement each meal. The organization has planned to serve the customers with the freshest of the fresh ingredients such as the fresh and organic vegetables and meats of superior quality, and imported liquor. The menu of the restaurant also serves several “Manga Bene” items that help in providing substantial portions and the eminence flavors as the regular menu but definitely with low fat, low calorie and obviously with low cholesterol benefits. The restaurant has also planned to organize a separate menu for the children aged between 3 to 12 years of age which features “Mr. Meatball” a cartoon character who helps in suggesting the children their favorite spaghetti and the meat ball pizza and also the toasted ravioli in smaller portions which is just perfect for the smaller appetites. The organization has decided to mix and match items to introduce new items on the menus and the organization has planned to improve the existing menus also which will be an ongoing process. Moreover, the organization has planned to set up a lavish bar where they will serve a full collection of the mixed drinks, wines and also beers. The restaurant may offer a place where the adults, the families, the singles and the young people can enjoy their drink while waiting for their places in the restaurant, waiting for a table and the bar also serves a friendly place to meet and converse before the dinner. The restaurant wants to label themselves as the family array business and they never want to be known as a “Bar”. There will be no nighttime parties and the drinking crowds as the part of the base of the customer of the organization.

Opportunity development

The restaurant has planned to enter into the market as a limited partnership. Limited partnership is more or less like the normal partnership but there is several important differences. The management team of the limited partnership rests with the general partner who helps in bearing the unlimited liability for the debt and the obligations of the company. the limited partnership permits for several number of the limited partners whose liability is restricted to the total amount of their investment in the company. the limited partners are often termed as the silent partners because they can make investment in the business but they lack in the voting rights of the organization. The limited partners can prove to be a valuable source of capital in the structure of the business. The multi cuisine restaurant has decided to take up the policy of the limited partnership where they have included several other people as their partners in the business who will offer huge investment in the business. They decided to follow the plan of the limited partnership because of the several reasons which are as follows:

The structure of the limited partnership helps by offering the protection of the liability up to the amount of the asset for the limited partners of the company.

The income of the limited partnership is not overtaxed at the level of the business instead the profit and loss of the business are passed through to the partners for reporting on their returns of the personal tax.

The general partner has got control of the complete management of the limited partnership.

The limited partners can help in the generation of the investment of the capital by addition of the more limited partners.

The organization has managed to get several limited partners who is basically helping the organization a lot in getting a huge amount of funds helping the organization to flourish itself in the market of London. This has really proved to be helpful for the organization in starting their own venture. Getting help from the limited partners may also help the organization to expand their business not only in London but may be anywhere in the United Kingdom.

Market segmentation

The organization has decided to provide a fine dining, full service and the family restaurant where the families can enjoy a great meal and at a reasonable price. Moreover, there is also separate menus for the children which is also a great attraction for the customers (Panagopoulos and Avlonitis, 2010). The bar has also been decided to set up so that the people can enjoy the drinks but definitely the restaurant does not allow night crowds and also the drunk crowds. The restaurant is basically focusing on the families. The organization has gone through several research before the place of the setting up of the restaurant was decided (Snihur, Reiche and Quintane, 2017).

The table of the market analysis can clearly how that within the 5-mile circle of the place where the restaurant is being planned to set up 98 % are the families which are their main focus also. The chart below shows the potential of the families who can afford to eat out in the restaurants.

The organization has already focused to attract the families who are living or comes frequently in the shopping and the market area. The organization has decided to mainly focus on the people having an income level of at least $ 60000 and above and the 98 % families living and shopping in the area. They are concentrating on the exact group because these group of people will be willing to spend their money on a good dining and the service at a value price.

The organization or the restaurant has decided to promote their restaurant through the social networking sites. They have decided to update every aspects of the restaurant through Facebook, twitter, and the Instagram. They also decided to update their menus through the social networking sites only. As they have a planning to serve different cuisines and menus every week so they decided to make the customers inform about their menus every week through the social networking sites (Liu, et. al., 2015). As the restaurant will be totally new so they need to make the people inform about their restaurants. Moreover, as this restaurant is new so cannot afford to franchise their restaurants. Once their restaurants become big and known they will be able to opt for the franchising of the restaurants. The social networking sites will be able to serve their purpose of promotion. Social networking sites such as Facebook, twitter and the Instagram are used by people all over the world and the restaurants can reach the mass by using the social networking sites. Moreover, they can also create an application for their restaurant which the customers will be able to operate through their phones and tablets and also through laptops (Hånell and Ghauri, 2016). This app will be available in the play store for the android users, in the iOS store for the iPhone users and also the store for the Microsoft users. People can also order home delivery of the food through this app and in this app also people will get the menus and the price of the items that will be available in the restaurant.

Target market segmentation strategy

The location of the restaurant is quite attractive as it is a market place and people often visit that place and after shopping most of the people prefer to go for a lunch or a dinner. The nearby locality is also quite rich who can afford to go out for dinner several days in a week. The area is quite vast and the area is also growing (Solomon, et.al., 2014). They have selected the prime location to set up their restaurant. They can prove to be a great competition for the restaurants serving the multi cuisine menus but their strong point is that they change their menus every week and they offer new cuisines every week. People will wait for the new cuisines every week to enjoy their dinner. They have also decided to source their raw materials from the local farmers and the other farmers of the European union. They are mainly focusing on the vegan menu so they will source all their raw materials from the European leading vegan brands in the plant based organic food (Sarin, et. al., 2010).

Their sales strategy is to sign up as many recurrent diner customers as possible at the location where they are planning to set up their restaurant. They have decided to build and expand the customer base by increasing the expectation of the customers.

A forecast of sales of 5 % increase in the volume is based on several points such as increase in the business of the retail employees, a large space inside the restaurant to cater more customers, availability of the private rooms to arrange private parties. Below is the sales forecast has been mentioned which are as follows:

The multi cuisine restaurant has planned to create their own website beside the app. This website will have all the information about the marketing plan of the organization, about the restaurant and also from where they get their raw materials, who supply their raw materials, and also who are their partners and also future sales forecast.

Marketing in an internet retail business depends on the recognition for the expertise (Jiang, et.al., 2015). It may start with the existing store front customer base and informing them about the presence of internet and also encouraging the word of mouth recommendations to the others. They can market their websites by offering gift cards to the customers who will book tables through the websites and they can also give discounts to the customers who may sign up for frequent dinners and the birthday party programs. People can also check their frequent dinner points online and can also check the schedule in a moment’s notice on their website (Kuo and Chen, 2011). People can also purchase gift cards and can also present gift cards to the other people through their websites. People will also be able to find promotional coupons at the website and general information on the other events in the area. The management of the restaurant will update the websites regularly so that people can get every kind of help from the website. People need to sign in to the website with their mail id, phone number and their name and the website will be password protected. Every people will have separate passwords for their login id.

Promotion strategy of the organization

People are the most important elements in the operations. They promise to provide great value and respect to their managers as well as to their staffs. They know that friendly strong managers can make friendly strong crew people (Kapferer, 2012). A strong friendly crew will be able to serve the customers well. This will be portrayed in their quality of food and in the hospitality of their staffs. The customers will be able to get great food, great environment and also clean restaurant. They have decided to select their staffs in a very strict way so that they can become the important and the useful resources for the organization. Moreover, as they will serve cuisines from different nations so they have decided to employ chef from different nations who will be specialized in preparing their respective cuisines. They are also ready to provide a good amount to their staffs so that their staffs also remain happy and feel great to be the part of the restaurant (Mansor, Wai, Mohamed and Shah, 2012).

The growth of the restaurant will be modest and the flow of the cash will be stable. They have forecasted that their sales will rise at a steady rate of 4 % per annum. The costs will also rise at a rate of 1 % to 2 % per year. The company has also planned to invest the residual profits into the financial markets and not into the expansion of the company unless it is very necessary. The general repairs and maintenance will be kept up so that they can maintain a great operation. The future cash investments will use the NPV projections so that the maximum return can be achieved with limited amount of risks.

The company will definitely try to promote their restaurant following the brick and click model where the restaurant will definitely try to promote their business in both the online and the offline way (Luo and Sun, 2016). The organization has planned to be a limited company that will limit the amount of the liability. Being a limited company has many advantages such as to be a separate entity. A limited company is completely a distinct entity from its owners. Every assets of the company are in the name of the business instead of in the name of the shareholders. Moreover, the limited company has limited liability (Aaronson, 2011). The persons related to the restaurant will not be liable for any mishaps that may occur in the organization. Getting funds for the limited companies also become easy. As the limited company is a separate entity from the owners so funding becomes a little easy than the sole trader counterparts (Kleinberger, 2010). The organization can face several risks such as the environmental and the demographic risks. Change in the taste of the people can prove to be detrimental for the restaurant. Opening up of similar restaurants in the same location can also prove to eb detrimental. Increase in the price of the raw materials can also led the business decrease. If all these problems arise then the restaurant can try to lower their price or introduce menus that will suit the taste of the customers. All these data have been collected through several interviews and research work (Brace, 2018). They have researched several people both the tourists and the local peoples and also the staffs working in the other restaurant. through these surveys they have got to know the preferences of the people and by following which they have decided to set their menu, location of the restaurant and also the environment and the facilities of the environment. Young people are much more comfortable in operating through online while the middle aged and the old people operates directly so they have initiated both the online and the offline facilities through their restaurants (Singh, Katiyar and Verma, 2014).

Conclusion

The multi cuisine restaurant is a great idea that the owners of the organization have decided to implement. The owners have decided that the organization will be a private limited restaurant and has also decided to promote the restaurant through both the online and the offline methods. They have decided to change their menus every single week so that they can retain the interest of the customers on their restaurants. A carnival including all the most favorite dishes of the month will also be held for the last two days of the month and it will be arranged by the restaurant staffs and owners. Moreover, the organization has decided to create their own app and a website which will give several benefits to the customers. This restaurant will offer several facilities such as the liquor, foods, employees and the management staffs. Moreover, the organization has also decided to set up a bar in their restaurant. The location of the bar will be in the restaurant only but will have some sort of separation from the restaurant because the restaurant will be for families also. They also have decided to have a very good staff retention policy so that their staffs remain happy and comfortable in working in their organization. They have promised to work in such a way that their staffs feel part of the organization. The restaurant is going to be opened soon in march 2019.

References

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