Detailed Business Plan for a Korean BBQ Restaurant in Melbourne

This business plan outlines the strategy for a Korean BBQ restaurant, focusing on pork dishes, to be launched in Melbourne, Australia. The plan includes a comprehensive introduction to the business concept, problem statement, target market, and the unique value proposition of live cooking and innovative dishes. The business model is detailed with key partners, activities, resources, and cost/revenue structures. The plan also covers required resources like staffing and financial projections, including estimated cash flow. It addresses future expansion expectations, risk identification and mitigation, and a personal reflection. The plan analyzes the target market, marketing mix, and competitive landscape, supported by references to relevant literature and online resources. The restaurant aims to offer unique pork-based dishes, capitalizing on the barbecue trend with a focus on quality and customer satisfaction. The plan forecasts future growth and expansion into the broader Australian and Asian markets.

BUSINESS PLAN

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................1
MAIN BODY..................................................................................................................................1
A. Problem statement...................................................................................................................1
B. Business concept:....................................................................................................................1
C. Target market and consumer...................................................................................................2
D. Business Model.......................................................................................................................3
E. Required resources..................................................................................................................4
F. Future expectation...................................................................................................................5
G. Risk identification and mitigating action plans......................................................................6
H. Personal Reflection.................................................................................................................6
CONCLUSION................................................................................................................................6
REFERENCES................................................................................................................................7

INTRODUCTION
Barbecue restaurant are currently trending on global level as it come up with the variety of
dishes prepared on grilled oven which brings the trendy and Smokey flavour to the meat
preparations. This concept is totally innovative and new as the consumer will have live
preparation of dishes near their seats at any Barbecue restaurant. Korean BBQ Restaurant have
planned to initiate a Barbecue theme restaurant in Melbourne Australia, which will bring varies
of meat dishes among society. the aim and target of business is for developing innovative dishes
and expanding the operations throughout the world.
MAIN BODY
A. Problem statement
There have been various challenges in terms of operating a new business concept in a
totally new place. Therefore, there are various obstacles which are has to be analysed and faced
by Korean BBQ Restaurant. There will be variety of meat preparations on which Pork will be
unique. Thus, the availability of proper resources, ingredients in preparing the dishes will be
challenging to business (HOW TO FIND THE GAP IN AN ESTABLISHED MARKET, 2018).
Along with this there will be issues in rems of keeping inventory as well as managing the quality
of products which will be used in preparation. Moreover, these are the main factors which are
have to be kept seriously by Korean BBQ Restaurant.
B. Business concept:
Korean BBQ Restaurant has been initiating the Barbecue operations in Melbourne
Australia which will bring unique varieties of pork meat dishes that will be adequate in meeting
the requirement at the right time (Raco, M. and Moreira de Souza, 2018). However, business
have planned to operate with the concept of facilitating the unique barbecue dishes with best
quality and prices levied on it. In addition, professionals at this organisation have planned to
bring unique dishes relevant with pork which will be seasoned on grill oven. Therefore, dishes
along with is prices and ingredients have been determined below such as:
Product: Price Ingredients
Pork Diaphragm $70 6-ounce pork skirts, sea salt, canola oil,
unsalted butter, springs thyme, clove
garlic, Freshly Ground black pepper.
Pork intestine $79 1pound cleaned pork intestine, bay
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leaves, peppercorns, stalks celery, carrot,
onion, quart chicken stock, distilled
vinegar.
Pork Skin $62 20-24 cm piece of pork rind, olive oil, sea
salt and table salt.
C. Target market and consumer
To initiate BBQ business for Korean BBQ Restaurant on which the professionals have
decided to make proper implication of various plans and operation. Thus, concept of facilitating
the best Barbecue dishes among the society with unique products and satisfaction through prices
and quality of ingredients (Kirchmer, 2017).
It does not target any group of people belongs to age and similar demographics, instead of
it they have aimed at facilitating such services to all categories in the world. Researcher have
planned to operate business activities which are to be initiated in Melbourne or Asian countries.
However, it will have ascertained through implicating adequate market strategies in
consideration.
Marketing mix:
Product The unique dishes which have been planned by
the professional are mainly relevant with pork
such as Diaphragm, intestines and skin.
Price Korean BBQ Restaurant is aimed at facilitating
the products on their convenient prices which
will be attractive and adequate in terms of
bringing proper satisfaction. Moreover, these
are the prices which has to be set appropriately
that in turn helpful in meeting proper targets at
the right time (Grizane and Jurgelane, 2017).
Concept of offering Barbecue dishes is totally
new on which professionals estimated
profitable gains in near future.
Place Korean BBQ Restaurant has planned to initiate
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the business at Malborne, Australia. Along
with this, professionals at this organisation
have also planned to expand the business at
further places in Australia and various western
countries of the world.
Promotion There will be use of various techniques in
marketing the BBQ concept in Australia. Thus,
Korean BBQ Restaurant have decided to use
social media as the best sources for introducing
the concept among society.
D. Business Model
Key partners
 Fancy Hank’s
Barbecue
Restaurant
 Meatworksco
Key activities
 Provide best
quality meat dishes
 Pork dishes such as
diaphragm,
intestine and skin
Value
proposition
 Product
has been
selected
unique and
different
from the
other
industries
stated in
the
environme
nt
 Pork
dishes
 Beef
grilled
meat
Consumer
relationships
 Offering
vouchers
 Free
samples
 Seasonal
packages
 Taking
feedbacks
Consumer
segmentation
 All
categories
of buyers
such as
kid, adult
and
seniors.
Key resources
 Employees
 Chefs
 Consumers
 Suppliers of fresh
meat
 Suppliers of all
ingredients and
spices.
Channels
 Big boy
BBQ
 Yeonga
Korean
BBQ
restaurant
Cost structure
 Expenses on accommodation facilities
 Installation of machineries
 Salary to staff
 Purchase of raw material
Revenue streams
 Home delivery
 Accommodative services.
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E. Required resources
To operate a Barbecue restaurant which requires appropriate operational development and
management of all necessary resources. There can be influences of various factors which are to
be used in managing the activities and performance of professionals. Additionally, there are
various factors which are required to be considered by them such as:
People:
There will be recruitment of various professionals which are expert in their fields such as:
 Chef: Appointment of chef which would have appropriate knowledge and skills of
preparing grilled dishes as well as aware with proper quality of food.
 Cleaners: their role is for cleaning the floor, tables and machineries at kitchen and dining
area (Pisani and et.al., 2017).
 Accountant: Managing accounts of firm consisting all relevant information such as
revenue expenditures and various costs associated with operations.
 Inventory manager: the role is for analysing availability of material for preparation,
quality of food as well as demands in business for a particular product.
Finance:
It has been analysed that, Korean BBQ Restaurant will have profitable gains and growth
in the coming period which will be adequate in making proper operational development. To
analyse the costs requires in the business activities, the below listed estimated cash budget will
help in pre-planning the operations as well as in decision making.
Particulars 1 year (In $)
Product Pork Diaphragm
Average price 70
Number of customers 2000
Total revenue 140000
Product Pork intestine
Average price 79
Number of customers 1500
Total revenue 118500
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Product Pork Skin
Average price 62
Number of customers 2500
Total revenue 155000
Total cash inflows from operations 413500
Operating expenses
Machineries 1000
Equipment 450
Salary 1500
Electricity 550
Accommodation expenses 890
Rent 350
Total cash outflows 4740
Net cash flows 408760
Capital 50000
Opening cash balance 408760
Ending cash balance 458760
F. Future expectation
It has been expected by the professionals of Korean BBQ Restaurant that they will expand
the business in western countries as well as open various franchise at Asian countries in
Australia. Therefore, there will be consideration of various factors including:
Growth: It has been estimated that Korean BBQ Restaurant will have suitable gains in the
coming period. Barbecue is the trendy concept which has been cost efficient and satisfactory
among buyers. There will be range of various meat preparation on Barbecue which will be
unique and attractive to buyers.
Harvest: This concept will be adequate in attracting the buyers as well ascertaining the
new identity the market (Viaene and Van den Bergh, 2018). Thus, the texture and taste of
Korean food preparation will bring higher reviews and appreciation to this concept.
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Exit strategies: There are less number of competitors available in Melbourne which are
facilitating the barbeque food to people. Thus, Korean BBQ Restaurant will be unique as they
will present the unique flavours and concept in the market. Therefore, there will be less
competition stated in the market for this industry.
G. Risk identification and mitigating action plans
There will be risks relevant with competitors, managing quality as well as presenting the
best taste food in the market (Priem, Wenzel and Koch, 2018). To mitigate such risks there is
needed to have implication of effective strategic plans as well as regular audit will bring
satisfactory rise in various operations of the firm.
H. Personal Reflection
As per analysing market for Korean BBQ Restaurant on which have learnt various concepts
which were being beneficial and appropriate in meeting business requirements. I believe that,
managing the quality of food and services will bring positive reviews to the industrial operations.
Along with this, analysing consumer wants and requirements will be much effective in leading
the firm to have satisfactory growth.
CONCLUSION
On the basis of above report, it can be said that Korean BBQ Restaurant will have
satisfactory growth in the coming period as per initiating restaurant business at Melbourne.
Moreover, professionals have planned to expand the business by opening various franchise at
several locations.
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REFERENCES
Books and Journals
Grizane, T. and Jurgelane, I., 2017. Social Media Impact on Business Evaluation. Procedia
Computer Science. 104. pp.190-196.
Kirchmer, M., 2017. Business process governance. In High Performance Through Business
Process Management (pp. 81-101). Springer, Cham.
Pisani, M. J. and et.al., 2017. Small business enterprises and Latino entrepreneurship: An enclave
or mainstream activity in South Texas?. Journal of International Entrepreneurship. 15(3).
pp.295-323.
Priem, R. L., Wenzel, M. and Koch, J., 2018. Demand-side strategy and business models: Putting
value creation for consumers center stage. Long range planning. 51(1). pp.22-31.
Raco, M. and Moreira de Souza, T., 2018. Urban development, small business communities and
the entrepreneurialisation of English local government. Town Planning Review. 89(2).
pp.145-165.
Viaene, S. and Van den Bergh, J., 2018. Fast fish eat slow fish: Business transformation at
autogrill. In Business Process Management Cases (pp. 149-166). Springer, Cham.
Online
HOW TO FIND THE GAP IN AN ESTABLISHED MARKET. 2018. [Online]. Available
through :< https://www.entrepreneurshipinabox.com/12388/how-to-find-the-gap-in-an-
established-market/ >.
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