BM6005 Enterprise: Assignment 1 Restaurant Business Plan

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(EHB)- BM6005 ENTERPRISE: ASSIGNMENT 1

Table of Contents
Introduction................................................................................................................................2
Business overview......................................................................................................................2
Business model canvas...............................................................................................................2
Conclusion..................................................................................................................................6
References..................................................................................................................................7
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Introduction
In the present competitive business world, several business organisations are trying their level
best to obtain a stable market position as well as earn a huge profit. Hence, I have decided to
start a restaurant. A successful restaurant can earn good profit. I have made a plan of starting
my restaurant on the premises of the nearby university so that students can easily take
advantage of quality and freshly served food along with our quick service. In order to
accelerate my business, I have planned to launch my business in online mode. This would
enable me to get maximum support from my customers as well as it will help me to earn huge
profit.
Business overview
I have decided to open a casual dining restaurant on the premises of a nearby university. My
restaurant aims to provide quality food to students at a cheap and affordable price. My
restaurant shall also provide a stress-free environment for the students where they can spend
their leisure time. Also, my restaurant will have a large variety of food options that would
enable my customers to have a wide variety of choices in their food selection.
Business model canvas
Business model canvas may be defined as strategic management and innovative ideas
required for developing new business. It is an excellent tool that will help me to understand
business models in a structured and in a straightforward way (Clark 2017: 14-18). This will
help me understand the needs of my customers and will also help me to understand the ways
by which my restaurant may make money.
Key Partners
Key partners may be defined as a large network comprising of partners and suppliers. This
helps in risk reduction and also helps to acquire necessary resources (Kosasi, 2015:314-323).
In order to make payment systems flexible in my restaurant, I have decided to build a
partnership with PayPal, Google Pay, and Apple Pay Cash. This would enable my customers
to pay the bill easily. I want to eliminate all forms of transactional barriers between me and
my customers (influenced by Benarda et al. 2019: 386-397).
I have also developed a partnership with Deliveroo. It is one of the most renowned online
food delivery companies that operate throughout the UK. Hence, as a result, my customers
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will be able to taste the best food prepared in my restaurant, directly at their place. I also
promise to give my customers the fastest delivery and The Deliveroo will certainly help me in
achieving this.
Key Activities
Key activities in a business model canvas describe the activities that a company should do in
order to make their business model successful (Lee et al. 2016: 215-228). My restaurant shall
provide customers with a wide range of fast-food varieties. Since my restaurant is nearby the
university premises, my restaurant shall prepare only fast-food. My restaurant shall also
provide complimentary fruit juice to the customers. I have also planned to open a website for
my restaurant to let customers order food online (influenced by Grosul, 2017:19-23).
Value Propositions
In my restaurant, I have planned to prepare food with all freshly procured resources. I have
also realised that in order to attract my customers I must develop a specialty in a particular
food item. Hence, I have decided to provide my customers with a special combo meal pack.
The combo pack shall contain a large sized chicken burger, along with 2 pieces of boneless
chicken strips. Additionally, there will be French fries along with a complimentary beverage
or fruit juice (influenced by Fernandez et al. 2017: 43-48). Additionally, I shall have trained
staff so that minimum time is required in preparing the orders made by customers.
Customer Relationship
I shall make use of social media and other web-based contents for keeping in touch with my
customers. I shall develop a feedback form for my customers (Kosasi, 2015:314-323). The
feedback forms shall also be made available online for those customers who would order food
online. By using the feedback form I can remain connected to my customers. This would also
enable me to understand my flaws and hence I can work more on the development of the food
items prepared in my restaurant. In addition to these, I believe that flexible payment methods
in my restaurants shall help me in building a good relationship with my customers.
Customer Segments
Since I am opening a restaurant in the university premises, my restaurant will be designed
mainly to cater to the needs of university students. However, people of all age group are
welcome in my restaurant. My restaurant shall also cater to the needs of working
professionals and people searching for healthy food. The restaurant shall also cater to the
need of university employees (influenced by Benarda et al. 2019:386-397).
Key Resources
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My restaurant shall have good chefs for preparation of food items from different cuisines.
There shall also be efficient management employees for monitoring the orders of the
customers as well as meeting the complaints of customers. For those customers who have
ordered food online, or through delivery partner Deliveroo, their food shall be delivered to
them by efficient and experienced delivery men. In order to promote fast delivery of food
item, my delivery men shall be provided with motorcycles (Fernandez et al. 2017:43-48).
Channels
Since I have decided to open my fast food restaurant in the university premises, it shall be
easily accessible. I have also decided that in order to create awareness of my restaurant
among the general public and university students, I have decided to make use of TV ads,
online ads. I have also thought of distributing pamphlets among university students.
Moreover, once my restaurant becomes successful, I shall develop a mobile app for my
restaurant too. This would further make people aware of my restaurant (influenced by Clark
and Hazen, 2017: 14-19).
Cost Structure
The cost of the food items prepared in my restaurant shall depend on the food quantity served,
salaries of my employees, and the cost of raw materials (Grosul and Ivanova, 2017:19-23).
Revenue streams
My restaurant shall collect revenues by selling foods. Additionally, depending on
environmental conditions delivery charges may be charged from the customers. Also,
partnership with my key partners will also help me in earning revenues (Pérez et al. 2017:43-
48).
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Key Partners
POS system
and payment
process
1. Google Pay
2. PayPal
3. Apple pay
cash
Online
Delivery
Partner:
Deliveroo
Key Activities
1. Cheap food
2. Fast
delivery
service
3. Online
ordering
Value
Propositions
1. Customised
food
2. Healthy and
nutritious food
3. Combo-meal
system
4. Complementary
fruit juice
Customer
Relationships
1. Social media
marketing
2. Online
marketing
3. Provision of
feedback forms
Customer
Segments
1.University
students
2.University
employees
3.Working
professionals
4. People
searching for
healthy food
Key Resources
1. Waiters
2. Chefs
3. Manage
ment
employe
es
4. Delivery
men
Channels
1. Social
media
2. Pamphlets
3. TV ads
4. Online
Ads
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Cost Structure
1. Marketing cost
2. Raw material cost
3. Employees’ salary
4. Establishment cost
5. Electricity bills
Revenue Streams
1. Food sale
2. Delivery charges
3. Loyalty from key partners
Figure: Business Canvas Model
(Source: Given by researcher)
Conclusion
In today's' fast-moving world, people have become busy. They seldom get enough time to
prepare their own food. Hence, they have to rely on restaurants for fulfilling their hunger.
Hence, it becomes a duty for all the restaurants to provide healthy and nutritious food the
customers and also at a cheap rate. In the above report, I have spoken about opening a fast-
food restaurant in the university premises so that I can provide cheap and quality food to the
students. Hence, I have discussed the business canvas model that would enable me to open
my restaurant.
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References
Books
Clark, T. and Hazen, B., 2017. Business Models for Teams: See how Your Organization
Really Works and how Each Person Fits in. London: Penguin.
Journals
Benarda, B., Sugiyarti, L., Atmaja, S.N.C.W., Irawati, W., Rizal, A.S. and Asmilia, N., 2019.
Business Model of Fish Cultivator Group in Jampang Village With A Business Model Canvas
Approach. Proceeding of Community Development, 2, pp.386-397.
Fernandez, J.L., Pérez, C.B. and Castro, L.A., 2017. Financial Model for Pricing Decisions
Support in SMEs of the Restaurant Sector in Mexico. In Proceedings of the International
Conference on e-Learning, e-Business, Enterprise Information Systems, and e-Government
(EEE)(pp. 43-48). The Steering Committee of The World Congress in Computer Science,
Computer Engineering and Applied Computing (WorldComp).
Grosul, V. and Ivanova, T., 2017. Research of theoretical basis of business model quality
management of restaurant business entity. Technology audit and production reserves, 1(4
(33)), pp.19-23.
Kosasi, V.M., 2015. Analisis dan evaluasi model bisnis pada pantai seafood restaurant dengan
pendekatan business model canvas. Agora, 3(1), pp.314-323.
Lee, C., Hallak, R. and Sardeshmukh, S.R., 2016. Innovation, entrepreneurship, and
restaurant performance: A higher-order structural model. Tourism Management, 53, pp.215-
228.
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