Detailed Business Plan Report for Daffodils Steakhouse & Bar

The document presents a comprehensive business plan for "Daffodils Steakhouse & Bar," a proposed restaurant in Melbourne, Australia. It begins with a business summary, outlining the company's concept, products (steak dishes and drinks), and target market. The plan includes a detailed market analysis, assessing industry trends, competition, and market segmentation. The marketing plan focuses on customer targeting, SWOT analysis, sales objectives, value proposition, pricing, promotion, and distribution strategies. An operational plan addresses production and premises. The finance plan covers capital requirements, financial assumptions, cash-flow projections, and risk management. The business structure and management section details the organizational structure and key personnel. Finally, a project plan with an action plan is provided. The business plan aims to establish a successful steakhouse by offering quality products at affordable prices and targeting the young generation through social media marketing. The plan also addresses potential barriers to entry, competitive advantages, and growth strategies.

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Business Plan
Daffodils Steak house & Bar
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Prepared By: INSERT NAME
Date Prepared: INSERT DATE
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Index
BUSINESS SUMMARY..............................................................................................................5
About the Company........................................................................................................................... 5
Your Products and Services..............................................................................................................5
The Market........................................................................................................................................ 5
The Business Potential...................................................................................................................... 5
Mission, Goals and Objectives...........................................................................................................5
Strategies.......................................................................................................................................... 6
Business Structure............................................................................................................................. 6
Finance.............................................................................................................................................. 6
THE MARKET.............................................................................................................................7
Industry Profile................................................................................................................................... 7
Competition....................................................................................................................................... 7
Market Segmentation......................................................................................................................... 7
MARKETING PLAN...................................................................................................................9
Your Customers................................................................................................................................. 9
Strengths, Weaknesses, Opportunities, Threats..............................................................................10
Sales and Marketing Objectives......................................................................................................10
Value Proposition............................................................................................................................. 11
Your Product or Service................................................................................................................... 11
Pricing.............................................................................................................................................. 12
Promotion........................................................................................................................................ 12
Sales and Distribution...................................................................................................................... 12
OPERATIONAL PLAN.............................................................................................................13
Production....................................................................................................................................... 13
Premises, Plant and Equipment.......................................................................................................13
FINANCE PLAN.......................................................................................................................14
Capital Requirements and Funding Proposal...................................................................................14
Current Financial Position................................................................................................................ 14
Financial Assumptions..................................................................................................................... 14
Cash-flow Projection........................................................................................................................ 16
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Projected Profit and Loss................................................................................................................. 16
RISKS.......................................................................................................................................16
Risk Identification and Mitigation......................................................................................................16
STRUCTURE AND MANAGEMENT........................................................................................17
Organisational Structure.................................................................................................................. 17
Key Personnel................................................................................................................................. 17
PROJECT PLAN......................................................................................................................19
Action Plan...................................................................................................................................... 19
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BUSINESS SUMMARY
About the Company
Describe the origins, ownership structure, history, management and activity of your
business, describe the business concept.
The Daffodils steak house & Bar is being introduced by a renowned owner,
who have two different restaurant businesses in Australia. The entrepreneur is
going to offer delicious steak and drinks at affordable cost to people of
Melbourne, Australia.
Your Products and Services
Summarise the product or service that your business will sell
Product of The Daffodils steak house & Bar will include roasted cheese steak,
bulgogi, Bolitto misto, chicken fried steak and other delicious dishes along
with different kinds of cocktails and hard drinks. Staffs of this restaurant will
serve best quality service for satisfying needs of customers.
The Market
Describe the market in which you will operate. Include the size and growth potential of
the market.
Management of The Daffodils steak house & Bar will enter into the large
marketplace of Melbourne, Australia. This place is very crowded and it is
easier to attract maximum people towards this restaurant from this place.
Describe the segments you will be targeting, your anticipated market share of those
segments and your positioning within them
This startup business will target new generation customers with attractive
offers and it will try to achieve a large market share. This business will offer
top quality products at lower cost at the beginning in order to position their
business in existing large marketplace.
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The Business Potential
Outline your business’ competitive advantages
Competitive advantages of this business will help them to achieve success.
Capital, quality of product, experience of owner, innovation, innovative
technology and risk management capability are main competitive advantages
of this new business.
Describe your business’ directions for growth
In order to start The Daffodils steak house & Bar, effective planning will be
done and talented people will be hired in order to ensure growth of business.
Prioritization of aspects will help to gain success. Clear concept about business
goals will lead to success of this new business.
Mission, Goals and Objectives
If you have a mission statement, write it here
Mission statement: To offer best quality food to customers for providing best
experience of eating steak at affordable price
Your business
objectives might cover
targets for growth,
customer numbers,
revenue, profit and any
other relevant
measures.
Clearly state your business objectives, including performance measures and a
deadline for achieving each one (often these will be annual targets).
Business objectives
 To reach breakeven period within 6 months from the beginning
of journey
 To have 5000 customers in 2 years from starting date
 To become most popular steakhouse of Melbourne in next 2
years
 To earn more than $2.3 million sell in first year
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Strategies
Summarise your product, pricing, marketing, sales, distribution and strategies
Strategies for this the Daffodils steak house & Bar are mentioned below,
1. Strategy for product: Development of good relation with suppliers for
gaining best quality raw material in affordable price. Conducting
market research to understand behavior of customers towards existing
steakhouses at Melbourne, Australia
2. Strategy for price: Offering lower price of products than existing
steakhouses to attract customers
3. Strategy for sales and marketing: Consideration of social media
marketing and distribution of leaflets to attract potential buyers
4. Strategy for distribution: One-to one selling by trained staffs those will
be able to communicate with customers with ease
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Business Structure
Outline briefly the organisational structure of your business and key management
personnel
Figure 1: Organizational structure
(Source: Created by Author)
There will be four managers in Daffodils steak house & Bar and they will be
working under proprietor. HR manager will handle staffs. 4 delivery staff, 6
kitchen staffs, 3 cleaning staff and 5 waiters will be hired at the beginning. 1
accountant will work under finance manager and 2 marketing experts will
handle promotions. 4 technical staffs will be hired for emergency
inconveniences.
Finance
State your key financial indicators here
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These will come from
your financial analysis
and will usually include
turnover (sales), gross
profit, and net profit.
Optional: please
complete a profit and
loss budget
DO NOT COMPLETE
Outline what finance is sought, how it will be used and how long you envisage it will
take to repay
.
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THE MARKET
Industry Profile Describe briefly what industry you are in and the major characteristics of the market
It will be challenging for Daffodils steak house & Bar to enter into restaurant
industry of Melbourne. Melbourne, Australia is a small place with a huge
number of people staying at this place. Restaurants, café and similar business
contribute near about $5 billion to the economy of this place. Large
marketplace of this place consists of numerous organizations those are
offering food and beverages to people.
Provide substantiation for
your growth predictions –
some good sources are
www.IBISWorld.com.au,
market research reports,
newspaper articles, trade
associations, etc. You
may even commission
your own research
through a private
company or through a
Polytechnic or University.
Outline the size of the market, its prospects for growth and any trends likely to
impact it in the future (such as political, demographic, fashion, consumer behaviour
trends etc)
This is a large marketplace and number of young customers is higher in this
region. Young customer group get influenced easily and they seek to have
delicious food at lower price. This aspect may help Daffodils steak house &
Bar to ensure growth.
.
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Competition Describe each of the major competitors. Include relevant information on their size,
market share, distribution channels, pricing strategy, target market, product lines,
brands etc.
Major competitors of Daffodils steak house & Bar,
Competitor 1: A Hereford Beefstouw
Size: Having 12 restaurants
Market share: Large
Distribution channels: Gains raw material and makes food. Serve directly to
customers
Pricing strategy: High price
Target market: Young generation people
Product lines: Offers starters, Main course, desserts and coffee. Have set
special menu for children
Brands: Sole brand
Competitor 2: Rare Steakhouse
Size: operates business through all over Australia
Market share: Large
Distribution channels: Gains raw material from best suppliers and makes
food. Serve directly to customers
Pricing strategy: Moderate price
Target market: People from all generations
Product lines: Offers wide range of products including steak recipes and
beverages
Brands: Sole brand
Describe any barriers to entry into the industry. How will you overcome them? How
will your competitors react to your entry into the market and what will be your
response?
Popularity of existing brands of rivals can be considered as a barrier to enter
into new marketplace for Daffodils steak house & Bar. This barrier can be
mitigated by providing best quality product and services for establishing
brand image of this startup business.
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