Restaurant Hub Business Plan: Innovation and Entrepreneurship Project

This project presents a comprehensive business plan for Restaurant Hub, focusing on innovation and entrepreneurship. The plan details the business structure, including its sole proprietorship status and location in Forest Hill, Melbourne, Australia. It outlines the product/service offerings, which include a blend of Punjabi and Mughlai cuisine, targeting the Indian community and the younger generation. The plan covers market analysis, including research and targeted markets, industry analysis, SWOT analysis, and marketing strategies. It also includes an organizational chart, legal requirements, risk management strategies, and operational details such as production, inventory, and technology processes. The financial plan encompasses key objectives, financial reviews, startup costs, and projected financial statements, including balance sheets, profit and loss statements, and cash flow forecasts. The business aims to establish a strong presence in the market, achieve profitability, and expand its reach within the next five years. The plan also includes a sustainability plan and an action plan to achieve its goals.

Running head: INNOVATION AND ENTREPRENEURSHIP
INNOVATION AND ENTREPRENEURSHIP
Name of the Student
Name of the University
Author Note

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INNOVATION AND ENTREPRENEURSHIP
Table of Contents
Executive Summary...................................................................................................................3
Business Structure..................................................................................................................3
The Business..............................................................................................................................4
Details of the Business...........................................................................................................4
Registration Details................................................................................................................4
Organisational Chart..................................................................................................................5
The employee in the Company..................................................................................................5
Legal Requirements...................................................................................................................6
Risk Management.......................................................................................................................7
Operation in Business................................................................................................................8
Production Process.................................................................................................................8
Inventory Process...................................................................................................................8
Technology Process...............................................................................................................8
Trading Hours........................................................................................................................8
Communication Process.........................................................................................................9
Quality Check Procedure.......................................................................................................9
Sustainable for Long-run............................................................................................................9
Market Analysis.........................................................................................................................9
Research of Market................................................................................................................9
Targeted Market...................................................................................................................10

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INNOVATION AND ENTREPRENEURSHIP
Industry Analysis.................................................................................................................10
Relationship Management....................................................................................................10
SWOT ANALYSIS..............................................................................................................10
Advertisement and Sales Promotions.......................................................................................11
Mission and Vision of Company..............................................................................................12
Action Plan...........................................................................................................................12
Financial Plan...........................................................................................................................13
Key Objectives and Financial Review.................................................................................13
Requirement of Finances......................................................................................................13
Assumptions.........................................................................................................................14
Start-up Costs for the Business............................................................................................14
Balance Sheet Forecast........................................................................................................16
Profit and Loss Statement Forecast......................................................................................17
Cash Flow Forecast..............................................................................................................18
Reference..................................................................................................................................19

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INNOVATION AND ENTREPRENEURSHIP
Executive Summary
Business Structure
Name of the Business – Restaurant Hub
Structure of Business – Sole Proprietorship
Location of Business – Restaurant will be located in Forest Hill, Melbourne, Australia.
Date of Establishment – 1st Jan 2020
Details of the Owner – The restaurant will be owned by an individual who has five years of
experience in the hospitality industry. The individual has all the knowledge that is required
for the restaurant business and by putting all the knowledge, it going to open the cafe in the
street of Australia.
Product/ Service – The restaurant will be providing Indian cuisine and able to provide the
combination of Punjabi and Mughlai dishes. These make the restaurant different from all
other restaurants as it can provide proper Indian food which is not readily available in the
market. It will bring the taste of Indian culture in the streets of Melbourne, Australia.
Target Market – The primary customer of the business will be the Indian citizen as they will
able to get their traditional food as well as it will able to gather more food blogger of the
country with the help of providing the proper amount of food in the restaurant. It will also
able to attract the young generation people as it is providing a different kind of product so
due to which it can quickly gain the market in Australia.
Marketing Strategy – The company will be using many kinds of strategies which will help
them to gather more customer in the business. They will use social media and online
marketing process that will help them to gather more amount of market and help them to get
a more significant number of customers in the business. The restaurant will also be provided

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for a small party like a birthday or corporate event which help them to get more amount of
revenue and also help them to build their name in the market.
Vision Statement – To Flourish Indian Culture in Australia
Goals of the business
 To have a minimum 50% profit in the business
 It able to build the right image in the coming two years
 In the next five years able to reach in the top 10 restaurants in Australia.
The Business
Details of the Business
The business will be carried by an individual who has five years of experience in the
industry (Barrow, Barrow & Brown 2015). The restaurant will be providing Indian Cuisine
and will be providing the mix of Punjabi and Mughlai dishes. It will able to bring Indian
flavour in the street of Melbourne. The restaurant will provide all types of dishes, and this
will help the customers to get a new and change of taste in their healthy life. As there is no
such kind of restaurant which able to provide such kind of Indian Cuisine so, this will be an
advantage for the company, and it will also help them to flourish themselves comfortably in
the market.
Registration Details
Business Name – Restaurant Hub
Trading Name – The entity will carry their business operation by the name Restaurant Hub.
Establishment Date – 1st January 2020
Location – The restaurant will be situated in Forest Hill, Melbourne, Australia.

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Organisational Chart
Table No – 1
Source – Author
The employee in the Company
Owner – This is the one who will carry all the business operations in the industry. It is the
one who will be investing in the business and able to take a necessary decision in regards to
Owner
Chefs Cashier Attendents
Accountant Marketing

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different business operations (Bird 2014). Owner is the one who shares all the profit and loss
which arise in their business operations.
Accountant – The accountant is the one who will record all the accounting transaction in the
business. It will prepare the financial and another accounting report in the business which
will help them to know how the company is performing in the business (Botha & Robertson
2014). All the transaction which are carried by the entity is to be correctly recorded by the
accountant and based on which the individual can prepare the Income Statement of the
business.
Marketing – Marketing must develop a proper amount of business for the company. It makes
many different marketing strategies from which the entity can gather more amount of
business in the market (Brinckmann & Kim 2015). The marketing department must develop a
proper plan from which the entity can meet their goals and objective.
Chefs – They are the one who will prepare different types of dishes for the customer (Burns
2016). As the business is a restaurant, the chef is the production house of the business, and
with the help of the management can get more amount of revenue in the business.
Cashier – Cashier is the one who controls all the cash transaction in the business. It keeps a
record of inflow and outflow of business activities and able to forecast the amount of working
capital which is required by the business to carry their activities smoothly (Burns & Dewhurst
2016). As there is so much of cash transaction in the restaurant business, so the cashier can
record all the transaction correctly and also submit the information to the accountant based on
which the accountant prepares the accounting report of the entity.
Attendants – The are the one who will attend the customers coming in the restaurants, they
are the one who deals with customers relationship in the business operation (Chambers &

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Humble 2017). An entity should have a proper attendant as they are the one who represents
the goodwill of the firm in front of the external individuals.
Legal Requirements
The entity has completed all the obligation which are there in regards to the business
enterprise (Gately & Cunningham 2014). It has obtained the licenses and permits in regards
to the registration of the restaurants. It also maintained the food handler and service license,
which should be taken by the entity to carry their business operation in the country.
Risk Management
Each business has many types of risk which have to minimise by the management. As
the company is a start-up, so it should have to maintain the proper amount of risk assessment
procedure in the business. The risk associated in shown below:
Type of Risk Degree of
Risk
Impact on
Business
Procedure to minimise the risk
Financial
Risk
Moderate High As there is a start-up business, which signifies
that the management should have control over
the capital structure of the business that will help
the entity to pay their living expenses quickly.
Reputational
Risk
High High Company is using social media to market its
product; it should have proper control upon the
marketing as the name of the company may be
used in a wrong manner. These will affect the
over the goodwill of the business.
Market Risk Moderate High Company has to carry proper market analysis
that will assist them to increase the proper

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INNOVATION AND ENTREPRENEURSHIP
amount of market as this will minimise the
market risk, and the company will able to carry
their operation easily.
Operation in Business
Production Process
The company will have a proper place for cooking and carrying other activities. The
chef in the kitchen will prepare the food and drinks, and this will be the finished product that
will be provided to different customers (Ibidunni, Peter & Ogbari 2017). All the items which
are there in the business are carried to the kitchen, and from there, the chef can carry its
process of converting raw material to finished product.
Inventory Process
This process involves the collection of raw material from the supplier and able to send
the same in the production process in the business (Johnson & Garvin 2017). These help the
entity to carry all the business process quickly in the market.
Technology Process
The company will use a computer and much other software to record all their daily
business activities in its financial report. This process helps the entity to record all the
accounting transaction that is being carried in their operation (Kusumaningrum & Hidayat
2016). Accountant with the help of this technology able to prepare the financial report of the
company as well as help to calculate the profit and loss in the business.
Trading Hours
The company will carry their business operation from 11 – 10 pm and at the time of
festivals, it will able to change the shift timing as per the market and the demand of the

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customers. It will also be able to provide parcel and delivery system that will help the
company to reach more amount of customer in their business activities.
Communication Process
The company has its physical existence which helps the customer to fulfil their needs.
The company has also made an online website which helps the entity to provide their service
to all types of customer who are unable to reach the restaurant (Laud, Betts & Basu 2015).
These help the entity to provide a proper amount of service as well as to develop a proper
relationship with customers.
Quality Check Procedure
The company will also have a quality check process which will assist the entity in
providing a better quality of product to its customer as the company has a quality check
procedure which helps them to gain the confidence of the entity as well as to get more
number of customers in the business.
Sustainable for Long-run
The company can gather all the waste of business and able to recycle them, as this
will help them to minimize the amount of pollution in the business (Léger-Jarniou & Kalousis
2014). It will plant some trees near the restaurant that will help them to reduce the impact
waste created by the business. The entity will provide a quality product to its customers. It
will increase the use of the natural product in their business activities as this will help them to
reduce the pollution as well as to give a proper product to the customers
Market Analysis
Research of Market
The company is carrying many different types of research to know the need for Indian
food in the business. Company has done many survey and online questionnaires which helps

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them to know that there is a high demand for Indian food in the market (McKeever 2016).
The survey is done all over the country, which increases the quality of the survey and also
helps the entity to gather sufficient evidence about the type of product requires by the
customers.
Targeted Market
The main target of the company will be the nearby office and college as this will
assist them to gather more profit in the business (Shelton 2017). The entity is providing a mix
of Punjabi and Mughlai dishes in the restaurant, which helps them to gather more amount of
revenue in their business operations.
Industry Analysis
The analysis which is carried by the company state that the industry is not having any
restaurant which provides the combination of Punjabi and Mughlai. These indicate an
advantage for the company as it helps them to gather more amount of market and assist them
in earning more in the business.
Relationship Management
The company has proper relationship management with the customer which help them
to gain the loyalty of the customers (Tanev, Rasmussen & Hansen 2016). Organization is
having a proper amount of employee in the business, and with the help of it the entity is
building a proper relationship with the customers. The entity can provide a decent quality of
product and service that help them to make a proper relationship with the management.
SWOT ANALYSIS
SWOT Analysis helps the entity to know the internal and external factor that can
affect the overall performance of the business.
Strength Weakness

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INNOVATION AND ENTREPRENEURSHIP
 Providing a different kind of
dishes in the business.
 Attract all types of customers in
the business
 Quality of product and service
 Proper relationship management
with the customers.
 Costly product in comparison to other
business structure
 The high number of competitors in the
industry
 Lack of creativity by the management
in regards to the menu of the company
Opportunity
 Expanding the business enterprise
in a different part of the city
 Changes in the menu and the
addition of new dishes in the
business
 Adding more types of services in
their business operations
Threats
 Changes in rules and regulation of the
government.
 Increase in the level of competition in
the market.
 Changes in the taste and preference of
the customers.
Advertisement and Sales Promotions
Company has to carry many different kinds of marketing strategies that will help them
to gain the edge in the market and able to build a proper amount of goodwill in the industry.
The sales promotion technique which will be followed by the entity is:
1. Social Media – The company will use social media to build their image in between
the customers (Wagner, Ullrich & Transchel 2014). It will post on different site that
will help them to reach more customer and also will able to build the brand value of
the business.

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INNOVATION AND ENTREPRENEURSHIP
2. Sign Board and Hoardings – Company will use a signboard to establish a
communication with the customers. The hoarding will be placed in different part of
the country that will help them to carry more amount of publicity of their business in
the market.
3. Discount and Offer – Company will provide many discounts and offer to its
customer that will help them to gain customers in the business. As the restaurant is a
new one so they have to build a proper amount of customer relationship and to build
that it can provide an offer to get the loyalty of the customers.
Mission and Vision of Company
The company want to flourish the Indian Culture in Australia. It wants to become the
fastest-growing restaurant in the industry. The company want to have a 50% profit in coming
two years, and at the end of 5 years it will become the top restaurant in Australia. The vision
statement which is being given by the company is “To Flourish the Indian Culture in
Australia”.
Action Plan
Sustainability Milestone Target Target Date
Reduction of Water Wastage 25% Reduction 1st April 2021
Reduction of Energy Wastage 15% Reduction 25th May 2021
Reduction of Waste 10% Reduction 31st March 2021
Financial Plan
Key Objectives and Financial Review
Financial Objectives

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INNOVATION AND ENTREPRENEURSHIP
The financial objectives of the entity are listed below in details and the same is set by
the management of the company considering the market trends:
 Increasing the revenue of the business by 10% after the first years so that the business
is able to earn more profits from the operations of the business.
 Enhancing the return on investment of the business to 15% in the initial year of
operation for the business. Further the management plans to increase the return on
investment of the business further in the coming years of operations.
 Improving the cost structure of the business so that the business is able to generate
more profits from the operations of the business and thereby achieve growth in the
operations of the business.
Requirement of Finances
The new restaurant which the management of the company intends to open would be
requiring appropriate capital source so that the business is able to smoothly meet the initial
start-up costs and also maintain appropriate working capital for the same. The owner would
be contributing an amount of $ 600,000 as initial contributions to the working capital of the
business and in addition to this, the business would also be taking loan from bank of $
180,000 so that appropriate working capital is maintain by the business (Goodwin, Moritz &
Siemsen, 2018). The owner intends to maintain a capital structure ratio of 70:30 so that the
overall risks which is associated with the business is minimum. The analysis is shown for a
period of 3 years and therefore it is also anticipated that the capital requirement for the
business would gradually grow with the years. The financial forecast which are presented
also reveals that the owner intends to pay off loan in small instalments so that the risks which
is associated with such loans can be reduced and there is no burden of debt capital on the
business. The financial forecast which is presented below also shows that the owner also
needs to bear interest on loan expenses as long as the entire amount of loan is not paid off.

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INNOVATION AND ENTREPRENEURSHIP
Assumptions
In order to forecast the initial expenses and also estimate the revenue and costs for the
first year, certain assumptions are made so that the financial plan for the new undertaking can
be formulated and the assumptions are listed below:
 The rate of taxation for the business is considered to be 30% for formulating the
financial plan considering the regulations which are in place in Australia.
 The business would also be required to bear an interest on loan for the percentage of
10% and the same would be paid by the owner from the first year itself.
 The rate of depreciation is taken at both straight line and diminishing value method
for the assets of the business and the appropriate rate are taken considering the nature
of assets which is used by the business (Gorgotskaya & Selyutina, 2013).
 The revenue of the business is anticipated to be on the rising trend and therefore in the
same percentage the variable costs of the business has also increased. This shows that
the owner is anticipating progress in the activities of the entity after the first year.
Start-up Costs for the Business
The projection for the start-up costs for the business is done after analysing the
situation of similar businesses which are operating in Australia and on the basis of the same
the financial projections are presented below:
Year 0 Year 1
(a) Total Initial Investment
Owner's Fund 600,000
Debt (Bank Loan) 180,000
Repayment 0
Sale Forecast

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INNOVATION AND ENTREPRENEURSHIP
Projected Sales 500,000
Market Penetration
(c) COGS 275,000
(d) operational AND Direct
Expenses
Rent of Premises 20,000
Salary and Wages 40,000
Accountant Fees 3,000
Payroll Tax 800
Supplier contracts 32,000
Sales and Marketing 20,000
Postage & Telephone 1,500
Brouchers 1,800
Logo Designs 1,900
Interest on loan 10% 18,000
Market survey 1,650
Preliminary expenses 1,800
Lease payments 10,000
(e) FIXED ASSETS
Equipment 50,000
Furniture and Fittings 100,000
Utensils 25,000
Balance Sheet Forecast
Balance Sheet
Assets FY-1 FY-2 FY-3
Current Assets
Cash $461,640 $465,047 $479,937

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INNOVATION AND ENTREPRENEURSHIP
Accounts receivable $500,000 $550,000 $605,000
Total current assets $961,640 $1,015,047 $1,084,937
Fixed (Long-Term) Assets
Furniture and Fittings $100,000 $40,000 $35,000
Equipment $50,000 $64,000 $51,200
Computers and Harddrives $25,000 $16,000 $12,800
(Less accumulated depreciation) $30,000 $25,000 $21,000
Total fixed assets $145,000 $95,000 $78,000
Total Assets $1,106,64
0 $1,110,047 $1,162,937
Liabilities and Owner's Equity
Current Liabilities
Accounts payable $35,000 $25,000 $27,000
Accrued Rent $20,000 $21,000 $22,050
Bank Charges Payable $3,000 $3,000 $3,000
Short-term loans $10,000 $10,000 $10,000
Income taxes payable $27,660 $35,568 $41,059
Accrued salaries and wages $40,000 $42,000 $44,100
General Expenses $1,900 $1,995 $2,095
Lease Payment $10,000 $10,500 $11,025
Current portion of long-term debt $50,000 $45,000 $40,000
Total current liabilities $197,560 $194,063 $200,329
Long-Term Liabilities
Long-term debt $180,000 $135,000 $90,000
Less: Loan Repayment $45,000 $45,000
Total long-term liabilities $180,000 $90,000 $45,000
Owner's Equity
Owner's investment $600,000 $660,000 $726,000
Net Profits $64,540 $82,992 $95,804
Reserve and Surplus $64,540 $82,992 $95,804
Total owner's equity $729,080 $825,984 $917,608
Total Liabilities and Owner's Equity $1,106,64
0 $1,110,047 $1,162,937
Profit and Loss Statement Forecast
(4) PROFIT AND LOSS FORECAST
Preop
Year 0 1 2 3
Revenue 0 500,000 550,00 605,000

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INNOVATION AND ENTREPRENEURSHIP
0
Cost of sales 0 275,000
302,50
0 332,750
Gross profit 0 225,000
247,50
0 272,250
Gross Margin 435,460
467,00
8 509,196
Expenses/overheads
Premises (rent, rates) 20,000 21,000 22,050
Wages and salaries 40,000 42,000 44,100
General expenses 1,900 1,995 2,095
Accountant Fees 3,000 3,150 3,308
Payroll Tax 800 840 882
Utilities 32,000 33,600 35,280
Sales and Marketing 20,000 21,000 22,050
Postage & Telephone 1,500 1,575 1,654
Repairs and Maintainance 1,800 1,890 1,985
Preliminary expenses 1,800 1,890 1,985
Lease Payments 10,000 10,500 11,025
Total expenses/overheads 132,800
128,94
0 135,387
Profit before tax 92,200
118,56
0 136,863
Tax @ 30% 27,660 35,568 41,059
Before tax net margin 18% 22% 23%
Profit after tax 64,540 82,992 95,804
Transfer to reserves 64,540 82,992 95,804
Particulars Year 1 Year 2 Year 3
Return on Investment 15% 14% 15%
Cash Flow Forecast
(2) CASHFLOW FORECAST
Preop
Year 0 1 2 3
CASH INFLOWS

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INNOVATION AND ENTREPRENEURSHIP
Cash from Sales 500,000 550,000 605,000
Directors loans 180,000 180,000 180,000 180,000
Capital Employed 125,000 600,000 660,000 726,000
Other cash inflows
TOTAL CASH INFLOW 305,000 1,280,000
1,390,00
0 1,511,000
CASH OUTFLOWS
Payments for materials 275,000 302,500 332,750
operating expenses ( ) 0
Premises (rent, rates) 0 20,000 21,000 22,050
Salaries 0 40,000 42,000 44,100
General expenses 0 1,900 1,995 2,095
Interest and bank charges payable 0 18,000 18,000 18,000
Lease payments 0 10,000 10,500 11,025
Corporation Tax 27,660 35,568 41,059
Market survey costs 0 1,650 1,733 1,819
Other preliminary expenses 0 1,800 1,890 1,985
capital expenditure
Plant and other capital expenditure 0 25,000 30,000 45,000
financing repayments
Loan repayments 45,000 45,000
TOTAL CASH OUTFLOWS 0 421,010 510,186 564,882
Cash flow summary
NET CASHFLOW FOR
PERIOD 305,000 858,990 879,815 946,118
OPENING CASH BALANCE 0 305,000
1,163,99
0 2,043,805
CLOSING CASH BALANCE 305,000 1,163,990
2,043,80
5 2,989,922

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INNOVATION AND ENTREPRENEURSHIP
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