Entrepreneurship 19 - Gourmet Restaurant Business Plan for Australia

This report presents a comprehensive business plan for a new gourmet restaurant in Australia, focusing on the unique concept of providing a self-cooking experience for children aged 10-15. The plan includes a detailed business model canvas, market analysis, including market size, competition, and trends, and target customer segments. It also covers operations and technology, human resource requirements, and financial aspects such as revenue structure and cost analysis. The restaurant aims to differentiate itself through its interactive dining experience, targeting families and young people, and leveraging online booking and technological advancements. The report analyzes market segmentation, competition, and the restaurant's strategic positioning in the Sydney area, emphasizing the importance of ethical considerations and adherence to regulations. The document concludes with a discussion of manpower requirements, recruitment, and the restaurant's growth strategy, emphasizing quality, exclusivity, and career development for employees.

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Professor’s Name
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Executive Summary
Major initiatives for opening a new gourmet restaurant that supplies customized foods to the
clients including the in-house specialty such as spicy crabs have been taken and with proper
service and quality of food, it can serve to be a very profitable business in today’s market. What
sets this new gourmet restaurant apart from other restaurants in Australia is the purveying of the
unique self-cooking experience for children in the age group of 10 to 15. This is an exclusive
experience that has not been integrated into other restaurant business in Australia and is a
pristine idea that is targeted to attract the major group of family-oriented customers.

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1. Introduction
The restaurant industry faces a rich competition between the 85 thousand (approximate) eating
establishments in Australia with about 22 thousand Gourmet restaurants. Following assignment
looks at the Australian market and gourmet restaurant openings.

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2. Business Model Canvas
The business model Canvas for the new gourmet restaurant has been provided below (Australia,
J.B.S. and ICC, U.R., 2017):
Key partners:
1. Suppliers of
restaurant
equipment and
stationeries.
2. Suppliers of
raw food
material.
3. Investors of
the business.
4. The food
vendor market.
5. Suppliers of
the restaurant
furniture.
6. Lawyers.
7. Interior and
exterior
designers of the
Key activities:
1. Providing food
service to target
customers.
2. Providing
training to the
restaurant
entrepreneurs.
3. Providing
indulging
experience for
clients with
children.
Value
propositions:
1. Supplying
interactive
experience for
families,
children and
individuals.
2. Connecting
employee team
to produce
productive
output.
3. Cost efficient
restaurant
environment.
4. Quality food
service.
Customer
relationships:
1. Cordial
formal
relationships
with the
customer base.
2. Dedicated
food service to
customers.
3. Instant
feedback
analysis.
4. Frequent and
easy
communication
with clients.
Customer
segments:
1. Family
orientated
customer base.
2. The mass
market of
individuals with
children of the
age of 10 – 15.
3. Corporate
professionals
with low-cost
food preference.
4. Youth in the
age of 10 – 25.
Key resources:
1. Physical
Channels:
1. Employee

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restaurant. resources-
Furniture.
Heating/cooling
electrical
equipment.
The POS system of
the restaurant.
The heavy
equipment of the
kitchen.
2. Human
resources-
Skilled operators of
the restaurant.
Skilled Employees.
Manager and
senior employees.
Investors.
3. Financial
resources-
Financial
investments.
Equipment leash
outsourcing and
outreach
recruitment.
2. Formal direct
communication.
3. Brand
awareness
through blogs,
Instagram,
campaigns and
newspaper
advertisement.

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lines.
Loans and grants.
4. Intellectual
resources-
Brand name.
Customer
knowledge.
Cost structure:
Rental equipment.
Loan interest.
Salaries of the employees.
Marketing cost.
Taxes.
POS – system fees of the restaurant.
Raw food cost.
Electricity, gas cost.
Recruitment cost.
Loss cost of food wasted, spoiled, etc.
Outgoing cost
Revenue structure:
Food sales to consumers.
Investment money.
Financial loans.
Business partnership projects.
Profit margin.

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3. Market
3.1. Size of the market:
As stated by Lai, Khoo-Lattimore, and Wang (2018), in Australia, it has been estimated that the
average market size is about 51 billion US dollars and is growing at an exponential rate of 5.1%
annually.
Fig: Revenue establishment
3.2. Competition and barriers:
According to Brown-Paul (2016), letting up a gourmet restaurant requires intensified and
composite planning and proper qualitative and quantitative strategy to establish itself and receive

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financial gain in the already fierce market. This creates reasonable barriers for new competitors
to enter into the market who prefers to stick to a more predictable and stable business idea.
3.3. Trends affecting the market:
Recent Instagram, Facebook, Twitter trends and food-related challenges have gained momentum
and have induced positive effects in the restaurant markets, preferably those with unique food
experiences. However, as stated by Brien and Vincent (2016), home cooking trends and easily
available recipes have formed negative barriers for the restaurant industry.
3.4 Market segmentation
Another important topic that must be discussed while setting up a new restart business is the
market segmentation, which is generally targeted towards families, individuals, corporate
professionals, youth, seniors (Connell, 2016).
Fig: Demographic Segmentation

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3.5Target customers:
The gourmet restaurant is focused on targeting the youth and the family segment of the market
from Sydney as well as from worldwide booking (Yen, 2018).
3.6 Major competitions:
The idea of providing self-cooking experiences is a comparatively new idea and is exclusive to
only a few restaurants in Australia (Lai, Khoo-Lattimore and Wang, 2018). The major
competitions in the restaurant market for the gourmet restaurant are Attica, Sepia, Rockful
restaurant and royal mail hotel along with fast food outlets such as KFC.
3.7 Location:
It has been preset that the gourmet restaurant will be based near Moore Park, Sydney, Australia.

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4. Operations and Technology
4.1. Technological development:
Online booking and WI-FI facilities and automated purchasing tools should be amalgamated into
the business to enhance the profit of the restaurant. As stated by Lynch (2018), recent
developments such as digital inventory tracking and digital table reservations will allow the work
of the management team to be time-efficient and more productive.
Fig: Statistics on technology
4.2. Technological changes:
Recent advancements such as tabletop tablets and digital tables are making entry to the market,
which is affecting the business market majorly (Vincent, 2017).
4.3. Options for product production:
As per the view of Dowling (2018), the gourmet restaurant will be focused to use in-house
producing systems with skilled chefs and employees and through subcontracts with other major
restaurants of Australia to be more profitable.

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4.4. Options for sales and distribution:
Another major topic that needs to be considered and planned is the system that will be inquired
for sales and distribution of the product and services. According to Stone et al. (2018), customers
will primarily be provided with in-house services for getting the full unique self-cooking
experience, however joint ventures with distributors and sales representatives to access a larger
customer base.
4.5. Resources required:
Every business prescribes a set of requirement and for a blooming gourmet restaurant, these key
requirements are recognizable. The fundamental requirements include recruitment of skilled
employees such as managers, waiters, and chefs with an impressive resume and access to
premium quality raw materials for excellent food service (Kim, 2018). Set of suppliers such as
the local and international food vendor market is being assessed for getting quality crabs and
other specialties.
Fig: Requirements
Restaurant
Requirements

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4.6 Laws and regulations:
The mandatory laws that the government restaurant need to follow to create a Hospital
environment for the customers are laws regarding restaurant wages and fair labor standard laws
(Lai, Khoo-Lattimoreand Wang, 2018). Regulations for employing minorities and youth should
be thoroughly followed along with a proper acknowledgment of equal employment opportunities
during recruitment. Laws regarding health safety and food hazards should also be integrated into
the restaurant.
4.7 Moral and ethical issues:
The gourmet restaurant is family-oriented and ethical issues of serving alcohol and unhealthy
food has been taken under consideration. Operational ethical standards such as composting hand,
reducing non-biodegradable waste also needs to be addressed (Hallaket al., 2018).