We seek funds for the lease and renovation of a restaurant facility.

We seek funds for the lease and renovation of a restaurant facility.

We seek funds for the lease and renovation of a restaurant facility. The plan is to convert the facility into an Upscale Nigerian restaurant. The provision of five-star foods and beverages is the ideal service. The pricing will, however, be modified to be slightly lower than market rates. Combined with an on-site grill, spa, and liquor parlor, we seek investment funds to renovate the building, to build the liquor parlor and construct the spa area. The foundation design is part of extensive primary and secondary research, which showed the business as a lucrative one. Discussions and interviews undertaken with other business owners helped us to develop proforma data, review the market potential, and competition that exists. The Restaurant industry is a lucrative area to join. A visit to Trafalgar Square proved no eatery offered indigenous African foods. Several Restaurants provide Chinese, Mexican, and Japanese meal variants (Benedictus, 2005).

Renovation of the restaurant is thoughtful African designs. The target clientele is the African business community and lovers of African delicacies.  Additionally, plans are underway to provide contemporary British drinks and snacks. We have already identified a potential Restaurant area bordering Trafalgar Square.  The proposed name of the restaurant is the “Igwe” Restaurant, coming from a Nigerian word meaning “Lord” or “Master.” We intend to treat our clients as kings and queens. That is why this name best suits the services we shall offer. “Igwe” is a popular word across the world. Restaurants established in the United States exist that serve Nigerian and South African foods. The restaurant will fill a niche market. The intended refurbishment and provision of amenities will form a highly profitable venture—integration of various disciplines in its management results in innovative foods and services presented in indigenous African Style.

1. WHO ARE YOUR CUSTOMERS AND HOW WILL YOU REACH THEM?

Customer Profile Name 3 target customer groups, perhaps based

on demographics, what they do,

where they shop, their household

income, whether they have kids,

etc. Rank your customer profiles

by priority for your business.

Why are you targeting them? For each of the target groups, why is your product or service relevant to them?                How are you going to get their attention? What specific things will you do to attract their attention (e.g., adverts placed in specific publications or social media, publicity events, etc.? How are you going to convince them to buy from you? How are you going to turn their interest in your product into a sale? How will you ensure they buy from you? (e.g., special offers; competitive pricing; unique features) What specific activities does this mean you need to do? Considering your intentions outlined in the previous three columns, what actions will you need to take to make your intentions happen? (e.g., if you are planning a publicity event, what will you need to do to make this happen: book venue, caterers, produce invitations, etc.)              What approximate level of spend will you need for each activity? (You may find it useful to refer to the Santander website  for estimated costs)

1. Youth The restaurant will be a preferred destination for hosting events such as parties, musical concerts, and exhibitions, which are common in the area. We seek to provide free wi-fi, food variety, search engine advertising, and social media advertising. We shall carry out Aggressive social media campaigns. The restaurant management will participate in local events and offer promotions. The adverts will run on Facebook, YouTube, and Twitter. The estimated costs are £ 3,20 for the first six months. Most of it will happen online

2.Business people from one target market.  They work within and around the square. Others traverse the area through the crossways. The key to the success of the business is customer loyalty and repeat business. We seek to offer up to date business and conferencing facilities for workers at the South Africa House, Parliament square, and Canada House We shall send a press release to newsrooms announcing the restaurant. The use of loyalty programs and the effective use of targeted marketing on the restaurant’s website is necessary. We shall target customer loyalty and repeat business through loyalty cards. It is in addition to offering up to date business and conferencing amenities.           Media campaigns and promotions, use of loyalty cards, offering discounts on conferencing and business meetings are the main avenues and activities to be done. The estimated costs are £ 3,560 for the first six months. Most will happen through media advertising. Price is a potential loss of revenue from a discount, but that counteracts the repeat bookings expected.

3. Tourists are always moving in and out of the city. We plan to serve an estimated 200 people on any given day because there are other Restaurants nearby. A point in the square stands as the official center of London. It is also home to several statutes notable of them are; statues of George IV, Charles I, and James II. The square also hosts two fountains which attract pigeons. The pigeons equally attract many people who feed them as a popular activity. Spontaneous New Year and Christmas celebrations take place each year, attracting a large number of people from within and without London. From time to time, the square hosts sporting activities. The square is thus very vibrant with high social classes of people from various destinations in the world. The square enjoys a rich African heritage with a sizable number of revelers and residents originating from Africa.

We intend to use Internet sites such as Trip Advisor, and bboking.com is popular with tourists to advertise in addition to social media promotions. The restaurant shall use differential pricing models for this price-sensitive demographic. To meet the competition, we ensure that the restaurant offers the same services provided by the other Restaurants but at a lower price. The restaurant shall find a place in google listings. Additional options, such as networking with other Restaurants and critical stakeholders in the Restaurant Industry, is what we intend to do. Further, we want to participate in the celebrations, demonstrations, and sporting activities carried out in the area. We shall tweak the menus and Services to suit the events. We shall provide cutting edge spa and recreation services and exciting menus. Strategic market fragmentation revealed that those aged between 18 and 50 frequented Restaurants during the day. Those aged between 35 and above liked to many patronize restaurants in the evening because it is calm and has tight security. We intend to introduce karaoke and club night plans for the evenings. We shall strive to have an extensive menu that includes drinks, snacks, and meals. It will consist of buffets that are attractive to tourists who can choose what they wish to eat. Free wi-fi is available as a means to attract the younger generation who love to be on the internet. The restaurant shall use differential pricing models to distinguish different meals and services to cater to different price ranges.

The introduction of the upscale Nigerian restaurant is the competitive advantage we will use. Coupled with the provision of contemporary styled meals. It attracts the market niche that is experimental on exotic dishes or wants to try something new. Moreover, it will help the large population if of African Descent. To meet the competition, we ensure that the restaurant offers the same services provided by the other Restaurants but at a lower price. Facebook and twitter adverts on business sites conducted.         The estimated costs are £ 2,100 for the first six months. Most of it is done online and through events.

2. WHO ARE YOUR COMPETITORS AND HOW WILL YOU BEAT THEM?

Competitor profile

List UP TO 3 competitors or groups of competitors with a concise profile description (2-3 sentences). (If you feel there are no competitors, you must explain why)

What will you be competing with them? (e.g., price, features, quality, something else?)                Why do customers buy from them?         Why would customers switch to you?    What specific activities will you need to do? Considering what you have outlined in the previous three columns, what actions will you need to take to make your intentions happen?        What approximate level of spend will you need for each activity? (You may find it useful to refer to the Santander  website for estimated costs)

1. The Thai Square restaurant offers foods that are spiced. The restaurant also has a night club and a spa. The Thai Square restaurant provides meals that are spiced. It predominantly serves Thai dishes authentic. We will compete against the price and their niche marketing strategy. The restaurant is very popular with revelers, offers free wi-fi, themed afternoon teas, and molecular cocktails. The Restaurant ambiance and survival are of top quality and complement the classy look of its architecture. We sell predominantly African cuisines. We design our menus, reasonably competitive prices. We will ensure that Restaurant promotions yield results and use the differential pricing strategy on meal plans. The estimated costs are £ 1,200 for the first six months.
2. Rosetta is an Italian restaurant that offers styled agricultural meals. They source their products directly from forms. It provides a homey feel of Italian styled dining. It is a stone-throw away from Trafalgar square Competition based on the pricing and quality of their foods. Their produce is very fresh, and they offer plenty of take-out options. It includes a variety of snacks and home-made sauces. Its location is convenient for many people, and they host several Italian concerts. We offer differential pricing on meal plans. We will provide entertainment and ensure our food quality is unrivaled. We provide attractive menus. We shall seek to host some events, have Karaoke nights, and secure the use of fresh food inputs.

The estimated costs are £ 300 for the first six months.

3. Portrait Restaurant and bar is just next to the square.

Competition arises from selected meal plans for different categories. Specialized menus are available on request. It offers chosen children’s menus, brunches, and a variety of snacks; It is a perfect viewing point for Central London buildings.

We will offer a combination of African and contemporary British meals to acter for different tastes. We shall style our menus extensively to create a wide variety of meal packages including vegetarian, hot and spicy, organic and age-defined meal plans No extra cost incurred as the in-house chefs create menus

No Competitors.              Explain Why

1. HOW WILL YOUR PRODUCT BE PRODUCED OR HOW WILL YOUR SERVICE BE CARRIED OUT?

We are intent to employ staff through a competitive process. The management team will include a managing director and departmental heads who must possess extensive experience in the restaurant business. Waiters, door attendants, and service aids recruited from London. Some chefs come from African countries like Nigeria. These will specialize in the Native African Dishes. Other staff required are the managers, accountants, cleaners, housekeeping staff, and security personnel. Additionally, the restaurant will recruit of receptionists, Restaurant management engineers, and sales staff. The restaurant must provide first higher competent Human Resource personnel to aid in the recruitment process.

Our pricing strategy is one in which will target to attract newer customers. The pricing strategy will be consistent with the price differentiation objective. The prices are slightly lower than that of the competition and represent 5-star market rates. Prices discounted for repeat clients. Our market research proved that referrals and business networks drive the restaurant business. Based on our pricing model, we expect to receive favorable word of mouth comments, reviews, and references. Discounts apply for repeat clients. The meal packages refer to breakfast, lunch, and evening services. The rates net of tax quoted below;

COST DETAILS: BELOW, GIVE COST DETAILS          ESTIMATED COSTS

How will the product(s)/service(s) be delivered to the customer? And how much will this cost?

External vendors will manage the SPA and body treatment facilities. However, the restaurant will provide guidelines and service policies to serve the customers. Services delivered at the restaurant and attract no extra cost. Waiters serve the tables.

Quality: Please describe your quality control process.

How will you ensure that your products and services are produced and delivered to your required standard? (Any costs associated with this?)         Quality control shall begin with proper training of staff on roles and expectations of them. The restaurant will operate under a strict quality control guideline in line with the restaurant’s policies and procedures. The quality control analyst supervises quality. Numerous inspections expected to occur from time to time. It will ensure that quality standards are kept and maintained.

Payment processing: How will payments be accepted? (e.g., cash, credit cards, PayPal) (What costs might be associated with this?)

Payments will be accepted either by cash, credit card, and debit card. The restaurant will install CCTV cameras, PDQ machines, and computers to process the data. Accountants will receive the cash and issue receipts.

2. STAKEHOLDERS – who will be involved in your business besides you? How will you manage their involvement and their expectations? What costs will be associated with them? E.g., self, staff, suppliers, shareholders, others

List the stakeholders      Any issues which may arise and how you will manage them         Any costs associated with this

1. Restaurant industry regulatory body Issues that will arise are subject management liaison with regulatory bodies May attract fines
2. Restaurant Management Issues arising are discussed and resolved at meetings. Their expectations and involvement is managed by management collaborative decision-making               May attract fines
3. Staff

Management decisions will address issues arising from the team. We intend to manage expectations by regular briefings and consultations          None

4. Suppliers The restaurant will manage involvement and issues arising acquisition of regular feedback from them None

3. PRICING – In this section, you need to outline your pricing plan

Product or service – list up to 3  The price you will charge              Why is your price set at this level?            How does this price compare to your competition?

4-course meals £48.00   These are market rates Slightly lower

5-course meals £72.00   These are market rates Slightly lower

Buffets £82.00   A wide assortment of foods        Slightly lower

Product or service – list up to 3  The price you will charge              Why is your price set at this level?            How does this price compare to your competition?

Main Boardroom              £320.00                 These are market rates Same

The Ballroom     £520.00                 These are market rates Same

The conference Hall £600.00. These are market rates the Same.

4. SALES – QUANTITY – for the products or services, what is the value of your predicted sales forecast within what Timeframe?

Product or service (from the table above)            Predicted sales (££)        Timeframe (e.g., within x weeks or months of launch; or daily/weekly/monthly sales, etc.)  Notes: How have you arrived at this figure? How have you used your market research or test trading to forecast your target sales figures? Consider all relevant factors, e.g., are your sales likely to be seasonal? Do you already have some customers lined up? What may adversely affect your sales?

4-course meals 4,000     Within six months, We arrived at this figure through market research based on segmented marketing. We carried out surveys and competitive analysis models. The season begins to peak from month 4. Sales are seasonal bases on events, activities, and tourist peak seasons. No customers lined up

5-course meals 10,000   Within six months, We arrived at this figure through market research based on segmented marketing. We carried out surveys and competitive analysis models. The season begins to peak from month 4. Sales are seasonal bases on events, activities, and tourist peak seasons. No customers lined up

Buffets 11,220   Within six months, We arrived at this figure through market research based on segmented marketing. We carried out focus group testing and competitive analysis models. The season begins to peak from month 4. Sales are seasonal bases on events, activities, and tourist peak seasons. No customers lined up.

Product or service (from the table above)            Predicted sales (££)        Timeframe (e.g., within x weeks or months of launch, or daily/weekly/monthly sales, etc.)  Notes: How have you arrived at this figure? How have you used your market research or test trading to forecast your target sales figures? Consider all relevant factors, e.g., are your sales likely to be seasonal? Do you already have some customers lined up? What may adversely affect your sales?

Main Boardroom              £3,840.00             Within six months, The figure comes through market research through focused group tests and observation. Sales are seasonal and based on the event. No customers lined up. Sales could be affected by a slow appreciation of the meal plans, facilities, and negative reviews.

The Ballroom £1,040.00  Within six months, The figure comes through market research through focused group tests and observation. Sales are seasonal and based on an event. No customers lined up. Sales could be affected by a slow appreciation of the meal plans, facilities, and negative reviews

The conference Hall        £3,000.00  Within six months.  The figure comes through market research through focused group tests, surveys, and observation. Sales are not subject to seasons as business goes on continually. No customers lined up. Sales could be affected by a slow appreciation of the meal plans, facilities, and negative reviews.

Your business needs to operate according to relevant legal frameworks and regulations. You should also ensure appropriate insurance covers you should anything go wrong.

Needs   Associated costs?

Do you need any licenses to operate your business?

We shall abide by the Restaurant Proprietors Act of 1956, which determines how the restaurant operates. It specifies the modalities of accepting and retaining clients. The restaurant will seek to meet and exceed the expectations of the Trading Standards Department followed. Food and safety regulations are applied, as well.

What are the legal requirements applicable to your business? (e.g., food hygiene and safety; child safeguarding; Copyright; data protection; health and safety, etc.)

The restaurant commits to abiding by the legal provided framework on employment. We shall obtain The food Hygiene certificate, Food Premises Approval, PRS for the music license, and an alcohol Licence.  Additionally, it will adhere to safety standards and will work closely with the government inspectors to ensure completeness. Moreover, employees are treated kindly but firmly and briefed on the expectations required of them. Avenues for motivation inculcated. We seek to ensure suppliers are paid on time and are their concerns are addressed through management. Costs on stakeholder management are minimal. However, accountants will maintain an emergency kitty for the same.

What insurance might you need to cover your business? (e.g., health and safety; professional indemnity; incapacity; 3rd party property damage, etc.)

Third-party Insurance companies will insure the restaurant and its staff. We shall obtain public Liability insurance, Health, and safety insurance and provide Indemnity insurance and incapacity insurance for the team.

Anything else to consider? E.g., intellectual property protection, Trademarks, Copyright, etc.

The Restaurants name is subject to Copyright.

For six months, summarise all projected costs  and turnover previously identified in your plan. Categorize them into three sections: Set-Up, Operational, and Projected Turnover. Add extra lines if you need them. Where a monthly cost is appropriate, use these columns. Where not, you can simply include a total

1. SET-UP – LIST ACTIVITIES BELOW MONTHLY COSTS IN £ TOTAL COSTS OVER 6 MONTHS

1              2              3              4              5              6

Lease of space  3,000     3,000     3,000     3,000     3,000     3,000     18,000

Repairs and maintenance             1,200     1,200     300         300         300         300         3,600

Furnishings         12,000   6,000     0              0              0              0              18,000

Equipment          4,000     5,000     400         0              0              0              9,400

Licenses and permits      1,100     0              0              0              0              0              1,100

TOTAL FOR SET UP           50,100

2. OPERATIONAL – LIST ACTIVITIES BELOW 1 2              3              4              5              6              TOTAL COSTS OVER 6 MONTHS

Staff recruitments and salaries  3,120     3,120     8,600     8,600     8,600     8,600     40,640

Staff training      400         400         400         400         400         400         2,400

Advertising         520         520         520         520         520         520         3,120

Office Supplies  200         200         200         200         200         200         1,200

Purchases of supplies    2,500     2,500     2,500     3,600     3,600     3,600     18,300

Hire of vehicles 500         500         2,500     2,500     2,500     2,500     11,000

TOTAL FOR OPERATIONAL           76,660

GRAND TOTAL SET-UP + OPERATIONAL OVER 6 MONTHS

3. PROJECTED TURNOVER – LIST ACTIVITIES BELOW 1 2              3              4              5              6              TOTAL TURNOVER OVER 6 MONTHS

Meal packages  300         700         1,200     5,200     6,000     7,200     20,600

Café and Bar      0              600         900         720         1,200     1,200     4,620

Spa and Body treatments             1,200     1,000     1,200     1,100     1,500     2,100     8,100

Recreational & Board rooms       1,000     1,300     1,250     1,300     4,500     6,000     15,350

48,670

TOTAL PROJECTED TURNOVER   -78,090

GRAND TOTAL: PROJECTED TURNOVER – (SET-UP + OPERATIONAL) =

The financial plan covers phase one, which is the set-up cost plan and steps two, which is the operations plan—the initial capitalization for this project £ 1,200,000. We expect to source £ 1,200,000 from private investors and the local bank sector. My savings will cover £ 1,200,0. The capital covers the costs of leasing Restaurant space for two years, repairs and maintenance, and furnishing. Additional charges will arise from the hiring of staff and the procurement of specialized equipment for the Restaurant kitchen. Moreover, it covers the acquisition of licenses and permits and also to cover start-up, management, and operational costs.

Assumptions: