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BUSINESS PLAN
BALKAN CUISINE RESTAURANT
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Executive Summary
Balkan cuisine restaurant is a response to the changing market conditions in the hospitality and tourism industry. Since the first case of Covid-19 got reported in the country, many people have been skeptical about eating out and enjoying a sumptuous meal. Balkan cuisine restaurant offers a solution by bringing the restaurant to families and professionals who need to taste different work or home flavors. The restaurant will be operating in Barcelona and expand to other cities of Spain like Madrid after establishing the business. Balkan cuisine restaurant hopes to reach annual revenue of $200,000 by the year 2024. The restaurant will have a mobile kitchen that can move from one place to another, serving customers freshly served food at the best prices. There is an application that allows customers to order and get their food delivered. The restaurant is committed to working to keep in line with the government’s containment measures and help keep Barcelona and its residents safe.
About Us
Balkan cuisine restaurant is a modern restaurant committed to serving Barcelona’s city with the best food there is, in the country. It was opened in March 2021 and had been serving residents both at home and work. Mario Correa owns it. Some of its best cuisines include Paella, Calçots and romesco sauce, Crema Catalana, and Bombas. Our foods are a demonstration of the rich heritage of the city of Barcelona.
Products and Pricing
The restaurant primarily sells traditional foods. The food is organic and farm-fresh from a few selected suppliers. The best chefs in town prepare it. Some of the foods are sold directly to the customers from the food truck, while over 60% go to the customer by delivery. The prices for the food s moderate. The menu ranges between $7 and $23. Students are given a special discount depending on the time of the week. Families that are regular customers and order food above $100 have a free delivery any time of the week (Deepak and Jeyakumar, 2019, p 41). All prices are set uniformly to accommodate changes from the supplier and costs both now and in the future.
Target Market
The business targets the general population that consists of families, professionals, working people, and students. Families that love to enjoy an exceptional meal once in a while, professionals working within the city, employees all over the city, and students make up the target market. The most significant customer base the business has is social media, where it markets and promotes the products. The business will be expanding after the containment measures in place are lifted to serve institutions like construction sites that need food all day long. The market is divided into two segments, demographic and behavioral (Ramalingam and Alexander, 2017). Families are regular and give the restaurant most of the business over the weekends and during festivals. Working people and students buy food regularly because they cannot cook while at work or in school.
Competitive and Position Analysis
The current competition comes from businesses that are offering substitutes. Several companies offer grocery deliveries online and have taken over some parts of the city (Li, Mirosa, and Bremer, 2020). With families tied at home, making and enjoying homemade food has remained a viable option. Uber eats has been a prominent competitor in the market, offering quality and low-priced foods to different parts of the country. Besides that, Delhicioso has also been the other competitor with roots all over the city. Despite that, the competitive advantage that Balkan cuisine restaurant has over the rest is that it has its products and services in more than ten apps. That has been the reason why it has a large customer base. Customers don’t need to switch apps to get their food delivered, and they can still get all the company products from their famous applications. It also offers free deliveries to customers who buy food worth $100 plus, making it the cheapest option in the city.
SWOT Analysis
Strengths :
1. The restaurant offers the best customized and lower prices in the city
2. The restaurant has a large number of suppliers, which makes it easy to bargain and maintain consistency.
3. It operates online and works 24/7, with deliveries going to all parts of the city, primarily construction sites and essential service providers.
4. The restaurant has a moving track that serves offices Weaknesses:
1. It does not have a physical premise where customers can come for a meal if the containment measures get lifted.
2. Over-reliance on one Delivery Company can fail when the company is engaged or delayed.
3. The number of workers is small and cannot keep up if the demand grows.
Opportunities :
1. The demand for baked foods like cakes is growing due to the many parties; the restaurant can consider adding cakes to its menu.
2. The long containment measures in the country are an opportunity for the restaurant to open more outlets and expand deliveries outside Barcelona to other cities.
Threats :
1. Competition in the industry is growing. Most restaurants are now offering delivery services to their customers.
2. If the curfew and other containment measures are intensified, the business might run into losses for lack of business.
3. Learning institutions are thinking of conducting online classes, which will threaten the business’s market, especially students.
Marketing and Operation Plan
Businesses that operate online require the best marketing and promotion plans. This is aimed at helping them reach the large population. The first marketing activity has been a city-wide campaign on the food truck. This was aimed at making the general public aware of the services and products the restaurant offers. There are other marketing options like TV adverts which are convenient during this pandemic period. Social media has also been the common and cheapest marketing mode and getting high customer traffic (Deepak and Jeyakumar, 2019, p 82). It has been the best tool the company has in reaching out to customers all over the city. The restaurant has a blog on Facebook where offers and communications with customers are conducted. The page has over 300 thousand active followers. The social media marketing team reaches over 100,000 people in a day with its offers and promotional messages. The page gives customers important information like changes in prices, promotions, and new products.
Balkan cuisine restaurant operates online. It has ten rented food trucks all over the city, distributing and offering food to customers. Three managers are in charge of operations in the kitchen, suppliers, and deliveries. The 20 other workers constantly work to ensure that food is well cooked and gets to customers in time. The Facebook page has been where the restaurant responds to the concerns and acts on the suggestions customers leave. The restaurant works 24/7. For that reason, it has designed schedules where employees get to work in shifts.
Leadership and Employees
Balkan cuisine restaurant leadership comprises the best minds and talent the city of Barcelona has to offer. The starting employees will be 23. However, the number will increase every year depending on demand. The restaurant will also have eight part-time employees who will be working seasonally.
• Mario Correa is the sole owner of the business who will also be the financier to the business. The city’s bright minds will assist him in handling and running a restaurant business.
• Jordi Alba- Operations Manager
• Sergio Pascual- Procurement Manager
• Flor Katarina –Marketing Director
The three will be responsible for the restaurant’s daily activities, which are but not limited to negotiating with suppliers, coming up with customized menus, and coordinating with the rest of the team and partners to get customers their food.
Financial Analysis
Projected Starting Costs
Description Amount ($) Comment
Equipment and premises 28,000 All equipment and buildings
Supplies 45,000 Food and beverages
Furniture 14,000 Office equipment
Packaging and storage 30,000 For delivering food & drinks
Miscellaneous 20,000 Daily expenses
Total funds required 137,000
Projected Profit and Loss Statement
Description 1st year 2nd year
Sales/revenue ($) 300,000 950,000
Cost of sales ($) 100,000 200,000
Gross profit ($) 200,000 750,000
Total expenses ($) 114,000 170,000
Net profit/loss ($) 86,000 580,000
The business owner provides the funds required to start and operate the business. The business is set to expand to other cities, and as the demand for its services grow, there will be room for more investors and partners willing to join.
References
Deepak, R.K.A. and Jeyakumar, S., 2019. Marketing management. Educreation Publishing.
Li, C., Mirosa, M. and Bremer, P., 2020. Review of Online Food Delivery Platforms and their Impacts on Sustainability. Sustainability, 12(14), p.5528.
Ramalingam, U. and Alexander, P., 2017. Target marketing for a research organisation. Applied Management Conference, Wintec, Hamilton, New Zealand, 30-31 October 2017.
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