BUSINESS PLAN

Business Plan for Isla's Restaurant and Bar

Introduction1

Overview1

Business Details1

Summary of the Business2

Business Aims and Objectives2

Market Research2

The Market2

The Competition3

The Environment4

Suppliers' Information4

Marketing Strategy4

Target Market4

Marketing Strategy5

Products and Services offered5

Pricing strategy6

Branding, Advertising and Promotion Strategy6

Internet Strategy7

Operations7

Management7

Staff Resources8

Premises8

Regulations8

Future9

Financial Forecasts9

Start up Requirements10

Start up Funding11

Projected Cash Flow12

Projected Profit & Loss Account13

Projected Balance Sheet14

Conclusion15

References16

Business Plan for Isla's Restaurant and Bar

Introduction

A business plan is an outline for any business whether large or small. It provides an important source of direction for the business and helps the business in a great number of ways. This purpose of this report is to draft a business plan for “Isla's Restaurant and Bar” which specializes in Lithuanian, Latvian and Estonian foods and also offers bear, wine and liquor at the bar accompanying the restaurant.

The business plan of “Isla's Restaurant and Bar” provided in this report entails an overview of the business along with the business objectives. The plan subsequently includes a market research, marketing strategy, operations strategy and three years financial forecasts for the “Isla's Restaurant and Bar”.

Overview

Business Details

“Isla's Restaurant and Bar” is a small restaurant accompanied with a bar which offers a combination of Lithuanian, Latvian and Estonian foods and a variety of different quality drinks. The restaurant offers a great number of soups, starters, appetizers, and food of Lithuanian, Latvian and Estonian style. The restaurant specializes in these Baltic cuisines and the accompanying bar adds to the attraction of the restaurant by making it a complete place offering the complete deal.

Summary of the Business

“Isla's Restaurant and Bar” is a small scale restaurant and bar having a casual attire which gives a cool place for relaxation and easy eating to the customers. It specializes in Lithuanian, Latvian and Estonian foods. The restaurant offers lunch and dinner meals. Take away and table services are available at the place. The bar accompanying the restaurant offers bear, wine and liquor.

Business Aims and Objectives

The business aims to be the provider of the best Lithuanian, Latvian and Estonian foods in the locality at a reasonable price and best quality and taste. By instituting a bar with the restaurant, the “Isla's Restaurant and Bar” aims to increase its profit margin in addition to attracting a larger customer base. The long term objective of the business is to expand its operations and scale of the business covering different markets and customer segments. The business also aims to have a positive profit in the first year of its operation.

Market Research

An organisation must discern the business and the market in which it operates and the prevailing present and future trends in order to function successfully in the market (Bangs, 2002, pp.02-05). The market analysis for “Isla's Restaurant and Bar” is provided in this section.

The Market

Restaurant industry has always been a thriving and flourishing industry. This presents a large market for the restaurants as well as bars. Since “Isla's Restaurant and Bar” deals and specializes in a particular variety of food, the market is reduced to some extent; however, there are a large number of customers which favors the tasty and ...