1. TITLE- “Establishment of retailed business”
A profitable restaurant which is going to be opened in Manuka in Canberra, ACT. Name of the proposed restaurant is “Serve hot” and it will offer vegetarian and non vegetarian food to the consumers. Main food items that will be served at restaurants will include Itali
2. Statement of Purpose
“I am writing to you to suggest what are the best possible options that could be used for funding the new restaurant that is about to be opened at Manuka in Canberra”.
3. Background of Proposal
New restaurant naming as “Serve hot” will be opened at Manuka in Canberra at ACT. Hospitality industry in the Australia offers huge success and growth opportunities. Restaurant industry is growing at 4.4% per year. There are many trends that have been observed in the Australian restaurant sector and it is ensuring growth of new venture that is about to be opened in the sector. New technology also has paved the way for attracting more number of visitors and consumers for selling services of the entity (Mok, Sparks and Kadampully, 2013).
Emerging of smartphones have made it easier for people to book their table through online mode and large number of people are getting benefited through it. Mobile boom has enhanced the probability for opening a new restaurant and opening a new venture in the restaurant industry is going to be beneficial for generating huge amount of profit and revenue (Zeng and Gerritsen, 2014). It has been observed from the data collected by various surveying agencies that average consumer spending in restaurant sector have been increased.
People in Australia are giving preferences for dining out and exploring new cuisine. Number of restaurants and food center have increased and many ventures are about to be increased in the Australian food sector (Dredge, Airey and Gross, 2014). According to the current trend that is going in the city people are giving preferences for going out with their family members and friends. Moreover, consolidation, acquisition and expansion in the restaurant market have been increased and it is profitable to open a new entity in this industry. Most popular cities that offer a big consumer rate includes Sydney, Brisbane, Melbourne, Perth, Adelaide, Canberra, North Sydney and Cairns, Stonnington (AlBattat and Som, 2013). It has been planned that new restaurant will be opened at Canberra. Average spend has been enhanced $50 per head which reflects that it is a profitable plan for opening a new restaurant in this industry. The idea for opening a new venture that serves Indian, Italian and Japanese cuisine is a profitable approach.
4. Project Rationale
The new project for opening a new restaurant naming as “Serve Hot” requires appropriate funding so that all the essential activities can be carried out properly. If the project will be undertaken than probability for gaining success will enhance and it will lead towards generating more amount of revenues. New venture will be established at forest theme in which all the interior designing of the restaurant will be done on this theme. Wooden structure artificial trees and plants and brick structure will give feeling of sitting in a forest in the consumer. Food will be served in the utensils that will be designed in the shape of flower, leaves and rural utensils. Currently no restaurant in the city id working on this theme and it reflects that chances for attracting consumers on the basis of this strategy are high.
If the project will be undertaken than promotional campaign will be designed on the basis of theme selected for the venture. Animal figures will be carved on the wall and artificial caves will be designed in which visitors will be served food. Other than this fun activities will also be started in which camel rides will be offered for kids and young children. It is an innovative concept and it will help for attracting adventurous diners (Scarles, 2016). Chances are high that people are going to be attracted towards this restaurant and it will help for gaining huge revenues and profitability by starting this venture. If the projects will be undertaken than long term growth and profit of the venture is ensured.
On the other hand if the project is not undertaken than existing restaurant has to be continues. It will decrease the probability for gaining success and it will aid for enhancing revenues of the entity. Moreover, if a new venture will be started in the industry than it is required that huge amount of capital should be invested so that operational activities should be executed. In addition to that if the project will be executed than due to that chances for entering into restaurant sector of UK will become high. Concluding all the facts and information it can be analyzed that if the new venture “Serving hot” will be started in the restaurant sector than growth and success can be received.
5. Strategic Alignment
In the project major objective is to enter into Restaurant industry of Australia by establishing a new restaurant naming “Serving hot”. This project will be giving impact on the organizational strategy and it will help for gaining competitive advantage for the business. All the cuisine that will be served at the restaurant is based on the theme which has been selected for the entity. It will fit well into the business strategy and it will also aid for meeting the required objectives and goals of the entity.
Moreover, forest theme concept is an innovative idea and it will aid for attracting more number of visitors for availing and enjoying the services that are available in the restaurant. Existing strategy reflects that there are high chances for gaining success and growth in the new market area. Moreover, if the present idea and concept would be implemented than it will lead towards giving option for enhancing profitability by availing the opportunities that are available in the hospitality industry. Other than this it is also required that all the proposed strategy and plans for opening a new restaurant will be implemented in better and effective way.
6. Relationship with the Other Topic
Establishing a new restaurant requires a systematic and sequential approach and it is vital that relationship of the project with other projects should be established. In the present case plan is to open a new forest theme based Restaurant which serves Italian, Indian and Japaneses food. In the present case project does not have any dependency on each other. There is a single project under which strategies are made for opening a new venture ion the hospitality sector and in this no dependency exist of the project with each other. It is vital that dependency of project with other projects should be establish and it will help for developing causal relationship among different projects.
7. Analysis of Options
Options available :- There are various options that are available which could be used for gaining profitability. Instead of restaurant a shop on a small scale can be established and it will support for gaining revenues by selling products and services. In addition to that establishment of Dredge, D., Airey, D. and Gross, M.J., 2014 retail business can be done such as starting a online service. Moreover restaurant business has been selected because it offers huge success and growth opportunity.
8. What Happens Now
There is a plan for establishing a new forest theme based restaurant naming as “Serve hot”. It will be established at Canberra, ACT. The project offers success opportunity in the restaurant market of Australia. It is required that funding should be sufficient so that required operational activities of the projects should be executed as per requirement.
- Mok, C., Sparks, B. and Kadampully, J., 2013. Service quality management in hospitality, tourism, and leisure. Routledge.
- Zeng, B. and Gerritsen, R., 2014. What do we know about social media in tourism? A review. Tourism Management Perspectives. 10. pp.27-36.
- Dredge, D., Airey, D. and Gross, M.J., 2014. The routledge handbook of tourism and hospitality education. Routledge.Scarles, C., 2016. Mediating the tourist experience: From brochures to virtual encounters. Routledge.
- AlBattat, A.R.S. and Som, A.P.M., 2013. Employee dissatisfaction and turnover crises in the Malaysian hospitality industry. International Journal of Business and Management. 8(5). pp.62-71.