Table of Contents
Summary
Business Plan of Lantiguo Restaurant
Lantiguo Restaurante:
Miami Florida’s Culture
Ownership of a company
Strength, Weakness, Opportunity, and Threat Evaluation
Strengths and Weaknesses
Opportunities Threats
Products and Services
Product features
Lantiguo Restaurante Services
Marketing strategy
Product startegy
Price strategy
Place strategy
Promotion strategy
Human resource management at Lantiguo Restaurante
Finance requirements
Estimates of future financial performance
Lantiguo Restaurante’s challenges
In conclusion
Summary
Lantiguo Restaurante operates in the restaurant and hospitality industry. It specializes in Spanish cuisine. Lantiguo Restaurante’s website was developed as a way to communicate with their clients. This paper has explained the mission and vision of Lantiguo Restaurante, along with its marketing strategy. The restaurant serves a variety Spanish dishes. Orders can be placed online and in the store. The management expects to breakeven in two years. Capital will raised by various means with the goal of minimizing cost. Lantiguo Restaurante’s website allows customers to sign up for updates, and also receive discounts when ordering online.
Business Plan Lantiguo RestauranteLantiguo Restaurante provides popular dishes for lunch, dinner and breakfast. Customers can place food orders both online and offline. Lantiguo Restaurantes has adopted expansion strategies due to the success of their current location. In order to expand, it developed a Miami branch website. There is a chance to expand internationally in the future. There is an increasing demand for Spanish cuisine in the modern world. Business plans are the foundation of your business and serve as benchmarks for you (Hull, 2013,). Business plans are a guide for employees, management and other stakeholders on how to sustain a company. Strategy is long-term planning and includes vision, mission, market strategy and financial projections.
Objective
We offer a wide variety of Spanish dishes at a reasonable price and with high-quality.
Sight
Lantiguo Restaurante is a brand that should be known for its delicious food.
Industry: Hospitality/ Restaurant
Miami, Florida (United States of America) is the proposed location.
Lantiguo Restaurante:
To offer food of excellent quality at a reasonable price.
The best way to enjoy traditional Spanish cuisine is by offering a variety of dishes.
Customer satisfaction can be achieved by maintaining long-term customer relationships.
Consideration and improvement of business processes by incorporating feedback from all customers.
Customers who enjoy Spanish cuisine will find it the best option.
Miami Florida cultureIn recent years, culture has been an important part of economic development in many cities. Miami Florida had experienced a dramatic increase in urban growth, and incomes had also increased. According to Wade et.al., branding has a greater impact on internalization for the restaurant industry. Miami Florida customers are known to spend quality time at restaurants. Additionally, Miami customers may be interested in specific food items and they might visit hotels to get them.
Miami residents are always looking for new dishes to try and visit restaurants every day. People in Miami order food online due to the technological advances. Due to the fact that people in Miami give equal importance to food and leisure, Lantiguo Restaurante could find a good market. Culture has a positive as well as negative impact on lifestyles. The urbanization of the world has made people less interested in cooking. Instead, they look for tasty items to eat for breakfast and lunch. Lantiguo Restaurante is able to anticipate demand in Miami.
Customers can enjoy the food of Spain. Several dishes are tailored to the tastes of clients from different backgrounds. All staffs, chefs in particular, will go to Spain either with the parent or directly for updates on new dishes.
OwnershipLantiguo Restauarant is a limited liability company. The company is legally established in the United States under Company Law. The company will eventually have around 40 employees. The company raises money through investors, bank loans and the issuance of shares. As with other private firms, the company will disclose its financial standing periodically. Dividends may be small for the first year, but investors and shareholders can expect huge dividends or profits in future years. Liu et.al. (2017) claim that a self-confident employee is the key to restaurant productivity.
SWOT analysisThe internal environment can be controlled by an organization and analyzed using its strengths. The external, uncontrollable, environment can be analysed through the organization’s opportunities and risks (Hitt Ireland Hoskisson). Table 1 explains the SWOT analysis of Lantiguo Restaurante. Lantiguo Restaurante clearly has a high market potential, as shown by the SWOT. The company has the potential to grow. Lantiguo Restaurante’s future is bright, even if there are newcomers to the hospitality and food industry.
Table 1: SWOT analysis
Strengths and Weaknesses
Food of high quality at a competitive price
The variety of dishes
Online ordering is available to customers.
Chefs with vast experience preparing Spanish cuisine.
Spanish food market potential
Resources for food preparation are available.
The menu is limited to Spanish cuisine.
Uneven demands.
Orders may not be fulfilled on weekends
Retention of employees is important.
Opportunities Threats
New markets.
Food products delivered to your home.
Include menu items
Seating capacity expansion.
Local restaurants are facing stiff competition.
New food safety regulations
There are consequences for mistakes that you make when preparing food.
Customers’ tastes and preferences are constantly changing.
The economy cycles, such as depression and recession, are cyclical.
It is clear from the SWOT that Lantiguo Restaurante will have a successful future in Miami. Lantiguo Restaurante can benefit from the diverse population of Miami. Despite the fact that restaurants in large cities like Miami are in a highly competitive market, they can still expect to attract customers.
Products and ServicesThe products listed in Table 2 are available from 10:00 to 11:00 pm. Lantiguo Restaurante’s first shift will be two. Customers can order online and reserve tables online. To improve customer relations, a membership card is issued to all regular customers. Lantiguo Restaurante updates its menu every 3 months with new dishes.
Table 2: Product list
Picada is a combination of olive oils, roasted garlic, and toasted bread.
Pisto It’s also known by the name ratatouille. It’s made from a variety vegetables.
Spanish Omellette Spanish Omellette contains eggs and tender ingredients.
Croquette Mashed potatos with crumbed toast and bechamel sauce.
Tortilla de Patatas is a traditional Spanish dish that is perfect for breakfast or lunch.
Frittata The tortilla has been re-imagined with eggs.
Paellaa ala Valenciana is a dish made from snails and saffron with rice, white beans, green bean, and meat.
Lantiguo Restaurante offers a range of services. Customers can place orders and have the products delivered to a specified area around the restaurant. Online ordering and table reservations are available for customers before they visit Lantiguo Restaurante. Third-party organizations help with home delivery. Cash back will be offered to customers who complain that their food has not been delivered on time. Lantiguo Restaurante also plans to offer customized orders, which means that the ingredients will be considered when preparing a dish. Modern people have limited time, therefore they prefer to access company details online via a website and mobile phones.
Marketing strategyMarketing Strategy is the plan that includes product mix, price, location and promotion to satisfy customer expectations. Lantiguo Restaurante’s marketing strategy is being implemented in Miami. The parent company’s culture will be applied to all new branches, including those in the United States and abroad.
Marketing plan is an outline of how a business operates. It includes the possible challenges that may arise in the course of doing business. Lantiguo Restaurante always puts the customers at the center of its operations and collects their feedback regularly to better Lantiguo Restaurante.
Lantiguo Restaurante’s main products are foodstuffs. Lantiguo Restaurante also offers online ordering and reservations of food as well as quality assurance. Lantiguo Restaurante’s main product is Spanish cuisine. All customers visiting restaurants, regardless of their demographics, are the target market. Customers are served food in a hygienic and quality environment. Lantiguo Restaurante’s website allows customers to find out about the food and its ingredients. Lantiguo Restaurante is the only organization with a website designed specifically for them. It gives an overview of their entire profile. Email addresses are provided so that customers can send any questions they may have before visiting the shop.
Breakfast items are priced between $6 and $9. The price of lunch will range between $7 and $12 while the price for dinner will be $8 to 12. Weekends and festivals are also times when customers receive discounts. Membership cards holders receive a minimum 10% discount off their entire bill. Lantiguo Restaurante is implementing a market-penetration strategy. Pricing strategy of competitors is used to determine the prices for all menu items.
Customers can get free delivery when they order online. Prices may be slightly higher during rush hours, weekends and holidays to cover the extra costs of hiring more staff.
Visit the store anytime between 10:00 AM and 11: 00 PM. Orders are delivered instantly. Waiting time is 15 minutes maximum for some dishes. Customers can order online through the website. Food is delivered to the customer’s place within an hour. Customers can refuse or receive a refund if the food served by a company is not as advertised. Food products ordered online will be delivered by a third-party organization.
Lantiguo Restaurante rewards customers for allowing enough preparation time by offering discounts. Prior to accepting an order, we will check its feasibility. The first time, returns will be discouraged except if the product does not meet the expectations made when the order was placed.
Potential customers will receive coupons for food. When customers purchase online, they will receive a coupon code. Customers who are members of Lantiguo Restaurante can receive customized SMS with birthday wishes, wedding anniversary messages and other special occasions. The importance of ‘word-of-mouth’ promotion is greater for the restaurant industry. Customers will therefore be encouraged to spread the word about the restaurant through their social networks. Lantiguo Restaurante also communicates with its stakeholders through social networking sites, such as Facebook or Twitter.
Human resource management at Lantiguo RestauranteApproximately fifteen employees will be recruited on permanent basis. Posting advertisements on employee portals will be used to recruit. Employees with more than ten-year experience in the restaurant business will receive first priority. In order to retain staff, we will pay a competitive wage. Depending on the situation, employees may be hired later under a contract basis. Weekends are the days when part-time employees will work and third parties will help with food deliveries.
Funding requirementsApproximately $1.5 million would be invested in establishing Lantiguo Restaurante in Miami. Capital will be obtained from a variety of sources. It is important to obtain funds from multiple sources to minimize capital costs and reduce risks. Lantiguo Restaurante has the option to source funding through loans, equity, and venture capital. Table 3 shows how Lantiguo Restaurante is funded. Table 3 shows estimates of the funds available. These figures may change slightly depending on market conditions. Scarborough, Cornwall and others (2015) claim that entrepreneurs benefit from seed capital. But it’s not always used to expand the business. For Lantiguo Restaurante, it is important to carefully consider the sources of funding.
Table 3: Lantiguo Restaurant Funding
Source Amount
Bank Loan $400,000
The equity of the company was six hundred thousand dollars.
Debentures $300,000
A venture capital investment of two hundred thousand dollars.
The total amount was one and a half million dollars.
Financial projectionsThe Lantiguo Restaurante’s breakeven point is achievable within two years. After subtracting taxes, costs and expenses the monthly profit is approximately $62,500. Lantiguo Restaurante is sure to make huge profits in two years. Although these projections have been made under negative conditions, if the external climate is favorable then breakeven can be achieved within one-and-a-half years.
Restaurants face a variety of challenges. The tastes and food preferences of customers are constantly changing. The economic climate may cause economic downturns, such as depression and recession. Customers are currently accepting traditional food, but may in the future prefer organic foods due to their health consciousness. Even members may get bored by the current menu. The price increase of raw materials such as meat, eggs and vegetables may be a concern. Restaurant business would face the greatest challenge of retaining employees, particularly chefs. In the legal world, there are strict rules regarding food safety. Therefore, any mistake may result in closure. Restaurants are viewed by many customers as places to relax. For instance, in Startbucks customers may spend long hours there whereas at Lantiguo Restaurante they might not have enough space.
ConclusionLantiguo Restaurante is the answer to the industry’s gap. The majority of people do not have access to quality food, particularly Spanish dishes. Lantiguo Restaurante is known for its innovative dishes and tasty food. Lantiguo Restaurante has a big market because everyone buys food.
