Business Plan: Business Plan Shells Fine Dining Restaurant

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Business Plan Shells Fine Dining Restaurant in Melbourne, Australia

Product Profile

Marketing Plan

Legal Requirements

Human Resources Plan

Operational Plan

Financial Plan

Future Prospect

Business Plan Shells Fine Dining Restaurant in Melbourne, Australia

Business overview

Shells Fine Dining is an 80 seat fine-dining establishment with an attached 30-seat lounge. Shells Fine Dining focuses on fine dining in an elegant and relaxed style. The establishment offers a diverse selection of fine dining including seafood, steaks and catering services. Indoor and outdoor seating add to the beauty of the Riverfront, making Shells truly a place of visitor's and locals dreams.

Shells will be located in the booming Riverfront district central to Melbourne, as part of the City of Melbourne's 2007-2012 Tourism plan, which includes infusing new establishments with government support to create an engaging and inviting destination for tourists (Melbourne, 2007). Melbourne is considered one of the fastest growing destinations in all of Australia currently.

1.2 Mission statement

The Mission at Shells Fine Dining is to provide customers with not only the best surf and turf menu in all of Melbourne, but also to fulfill their dreams and desires while experiencing the cuisine and fine dining experience at Shells. Customer satisfaction is of utmost importance at Shells, where all customers will have the opportunity for equitable seating and service (Palo Alto, 2007). The employees will participate in a rewards and recognition program to help serve as an incentive to keep them working with Shells Fine Dining and reduce the turnover rate common to restaurants in most industries. The ambience and mission of Shells includes creating an "experience" rather than simply creating the notion Shells is "just a place to eat."

1.3 Service Vision

The service vision is to fulfill customer's dreams and desires. For this reason, customers will have the choice of sitting in one of many themed locations of the restaurant. They can sample the cuisine in a quiet, cozy corner, enjoy a social atmosphere in the lounge or enjoy food on the brilliant and well-lit balcony facing the waterfront. Customers are Shells #1 priority. All customers are invited to provide their feedback for an opportunity to win one free night's dinner at Shells during a subsequent visit.

1.4 Product differentiation

Melbourne's waterfront district is currently in need of a fine dining establishment with reasonably priced delicacies in an elegant, warm and friendly environment. The cozy dining area complemented by a lounge and external tavern or balcony for outdoor eating will help distinguish Shells from other fine dining and traditional dining establishments in the area. The surf and turf menu will offer a wide variety of seafood from the local area but also from regions around the world to truly inspire patrons to sample what distinguishes Shells Fine Dining from other restaurants in the business.

1.5 Target market

The target market includes the travel and tourism industry as the City is currently investing billions of dollars into organizations interested in creating sustainable businesses in this area to increase tourism and capital for the city, year-round. The market will include tourists planning to stay in Melbourne for four or more days, looking for a fine dining establishment offering local food and elegant dining without the stuffy and aristocratic environment ordinarily associated with fine dining restaurants.

1.6 Financial Management

The City of Melbourne is investing millions into sustainable businesses including Shells that will offer sustainable growth and development within the area selected. The first class resort will have a start-up expenditure of $370,000 of which the owners expect roughly 1/4 of the money needed to finance the business provided by the City of Melbourne's Tourism and Recreation plans for new businesses from 2007-2012. Shells expects to generate up to 1,000,000 in sales within 18 months of opening, with strong net profits by the beginning of year three. All investors providing additional income during maturity will receive a premium of all monies invested to 3% as a financial incentive to invest with Shells (Palo Alto, 2007).

1.7 Staff and operations

The staff at Shells will include locals with no less than three years experience in the fine dining industry. Shells will employ a team of two restaurant managers, one wait staff supervisor, 20 wait persons, 3 hosts assigned to each section (the main dining area, the lounge and the balcony). Kitchen and line staff will be hired on an as needed-basis, with the owner serving as head chef for the time being given his extensive knowledge of Melbourne's fine dining preferences, the local cuisine and experience working in the seafood industry. The management team, all wait staff, and financial management teams will include individuals with a combined 30 years experience working in the fine dining industry.

2. Product Profile

2.1 Product- Goods and Services

The menu at Shells is inspired by the River and Waterfront. The menu will feature a diverse selection of seafood and stake, a "surf and turf" menu to appeal to tourists interested in sampling local cuisine. The menu will alternate twice each year to remain fresh and new, with customers having the ability to mix and match main entrees, side dishes and desserts to create a unique and elegant experience. This will add to the ambience and feel of Shells as a place of our customer's dreams and desires.

2.2 Positioning

Shells Fine Dining will position itself as a leader in the fine dining industry, the only establishment to combine fine dining with the comfortable and cozy appeal of a casual yet elegant restaurant. Shells distinguishes itself by providing customers with a selection of foods from around the world, catering to the unique needs of customers by allowing customers to "mix and match" their entrees.

2.3 Price

The average meal at Shells Fine Dining, including appetizer, entree, dessert and "teaser" will be $20. Cocktails will average $4-8 dollars, and bottles of wine ranging from $15-$40 a bottle. Select glasses of one red and one white wine will be offered customers each night at a price of $6.00 each, or $11.50 for a 1/2 bottle of the select wine of the evening.

3. Marketing Plan

3.1 External business environment

Shells will be located along the waterfront, near Melbourne's downtown "riverscape," which in recent years has transformed into a place people describe as filled with "dreams and desires" (Dovey & Sandercock, 2002); Yencken, 1994; Zukin, 1996). The theme for the restaurant and hence branding for the fine dining establishment will focus on the objective of creating Shells as a place of dreams and desires therefore, where people come to enjoy fine dining at reasonable prices, imagining they live the lives of their dreams and desires. The City of Melbourne is currently concentrating on vast growth with Melbourne, one of Australia's fastest growing segments. As such, the City is working on "The City of Melbourne Tourism Plan 2007-2012" which will attempt to establish Melbourne as a tourist destination, bringing in more capital, increasing the profile of Melbourne and building the capacity of the industry (Melbourne, 2007). As part of this plan, the City plans to help local businesses like Shells engage the market and provide them with sustainable investments in the next few years.

3.2 Market Segmentation

Market segmentation will include: (1) Tourists (2) Families (3) Locals

3.3 Competitor Analysis

Because the city is currently developing the area, there are few fine dining restaurants in the immediate vicinity that might compete with Shells Fine Dining. There are however, a few restaurants in Melbourne with a well-known reputation for offering fine cuisine. These include: (1) Le Gourmet, a French fine dining establishment (2) Koh Samui, a Thai or Asian themed fine dining establishment (Melbourne's Find Dining Guide, 2006).Daniel's is another seafood themed fine-dining restaurant, but there is little evidence of top-ranked fine dining restaurants within Melbourne's waterfront district, especially within the new area being developed by the City.

3.4 Position in the Market

Shells Fine Dining would hold the number one position as the leading supplier of affordable, fine dining surf and turf along the tourism sector within the City of Melbourne.

3.5 SWOT Analysis

Strengths - There are no other restaurants currently in this sector offering fine dining in a surf and turf style as Shells plants to.

Weaknesses - Shells is a start-up establishment, and there is always the chance that sales forecasts will not be as high as expected during the first couple of years.

Opportunities - the City of Melbourne is infusing millions of dollars into the area and restaurant as part of its Tourism project, making this an ideal time to invest in a restaurant like Shells.

Threats - Other fine dining establishments may open along the waterfront area, also taking advantage of the Travel and Tourism project the City of Melbourne is investing in, so Shells will have to be sure to distinguish itself from the competition.

3.6 Sales Forecasts

Sales forecasts are strong as recent research suggests there is an interest among consumers in the public to have more access to amenities along the riverfront areas that… [END OF PREVIEW]

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