1. Executive Summary 1.1 Business Innovation
Korean Bibimbap, a new restaurant that is featured by healthy Korean food aims to provide white-collar workers with convenient service and business leisure under the help of e-commerce and efficient management. The main characteristics of Korean Bibimbap is as follows.
● Korean Bibimbap is set up as a restaurant selling healthy Korean meal sets at an acceptable price. Nowadays white-collar workers are faced with a dilemma on where to have dinner. On the one hand, despite the cheapness of food in staff canteen, some white-collar workers have been fed up with its distastefulness. On the other hand, many white-collar workers also complain that they can’t afford the food in restaurant because of its high price. Combined with high stress and long time of work, such a dilemme now has contributed to many health problems in white-collar workers. Based on the analysis of this situation, Korean Bibimbap will provide healthy Korean food in varied prices and an agreeable environment for white-collar workers to enjoy.
● Following the trend of e-commerce, Korean Bibimbap will use a electronic system including website and integrated management system for prospect background. Customers can not only come to the real shop for dinner but also place order through the internet. It deserves to be mentioned that online order service is still at its primary stage of development in China. This system will bring as much convenience as possible to consumers and in return expand the business of Korean Bibimbap.
2. Mission and Vission
Our first responsibility is to provide every customers healthy food at a fair price as well as the pleasure of eating. We will make sure that every consumer receives a warm welcome on walking in our restaurant. We value employee’s active efforts on bringing health as well as pleasure to customers, and on spreading healthy diet culture to the world. We would like to join hands to advance and retreat as one with the development of our restaurant. By working closely, we can pave the way for a better prospect of our restaurant.
1.3 Food Stucture
As its name suggests, at the start-up stage the main food provided in my restaurant is Korean Bibimbap sets, varying in variety and price. Korean Bibimbap will use advanced equipments to prepare and store food material on large scale without affecting the flavor and nutrition of Korean Bibimbap. More over, some special snakes will also be offered as a complement to deversification of food. At the expansion phase, Korean Bibimbap will add more food lines to the menu list. 1.4 Market Analysis
The restaurant market is a competitive market with low entry barriers, where new restaurants emerge rapidly and compete with the existing ones. Base on the SWOT analysis, a successful restaurant should have both distinctive food and high quality service at least. Besides, exposure to lage numbers of mobile population also accounts for the success of some famous restaurant. To take all these into consideration, Korean Bibimbap decides to target on white-collar workers in International Trade Center in Beijing.
The management team mainly comprises five parts: administrative department, marketing department, human resource department, financial department and purchasing department, each of which has its specific responsibilities. Periodically, Korean Bibimbap will have personnel training, especially for these senior managers and gradually establish a comprehensive training system. At the same time, Korean Bibimbap will strengthen and perfect information management system on different levels, so as to facilitate the smooth and efficient operation.
1.6 Financial Planning
Total investment for the first year is one million, which comprises 0.7 million from partnerships and 0.3 million of bank loan. At the early stage, Korean Bibimbap has to pay regular interests to investors every month. At the second year, Korean Bibimbap will have paid off all the debts and continue to operate the business with acculmulated capital.
7. Risk Analysis
Major problems may come from the potential pandemic outbreak, some irresistible natural factors, external large-scale maligant competition, management risk, financial risk and policy risk. In order to minimize the negative effects of potential problems and risks, Korean Bibimbap will have special training on relevent staff to improve their ability to predict and evade risks.
In short, Korean Bibimbap is a restaurant combined with healthy food and advanced management, targeting on the white-collar workers. With the joint efforts of all staff, Korean Bibimbap will have a good market prospect and further development in the future.
2. Business Description
1. General Descriprion of the Business
Korean Bibimbap is a new restaurant featured by health and convenience, aiming to provide white-collar workers with convenient service and business leisure under the help of e-commerce and efficient management.
● Target Consumers
More often than not, white collar workers is more likely to eat out. For modern white-collar workers, they lay more emphasis on both convenience and nutrition. At the same time, they are also curious about exotic flavour and attach importance to deliciousness of food. They also don’t have too much economic problem, so medium priced Korean Bibimbap will not make them hesitate too much.
● Site Selection
Because the target customers of Korean Bibimbap are white-collar workers, the location is finally decided as International Trade Center, which is known as one of the biggest office building areas.
● High Quality Services
All the staff have to be energetic and enthusiastic young people, who will have united training course about providing good service and should be interested in, if not familiar with, Bibimbap culture. Various characteristic services will be offered from the customers entering Korean Bibimbap till their departure. Furthermore, Korean Bibimbap will provide convenient online reservation and take-away services.
2. Industry Background
As a traditional industry, the restaurant industry has played important roles in the economic development. In the long term, the strong growth of restaurant industry will continue. There are two major reasons as follows:
● Although There are many restaurants in Beijing, the amount of people eating out is still a small proportion of the total population. With the further development of economy, there will be still great potential for new restaurant to win decent profits.
● From the perspective of demand, people will attach more importance to diversified, healthy and quality food. These demend will contribute to the further development of the restaurant industry.
In coclusion, the restaurant market is a competitive market with low entry barriers, where new restaurants emerge rapidly and compete with the existing ones. However, there is still great space for new restaurants as long as operators make efforts to establish their own features and improve the quality of service.
3. Goals and Potential
To bring health and happiness to the world.
To bring health by providing delicious food; To bring happiness by providing better services.
● Core values
Our first responsibility is to provide every customers healthy food at a fair price as well as the pleasure of eating.
We will make sure that every consumer receives a warm welcome on walking in our restaurant. We measure our work against how much satisfaction our consumers get from our services. The satisfactory smile of customers will be our best encouragement forward.
Enthusiasm and Dedication
It is the enthusiasm and dedication of our employees that keeps our restaurant going and expanding. We value employee’s active efforts on bringing health as well as pleasure to customers, and on spreading healthy diet culture to the world.
We would like to join hands to advance and retreat as one with the development of our restaurant. By working closely, we can pave the way for a better prospect of our restaurant.
4. Uniqueness of Product
The distinctive food of Korean Bibimbap is featured by its nutrition and convenience. On the one hand, Bibimbap is nutritious food with low calories, for the main ingredients of Bibimbap are various vegetables. Compared to KFC and other kind of cuisines, Bibimbap lays more emphasis on nutrition and health. According to latest study, Korean chilli paste can stimulate the palate of people and in some sense improve the immunity of people. On the other hand, Bibimbap is also a delicious and convenient food to be offered at a short time. While operating the business, we will prepare some ingredient in large numer beforehand and use special equipment to store them. As Korean Bibimbap becomes stronger, more food series will be added, like Korean barbecue, to the menu of restaurant.
Courtney from Study Moose
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