Small Ethnic Restaurant Business Plan Owner Strategies Assignment

Assignment Task

The object of this project is to offer a continuation to the ethnic restaurant you have conceptualized in the first half of the course. You are to revisit key aspects of it, refine its components, identify the target market with finer precision, and fine-tune its strategy for reaching its target audience. You will be focusing on building two important strategic documents: 1) a training plan which aligns with the concept, vision, target market, theme and budget of your restaurant and 2) a coherent food and beverage menu which aligns with the same, with evidence that it will produce profit for the restaurant.

Both documents must follow the guidelines presented in class. This assessment should be used as an opportunity to demonstrate how much you have learned from your textbook, first and foremost, as well as from our class discussions. This assessment is not designed to demonstrate how quickly your search engines can produce said documents.

The work will consist of 2 parts: a report and a 10-minute presentation.

Report

1. Your first page will be a recap of Project 1. This is an opportunity to integrate the feedback of your peers and your professor into a animproved ethnic restaurant experience. Your concept must meet the 5 criteria from Project 1:

1. Ethnic (as assigned in Project 1)
2. Profitable
3. Clear purpose and vision
4. Ensures a living wage
5. Progressive

2. Review briefly the 7 components of project 1 and explain what you have modified and why. Recall: 

1. Examination of your ethnic segment
2. Restaurant format
3. Description of the ethnic cuisine and your positioning on the authenticity spectrum
4. Your location with an address
5. Precise demographic and psychographic analysis of your location
6. Your revised concept
7. Your organizational chart

3. Staff Training Plan: Develop a staff training plan for the restaurant. Consider the training required for front-of-house staff, back-of-house staff, and management. Ensure that the training plan aligns with the restaurant's service design and enhances the customer experience.

4. Menu: Develop a menu for the restaurant. Ensure that the menu is written correctly, includes a variety of options aligning with your target market, and takes into account any dietary restrictions or preferences. Describe how your menu choices embody the theme and concept, your chosen level of ethnic authenticity, and your selected social/environmental cause. Your menu should have 4 appetizers, 6 main courses and 4 desserts. You will be assessed on the conciseness and appropriateness of the wording. Include the text only, NO visuals.

5. Pricing: Show your calculations for each menu price based on an estimation of food costs. What technique have you used to calculate prices? Cost-plus pricing, competition matching, contribution margin, or another technique? Explain why the selected pricing technique is most appropriate for the restaurant.

6. Revenues: Determine the cost ratios of each menu item. Project your business volume for your opening year (monthly breakdown). Based on your own estimate for an itemized popularity index, and your knowledge/estimates of your food costs, what will be your gross profit at the end of the year? Will this be reasonably sufficient to cover your fixed costs? Consider the labor costs, rent, and other expenses. Ensure that the restaurant's prices are high enough to cover these costs and generate a profit.

7. Standardized Recipe and Pricing: Perform a complete price analysis for ONE MAIN COURSES ONLY. For this you will need: (use an Excel spreadsheet for this part)

1. Standardized recipe: If your recipe does not exist, create it. You will not be evaluated on the quality of the recipe but it should make basic sense: each plate must have a 5-8 oz portion of protein, a starch (pasta, rice, potatoes etc) and a serving of vegetables. You can improvise or make up measurements and quantities. Write the ingredients and convert the yield to match your restaurant capacity (example: if your location accommodates 75 seats, then extend your recipe to create 75 portions). Do not include recipe procedure. A standardized recipe requires you to list ingredients in the correct order using consistent measurements. See content week 11 for an example. Remember that the goal of this exercise is to come up with an accurate food cost and price for the menu item.
2. Derive your costs: Use online grocery store prices or other source (GFS or SYSCO price lists, etc.) to cost out your items. Be sure to cite your sources carefully. Pay attention to quantity and package size. Use the recipe template provided in week 12.
3. How does the above exercise inform your price for this menu item? Is there a better or preferrered method to derive more accurate prices?

8. Develop a Beverage menu, with 10 items. For the purpose of this exercise, focus on alcoholic beverages only. You must feature both wines and beers, in a ratio you deem appropriate for the restaurant. Explain how and why you came up with each selection individually: how does your choice tie in to the concept of the restaurant? How and why do you believe each item is complementary to the food menu you have created?

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