IndexSummaryBusiness Plan for Lantiguo RestauranteGoals of Lantiguo RestauranteCulture of Miami FloridaCompany OwnershipSWOT AnalysisWeaknessesOpportunities ThreatsProducts and ServicesProduct DescriptionServices of Lantiguo RestauranteMarketing StrategyProduct StrategyPricing StrategyPositioning StrategyPromotion StrategyHuman Resource Management at Lantiguo RestauranteFinancial RequirementsFinancial ProjectionsPossible Challenges for Lantiguo RestauranteConclusionExecutive SummaryLantiguo Restaurante is a hospitality and restaurant industry and offers specifically Spanish dishes. A customer interaction website has been developed for Lantiguo Restaurante. In this document, the mission, vision, objectives, marketing strategy and financial statement have been explained. The products served are a variety of Spanish dishes and customers can place their order after visiting the restaurant and also in online mode. Within two years, management can expect the break-even point. Capital will be raised through various modes with the aim of minimizing the cost of capital. Lantiguo Restaurante has its own website and customers can sign up to receive updates and they also receive discounts if they place orders online. Say no to plagiarism. Get a tailor-made essay on "Why Violent Video Games Shouldn't Be Banned"? Get an Original Essay Business Plan for Lantiguo Restaurant Lantiguo Restaurant serves popular dishes for breakfast, lunch, and dinner. Customers can physically place food orders both offline and online. Lantiguo Restaurantes has adopted an expansion strategy due to its success in its current location. As part of its expansion it has developed a website for its branch in Miami. There is also the opportunity to expand globally in the future. In the modern world people show interest in various dishes, especially Spanish dishes. Since there is potential demand, I decided to open Lantiguo Restaurante in Miami, Florida. Business plans serve as a framework for your company and provide benchmarks (Hull, 2013). The business plan provides a roadmap for management, employees and other stakeholders on the sustainability of the business. Strategy means long-term plan and consists of mission, vision, market strategy, financial projections and environmental analysis. Mission To provide various high quality Spanish dishes at affordable prices. Vision Lantiguo Restaurante should become synonymous with tasty food and must have a global brand image. Industry: Hospitality/Restaurant Proposed Location: Miami, Florida, United States of America Lantiguo Restaurant Objectives To provide high quality food at affordable prices. To provide a variety of Spanish dishes with traditional taste. Maintaining long-term relationships with customers and achieving their satisfaction. Considering feedback from each customer and implementing "continuous improvement" in business processes. Become the best choice for customers who love Spanish dishes. Miami Florida Culture In recent decades, culture has become an essential ingredient in the economic development strategies of many cities. Urban growth had increased dramatically in Miami, Florida, and disposable income had increased at the same rate. According to Wade et al. branding is more important for insourcing in the restaurant industry. Customers in Miami, Florida are in the habit of spending quality time at restaurants. Also there is a potential demand from solo customers in Miami and customers visit the hotel to have specific food products. People in Miami always welcome dishesnew and varied and visit the restaurant throughout the week. Due to technological advancements people in Miami are placing food orders online. In Miami people prioritize food and entertainment in the same proportion, so the potential market would be there for Lantiguo Restaurante. However, culture is dynamic and has both a positive and negative impact on people's lifestyle. Due to massive urbanization people have less time to cook and are looking for delicious foods for breakfast, lunch and dinner. So Lantiguo Restaurante can anticipate potential demand from Miami. However, the Spanish culture regarding the environment will be reflected and customers will be able to enjoy the experience of eating in Spain. Some dishes are also customized to meet the expectations of customers from different backgrounds. All employees, especially the chefs, will be sent to the parent company or directly to Spain to update themselves with innovative dishes. The company ownership Lantiguo Restaurante is a limited liability company. It is legally established through corporate law in the United States. It will have around 40 employees and the number is expected to grow over time. The company generates funds through bank loans, investors and issuing shares. The company will declare its financial situation from time to time like other private companies. Initially the dividends may be low for the first annual year, but thereafter shareholders and other investors can expect huge profits or dividends. According to Liu et al (2017) experienced employee with self-efficacy leads to productivity in the restaurant industry. SWOT Analysis The internal environment of an organization is controllable and can be analyzed through strengths and weaknesses. The uncontrollable external environment can be analyzed through an organization's opportunities and threats (Hitt, Ireland, & Hoskisson, 2013). The SWOT analysis for Lantiguo Restaurante is explained in Table 1. From the SWOT analysis it is evident that Lantiguo Restaurante has huge market potential. There is the possibility of further growth of the company. Even though new operators may enter the restaurant and hospitality industry, there will always be a great future for Lantiguo Restaurante. Table 1: SWOT Analysis Strengths WeaknessesQuality food at competitive pricesVariety of dishesCustomers' online ordering.Top chefs with great experience in preparing Spanish dishes.Potential market for Spanish dishes.Availability of resources for food preparation. Only Spanish dishes are offered.Irregular demand.May not fulfill orders on weekends.Employee retention.Opportunities ThreatsEnter new markets.Home delivery of food products.Include items in the menu.Expanding seating capacity. Tough competition from local restaurants. New rules for food safety. Consequences for any mistake during food preparation. Constantly evolving customer tastes and preferences. Economic cycles such as recession and depression. From the SWOT analysis it is evident that there is a bright future for Lantiguo Restaurante in Miami. Since Miami is made up of people from diverse backgrounds, there can be potential demand for Lantiguo Restaurante. Even though restaurants operate in a competitive environment there would be potential customers due to the increase in population in major cities in the United States. Products and Services The products mentioned in Table 2 will be available all day from 10:00 to 23:00. Initially Lantiguo Restaurante will operate on two shifts. The customer can place an order via online mode and can also book tables via online. For regular customersthe membership card will be issued for better management of the relationship with the customer. Every three months the menu will be updated with new dishes based on feedback from Lantiguo Restaurante customers.Table 2: List of productsProduct descriptionPicada It is made with a combination of olive oil, roasted bread, garlic and other flavourings.Pisto It is also known as ratatouille and made from a variety of vegetables. Spanish Omelette The Spanish omelette is made of eggs and other tender ingredients. Croquettes Mashed potatoes together with breaded bread with bechamel sauce. Tortilla de Patatas It is a perfect food for breakfast and lunch and is a traditional dish in Spain.Omelette It is made of eggs and it offers a creative edition of the tortilla.Paellaa ala Valenciana It is made of meat, white beans, green beans, rice, snails, saffron and rosemary.Lantiguo Restaurant ServicesCustomers can order products and delivery is made within a fixed distance around the Lantiguo Restaurant. Customers can also reserve tables and place orders online before arriving at Lantiguo Restaurante. Home delivery is carried out with the support of third-party organisations. Whenever the customer claims that the food is not delivered in time, the customer will be given a refund. Furthermore, Lantiguo Restaurante is planning to implement a custom order, which means that inputs will be taken regarding the ingredients during the preparation of the dish. In the modern world people have less time and hence they can access company details through online modes like website and also through mobile phone. Marketing Strategy Marketing strategy can be defined as a plan to develop a mix of product, price, place and promotion to meet target customer expectations. Currently the same marketing strategy of Lantiguo Restaurante will also be implemented in its new market in Miami. The parent company's culture will be implemented in all its new subsidiaries in both domestic and global markets. Marketing plan can be defined as a document about the business process of the organization and includes all the possibilities and challenges while doing business in real time. Customers are at the center of Lantiguo Restaurante and their inputs are always accepted at regular intervals for the betterment of Lantiguo Restaurante. Product Strategy Foods are the primary products of Lantiguo Restaurante. Services such as online food ordering, reservation and quality are provided by Lantiguo Restaurante. The main product of Lantiguo Restaurante is food prepared in Spanish style. The target market consists of all customers who visit restaurants regardless of their demographic profile. Customers are served quality food with a hygienic environment. Customers can find the food description and ingredients through the Lantiguo Restaurante website. An exclusive website has been designed for Lantiguo Restaurante which provides the complete profile of the organization. Customers can contract with the provided email address for any queries before visiting the store. Pricing Strategy The cost of breakfast items ranges from $6 to $9. The cost of lunch would be between $7 and $12, and the cost of dinner would be between $8 and $12. Customers are given discounts during weekends and even during festivals. Customers who have signed up for the membership card are granted a minimum discount of 10% on each invoice. The market penetration strategy will be implemented at Lantiguo Restaurante. The prices of all items on the menu are decided based on the competitor's pricing strategy. The price will include all taxes and customers will be given the opportunity for deliveryfree if they place an order online. However, the prices may be a little high during peak hours and even on weekends just to contain the additional costs incurred in hiring more employees in such situations. Positioning Strategy Customers directly visit the store at any time from 10:00 to 23:00. The food will be served immediately after ordering. For some specific dishes there will be a maximum waiting period of fifteen minutes. Customers can place orders online via its website. The food is delivered to the customer's home in a maximum of one hour. However, customers can refuse or get their money back if the food is not served as promised by the company. A third-party organization will deliver the food products ordered online. Food is a perishable item, therefore no inventory will be taken and Lantiguo Restaurante encourages customers who have allowed enough time for preparation through discounts. For each order, feasibility will be checked before accepting it for home delivery. However, returns will not initially be encouraged unless the products are delivered as promised at the time of ordering. Promotion strategy. Meal vouchers will be distributed to potential customers. Customers will be provided the coupon code when purchasing other items online. The announcements will be sent via personalized SMS as greetings on birthdays, wedding anniversaries and other occasions for all customers who have joined Lantiguo Restaurante. Among the types of promotions, "word of mouth" is most important for restaurant businesses. Therefore customers will be encouraged to promote the restaurant in their networks. Lantiguo Restaurante will also communicate with all interested parties through its social networking sites such as Facebook and Twitter. Human resources management at Lantiguo Restaurante Approximately fifteen permanent employees will be hired. Recruitment will be carried out by posting advertisements on employee portals. Priority will be given to employees with more than ten years of experience in the restaurant sector. A competitive salary will be paid for achieving employee retention. Subsequently, depending on the situation, employees will be hired on a contractual basis. Part-time employees will be hired on weekends and will enlist the help of a third-party organization for food delivery. Funding Requirements Approximately $1.5 million will be invested in the creation of Lantiguo Restaurante in Miami. The necessary capital will be procured from various sources. The reason for obtaining funds from different sources is to minimize the cost of capital and also reduce the risk. Lantiguo Restaurante is a public limited company and can raise funds through loans, bonds, shares and venture capital. The following table 3 shows the financing percentage for Lantiguo Restaurante. The funds shown in Table 3 are estimates and may vary slightly depending on the market situation. According to Scarborough and Cornwall (2015) entrepreneurs are encouraged through seed capital, but at the same time may not be aimed at business expansion. Therefore, sourcing funds for Lantiguo Restaurante should be done very carefully. . Monthly profits would be approximately $62,500 before taxes, fees and other expenses. Within two years all the investment will return to the management and after that Lantiguo Restaurante will definitely have huge profits. However, all these projections are made under pessimistic conditions but if the external environment is supportive then within a year and a half the break-even point can be reached. Possible challenges for.