Restaurant Business Plan
As a fundamental human need, food from time immemorial attracts so large a demand that its industry is struggling to make provision.
Over time, food business has without a doubt proven to be a very lucrative business – not in Nigeria only, all over the globe. In Lagos, so many working-class people many of leaving their homes very early in the morning in order to beat traffic and go back home late at night without the privilege of having a spare hour or two to spare for the kitchen.
Some others prefer the irresistible product of a seasoned chef to what their home kitchen has to offer while others love to chill, hang out with friends and eat super-tasty grilled fish. Without fail, all these must eat, not just eat, but eat good food; therefore what we do is to provide these people with the good food they need and demand.
The average Nigerian prefers Iya Basira’s joint to Mr Bigg’s because he can order rice served with one pomo, one roundabout, small beans, a sumptuous portion of fried plantain, and a bottle of coke without paying through his nose. Although this is what so many Nigerians prefer, they are afraid of running the risk of contracting typhoid in the process of enjoying that meal.
What we have done is to standardize these offerings and serve it in an environment where people will come and enjoy them while chilling, without fear of the amount of hygiene that went into its preparation. As more establishments are struggling harder to stay afloat and are making more demand on their employees, workers increasingly find themselves in a position where they have less and less time to spend in their kitchens and would have to rely on restaurants that do not expose them to unwarranted health risks.
At the same time, being located in a locality inhabited by mostly upper-middle-class and rich residents, we are positive that our evening will be filled by demands by residents who have a taste bud for good food.
Table of content
Executive Summary 3
Business Description 4
Products and Services 6
Market Analysis 7
Competitor Analysis 8
Sales and Marketing Plan 9
Operational Plan 12
Management Plan 13
Financial Plan and Projections 14
Irresistible Kitchens is a proposed standardized Iya Basira–style fast-food restaurant that will provide Ogudu’s teeming residents and workers with some of the tastiest local delicacies they have tasted in recent times delivered in a classy environment. Irresistible Kitchens will be tentatively located at 35 Ogudu Road, Off Ojota, Lagos.
Irresistible Kitchens will be established as a limited liability company owned by Igbokwe Ifeanyichukwu, Desmond Elliot and Nathaniel Bassey. The restaurant will be managed and overseen by Igbokwe Ifeanyichukwu, a first-class chef of over twenty years whose expertise has been procured by top-notch hotels like Sheraton, Hilton, Chelsea, Protea and other hotels, but has now decided to work for himself.
Products and Services
Irresistible Kitchens will have on its menu a mouth-watering selection of local delicacies which will include egusi soup, pepper-soup, ewedu, vegetable soup, okra, eba, fufu, semolina, pounded yam, beans, fried rice, Jollof rice, coconut rice etc. The aforementioned will be served with a variety of meat offerings ranging from the roundabout to pomo to raw beef. Tasty fried chicken, turkey, assorted fish types and recipes will not be left out.
We will also offer point and kill services to customers who may prefer to just come in, relax, watch television and eat our greatly-demanded super-tasty smoked fish offerings.
Irresistible Kitchens will also pride itself in providing classy first-class outdoor catering services that would include cooking and serving meals of all kinds, snacks and desserts and chilled drinks of different types in outdoor events of different kinds.
Nigeria, no doubt, is both Africa’s most populated country and its largest economy but also its most important consumer of food products. The size of the food and beverage industry in Nigeria according to IMF is valued at 800 billion Naira with an estimated 40% growth expected in 2016 alone.
Being the business capital of Nigeria and its second-most populous state, Lagos state boasts of over 30 million residents and a food and beverage industry valued at 100 billion. Experts also believe that this market will witness a 45% growth in 2016 alone.
The Ogudu area of Lagos has in recent times begun to capture the interest of greater Lagos residents. This is because this once sleepy and relatively quiet business and residential community has attracted in recent times the interest and investments (in real estate) of Lagos’ many high and mighty. With its over 100,000 population made up of residents, workers and visitors, Ogudu area provide any good classy restaurant worth its onions the right kind of demography on which successful businesses thrive. It is, therefore, no surprise that Big Bite, Mr Bigg’s, Tantalizers, Margretos and a host of others found a conducive business nest in which to lay their proverbial eggs.
In the true sense of the word, there is just one competitor, Kunle Kitchens, which has a similar but far lower quality offering and is located forty blocks away from our proposed location. Others include Big Bite, Mr Bigg’s, Tantalizers and Margretos.
Our competitive edge lies in the irresistible nature of our local meals, served not just like they are served in conventional fast-food restaurants, but served in a manner each plate of food reflects each customers individuality of demand and taste—a classic and thoroughly standardized Iya Basira’s place with all the trappings of a first-class restaurant. It is designed to attract bankers and workers for late breakfast and lunch and residents especially for dinner and everything else in-between.
Irresistible Kitchens seeks N5 million in long-term financing to cover start-up costs, equipment, building expenses, and working capital.
Funding for the launch of the business will be provided primarily by equity from the partners and investors.
Our market survey and research show that Irresistible Kitchens holds the promise of reaching positive cash flow in its 7th month of operation. The advantage of this is the provision it makes for accelerated repayment of its loan obligations, as well as for dividends to be paid to the owners.