Fine Dining Restaurant Business Plan Example

Fine Dining Restaurant Business Plan

The rapidly expanding borough of Long Branch, New Jersey on the shore needs a warm and friendly place with excellent food. A place where you always know you will get the best of everything.

More opportunity than problem, unless it’s dinnertime and you’re in Long Branch.

Solution

Gabri’s Lounge & Restaurant will feature a cozy dining room and an elegant lounge with comfortable furnishings, soothing warm tones, and a softly lit bar. It will be the perfect place to stop in for a bite to eat, a drink, or a small business meeting. We will make special hors d’oeuvre platters for large groups.

Market

The outlook for the future of Long Branch is promising. Developers are recreating a $150 million first-class resort project, including the rebuilding of the old pier with ferry service to Manhattan, beach cabanas, boardwalk, and a bike path. There will be commercial space, residential units ranging from $200,000-$500,000, and a two-tier garage. This will provide the city with a year-round economy.

Competition

Our biggest competition is the town next to Long Branch, called Red Bank, which has a large selection of restaurants. Many people who live in Long Branch currently drive seven miles to Red Bank to dine out. With the redevelopment in Long Branch and with Gabri’s Lounge & Restaurant, we will convince these people to stay in Long Branch and eat at our restaurant.

Why Us?

Gabri’s is a great place to eat, combining an intriguing atmosphere with excellent, interesting food. Our mission is to have great tasting food and efficient, friendly service. We want to be the restaurant choice for all families and singles, young and old, male or female. Employee welfare will be equally important to our success. We want our employees to feel a part of the success of Gabri’s Lounge and Restaurant. Happy employees make happy guests.

We will combine menu variety, atmosphere, ambiance, special theme nights, and a friendly staff to create a sense of place and provide an outstanding dining experience. We want fair profits for the owners and a rewarding place to work for the employees.

Expectations

Forecast

The most important assumption in the Projected Profit and Loss statement is the gross margin. We will also spend more on payroll than the industry average. We expect moderate growth over the first three years.

Financial Highlights by Year

Financing Needed

$465,000 of funding is needed to finance $300K startup expense, $85K startup cash reserve, and $80K non-cash assets. We plan to put in $225K owner investment and land a $240K long-term SBA loan.

Opportunity

Problem & Solution

Problem Worth Solving

The area needs a warm and friendly place with excellent food. The residents need a food place in Long Branch that has great food and fits their needs. They currently need to drive 7 miles for the closest "local" spot.

Our Solution

Gabri’s is a great place to eat, combining an intriguing atmosphere with excellent, interesting food. Our mission is to have great tasting food and efficient, friendly service. We want to be the restaurant choice for all families and singles, young and old, male or female. Employee welfare will be equally important to our success. We want our employees to feel a part of the success of Gabri’s Lounge and Restaurant. Happy employees make happy guests.

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We will combine menu variety, atmosphere, ambiance, special theme nights, and a friendly staff to create a sense of place and provide an outstanding dining experience. We want fair profits for the owners and a rewarding place to work for the employees.

Target Market

Market Size & Segments

615,301 people live in Monmouth County, with 50% between 25-55 years old. They dine out two to three times a week and spend an average $795 a month on food and drinks.

There are 224,447 households in Monmouth County and an average 2.7 persons per household. The median family income in Monmouth County averages $64,271/year. There are 636 registered businesses in Long Branch with 7,885 employees.

We mention that there are over 200,000 Scandinavians living in New Jersey, most of whom live within 30 miles of Long Branch. We will be serving some Swedish cuisine as there is no Scandinavian restaurant in New Jersey.

Our primary customer base is from Long Branch and neighboring cities. Between them, they have a combined population of 100,000 people with a median income of $70K.

Gabri’s focuses on local and tourist restaurant seekers who desire good food and a fascinating atmosphere.

Long Branch is located 50 miles south of New York City and 75 miles north of Atlantic City on the Jersey shore. The city of Long Branch is redeveloping and expects to attract a larger community of affluent residents.

Long Branch tomorrow:
The oceanfront district includes five sectors which are identified as:

  1. Pier/Village Center (mixed commercial, entertainment & residential)
  2. Beach Front North (residential & entertainment)
  3. Beach Front South (residential)
  4. Hotel Campus (office & hotel)
  5. Broadway Gateway (mixed commercial)

The boundaries for Pier Village are Melrose Terrace to Laird Street, and from Ocean Avenue to Ocean Boulevard. The developer has broken ground to build 420 residential units, including a two-tier garage, 100,000 sq. ft. of commercial space, beach cabanas, and a restoration of the boardwalk.

Beach Front North is located above the Hotel Campus and just south of Seven Presidents Park. It will have 350 residential units, 1,100 parking spaces, and a bike path over an area of 25 acres. This project, along with Pier Village, will change the face of the city’s oceanfront and provide a major economic boost.

The influx of permanent residents will provide the city with a legitimate year-round economy. One to three-bedroom rentals will range from $1,000 to $2,500 a month. The condominiums will range in size from 1,000 to 2,000 sq. ft. and in price from $200,000 to $400,000. The townhouses, with 1,500 to 2,500 sq. ft., will cost $225,000 to over $500,000.

The new, 600-foot pier offers ferry service to Manhattan, New York City. The hotel facility now hosts 60,000 guests a year and is planning to add a tower with 250 more rooms.

A fine dining establishment like Gabri’s is needed in Long Branch. The city will have much to offer and the people it draws expect the best. Gabri’s Lounge and Restaurant will offer a new fine dining concept to the area. The elegant atmosphere, our excellent food, and our friendly staff will stand out and make a name in Long Branch and Monmouth County. We will succeed by giving people a combination of excellent and interesting food in an environment that attracts successful people that want more out of life!

Market Segmentation

Gabri’s Lounge & Restaurant intends to cater to a wide group of people. We want everyone to feel welcome and relaxed in a cozy atmosphere with a wide and varied menu. Our market analysis defines the following groups as targeted segments.

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The Business Man: They need a competent establishment that helps impress clients and prospects. They want to relax and enjoy their money.

Happy Couples: They want an intimate, romantic atmosphere to bring dates and develop a network.

The Family: The perfect place for a family dinner with accommodative menu options and friendly service.

High-end Singles: Our decor, layout, and engaging clientele will attract them.

Tourists: Long Branch attracts many vacationers during the summer months. Gabri’s will be a destination with an attractive atmosphere and an international menu.

Target Market

Gabri’s Lounge & Restaurant will focus on attracting a wide and diverse clientele ages 25-60 with an annual income of at least $30,000.

We want business professionals, happy couples, high-end singles, families, tourists with money, image seekers, and compulsive spenders. These are the types of people who dine out and are willing to spend money on good dining and service at a value price. We know the characteristics of our clientele based on available demographics.

Our clientele includes people from the local area, neighboring cities, and tourists. They are creative, entertaining, and sophisticated diners.

Competition

Current Alternatives

Our biggest competition is Red Bank, a town next to Long Branch, which has a large selection of restaurants. Many people who live in Long Branch currently drive seven miles to Red Bank to dine out. With the redevelopment in Long Branch and with Gabri’s Lounge & Restaurant, we will convince these people to stay in Long Branch and eat at our restaurant.

There are three restaurants in Long Branch that are similar to Gabri’s. Each of these restaurants will be important to us. We feel the clientele they have is the class of clientele that Gabri’s will appeal to.

  1. The first place is an 80 seat restaurant that serves lunch and dinner. Their price range is $7-$15 for lunch and $12-$29 for dinner.
  2. The second is an upscale lounge/food bar with a small menu. They are only open for dinner. The small items on the menu range from $8-$15 and a mixed drink is $8-$10.
  3. The third place is an upscale Contemporary American restaurant at the ocean. They are open seven days a week, and the average dinner for two without wine is $100.

Everyone that sells prepared meals is our competition as we all compete for the same home meal replacement dollar. However, the casual dining restaurant concept and the fine dining value restaurant are our main competitors. If a fine dining restaurant offers better food, price, and service than a casual restaurant, customers are more likely to choose the former.

The key is to deliver the best food at the best price with the highest level of service. This is the very definition of value, and it is at the heart of Gabri’s Restaurant & Lounge.

Our Advantages

People will choose us for:

Location – they can walk to our place instead of driving 7 miles to Red Bank.

Hours – We will be open Monday night for "Restaurant Night" where owners and staff of other restaurants can come in and enjoy a meal on their nights off.

Special Evenings – We will have themed evenings such as wine tastings and special holiday dinners.

A place with a "little extra" – We will accommodate business meetings and create special hors d’oeuvre platters or full-course meals for customers’ special occasions.

Keys to Success

Keys to Success

  • The creation of a unique and innovative fine dining atmosphere that stands out from competitors.
  • Product quality – great food, great service, and great atmosphere.
  • A menu that appeals to a wide and varied clientele, with an international twist.
  • Special theme nights that attract a varied clientele.
  • The establishment’s existing clientele from Leave it to Linda Catering.
  • Efficient cost control at all times.
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Due to intense competition, restaurateurs must differentiate their place of business to achieve and maintain a competitive advantage. The founders of Gabri’s realize this and aim to provide a fine dining experience that fits into the sophisticated and entertaining "new look" of Long Branch. The concept and atmosphere of Gabri’s present a window of opportunity and an entrance into a profitable niche in the market.

Execution

Marketing & Sales

Marketing Plan

We will employ three different marketing tactics to increase customer awareness of Gabri’s Lounge & Restaurant, with social media word-of-mouth/in-store marketing as our most important tactic.

  • V.I.P. Party – We will host a V.I.P. Dinner before the "Grand Opening" to introduce ourselves to the community.
  • Grand Opening celebration.
  • Once a month, invite a new local artist to show their work in the lounge.
  • "Restaurant Night" – Every Monday night, a special evening for restaurant people.
  • Special holiday dinners and themed evenings.

Local Store Marketing

  • Create a brochure for hotels and bed & breakfast establishments to provide to their guests.
  • Approach nursing homes to sponsor meals for the elderly.
  • Use direct mail to provide information about our restaurant.
  • Develop a website.
  • Target social media campaigns to businesses for regular business lunch and dinner entertaining.

Sales Plan

Our sales plan is to establish and maintain position with our local customers. We will focus on making all our customers happy with our food, service, and entertainment options.

We will have an experienced staff that knows the food, wine, and liquor. Every new employee will be trained to fit into Gabri’s concept of "wonderful food, reasonably-priced wine, and knowledgeable service in an outstanding atmosphere."

Operations

Locations & Facilities

We are looking for a restaurant space approximately 2,000 – 2,500 sq. ft. in Long Branch, New Jersey. We will open Gabri’s in March 2003, serving lunch Monday – Friday 11:30 AM – 2:30 PM and dinner Sunday – Thursday 5 PM – 10 PM and Friday – Saturday 5 PM – 11 PM. The lounge will have extended hours on weekends and we will offer brunch on weekends as well. We will be closed on New Years Day, Thanksgiving Day, and Christmas Day, but open on large holidays like Memorial Day, Fourth of July, and Labor Day weekend.

We are looking for a restaurant space approximately 2,000 – 2,500 sq. ft. in Long Branch, New Jersey. We will open Gabri’s in March 2003, serving lunch Monday – Friday 11:30 AM – 2:30 PM and dinner Sunday – Thursday 5 PM – 10 PM and Friday – Saturday 5 PM – 11 PM. The lounge will have extended hours on weekends and we will offer brunch on weekends as well. We will be closed on New Years Day, Thanksgiving Day, and Christmas Day, but open on large holidays like Memorial Day, Fourth of July, and Labor Day weekend.

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