Mediterranean Restaurant Business Plan
On the Water is a new Mediterranean restaurant on the Sunset Strip. It targets both fun-seeking and sophisticated diners in pursuit of good food in a fascinating atmosphere. On the Water aims to achieve 85% gross margins by offering an innovative setting, a wonderful menu, and an experienced restaurateur.
The restaurant primarily targets locals and tourists seeking dining experiences. We particularly focus on young adults with incomes ranging from $15K-$60K who are looking for good food and a great time. Additionally, we target adults and tourists who frequently visit Sunset Blvd. These individuals typically fall within the age bracket of 20-50 and have some or all of a college education. We also cater to locals in the Hollywood area, as well as party animals from neighboring cities and tourists.
The restaurant industry is generally less affected by economic downturns compared to the overall economy. This is partly due to people’s perception that food, whether obtained from grocery stores or restaurants, is a fundamental necessity of life, resulting in continued spending on dining experiences.
The Service and Products
On the Water is renowned for its impeccable service. All server staff undergo three weeks of training and possess extensive experience to ensure benchmarked customer service. The restaurant’s extraordinary atmosphere features a comprehensive collection of art and culture from Mediterranean Europe, providing an authentic setting that captivates guests with its wealth of artifacts.
The menu is the pride of Lily Valdivia, who has accumulated over 20 years of cooking experience. It offers traditional favorites such as hummus, baba ganouj, and tabouli, prepared using the freshest organic ingredients. Other menu items include kebobs, chutneys, flatbreads, and desserts – all freshly made in-house on a daily basis.
Lily Valdivia, an industry veteran, leads the restaurant. She began her restaurant career as a server 12 years ago and quickly progressed to fine dining serving, where she perfected her formal, customer-centric approach. For the past five years, Lily has been managing a European restaurant with annual sales exceeding $2.5 million. Alongside her serving skills, Lily’s cooking journey started in Greece 20 years ago when she was a child. Her mother, who possessed three generations of traditional recipes, trained her. Lily mastered these recipes and eventually started experimenting with her own dishes, receiving positive feedback from her family. She always knew that one day she would turn this skill into a business opportunity.
On the Water is projected to achieve profitability by its second month of operation. Sales are forecasted to reach $1,785,000 in the second year and grow to $2,345,000 by the third year, resulting in a high net profit.
1.1 Objectives
– Increase sales to over $2,345,000 by the third year.
– Maintain a gross margin of approximately 80%.
– Improve inventory turnover to 200 turns in the next year (year two), and 240 turns in year three.
1.2 Mission
On The Water is a business that combines fine dining with a unique Mediterranean taste and an excellent bar and grill atmosphere. Our mission is to provide not only great tasting food but also efficient and friendly service. Our dining environment is welcoming, sophisticated, and uniquely designed, with walls on almost all sides adorned with running water, and a lush jungle ceiling that hangs above. We prioritize customer satisfaction and offer quality food that is always fresh and specially selected. We do not assess customers based on class or dress. Our goal is for On The Water to be a place where people can enjoy a good meal and make new friends at our tropical Mediterranean Honey bar located inside the restaurant.
Hello!
I’m Andrew Brooks, a seasoned finance consultant from the USA and the mind behind phonenumber247.com.
My career is built on a foundation of helping individuals and businesses thrive financially in an ever-changing economic landscape. At phonenumber247.com, my aim is to demystify the complex world of finance, providing clear, actionable advice that can help you navigate your financial journey with confidence. Whether it’s personal finance management, investment strategies, or understanding the nuances of market dynamics, I’m here to share insights and tools that can propel you towards your financial goals.
Welcome to my digital space, where every piece of advice is a step closer to financial clarity and success!