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HOME FRIES RESTAURANT BUSINESS PLAN

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Home Fries Restaurant is to be a fast-food service restaurant. It seeks reduce overhead and increase the ease of access to meals at an affordable cost. The company restaurant will utilize faster mobile vending services alongside brick and mortar stores to increase efficiency and customer experience. Home Fries Restaurant seeks to implement this method because of the need to bring service close to customers with a busy schedule. Meals served will be of different varies to carter for a diverse breed of customers in the market. The menu is available online and online order service will be provided to increase delivery on order basis. The company’s main target markets are office workers, schools, persons on transit, and hospitals in Australia. The domestic market of fast food is big and comprises of different segments. In that respect, Home Fries will target the central business district (CBD) and the surrounding environs frequented by city dwellers seeking to get their lunchtime meals. Other areas include universities, markets, and supermarkets. A recognizable brand will be built through the vending units with the CBD followed by catering services. Once the plan falls in place, Home Fries revenue is expected to grow nearly to $2.7 million in 2 years. Nonetheless, achieving this target requires a daily sale of 50 meals. Such strong financial plan attracts acquisition as an exit strategy. The aim of this business plan is to raise $500,000 from investors as a convertible and redeemable note which will bring a compound annual return of close to 20%. Home Fries is committed to rolling out is fast food operation in 2019.

1.0 Introduction

Home-Fries Restaurant will be an inspiringly clean and atmospherically eclectic business providing excellent, delicious, and interesting food for its customers. Its mission is not limited to the provision of delicious and diverse food choices but combines it with efficiency, convenience, and superb services that enhance customer experience and satisfaction. The company’s aim is becoming the most preferred restaurant for the young and elderly, travelers, and couples in Australia. Employee will get fair treatment because we acknowledge that their welfare, development, and inclusion in management are crucial factors in Home Fries success. We will incorporate variety, superior staff, entertainment, and ambiance into the system as an avenue to realizing our goals. The décor and design uniqueness will make it easier to differentiate the restaurants from others. Great food, wonderful service, and refining atmosphere will be our hallmark.

Our menu will appeal to a wide range of clientele by providing for a variety of meals. The firm also seeks have employee retention by coming up with development and training programs that improve employee profiles. Such programs will help us to raise an elite and professional workforce. Furthermore, we will initiate cost controls of the good through management of purchasing, storage, preparation among others. That will help to maximize on profit and reduce wastage. Home Fries’ founder worked for several start-up restaurants including a subsidiary of McDonald’s Corporation and Burger King, Australia; companies with a remarkable history of success. Our proprietor gained experience in restaurant management, service delivery, and cost management.

The management will focus on giving customers value of their money. We intend to revolutionize the fast food industry using high technologies to improve service-delivery and quality, and improved customer relation. It is apparent that customer satisfaction directly correlates to company success and grow. Research shows that customer satisfaction is the cornerstone of the restaurant industry in the contemporary world. The industry is one of the most profitable worldwide thanks to the ability to fulfill customer demand. Consequently, fast food provides are the front-runners of globalization (Sabir et al. 2014). Therefore, fulfillment of customers’ need is essential for organizations because customers are agents and stakeholders of a company; they determine whether it is meeting objectives of its creation. Society judge a business’s success and values by following customer opinions and preference (Yap & Kew 2007). Moreover, social media proliferation has shrunk the world by creating trend uniformity. Like fashion, feeding habits across the globe resemble owing to global expansion of restaurants. In view of these changes, customer satisfaction is now the battering ram used to put competitors out of business. Home Fries is up to the challenge and is optimistic of success. Rigorous market analysis, operational strategies, and financial projection are in place to give this company a head starter.

2.1 Value proposition

It will be both quantitative and qualitative. It emphasizes affordability of products, quality, healthy food, accessibility and convenience to customers. We understand the challenges of access to food and lunch hour and that is what wish to reduce.

2.2 Customer Segments

It constitutes a niche market because we are targeting office workers and college students due to their busy schedules that deny them a chance to get food. There is also the diverse market segment of customers like the health conscious, children and elderly.

2.3 Distribution channels

Home Fries’ main channels will include mobile vending van and store frontiers. However, supermarket outlets will be used.

2.4 Customer relationships

Personal assistance or direct interaction method will be employed to develop lasting relationships. Home Fries will also use Dedicated Personal assistance to create close customer assistance. As the company grows, automated service will be incorporated.

2.5 Revenue Streams

Company assets like meals, licensing of product to be used in promotion of organization events, and advertisement of other company’s products using our mediums are the main revenue streams.

2.6 Key Partners

Supermarkets where we will do product placements and suppliers of our raw materials will be our key partners.

2.7 Key Activities

Home Fries’ Key activities are food production selling. Marketing and distribution of safe meals are also our key activities.

2.8 Key Resources

Apparently, Home Fries’ key resources include our employees, food stores, distribution vans, and kitchens. These resources provide enable production and sell of our products.

2.9 Cost Structure

Constitutes fixed costs like advocates fees and accountant’s fees; and variable costs like raw material prices, employee compensation, vehicle maintenance, and repairs.

From a Home Fries perspective, the term customer is not limited to consumers of our products but extends to larger corporations that may express the intention of buying it as a franchise. Our primary target will be the consumers regardless of their income. After brand development, we plan to attract institutions, university campuses, colleges, factory workers our market. Customer looking for low cost, healthy quick meals and those in need of high value products for their corporate event will be included. The market size is big considering how wonderful food can be cooked and served fashionably in a short period. Home Fries intend to serve people in the tourist, commercial, students, and home sections of the society.

As people’s lives increasingly become busier, access to clean and affordable food difficult during weekdays. Few carry packed lunch cautioning themselves against the likelihood of food poisoning caused by staleness. These necessitates coming up with remedies to ease pressure consumers’ lives. Owing to that, our fast food restaurant has many customers. Block, Scribner, and DeSalvo 2004 revealed that many people in urban center and populated neighborhoods prefer buying ready-made food from supermarkets and restaurants. Evidence suggests that people from certain ethnic groups like Latinos and blacks buy most of their food from fast food restaurants. Although Home Fries will not target a specific ethnic group, it will take advantage of such a market. Low income and black neighborhoods record the highest number of fast food restaurants. Such high numbers are associated with the fact that these restaurants sale their food at a considerably lower prices (Block, Scribner, & DeSalvo 2004). Admittedly, Home Fries’ will be attractive to such markets because apart from providing variety, affordability, and tranquility, it will provide irresistible delicacies.

Doubtlessly, office worker have busy schedules preventing them from far in search for meals. Lee 1997 explained that the fast food industry has take advantage of this situation. Several U.S. fast food corporations like McDonald's, Wendy’s, and Burger King have colonized the Asia with the aim of providing an alternative to workers and other members of the public. These firms set up their restaurants along highways and populated neighborhoods. However, none of these firms provides mobile service into the CBD. Home Fries Restaurant will target customers in the central business district who do not have easy access to food. According to Aftab, Sarwar, Sultan, and Qadeer 2016 urbanization has brought about population growth in cities. With most people moving and settling in town center, the food demand increase strain the existing service providers. Food prices also go high and as a result, most people tend to skip meals. In response, Home Fries intend to seal this market gap by acting as a safe haven through provision of affordable meals. This market group is underutilized due to the high cost of food.

Most firms, especially small fast food business, are yet to master the art of customer satisfaction. Majority of them concentrate on providing certain types of food while paying little or no attention to market diversity. Some customer at health conscious and as stated by Currie et al. 2010, most food served in fast food restaurant are rich in cholesterol as well as high volumes of fasts because of the preparation methods. There are concerns that frequent consumption of such food can result in health complication and conditions like obesity. For that reason, most customers shy away for fast food restaurants. As stated earlier in the introductory paragraphs, the success of any company solely lays in its interaction with customers. Product and service diversity is a proven ingredient for customer satisfaction. research shows that quality and customer satisfaction correlate with customer behavioral intention that include purchase, loyalty, willingness to advertise the firm, and referrals of potential customers (Aftab, Sarwar, Sultan, & Qadeer 2016). Simply put, the customer is always the heartbeat of the company. Having considered that, Home Fries sees intend to seize the market by providing a menu that reflects the diversity of the city’s population. We will take into account the fact that health living is determined by healthy feeding and hence the need of providing variety in our menu.

Several factors make serves are strength of engaging in this industry. Ryu, Lee, and Gon Kim (2012) explained that fast food restaurant have high prospect of succeeding in city centers because of factors like high human traffic, pressuring expectations imposed on employed people, and convenience. There a few development risks and the capital needed to start are minimal. Other strengths include ease of transfer because of similarities, high gross margins on meals products, and low risk managements. Additionally, the owner of Home Fries has enough experience gained by working in other fast food companies. Nevertheless, Home Fries has several weakness. Like any company in the fast food industry, it suffers from the dependability concept since the raw materials for making meals cannot be patented. Solving this requires creating a strong brand. Vending and mobile distribution require acquisition of permits which may be expensive. Even though this weakness may persist, few restrictions placed on operating hours of fast food restaurants off an opportunity to generate more revenue and profits. Mobility also comes with a chance to utilize venue diversity and different customer groups. Moreover, fast food industry is prone to imitation of product by competitor due to the use of similar raw material (Misic, Wambugu, & Limon 2002). Proper development of Home Fries products and brand will help cure this challenge. The industry also face local and state government regulation, especially when it comes to street vending, and secured permits have short lifespan because of regular inspection which require renewal of permits (Coldwell et al. 2016). Regardless of these challenges, Home Fries will put in place measure to ensure compliance and increase productivity.

Home Fries Restaurant aims to grow through networking by taking advantage of marketing opportunities presents by the internet. We recognize that social media platforms like Facebook, Pinterest, Instagram, and YouTube are an easy, convenient, and cheap way of spreading a message about a new product. Facebook and Instagram have become common tools of trade when it comes to advertising products (Kim, Li, & Brymer 2016). With the advent of social media, a restaurant’s referral depends on the number of likes it has because its public image is boosted (Ryu, Lee, & Gon Kim 2012). Companies, business entities, and international corporation have pages on this sites where there enthusiasts view and follow products and services offered by those institutions. Restaurants like McDonalds’ and Wendy’s have benefited immensely from the use of platforms like YouTube where they upload and advertise their hamburgers and other products like chicken porridge. Picture of companies like Wendy’s and Yum are readily available on Pinterest and Instagram advertising the products of these companies (Kim, Li, & Bryner 2016). Sensing the opportunities presented by these technologies, Home Fries will use them to build a strong digital profile. Since we are a start-up, product production will be in-house and subcontracting of other entities where large scale production is needed.

The marketing strategy will entail quick penetration of the market through placing mobile vehicles and restaurants at a strategic location that present high chances of consumers buying take away our meals. Fast mover advantage will be achieved through franchising to increase the number of mobile utilities and restaurants. The objective of Home Fries is gaining customer confidence that the food they are buying and eating is of the best quality, fresh, and safe and conveniently available. The sales strategy will depend on the creation of a recognizable brand through street vending in vehicles and tends. It will maximize brand quality by expanding through franchising, product diversification and catering. The expansion will be achieved through franchise opened in the target market.

Supply of products to Home Fries mobile vehicles and restaurants shall be sourced from a central production kitchen. It is estimated that each restaurant will need $5,000. After every restaurant and distribution has been allocated its potion, they will then proceed to their designated selling points. Raw material will be sourced from suppliers outside the city. The master-chef will inspect the raw material to ensure that they are fresh and of high quality. Management and order will be done through our in-house computer system to help improve the tracking or inventory and account keeping. Plans to acquire a state of the art refrigeration system are underway to help keep stocked meal products fresh.

A Chief Executive officer who will report to the founder and investors will head the firm. There will be one Food and Human Resources department headed by the Master-chef. Two chefs will deputize the Master chef. We will have waiters, sale agents and driver perform occupy the same levels of the organization.

The founders own most small-scale restaurants. In that case, the entrepreneur of Home Fries will be the owner. Notwithstanding this fact, CEO and managers will be allowed to hold shares to promote employee development. We also acknowledge that management of fast food industry in the contemporary is an involving affair considering the dynamism of the make. The industry is based on the understanding that service value and satisfaction drive customers' behavioral intentions. Customers tend to emphasize tradeoffs between what they receive in service encounters and what they give to benefit from the service (Brady et al. 2001). Subsequently, the CEO of Home Fries will be experienced in restaurant management since such the experience comes with a proper understanding of customer needs. Furthermore, the CEO should have human resources management that is key in developing a disciplined and committed workforce. Home Fries will use computer systems for accounting and recording keeping purpose. Kimes 2008 explains that technology is essential in restaurant management because it helps in tracking inventories and safe storage of accounting records. Technology helps to reduce loses because computers carry out the entire process of stock taking and allocation of resources. Home Fries will also compensate employees for the knowledge they invest in building a unique brand. We will use about 15 employees in the 1st and 2nd year, but the number is expected to increase to 20 employees in the third year.

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