IA3: Creating a Personal Business Plan

Assignment 3





For this assignment I decided to make up my own business and company. It is basically a restaurant the located in my country Saudi Arabia, and it offers many kinds of Mid-eastern food. The name of the restaurant will be “Taste Like Home”.

Here is my Personal business plan:

Executive Summary

Introduction:

Taste Like Home is a start-up local restaurant retail establishment located in the west of Jeddah city in Saudi Arabia. Taste Like Home restaurant expects get the interest of a normal loyal customers base in Jeddah city because of its variety of Mid-eastern food. In spite of the huge competitive climate in Jeddah city, Taste Like Home is determining to create and build a strong market place in the area. Taste Like Home intents to offer its products at a reasonable and competitive prices to fulfill the demand of middle income class in Jeddah.

The market of Taste Like Home is in a monopolistic competition, which is basically a market in which many sellers supply differentiated products.     

The Company:

Taste Like Home owned and managed by one person “ Abdullah Alqasimi”, and it is will be located in his home town Jeddah city in Saudi Arabia. Mr. Abdullah has limited experience in sales, marketing, and management, yet he is eager to learn new things and to explore. He has a degree in Economics major, and has worked for a sales company in the last 3 years.

Taste Like Home is ready now to hire three full-time chiefs, that have experience cooking Mid-eastern food. Moreover, the company is looking to hire 10 part-time servers to manage customer service and day to day restaurant’s activities. All employees must be ethical in work area, which means they should be able to distinguish the right from wrong when they’re practicing. Taste Like Home put serious matter on business ethics and the attitude of ethical behavior in business context.   

Products and Services:

Taste Like Home offers a wide range of Mid-eastern and local Saudi food, all products are from high quality sources. Taste Like Home brings their chicken, beef, and all kinds of vegetables from reliable and clean farms that located just out of Jeddah city. Taste Like Home take a serious matter on making everything goes perfect for its customers, even to the smallest detail. Moreover, Taste Like Home cares about the environment so we produce our products without compromising the right of future generations to meet their own needs. As a result, we pay attention about the land pollution, air pollution, and water pollution.

Taste Like Home offers freshly prepared Mid-eastern food such as, Kabab, chicken and beef Shawarma, and Shish Tawook Grilled Chicken. Moreover, it offers a highly known Saudi local dish which called “Kabsa” and many options more. All the menu is served and prepared during all week to assure we reach all kinds of our customers.

The Market:

The retail food industry in Jeddah city is pretty huge, and it has experienced brisk growth recently. Jeddah city is located on the Red Sea, because of that, every summer it is considered as favorite place to tourists to visit. Taste Like Home wishes to establish a big regular customer base in the city, for that it will focus its business and marketing on tourists and local people, which will be the targeting market. By targeting locals and tourists, this will build a consistent revenue base to secure the stability of the business and achieve business success, which is called the marketing concept.  

Financial Considerations:

Taste Like Home expects to raise $50,000 of its own capital, and borrow from the bank another $50,000 guaranteed as a 5 year loan. This will be enough as a start to make the business runs.

The restaurant expects sales of about $222,000 in the first year, a $300,000 in the second years, and $420,000 in the third year of the process. The profits for the three years are expected to be: 1^st year- $8000. 2^nd year- $19,000. 3^rd year- $30,000 .

The business, however, does not expects any money flow problems.

Information System:

Taste Like Home offers an app called “Easy Pay” that allows customers to pay for their orders without stopping in long lines. Moreover, customers can order their food before they get to the restaurant if they wish to avoid long waiting and rush hours. The app “Easy Pay” offers many other options, for example, customers can choose what table they wish to sit on and the ability to control the T.V channels which is “TV” is provided for each table. In addition, the app gives customers a chance to give a feedback about the food, service, and the whole image of the restaurant. There will be a short survey after each visit, and with customer’s feedbacks that will surly make our work much better as we go along with our business!

Mission Statement:

Taste Like Home aims to provides clean and high quality Mid-eastern and Saudi local food at reasonable and competitive prices to meet the demand of middle income local residents and international tourists.

Sources:

Collins, K. (2012). Exploring business. Irvington, NY: Flat World Knowledge.