Hello everyone! My name is [……], and I am going to present on a start-up restaurant business in Australia.
The mission, which has been set for the start-up business, is to enhance the dining experience of the customers by offering sublime and safe hospitality services among COVID-19 pandemic. To achieve this mission; several smaller objectives are formulated, which will be achieved by the start-up restaurant business. The restaurant will intensely focus on maintaining social distancing so that the probability of spread of infection can be low. For this purpose, ocean-facing rooms of a hotel will be taken on rent, which may accommodate a family or couple ensuring the social distancing protocols being implemented. Also, the objectives of the business include developing applications through which customers visiting the restaurant may order food from their phones. Objectives to generate revenues worth $1 million are also set for the business.
Considering the situation of the market and hospitality industry in Australia; it can be said that the industry has nearly 3.1% valuation in the total GDP of the country. There are over 22000 restaurants and more than 85000 cafes and eat-out places. In Australian food business markets, trends of health food consumption are increasing, which can be an important factor in the start-up business to acquire growth. Also, high paying capacity of the people living in the country is a benefitting factor due to which people may afford to eat in elegant restaurants.
In current times, COVID-19 pandemic has significantly reduced the leisure activities of people in Australia due to which they visit a restaurant less often. One of the main reasons behind these new habits of consumers is the fear of the spread of infection. People believe that unnecessary visits to restaurants may get them COVID-19 infection. For this reason, many restaurants and cafes are running out of business. However, some restaurants have improvised their tactics to deliver hospitality services. These tactics include maintaining social distancing in restaurants, covering faces with masks, use of hand sanitizers and so on. Due to these practices, people have started visiting specific restaurants and spend time in leisure.
The cost of start-up restaurant business will be $200000, which will be used to fund different kinds of activities. The fund will be allocated for hiring space or floor to establish the restaurant as well as procuring the raw material. Along with this, the funds will be distributed in marketing, customer relationship activities. There will be a keen focus on ambience with allocating funds. The two partners will equally provide the capital to establish the business. Nevertheless, there are other sources from where funds can be arranged, such as banks and private financial institutions operating in Australia.
The start-up restaurant business may face difficulties due to the factor of competition. There are many well-established restaurants in different cities in Australia, which are the first choices of the customers. These restaurants also have high brand value and may offer exotic cuisines. Due to high scale competition; the start business will consider competitive pricing strategies for the offered products and services in which prices are set according to that of competitor’s prices. Further, prominent competitors of the start-up restaurant business in Australia are also adopting several tactics to attract customers in current times of pandemic such as social distancing, use of sanitizers and many others.
The start-up restaurant business will offer several products as well as services to the targeted customers. People visiting the restaurant will enjoy exotic and delicious cuisines and offer facilities for elegant dining. Private dining services will be provided to customers in hotel rooms, where they can order foods through their phones. These practices will enhance the experiences of customers during COVID-19 pandemic. Also, the oceanic view from the restaurant will be another experience-enhancing factor. The restaurant will also offer pre and post dining services such as availability of the menu on the website of the restaurant to distant customers and so on.
Management and operational plan of the start-up restaurant business will include different activities such as procurement of raw food material for local suppliers in Australia. The operational team in the restaurant will receive the orders through phone and website means. Further, the waiters and baristas in the restaurant will be delivering the orders placed by the customers by following social distancing norms. Also, operations and management teams will focus on the sanitisation of private rooms booked by the customers for families and couples. Arrangements for night out can also be made on additional payments by the customers.
To enhance the popularity of the start-up restaurant business in the markets of Australia; various marketing channels will be used. Word of mouth marketing will be considered in which the customers with gratified experiences will suggest their family members, friends and relatives to visit the restaurant. Additionally, the official website will be promoted to acquire online order and make a restaurant menu available to customers. The restaurant will also be promoted through websites, which are known for offering hospitality services such as Trip Advisor and many more. Various offers provided by the restaurant will also be promoted through telephone calls. In this manner, customers visiting the restaurant will be considered to inform about the latest offers.
In conclusion, it can be said that the start-up restaurant business aims at enhancing customer experience, maintaining social distance and generating high revenues in the current financial year. COVID-19 pandemic has affected customers’ behaviour of visiting the restaurant for leisure activities. The restaurant will be funded by the two partners equally and through bank loans. Presence of various competitors in the hospitality industry allows the business to adopt a competitive pricing strategy. Exotic cuisines and elegant customer services will enhance their experiences in the restaurant. Telephones, websites and word of mouth will be the major marketing channels that can be considered to promote the start-up business.
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