Business Plan for Lantiguo Restaurante | ||| LocationPromotion StrategyHuman Resource Management at Lantiguo RestauranteFinancing RequirementsFinancial ProjectionsPossible Challenges for Lantiguo RestauranteConclusionExecutive SummaryLantiguo Restaurante is a hospitality and restaurant industry that offers specifically Spanish dishes. A website was developed to interact with customers of Lantiguo Restaurante. In this article, the mission, vision, objectives, marketing strategy and financial statements have been explained. The products served are a variety of Spanish dishes and customers can place orders after visiting the restaurant and also in online mode. Within two years, management can expect to break even. The capital will be raised in different ways with the aim of minimizing the cost of capital. Lantiguo Restaurante has its website and customers can sign up for updates and get discounts if they order online. Say no to plagiarism. Get a tailor-made essay on “Why Violent Video Games Should Not Be Banned”? Get the original essay Business Plan for Lantiguo RestauranteLantiguo Restaurante serves popular dishes for breakfast, lunch and dinner. Customers can physically place orders for food items both in offline and online mode. Lantiguo Restaurantes has adopted an expansion strategy due to its success at the current location. As part of its expansion, it had developed a website for its Miami branch. In the future, there are also opportunities for growth on a global scale. In the modern world, people are interested in various dishes, especially Spanish dishes. Since there is a potential demand, I decided to open Lantiguo Restaurant in Miami, Florida. Business plans serve as a framework for your business and provide benchmarks (Hull, 2013). The business plan gives a roadmap to management, employees and other stakeholders regarding the sustainability of the business. Strategy means a long-term plan and includes mission, vision, market strategy, financial projections and environmental analysis. MissionProvide various Spanish dishes with high quality and affordable price. VisionLantiguo Restaurante should become synonymous with tasty food and must have a global brand image. .Industry: Hospitality/RestaurantProposed Location: Miami, Florida, United States of AmericaLantiguo Restaurante GoalsProvide high quality food at an affordable price.Provide a variety of Spanish dishes with traditional taste.Maintain a long-term relationship with customers and satisfy customers. Considering feedback from each customer and implementing “continuous improvement” of business processes. To become the best choice for customers who love Spanish dishes. Culture of Miami, Florida In recent decades, culture has become an essential ingredient in many cities' economic development strategies. Urban growth has increased significantly in Miami, Florida, and disposable income has increased at the same rate. According to Wade et al., branding is more important for internalization in the restaurant industry. Customers in Miami, Florida are used to spending quality time in restaurants. Furthermore, there is aPotential demand from solo diners in Miami and guests visit the hotel to have specific food items. Miami residents always welcome new and varied dishes and visit the restaurant throughout the week. Due to technological advancements, people in Miami are placing online orders for food items. In Miami, people prioritize food and entertainment in the same ratio. So there is a potential market for Lantiguo Restaurante. However, culture is dynamic and has both a positive and a negative impact on people's lifestyle. Due to massive urbanization, people have less time to cook and are looking for delicious dishes for their breakfast, lunch and dinner. Thus, Lantiguo Restaurante can anticipate potential demand from Miami. However, the Spanish culture regarding ambience will be reflected and guests will be able to gain the experience of food in Spain. Some dishes are also personalized to meet the expectations of customers from diverse backgrounds. All employees, especially chefs, will be sent by the parent company or directly to Spain to update themselves with innovative dishes. Company Ownership Lantiguo Restaurante is a limited liability company. It is legally established by corporate law in the United States. It will have around 40 employees and this number will eventually increase. The company generates funds through bank loans, from investors and through the issuance of shares. The company will report its financial position from time to time, like other private companies. Initially, dividends may be low in the first annual year, but thereafter, shareholders and other investors can expect huge profits or dividends. According to Liu et al (2017), experienced and self-efficacy employee leads to productivity in the restaurant industry. SWOT Analysis The internal environment of an organization is controllable and can be analyzed through its strengths and weaknesses. The uncontrollable external environment can be analyzed through an organization's opportunities and threats (Hitt, Ireland, and Hoskisson, 2013). The SWOT analysis for Lantiguo Restaurante is explained in Table 1. It is clear from the SWOT analysis that Lantiguo Restaurante has a huge market potential. There is an opportunity for future growth for the company. Even though new entrants may enter the restaurant and hospitality industry, there will still be a great future for Lantiguo Restaurante.Table 1: SWOT AnalysisStrengths WeaknessesQuality food at a competitive priceVariety of dishesOnline ordering by customers.Top chefs with a extensive experience in preparing Spanish dishes. Potential market for Spanish dishes. Availability of resources for food preparation. Only Spanish dishes are offered. Uneven demands. May not fulfill orders on weekends. Employee retention .Opportunities ThreatsEntering new markets.Home delivery of food products.Including items in the menu.Expanding the number of seats. Tough competition from local restaurants. New rules on food safety. Consequences of any error during food preparation. Ever-changing customer tastes and preferences. Business cycles like recession and depression. From the SWOT analysis, it is evident that there is a bright future for Lantiguo Restaurante in Miami. Since Miami is made up of people from diverse backgrounds, there may be a potential demand for Lantiguo Restaurante. Even though restaurants operate in a competitive environment, there would be customerspotential due to the increase in population in major cities in the United States. Products and services The products mentioned in Table 2 will be available all day from 10:00 a.m. to 11:00 p.m. Initially, Lantiguo Restaurante will operate in two shifts. The customer can place an order through online mode and can also book the tables online. For regular customers, a membership card will be issued for better customer relationship management. Every three months the menu will be updated with new dishes based on feedback from Lantiguo Restaurante customers.Table 2: List of productsProduct descriptionPicada It is made from a combination of olive oil, roasted bread , garlic and other aromatics.Pisto It is also known as ratatouille and made from a variety of vegetables.Spanish omelette The Spanish omelette is made with eggs and other tender ingredients.Croquette Puree of potatoes accompanied by breaded bread with béchamel sauce.Tortilla de Patatas It is a perfect food for breakfast and lunch and it is traditional dish in Spain. Frittata It is finished with eggs and it offers an inventive edition of the tortilla.Paellaa ala Valenciana It is composed of meat, white beans, green beans, rice, snails, saffron and rosemary.Services of Lantiguo RestauranteThe Customers can order the products and delivery takes place at a fixed distance around Restaurante Lantiguo. Customers can also reserve tables and place orders online before arriving at Lantiguo Restaurante. Home delivery is carried out with the support of third-party organizations. Whenever the customer reports that the food is not delivered on time, a cashback will be paid to them. Additionally, Lantiguo Restaurante plans to implement custom ordering, which means that information will be taken during the preparation of the dish regarding the ingredients. In the modern world, people have less time and hence they can access the business details through online mode like website and also through mobile phone. Marketing StrategyMarketing strategy can be seen as a plan to develop a combination of products, price, place and promotion to reach the target customer. expectations. Currently, the same marketing strategy of Lantiguo Restaurante will also be implemented in its new market in Miami. The culture of the parent company will be implemented in all its new branches, both in domestic and global markets. The marketing plan can be presented as a document of the business process of the organization and it includes all the opportunities and challenges related to business in real time. Customers are focused on Lantiguo Restaurante and their inputs are always taken at regular intervals for the improvement of Lantiguo Restaurante. Product Startup Food products are the main products of Lantiguo Restaurante. Services such as online food ordering, reservation and quality are provided by Lantiguo Restaurante. The main product of Lantiguo Restaurante is food prepared in the Spanish style. The target market is all customers who frequent restaurants, regardless of their demographic profile. Quality food in a hygienic environment is served to the customers. Customers can find the food description and ingredients on the Lantiguo Restaurante website. An exclusive website is designed for Lantiguo Restaurante which gives the complete profile of the organization. Customers can contract with the email address provided for any questions before visiting the store. Pricing StrategyThe cost of breakfast items ranges from $6 to $9. The cost oflunch would be $7 to $12 and dinner cost would be $8 to $12. Customers get discounts on weekends and also during festivals. Customers who have taken out a membership card benefit from a minimum reduction of ten percent on each invoice. At Lantiguo Restaurante, a market penetration strategy would be implemented. The prices of all menu items are decided based on the pricing strategy of competitors. Prices will include all taxes and customers will have the option of free delivery if they place an order online. However, prices may be a little high during peak hours and also during weekends just to maintain the additional costs incurred in hiring more employees in such situations. Location StrategyCustomers directly visit the store anytime from 10:00 a.m. to 11:00 p.m. Food will be served immediately after ordering. For certain specific dishes, a maximum waiting time of fifteen minutes will be necessary. Customers can order online through its website. The food is delivered to the customer within a maximum of one hour. However, customers can refuse or get their money back if the food is not served as promised by the company. A third-party organization will deliver food items ordered online. Foods are perishable goods, so no inventory will be made and Lantiguo Restaurante encourages customers who have given enough time to prepare with discounts. For each order, feasibility will be checked before accepting home delivery. However, initially returns will not be encouraged unless the products are not delivered as promised at the expected time when placing an order. Promotion Strategy Food coupons will be given to potential customers. Customers will receive a promo code when they purchase other items in online mode. Advertisements will be sent via personalized SMS messages like desired birthdays, wedding anniversaries and other occasions to all customers who have become members of Lantiguo Restaurante. Among the types of promotions, “word of mouth” is more important for the restaurant sector. Customers will thus be encouraged to promote the restaurant in their networks. Lantiguo Restaurante will also communicate with all stakeholders through its social networking sites like Facebook and Twitter. Human Resource Management at Lantiguo RestauranteAround fifteen employees will be recruited on a permanent basis. Recruitment will be done by posting advertisements on employee portals. First priority will be given to employees with more than ten years of experience in catering. A competitive salary will be paid to achieve employee retention. Later, depending on the situation, employees will be recruited on a contractual basis. Part-time employees will be recruited on weekends and help from a third-party organization will be sought for food delivery. Funding Needs Approximately $1.5 million would be invested in the creation of Lantiguo Restaurante in Miami. The required capital will come from various sources. The reason for bringing funds from different sources is to minimize the cost of capital and also to reduce risk. Lantiguo Restaurante is a public limited company and can find funds in the form of loans, bonds, equity and venture capital. The following table 3 shows the proportion of funding for Lantiguo Restaurante. The funds shown in Table 3 are estimates and may vary slightly depending on market conditions. According to Scarborough and Cornwall (2015), entrepreneurs are encouraged.

Essay / Business Plan for Lantiguo Restaurante | ||| LocationPromotion StrategyHuman Resource Management at Lantiguo RestauranteFinancing RequirementsFinancial ProjectionsPossible Challenges for Lantiguo RestauranteConclusionExecutive SummaryLantiguo Restaurante is a hospitality and restaurant industry that offers specifically Spanish dishes. A website was developed to interact with customers of Lantiguo Restaurante. In this article, the mission, vision, objectives, marketing strategy and financial statements have been explained. The products served are a variety of Spanish dishes and customers can place orders after visiting the restaurant and also in online mode. Within two years, management can expect to break even. The capital will be raised in different ways with the aim of minimizing the cost of capital. Lantiguo Restaurante has its website and customers can sign up for updates and get discounts if they order online. Say no to plagiarism. Get a tailor-made essay on “Why Violent Video Games Should Not Be Banned”? Get the original essay Business Plan for Lantiguo RestauranteLantiguo Restaurante serves popular dishes for breakfast, lunch and dinner. Customers can physically place orders for food items both in offline and online mode. Lantiguo Restaurantes has adopted an expansion strategy due to its success at the current location. As part of its expansion, it had developed a website for its Miami branch. In the future, there are also opportunities for growth on a global scale. In the modern world, people are interested in various dishes, especially Spanish dishes. Since there is a potential demand, I decided to open Lantiguo Restaurant in Miami, Florida. Business plans serve as a framework for your business and provide benchmarks (Hull, 2013). The business plan gives a roadmap to management, employees and other stakeholders regarding the sustainability of the business. Strategy means a long-term plan and includes mission, vision, market strategy, financial projections and environmental analysis. MissionProvide various Spanish dishes with high quality and affordable price. VisionLantiguo Restaurante should become synonymous with tasty food and must have a global brand image. .Industry: Hospitality/RestaurantProposed Location: Miami, Florida, United States of AmericaLantiguo Restaurante GoalsProvide high quality food at an affordable price.Provide a variety of Spanish dishes with traditional taste.Maintain a long-term relationship with customers and satisfy customers. Considering feedback from each customer and implementing “continuous improvement” of business processes. To become the best choice for customers who love Spanish dishes. Culture of Miami, Florida In recent decades, culture has become an essential ingredient in many cities' economic development strategies. Urban growth has increased significantly in Miami, Florida, and disposable income has increased at the same rate. According to Wade et al., branding is more important for internalization in the restaurant industry. Customers in Miami, Florida are used to spending quality time in restaurants. Furthermore, there is aPotential demand from solo diners in Miami and guests visit the hotel to have specific food items. Miami residents always welcome new and varied dishes and visit the restaurant throughout the week. Due to technological advancements, people in Miami are placing online orders for food items. In Miami, people prioritize food and entertainment in the same ratio. So there is a potential market for Lantiguo Restaurante. However, culture is dynamic and has both a positive and a negative impact on people's lifestyle. Due to massive urbanization, people have less time to cook and are looking for delicious dishes for their breakfast, lunch and dinner. Thus, Lantiguo Restaurante can anticipate potential demand from Miami. However, the Spanish culture regarding ambience will be reflected and guests will be able to gain the experience of food in Spain. Some dishes are also personalized to meet the expectations of customers from diverse backgrounds. All employees, especially chefs, will be sent by the parent company or directly to Spain to update themselves with innovative dishes. Company Ownership Lantiguo Restaurante is a limited liability company. It is legally established by corporate law in the United States. It will have around 40 employees and this number will eventually increase. The company generates funds through bank loans, from investors and through the issuance of shares. The company will report its financial position from time to time, like other private companies. Initially, dividends may be low in the first annual year, but thereafter, shareholders and other investors can expect huge profits or dividends. According to Liu et al (2017), experienced and self-efficacy employee leads to productivity in the restaurant industry. SWOT Analysis The internal environment of an organization is controllable and can be analyzed through its strengths and weaknesses. The uncontrollable external environment can be analyzed through an organization's opportunities and threats (Hitt, Ireland, and Hoskisson, 2013). The SWOT analysis for Lantiguo Restaurante is explained in Table 1. It is clear from the SWOT analysis that Lantiguo Restaurante has a huge market potential. There is an opportunity for future growth for the company. Even though new entrants may enter the restaurant and hospitality industry, there will still be a great future for Lantiguo Restaurante.Table 1: SWOT AnalysisStrengths WeaknessesQuality food at a competitive priceVariety of dishesOnline ordering by customers.Top chefs with a extensive experience in preparing Spanish dishes. Potential market for Spanish dishes. Availability of resources for food preparation. Only Spanish dishes are offered. Uneven demands. May not fulfill orders on weekends. Employee retention .Opportunities ThreatsEntering new markets.Home delivery of food products.Including items in the menu.Expanding the number of seats. Tough competition from local restaurants. New rules on food safety. Consequences of any error during food preparation. Ever-changing customer tastes and preferences. Business cycles like recession and depression. From the SWOT analysis, it is evident that there is a bright future for Lantiguo Restaurante in Miami. Since Miami is made up of people from diverse backgrounds, there may be a potential demand for Lantiguo Restaurante. Even though restaurants operate in a competitive environment, there would be customerspotential due to the increase in population in major cities in the United States. Products and services The products mentioned in Table 2 will be available all day from 10:00 a.m. to 11:00 p.m. Initially, Lantiguo Restaurante will operate in two shifts. The customer can place an order through online mode and can also book the tables online. For regular customers, a membership card will be issued for better customer relationship management. Every three months the menu will be updated with new dishes based on feedback from Lantiguo Restaurante customers.Table 2: List of productsProduct descriptionPicada It is made from a combination of olive oil, roasted bread , garlic and other aromatics.Pisto It is also known as ratatouille and made from a variety of vegetables.Spanish omelette The Spanish omelette is made with eggs and other tender ingredients.Croquette Puree of potatoes accompanied by breaded bread with béchamel sauce.Tortilla de Patatas It is a perfect food for breakfast and lunch and it is traditional dish in Spain. Frittata It is finished with eggs and it offers an inventive edition of the tortilla.Paellaa ala Valenciana It is composed of meat, white beans, green beans, rice, snails, saffron and rosemary.Services of Lantiguo RestauranteThe Customers can order the products and delivery takes place at a fixed distance around Restaurante Lantiguo. Customers can also reserve tables and place orders online before arriving at Lantiguo Restaurante. Home delivery is carried out with the support of third-party organizations. Whenever the customer reports that the food is not delivered on time, a cashback will be paid to them. Additionally, Lantiguo Restaurante plans to implement custom ordering, which means that information will be taken during the preparation of the dish regarding the ingredients. In the modern world, people have less time and hence they can access the business details through online mode like website and also through mobile phone. Marketing StrategyMarketing strategy can be seen as a plan to develop a combination of products, price, place and promotion to reach the target customer. expectations. Currently, the same marketing strategy of Lantiguo Restaurante will also be implemented in its new market in Miami. The culture of the parent company will be implemented in all its new branches, both in domestic and global markets. The marketing plan can be presented as a document of the business process of the organization and it includes all the opportunities and challenges related to business in real time. Customers are focused on Lantiguo Restaurante and their inputs are always taken at regular intervals for the improvement of Lantiguo Restaurante. Product Startup Food products are the main products of Lantiguo Restaurante. Services such as online food ordering, reservation and quality are provided by Lantiguo Restaurante. The main product of Lantiguo Restaurante is food prepared in the Spanish style. The target market is all customers who frequent restaurants, regardless of their demographic profile. Quality food in a hygienic environment is served to the customers. Customers can find the food description and ingredients on the Lantiguo Restaurante website. An exclusive website is designed for Lantiguo Restaurante which gives the complete profile of the organization. Customers can contract with the email address provided for any questions before visiting the store. Pricing StrategyThe cost of breakfast items ranges from $6 to $9. The cost oflunch would be $7 to $12 and dinner cost would be $8 to $12. Customers get discounts on weekends and also during festivals. Customers who have taken out a membership card benefit from a minimum reduction of ten percent on each invoice. At Lantiguo Restaurante, a market penetration strategy would be implemented. The prices of all menu items are decided based on the pricing strategy of competitors. Prices will include all taxes and customers will have the option of free delivery if they place an order online. However, prices may be a little high during peak hours and also during weekends just to maintain the additional costs incurred in hiring more employees in such situations. Location StrategyCustomers directly visit the store anytime from 10:00 a.m. to 11:00 p.m. Food will be served immediately after ordering. For certain specific dishes, a maximum waiting time of fifteen minutes will be necessary. Customers can order online through its website. The food is delivered to the customer within a maximum of one hour. However, customers can refuse or get their money back if the food is not served as promised by the company. A third-party organization will deliver food items ordered online. Foods are perishable goods, so no inventory will be made and Lantiguo Restaurante encourages customers who have given enough time to prepare with discounts. For each order, feasibility will be checked before accepting home delivery. However, initially returns will not be encouraged unless the products are not delivered as promised at the expected time when placing an order. Promotion Strategy Food coupons will be given to potential customers. Customers will receive a promo code when they purchase other items in online mode. Advertisements will be sent via personalized SMS messages like desired birthdays, wedding anniversaries and other occasions to all customers who have become members of Lantiguo Restaurante. Among the types of promotions, “word of mouth” is more important for the restaurant sector. Customers will thus be encouraged to promote the restaurant in their networks. Lantiguo Restaurante will also communicate with all stakeholders through its social networking sites like Facebook and Twitter. Human Resource Management at Lantiguo RestauranteAround fifteen employees will be recruited on a permanent basis. Recruitment will be done by posting advertisements on employee portals. First priority will be given to employees with more than ten years of experience in catering. A competitive salary will be paid to achieve employee retention. Later, depending on the situation, employees will be recruited on a contractual basis. Part-time employees will be recruited on weekends and help from a third-party organization will be sought for food delivery. Funding Needs Approximately $1.5 million would be invested in the creation of Lantiguo Restaurante in Miami. The required capital will come from various sources. The reason for bringing funds from different sources is to minimize the cost of capital and also to reduce risk. Lantiguo Restaurante is a public limited company and can find funds in the form of loans, bonds, equity and venture capital. The following table 3 shows the proportion of funding for Lantiguo Restaurante. The funds shown in Table 3 are estimates and may vary slightly depending on market conditions. According to Scarborough and Cornwall (2015), entrepreneurs are encouraged.

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