Question

A Business Concept Paper is not meant to be a formal completed business plan. It is a compelling description of a new business idea and how this meets a need, has potential customers, and advantages over current offerings. This document could be used to persuade a potential investor to further explore the concept as an investment opportunity.

Business Concept:
• A for profit company
• This is a new business idea or an existing small business eyeing expansion (new market)
• Please do not use unacceptable products/services to include: anything marijuana, drug or pornography based


Paper Requirements:
• Cover Page with Title ({Business Name} Concept Paper); Student name; Course and Section #; Date
• Five to six page Concept Paper – Do not exceed six pages or submit less than five. Cover page and reference page do not count as a page.
• Use headings for each section of the paper.
• Font: New Times Roman 12 pt.
• Double spacing (note, you are using APA which requires double spacing)
• As per APA, use one-inch margins.
• Do not use bullet points. Use a paragraph format.
• Use present tense. For example: ABC Lawn Care Company is a seasonal business. Do not use future tense.
• Use third person. For example: ABC Lawn Care Company is a seasonal business. Not: We are a seasonal business.
• Reference page: Use 6th Edition APA Style Format
https://media.ccconline.org/redirects/purdue/owl/apa-style.html
An APA Toolkit is found in the Syllabus in Content.
• Include in-text citations (credit for the research in the paper); a minimum of two references to include the textbook and one other reference. Different chapters of the textbook do not count as different references.


The following outline shows an approximate format for each section of the paper. Please label the sections as noted below.

1. Executive Summary - ½ page  
• An enticing summary of the business concept.
• What is novel about this business?
• What are the products or services offered?
• Is there a potential (and growing) market for these products/services?
• The Summary should be clear, succinct, captivating, and easily understood; describing the business need for this product or service.

2. Product/Service ½ page
• What is the product/service?
• What are its attributes, advantages?
• What is innovative about the product or service and how does it differ from the competition?
• Any “secret sauce” or intellectual protections?

3.   Target Market 1 page
• What are the characteristics of the target market?
• How big is the market?
• Identify growth potential
• How will customers be identified?

4. Competitive Advantage 1 page
• Who are the competitors?
• What are their strengths/weaknesses?
• What competitive advantage does this business have?

5. Marketing 1 page
• Pricing strategy and tactics
• Advertising, promotion, publicity, and public relations overview

6. Management 1 page
• Who are the key players and what are their strengths?
• Organizational structure
• Address Business Ethics and Social Responsibility

7. Closing ½ page
• Highlight strengths, identify weaknesses
• Address needs
• Convince reader that this can be a profitable, successful business entity
• Summarize key learning from the class that has been demonstrated in the paper


Do Do Not
• Be passionate
• Address most relevant issues
• Be realistic in assumptions
• Explain intentions/expectations
• Include references in the paper
• Include the textbook as a reference • Be too technical
• Be redundant
• Hide weaknesses
• Fill in sections just to “check the box”
• Only include references at the end

Answer 1

I generally follow the below method for a new business plan:

Business Plan for Restaurant Business:

The outlines for the plan should consist of the following sections and subsections:

1^st Page should be the name of the business plan

2^nd page should be an Index page/Table of contents page

Next page should begin with an Executive Summary, which you should fill at the last once all the other parts are detailed out

Then mention the Vision Mission and Objective of your business

Also, try to highlight the USP (Unique Selling Proposition) of your business with respect to your competitors

Then Describe the Business in details. The main sections could be:

1. Company ownership details
2. Location – if already selected - Details of Location, its advantages if still considering few to choose one – compare and decide basis – Access to the location, business and residences and population type in selected areas, Traffic conditions, any restrictions on signage or hoardings etc.
3. Interior layout
4. Products on offer – you can include the Menu of the foods/beverages you are planning to offer
5. Services – Will it be counter type , self-service based or more theatre like with seating arrangements around tables with waiters providing service, will you be providing alcohol, only veg, non veg etc.
6. Who will be Suppliers to your business – how is your contract with them, how do you ensure quality and what are the auditing mechanism
7. Management Team – strengths and experiences of yourself along with details of your team
8. Financial Management – Key pointers while the details can go as an appendix
9. Is it a startup or you are acquiring an established business

Describe in detail the Marketing aspects of your business plan:

1. Do a SWOT analysis and highlight the Strengths and Opportunities with respect to this line of business in the chosen locality. Also highlight the ways in which you plan to mitigate threats and overcome weaknesses
2. Thoroughly lay out the Market Analysis including – Details of target market, propensity of your consumers to buy your products, avenues of market development, is the market undergoing stress or is it a growing area. A chart or graph to detail these would help in sharing across the message clearly and make it more impactful
3. Market Segments and their preferences etc.
4. Competition to your business – both direct and indirect. Direct competitors are other restaurants and eating joints while indirect competitors could be ready to make foods or app based food delivery stores etc.
5. Pricing – How would you price your products. How would you continuously monitor the changing trends with respect to pricing and match , better or innovate to garner premium
6. How would you market your business – ATL, BTL, social media, campaigns etc?
7. Execution strategy

In the appendix add details of your Financial plan including :

1. How would you raise capital – now and in short term and long term
2. Cash Flow projections
3. Sales Forecast
4. Break even Analysis
5. Etc.

My Business plan:

Restaurant Plan:

1. Executive Summary - The below mission and vision summarizes the plan.

Mission - To serve mouthwatering food with top notch quality in a sparkling clean environment and calm, serene ambience.

Vision - To ensure each patron gets impeccable service at affordable rates

2. Product/Service:

The product will be the mouthwatering food that we will serve to our esteemed guests with afocus on continuous innovation and bringing global cuisines with local sprinkling. Service will be the top notch ambience and super quick service besides offering the clientele a wide variety of choices.

3. Target market:

The target market will initially be limited to the city where we will establish our business. Gradually we will open more franchise stores as the business grows. The ambition is to scale across the USA and then globally. We will have a string focus on technology and will treat our business as a technology business and will strive to stay ahead of the curve in order to disrupt the industry rather than get disrupted ourselves. We will have a strong online presence ensuring seamless omni-channel experience to our customers and quick home deliveries (initially limited to the base city).

4. SWOT Analysis:

Strengths:

1) Quality of ingredients we use is always fresh and of top quality

2) Food is consistently tasty

3) Ambience

4) Location - close to residential area and ease of access

Weakness:

1) Serving time

Opportunity

1) Improving the service time

2) Diversifying into authentic French cuisine

3) Leveraging technology by introducing omnichannel experience to customers for ordering and delivery of foods

Threats:

1) Multiple well established restaurants

5. Marketing Strategy

We will strive to market our products through word of mouth through our exquisite and top quality food and services coupled with online, social media campaigns, sms , email, ATL and BTL advertising.

We will have strong collaborative tie us with super markets and malls for expanding quickly to other establishments and corporate tie ups.

We will offer innovative discounts and combo offers, happy hours discounts etc.

We will also collaborate with food tasters and reviewers and will welcome them and ensure we get the best reviews in different forums through our quality offerings.

6. Organization Structure:

We are a team of veterans in the restaurant , technology and marketing industry. We believe we will be able to bring a new flavor in this industry through our innovative offerings. We have a flat structure and small empowered teams for quick response and decision making.

7. Closing Remarks and Grand strategy:

Be the most sought after restaurant accessible through online or offline channels offering full range of cuisine and having multiple outlets for ease of access. Diversify into nearby states and finally becoming an international brand of repute.

Set of Goals:

1) Create a detailed strategy for sourcing of raw material including fast transportation and storage

2) Collaborating with partners across sourcing, logistics and storage

3) Creating a robust offline and online model for expansion across all online channels like mobile, web etc. as well as physical outlets.

4) Creating technical know how internally or collaborating with tech partners who can help achieve the scale of operations.

Processes & Procedures:

1) Create the structure of the organization which can bring the idea to fruition. Decide between functional approach or matrix structure.

2) Carry out design thinking workshops to come out with the products and processes which will create the maximum value.

3) Create a through plan and ensure the program is managed by a skilled program leader. Ensure continuous monitoring and risk management.

4) Ensure thorough financial planning and control.