New Venture Opportunity and SWOT Analysis Paper
Introduction: Business Venture Description
The intended business will be a lounge and a restaurant with the proposed name Gaza Lounge and Restaurant. It will feature an outstanding European menu coupled with a touch of Indian influence in place with a cozy atmosphere. The menu of Gaza Lounge will have inspiration from different cuisine specialties. The business will appeal to a variety and extensive clientele. In addition to the regular menu, the restaurant will offer prix fixe dinner in a three-course fashion; business lunch will also have the same offer.
The business will be open every day of the week and will serve lunch from Monday to Friday between 11 AM and 3 PM. Dinner will be served on Thursday through Sunday between 5 PM and 10 PM. Additionally, dinner will be offered between 5 PM to 12 PM on Fridays and Saturdays, for which the lounge will stay open until 2 AM. On Saturdays and Sundays, lunch will be served between 11 AM and 3 PM. The lounge will remain closed on major holidays such as New Year’s, Christmas, and Thanksgiving Day. However, on Valentine’s day and Labor Day weekend, the restaurant will be open because these are big holidays that people like to celebrate by going out.
The design for the restaurant will feature drawings and paintings from notable artists. Every month, the restaurant will showcase an upcoming artist and their corresponding work of art. The objective of this is to give the artists around the community the opportunity to show their talent and work and create an exciting and friendly atmosphere. Before the talent show by the artist, special invitations will be sent to attract more customers and news persons. Only the lounge will be used for this event so that the activities of the restaurant are not disrupted; people will still be able to sit and relax.
When all bars and restaurants are closed on Mondays, the Gaza restaurant will have a Restaurant Night. Here the owners of other restaurants and their employees can come and socialize on the night off; the effect will be a sense of community in the local industry. The restaurant will also feature a special evening for wine tasting, and it will be a five-course meal that will feature new wines that willing distributors will sponsor. Customers may come out and learn about food and wine at this event.
The restaurant will leverage an online ordering system for people to book reservations or order meals that will be delivered to their doorstep. Gaza Lounge and Restaurant will be a nice place for people seeking more than just restaurant services. Here they will be able to have quiet conversations and business meetings and host special occasions. For the individual events, full-course meals and special platters will be made for the customers.
Explanation of lessons learned from analysis
The hotel industry is quite competitive and has well-established brands in the market. Most people usually prefer big hotels with big brands; however, some cannot afford them and can settle for ordinary ones. This is where the lounge will come in. This new proposed business has strengths and opportunities that outweigh the threats and weaknesses. The restaurant’s unique offerings will put it at a high edge and quickly make it the subject of every discussion. The weaknesses, such as insufficient staff training, can be corrected once the restaurant begins to pick up a good pace. The potential for ingredients to increase in cost can be reduced by buying in bulk and getting discounts as a result.
The following are the estimated costs of starting up the business
Security deposit – $300
Rent for the first month – $500
Utilities for the first month, phone service and internet inclusive – $1,000
Costs for location improvement (Pace, 2018)
Construction of build-out that is customized, including the kitchen – $2,000
Restaurant furniture and tables – $3,000
Utensils, dishes, bar equipment and table wear – $1,000
Initial food and beverage supply – $1,000
Insurance – $500
L incenses and Permits – $500
Ordering and Payment technology – $5,000
Marketing and business cards – $1000
Restaurant opening event – $2,000
The costs to start this business venture is rather high, but it promises good returns. The first months will be patchy and require a lot of capital injection since it will still struggle to come to its feet. However, when it finally gets a footing, it will start to give back substantial returns. The capital for starting this business can be acquired from a bank as a business loan; the SWOT analysis of this business shows that it has more strengths than weaknesses and more opportunities than threats. The online ordering functionality of the restaurant should give it a competitive advantage over its competitors. Proper marketing and advertising would be required to get things rolling for the restaurant. A good understanding of how a restaurant operates would also be required to ensure that it gives profit returns. If I got enough financing, I would continue with this business venture.
Wagner, N. (2018). Sample of a SWOT Analysis for a Restaurant. Retrieved from http://smallbusiness.chron.com/sample-swot-analysis-restaurant-73526.html
D’Alola, L. (2017). A Restaurant Industry SWOT Analysis. Retrieved from https://tdn2k.com/uncategorized/restaurant-industry-swot-analysis/
Microsoft Word Templates. (2015). SWOT Analysis Diagram. Retrieved from http://www.mywordtemplates.org/diagram/template1650.html
Pace, G. (2018). The Cost of Starting Up a Restaurant. Retrieved from https://www.inc.com/articles/201111/business-start-up-costs-restaurant.html
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New venture opportunity and SWOT analysis paper
This week we will study the SWOT analysis in detail. This week’s paper is required to be approximately 4 -6 pages in length, not including the title page and the reference page. No paper should be fewer than 1400 words. Double space your work, cite your sources, limit quotes, and edit your work well! Your work will automatically be reviewed by Turnitin upon submission. You will be able to see your similarity report within 20 minutes after your submission. Resubmits are not permitted. Please make sure you cite your work properly and avoid direct quotes.
For this assignment you will invent a new business. This is a new start – up venture, not an existing one or one that is expanding. Do not use a business created in a previous class. You may not use papers (or any part of a paper) submitted in another class. Make up the business, the location, the client base, and the product or service. Do not use any real company. You may review a real company’s website for ideas, but the basis of this paper should be your own ideas. Your opening sentence should begin with something like this: “The new business venture that I will evaluate is ……………..” Expect that your business will be opened in this coming year, not one that opened 10 years ago. Your introduction should include a description of your company and any details that are important to the reader. The description of your company should be a couple paragraphs with a summary of the business. The other details can be discussed when you are reviewing each of the SWOT elements. The final goal of this paper is to prepare a SWOT analysis of your new venture company. Make sure you have at least two other sources (other than the text) to supplement your work.
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After developing your new venture and describing it thoroughly in the beginning of your paper, provide a thorough SWOT analysis. Make sure you have included the actual SWOT analysis quad chart (embedded within your paper) listing the strengths, weaknesses, threats, and opportunities. You can use your own chart, but your paper should include a simple SWOT chart with the four segments. Then, you must discuss each segment thoroughly and explain what you have learned from performing your analysis.
So, your paper should include a title page and a reference page (no abstract is required):
1 – a description of your new venture (have a clear introduction)
2 – include a simple quad chart with the four basic quadrants embedded in your paper
3 – a thorough explanation of what you have learned from the analysis, further defining the strengths, weaknesses, opportunities and threats
4. be sure to include monetary information. You can’t evaluate a new start up for a beauty salon if you don’t include the costs to start up. How many hair cuts would you have to provide customers before you break even each month (of course you can estimate costs). For instance, you have to purchase equipment (dryers, chairs, etc) and you have to rent space (or buy space). What is the monthly rent or mortgage payment and how easily will that be earned each month. Include all other costs also (payroll, supplies, advertising, etc). Where will the start up money come from?
5 – an evaluation – based on what you have learned, will you continue your business venture? Be sure to answer that question at the close of your paper.