Business Plan For A Restaurant: Key Considerations And Trends
Economic Stability and Market Feasibility
The key to a successful business lies in the economic stability of any country, its demographic characteristics which is accordant to the intended market (Howson, 2007). In order to start a restaurant business, it takes a lot of effort in coming up with a business plan that will decide its feasibility as the implementation process moves ahead. It requires an appropriate plan and a good investment which can be given from the owners of the restaurant business themselves or by taking a business loan from financial institutions (Abrams, 2003). The current economic scenario of the country may also help in decide the success of the restaurant business if it stands out to be different and adhere the cultural backgrounds of the country where the restaurant needs to be opened. As the world is changing every day, so are the trends changing with every changing second. People are looking forward to new and innovative changes in the society and to be specific, they are inclined towards the changing food trends. People look for varied options in the food served to them as well as paying more attention towards free range, gluten-free, organic and allergy-free food choice of food. Countries all over the world have their own unique sense of serving variety of food to their people (Akibode & Maredia, 2012). New Zealand is one such country which follows the healthy way of living and eating (Wilson, et.al., 2013). The restaurant authority of the country has recently started focusing on limiting fast food on the restaurant menus and adding up healthy options on the menus. The restaurant association of New Zealand states that running a successful business requires smart moves, all the right information and understanding the current trends, going with an entire food industry research, having the right skill to take the business ahead, and connecting with business owners to gather a better business idea (Restaurant Association of New Zealand, 2018).
The current scenario of the restaurant business in New Zealand is not much behind than the international food scenario. It has been suggested that sustainable, healthy, plant-based and fat-free food can be the moto while serving the food to the customers (Restaurant Association of New Zealand, 2018). As a part of New Zealand’s trend setting food goals, one of the most important trends is using locally sourced products which is a cheaper and healthier option rather than importing products from different countries. The second important trendsetting change is lessening the demand for alcohol in the restaurant menus that will give people a healthier option to live. The third initiative is going vegan as there are several people in the New Zealand population who live on a vegan diet (NZHerald.Conz, 2018). The New Zealand café and restaurant industry revenue is mostly dependent on the food and beverage consumption in the restaurant premises itself (Restaurant Association of New Zealand, 2018b). Although, food delivery service is one of the most profitable business options in this fast-paced world, New Zealand restaurant industry does not include catering services and takeaway food services. Nevertheless, food delivery is a crucial part of restaurant business because customers nowadays prefer convenience that is they desire to get the delivery of the food they want to have at their doorsteps (Rougès & Montreuil, 2014, May).
Cultural Background and Food Trends
New Zealand is considered as one of the most desirable locations to start a new business as the country welcomes any foreign direct investment to support a stable business environment. As a part of starting a new business in any given country, it is important to analyze the market scenario and gather local knowledge of the country’s taxation, legal and accounting framework. Although New Zealand aims at providing a stable business environment, its efficient monetary policies and fiscal incentives, it still has certain challenges that should be given a thought upon (Hall & Rusher, 2013).
For a starting a new business in New Zealand, the companies are required to get themselves registered with the Companies Office Online which generally takes a complete day to process.
In order to obtain a permit, the company needs to complete six procedures which takes 89 days in total. The District Council will inspect the business plan, location of the business, a planning consent must be received an approval for a CCTV, sewage line, water line and phone connection are also required (TMF Group, 2018).
The business property must be registered in two days and by obtaining a land information memorandum. The title must be registered through Land Information New Zealand (TMF Group, 2018).
The most strenuous procedure before setting up a business in New Zealand is getting the electricity supply for the property comprising of five procedures taking more than 50 days to complete (TMF Group, 2018).
There are various taxes which consume more time, for instance the levy of accident compensation corporation (ACC) or returns from VAT which can take more than 100 days for completion (TMF Group, 2018).
There are cultural differences between the New Zealand European and Maori societies in New Zealand which is may be a reason to be thought upon before starting a new company in New Zealand. Even though the companies are welcome in New Zealand to do a business, it is important for them to analyze every detail.
At BayLeaf, we aim to sell delicious, healthy and organic food and beverages that aligns with our perfect location, to provide impeccable service to our customers consistently by demonstrating efficiency, gratitude, professionalism, warmth and knowledge of what we are doing. We wish to keep our customers happy who walks through our door and experience the fresh concept with a friendly and eco-friendly environment.
Starting a Business in New Zealand
We wish to take BayLeaf to new heights within 12 months of its commencement by serving fresh organic food to our customers with a modern twist in our menu.
Our effective teamwork and cooperation with the staff members will be friendly and rewarding that will make them feel like home.
We will acknowledge the customers coming in our restaurant and greet them with a gentle smile and thank them for choosing BayLeaf.
Content marketing is one of the most effective ways available for any business to engage, make connections and build trust with the customers. Content marketing is a way of differentiating one’s business from its competitors. It has the potential to enhance the reputation of businesses in an effective manner (Baltes, 2015). It is often seen that customers receive mailers from different websites or social media. Although there are numerous companies in the market, it is important for companies to align their content with their company mission and vision. Most of the restaurant chains use their amazing content marketing strategies to attract more number of customers by posting about the restaurant on social media, sending out meaningful messages through email to regular customers, and publishing customer experiences on restaurant website. It is a great and innovative way to maintain the brand presence in the mind of their customers and provide them with valuable information.
At BayLeaf, the Content marketing will the prime focus to improve the restaurant’s overall marketing strategy. BayLeaf will become a popular restaurant and set a trend as the restaurant will be doing well to the environment and the health of the customers. There are certain Content marketing strategies that will help BayLeaf to accomplish their goals as a trendsetting organic restaurant.
The creation of a blog on BayLeaf’s official website will be the top content marketing priority. As blog is an easy way to share valuable information which can be later re-shared on social media and by way of sending mailers to the customers (Tremayne, 2012). Blogging helps to improve the website’s search engine optimization (SEO) by which customers will be able to find out about the BayLeaf easily. Creating a content calendar can help in listing the important topics before posting them and track the timeline of posting the blogs. The content can be related to owners of the restaurant who are the mind behind the unique idea of going organic in the neighborhood. There can be special recipe corner and eco-friendly tips.
Challenges and Considerations
Video contents are generally difficult to produce but if posted, gets a lot of attention from the digitally driven audience (Lieb, 2012). BayLeaf can post short videos of 60 secs to 2 minutes on their website and on social media platforms regarding healthy living, recycling, growing your own seasonal vegetables at home and DIY techniques. Long videos can be posted on YouTube regarding the hospitality of the restaurant and the special recipes that can be found no-where.
Social Media is a powerful medium to build brand persona of the restaurant. Being consistent in posting the right content is the key to a successful business (Tuten & Solomon, 2017). Putting up only text on the Facebook page won’t alone help the marketing. BayLeaf can put up pictures of its customers, local farmers, food images, and the green actions taken along with creative captions.
BayLeaf is an organic restaurant and going all green and can be a unique selling point of the restaurant. It is expected from organic restaurants to be environmental conscious. The prime objective of BayLeaf will be to add the “green” banner on its brand name which will help in marketing the brand name of the restaurant.
BayLeaf’s objective should be to advance its brand by marketing its green aspect. The right marketing channel needs to be used in order to market the brand name. Social media platforms like Facebook, Instagram, and BayLeaf’s own website can be used to post the right content for its customers.
The objective should be to focus on the activities that makes BayLeaf good for the customers and the environment. The restaurant should welcome suggestions from its customers which will help the restaurant to improve and grow better. The restaurant should be knowledgeable enough to give a base to their role in protecting the environment by multiple ways and serving organic food to its customers.
“I always wished to have my own vegetable garden, grow my own vegetables and cook them for my family. In this fast pacing world, healthy eating has become almost impossible” – Stacy Grace (A retired pharmacist).
As per Stacy Grace, healthy living is an impossible thing in this fast pacing world. As a little girl she used to visit the nearby farmers market to get fresh vegetables. This fascinated her to think upon where all those fresh vegetables came from. This created her interest in knowing about farm fresh vegetables but as she grew, her dream of having her own vegetable garden seemed to fade. But, lately when she came to know about BayLeaf being opened in her neighborhood, she was thrilled to visit the restaurant and spend her time in the in-house greenhouse to grow her own vegetables and later give her choice of vegetables to the chef to cook for her and her family. Stacy is BayLeaf’s regular customer and pays a visit whenever she wishes to. BayLeaf has helped Stacy live her dream in a very short period of time.
References
Abrams, R. M. (2003). The Successful Business Plan: Secrets & Strategies. London, UK: The Planning Shop.
Akibode, S., & Maredia, M. K. (2012). Global and Regional Trends in Production, Trade and Consumption of Food Legume Crops. Michigan, USA: Michigan State University.
Baltes, L. P. (2015). Content marketing-the fundamental tool of digital marketing. Bulletin of the Transilvania University of Brasov. Economic Sciences. Series V, 8(2), 111.
Hall, C. M., & Rusher, K. (2013). Risky lifestyles? Entrepreneurial characteristics of the New Zealand bed and breakfast sector. Small Firms in Tourism, 83(2), 56-78.
Howson, C. (2007). Successful Business Intelligence. London, UK: Tata McGraw-Hill Education.
Lieb, R. (2012). Content marketing: think like a publisher-how to use content to market online and in social media. New York, USA: Que Publishing.
NZHerald.Conz, (2018). New Zealand Restaurants’ Biggest Food Trends For 2018. Retrieved from https://www.nzherald.co.nz/lifestyle/news/article.cfm?c_id=6&objectid=12028888
Restaurant Association of New Zealand. (2018a). Your Link Between Good Food and Good Business. Retrieved from https://www.restaurantnz.co.nz/membership/why-join/
Restaurant Association of New Zealand. (2018b). Latest News. Retrieved from https://www.restaurantnz.co.nz/2017/01/03/what-will-2018-bring-for-business/
Rougès, J. F., & Montreuil, B. (2014, May). Crowdsourcing delivery: New interconnected business models to reinvent delivery. London, UK: Sage.
TMF Group, (2018). Top 10 challenges of doing business in New Zealand. Retrieved from https://www.tmf-group.com/en/news-insights/business-culture/top-challenges-new-zealand/
Tremayne, M. (Ed.). (2012). Blogging, citizenship, and the future of media. Abingdon, Oxfordshire: Routledge.
Tuten, T. L., & Solomon, M. R. (2017). Social media marketing. London, UK: Sage.
Wilson, N., Nghiem, N., Mhurchu, C. N., Eyles, H., Baker, M. G., & Blakely, T. (2013). Foods and dietary patterns that are healthy, low-cost, and environmentally sustainable: a case study of optimization modeling for New Zealand. PloS one, 8(3), e59648.