Mediterranean Restaurant Business Plan Leave a comment

On the Water, a Mediterranean restaurant located on the Sunset Strip, is now open. On the Water will appeal to both the fun-seeking and the sophisticated diners seeking good food in an interesting setting. On the Water will seek to earn 85% gross margins through an innovative setting, a wonderful menu, and an experienced restaurateur.

The Market

On the Water will target tourists and locals who are avid restaurant-seekers. Young adults with incomes between $15K-$60K will be the main target. They are looking for great food, good times and great food. On the Water will be targeting tourists and adults who frequent Sunset Blvd., along with young adults with disposable income. The target demographic is males and girls between 20 and 50 years old with some college education. On the Water will serve tourists and party animals from nearby cities as well as local Hollywood residents.

It has been proven that restaurants are more affected by economic declines than the general economy. This is partly due to people’s perception of food as a basic necessity and their willingness to spend accordingly.

Service and Products

One thing that is always consistent with On the Water is their impeccable service. Server staff are all highly trained and have extensive experience. Services at the Water include a variety of cultural and art collections from Mediterranean Europe. This authentic setting can be distracting at times as people look through the wealth of artifacts.

Lily Valdivia is proud of the menu. The result of over 20 years’ worth of culinary experience is evident in the menu. The menu contains traditional favorites such as hummus, baba ganouj, and tabouli. These traditional favorites are made with the best organic ingredients. Most people are not aware of how much better the items taste when they are prepared with the freshest ingredients and made with love. You can also order kebobs, chutneys or flat breads as well as desserts. Every item is freshly prepared and homemade daily.

Management

Lily Valdivia is the restaurant’s owner. She is a veteran in the industry. Her experience in restaurant management began as a server 12 years ago. She quickly moved up to fine dining serving where she perfected her formal, customer-centric serving approach. Lily has been the manager of a European restaurant for five years, with an annual turnover of over $2.5million. Lily, as we mentioned, started cooking in Greece when she was a young child. Lily is from a large family so she quickly learned to cook for her entire family. Her mother, who had three generations worth of traditional recipes, trained Lily. Lily quickly learned the recipes and was able to create her own dishes. Her family gave her a lot of positive feedback. She knew that she would eventually have to translate her skill into a business opportunity.

On the Water is forecasted to reach profitability by month two. Sales are forecasted to reach $1,785,000 by year two and grow to $2,345,000 by year three. We forecast a high net profit on these sales.

1.1 Objectives

1. Sales increase to more that $2,345,000 in the third-year.
2. At least 80% gross margin.
3. Improve inventory turnover to two-hundred turns next year in year two, and to 240 in year three.

1.2 Mission

On The Water provides fine dining with unique mediterranean flavours and an exceptional bar and grill experience. The mission is not only to have great tasting food, but have efficient and friendly service. Our dining space is elegant and inviting. The walls are always flooded with running water, and there is a lush jungle ceiling hanging from the ceiling. We concentrate on customer satisfaction and quality food that is always fresh and specially selected. We won’t judge anyone based upon their appearance or class. On The Water Grill should be a place where people can enjoy good food and make new friends at the tropical Mediterranean Honey bar inside.