RESTAURANT PROJECT

Presentations begin on Wednesday, May 20th!!
Restaurant Project


Congratulations, you just inherited $75,000 from your late, great uncle. Your dream has always been to start a restaurant, and now you have the capital to give it shot. The first thing you do is get your closest advisors to help you plan a successful business. If you have no close advisors, you are putting a lot of weight on your shoulders, but you do receive all the glory if you are a success.

To open this restaurant you need to do the flowing things:

Decide where you want to open your restaurant. You must figure out how much you can pay in rent a month. Remember, the trendier parts of the cities charge the highest rents. To find real estate prices, check the NY Times.

Decide a theme for your restaurant. What is going to draw customers to your business? First, what is your name? Are you a fast food business, or a fancy sit-down place? What type of food will you serve? Classic Americana, or something more exotic?

Build a menu for your restaurant. The food you serve is the most important part of your business. Design a menu that includes at least 5 items for each of the following categories: appetizers, entrees, deserts. Include the prices for each item.

Design the layout of your restaurant. Some people would argue that the atmosphere in your restaurant is the most important part of your business. How are you going to lay out your restaurant? How many tables will you have? How many people will be able to eat at one time?

Decide how many people you will hire. After deciding how many people you can serve at one time, you must figure out how many employees you will need. Please create a work schedule for a week that clearly identifies the amount of workers in each time slot during your business hours.

Decide how to market your restaurant. Besides developing a theme and good food that keeps customers coming back, how do you get people into the door in the first place? Develop a marketing strategy for your company. Will you advertise in the newspaper? If so, design an ad. Will you have a catchy sign outside? If so, design it. Will you simply spread your message by word of mouth? If so, what is your strategy?

Figure out how much money you need to make a profit each month. Add up all of your expenses (rent, wages, food costs, marketing, etc.) then estimate how much money you will make through sales. Provide both a conservative (low sales) and liberal (high sales) estimate. From this, determine if you are making a profit.

Figure out how much money you will need from investors for this business project to be successful. You will present your business to the class, who are your potential investors. The more money you need, the more the likelihood that you will not receive all that you ask for. Remember though, investors want to make money, and if you have a great business plan, you will have the opportunity to attract more investors. The money you receive from the loan should be used for start up costs, not month-to-month budgets.

After completing the following tasks, you will present your business to the class on Wednesday, May 31. The class is a potential pool of investors. Each of your peers has $50,000 to invest. Your job is to convince them to give you some of their money to cover your start-up costs. The best way to do this is show your business will make money.
The information you must turn in includes:

Description of your restaurant

Menu – include prices

Floor plan

Budget Information

Marketing Plan

Work Schedule