What is a Business Plan?
A Business plan is a statement of business objectives which explains how to attain, achieve, and maintain those plans (Entrepreneur.com, 2016). This paper will focus on a fast food outlet business plan that will describe the company, the product, marketing plan, and the financial plan. The plan will put more focus on how the business will make money.
The business will be a fast food restaurant dealing with French fries since they tend to sell more and are easy to prepare (Burner et al., 2001). However, the outlet will also sell other products, including foods and drinks. The main target customers are the young people, especially the high school and college students.
After doing a market analysis on the fast foods, it is evident that the business will take advantage of the wide market. Fast foods are also common among young people, especially the students (Dingman et al., 2014). Young people may want to go to fancy places where the food prices tend to be higher.Therefore, we plan to have an elaborate restaurant offering the food at pocket-friendly prices.
The products from the outlets will be offered at a cheaper rate as a way of attracting more customers. The business will ensure the clients are well treated to their satisfaction (Qin and Prybutok, 2009). In addition, the firm will take advantage of social media, which is popular among young people, to advertise and get customer feedback (Score, 2012). The social media is free, thereby saving on advertising costs. There will be the use of ads and fliers seeking to reach more people. As such, when more customers receive information about the product, the more the referrals, hence the levels of profits in the business are augmented (Jakle and Sculle, 2002).
Given that the business is a startup, the partners will contribute the starting capital, which will be used to run the business. Fast food outlets, especially those targeting young college students, are quite profitable (Watson, 2008). For the first one year, the profits will be used to grow and expand the business. There are plans to open two new fast food outlets, thereby ensuring more income. As a result, the partners will receive the initial capital they had invested in the business.
Burner, J. A., Jones, T. E., Toth, L., Charnizon, M., Grabarek, D., & Larkins, J. (2001). Business Builders in Fast Food (Book Review). School Library Journal, 47(9), 236.
Dingman, D. A., Schulz, M. R., Wyrick, D. L., Bibeau, D. L., & Gupta, S. N. (2014). Factors related to the number of fast food meals obtained by college meal plan students. Journal of American college health: J of ACH, 62(8), 562-9. Retrieved from http://www.ncbi.nlm.nih.gov/pubmed/25057766
Entrepreneur.com. (2016). Elements of a business plan. www.entrepreneur.com. Retrieved from http://www.entrepreneur.com/article/38308
Jakle, J. A., & Sculle, K. A. (2002). Fast food: Roadside restaurants in the automobile age. Baltimore, Md: Johns Hopkins University Press
Qin, H., & Prybutok, V. R. (2009). Service quality, customer satisfaction, and behavioral intentions in fast-food restaurants. International Journal of Quality and Service Sciences, 1(1), 78-95
Score TM. (2012). Business plan for a startup business. SCORE TM: For The Life Of Your Business, 1-31
Watson, S. (2008). Fast food. New York: Rosen Pub. Group