Lobster Grill House

Written by  Thursday, 14 April 2016 12:26

Introduction

Lobster Grill House will be a fairly priced seafood eatery characterized by family design service of Coast Specialties. Fried and grilled menus of crabs, chicken tenders, oysters, fish and shrimp will be served in a style that conjures memories of the famous Friday fish fries that historically drew families and friends together. Individual portions and family-sized platters, as well as other offerings, will be available, widening the appeal to all dinner types. Fresh baked French bread, pickled green tomatoes and our signature coleslaw, will complement our servings. The cost of our meals is expected to range from $5 to $15 per individual (Silver, 2007). Background music, comprising folk music namely Jimmy Buffet hits and popular Cajun tunes portraying marine life shall blend the numerous pop cultures and traditional sounds.

Company Ownership

Lobster Grill House will be owned and led by its founder Bennet Bradley, who will stand as the General Manager.

Product portfolio

Lobster Grill House will be a casual eatery with collections of seafood as the primary theme. It will be designed to depict the concept of freshly grilled and fried meals of menus of crabs, chicken tenders, oysters, fish and shrimp (Bly, 2009).  The selections will be set established according to the availability of the seafood. Based on the seafood theme, the restaurant will target both middle and upper-class segments. This will be achieved by offering meals that appeal to families. For the grownups, Lobster Grill House intends to serve a diverse collection of stuffed crabs, oysters, chicken tenders, shrimps, lobster crab and fresh fish. Apart from the favorites such as the salmon, tilapia, and trout, the restaurant shall serve species such as mahi-mahi, Snapper and arctic char, wall-eyed pike and red rock fish. Nowadays, diet trend has reached its peak. For this reason, Lobster Grill House will consider light menus for individuals who are dieting and the health conscious. The menu selections will contain foods with minimal calorie and fat levels. By considering such consumer needs and trends, the eatery will be a successful startup concept.

Feasibility

Seafood menus are becoming popular cuisines among Americans. People in the US are increasingly interested in healthy foods. Seafood cuisines thus are recognized as healthy food choices. The current government is supporting start-up restaurants that are planning to expand their services beyond the national borders. This is part of the government’s initiatives to globalize the restaurant industry (Bly, 2009). In addition, the government acknowledges the gratification of the restaurant sector is a critical element of the globalization of the country’s cuisine. With this, it is high time to start a new seafood restaurant business in the US with the aim of modifying the present perception of US restaurants.

Orlando, Florida is a strategic location to start this business because of the dearth of casual, fine-dining seafood themes restaurants (Silver, 2007).  This is coupled with the recent surge in global tourism from across the globe and an influx of people from its target demographics. Al ready, Orlando, Florida boasts of various seafood-themed restaurants. However, none of the existing restaurants may be considered fine, dining, rendering the proposed business the first of its kind in the area (Bly, 2009). The establishment will enjoy access to its target market of foreign tourists, affluent and middle-class Americans as well as other nationals visiting the city. It intends to attract customers with an appetite for fine dining who are seeking a tasteful, unique meal at an affordable price.

Market research and competitor analysis

Target Market

We predict that Lobster Grill House will appeal to a broad pool of consumers. While we expect to be frequented by all types of customers in both the business and residential community, the concept should be particularly designed for specific demographic and industry conditions (Bly, 2009).  Lobster Grill House is strategically designed for a niche with a high great cultural diversity surrounded by a moderate business and family based residential environment capable. The ambiance, menu and service style of Lobster Grill House have been created to appeal to the diverse demographic in Orlando. The competitive value pricing should especially attract medium income customers with a predominance of members of the family households.

Industry evaluation

Drawing from the Florida Restaurant Association, the 2020 industry sales are projected to rise above the $720 billion dollars posted in 2015 (Silver, 2007). This figure illustrates a 6% increase over 2014 industry sales. Sales from the restaurant sector account for 8% of the US GDP (Bly, 2009). Hopeful increases in consumer disposable incomes, and positive economic indicators give rise to expectations that 2020 will be a modest but steady growth year for the sector (Silver, 2007).  In fact, emerging economic pointers provide hope to a positive economic outlook. Moreover, industry experts anticipate that the number of restaurants could reach one million destinations by the year 2020. Simply put, 2020 is expected to be a profitable year for the industry.

An estimated 50% of all seafood money spent by customers is spent in drinking and eating establishments. Since 2012, the figure has shot up dramatically whereby roughly 30% of all consumers spending on drinks and food go to restaurants (Silver, 2007).  Families believe that eating out is a cost effective way compared to cooking at home and cleaning up. Expenditures on food away from home are currently rising for households with income above $30,000. A good number of families are in fact taking home a salary double this figure. Higher income families have a tendency of spending more of their food money in restaurants. A diverse ethnic population, flourishing household incomes and changing lifestyles are contributing to the variety of restaurant and cuisines concepts. This makes the country a world leader in restaurant innovation.

Competitive Analysis

The proposed location for Lobster Grill House is occupied by competitive dining places which help to draw guest traffic to the place. A good number of the present restaurants are comprised predominantly of fast food and a few full-service ideas. Restaurants that might be regarded direct competitors for our target customers are Beach House Grill and Original Oyster House.  It is worth noting two competitors are not necessarily identical ideas to Lobster Grill House. Nevertheless, it seems that we are competing for a similar consumer base. Lobster Grill House should be regarded unique to its competitors because of the uniqueness of the charcoal grilled product that will be offered. Few other restaurants in the place feature family style seafood menus (Silver, 2007).  

Financing

The proposed venture is estimated to cost $1,000,000 to start. Funding for this start-up will be provided by $300,000 in contribution from Bennet Bradley and the remaining $700,000 in proceeds from bank loan (Silver, 2007).  

Operational issues

As a start up, Bennet Bradley will hire employees equal to the running of a normal US restaurant. The owner will make sure he employs people who are service-centered with superb attitudes and ethics. Besides, he will hire experienced individuals with resumes including various years at popular high-end eateries. The list below describes the job positions that Lobster Grill House will retain in conducting its daily operations.

The General Manager:  Bennet Bradley will hold the position of the GM. His responsibilities will include overseeing all the restaurant’s personnel and establishing policies and procedures for the establishment. His starting salary will be $60,000 per year. The GM will also monitor the financial progress of the restaurant on a regular basis.

The Line Cook will be hired to prepare ingredients for all menu items including assembling the food selections for Lobster Grill House patrons. Also, the Line Cook will offer culinary support to the establishment. This position will attract an hourly pay of $10.

The Food Server will be in charge of receiving orders placed by patrons and delivering of orders and the subsequent collection of money from patrons. The hourly pay for this position will be $7.

The Assistant server will be in charge of cleaning and clearing of seating area after the departure of patrons. He/she will also prepare the area before the seating of the next patron. Also, he/she will offer beverage service as required and stock items within the reach of patrons. Such include condiments, straws, and napkins.  The person in this position will earn $7 per hour (Bly, 2009).  

Pricing strategy

It is estimated that the identified costs of our items and services will be competitive in the market, but not lower than the average, which will allow us to be comparable to the cost premium. Our meals and services will be alternatives to competitive items and related to an advanced quality that positively effects individual health. Through high sales volume, marketing of additional solutions, and revenue bonuses such as recipes and menus, the company will achieve greater added value than the competition. Buyers will not see us as another service of ready-made meals, but as an establishment that offers unique seafood selections at a reasonable cost (Silver, 2007).  

Summary and Recommendations

The concept behind Lobster Grill House is to maximize on the fact that restaurant industry is growing rapidly, and lifestyles are changing in favor of this sector. By applying various marketing tactics and applying all the details of this business plan, the proposed startup can secure a competitive advantage in the area among the established chains. The industry and the market were analyzed to obtain a clear picture of the market that Lobster Grill House would be entering. The aim is to reduce risks because any startup is often a risk on its own.

In the case of Lobster Grill House, controlling its supplies would be a key issue to its cost leadership. Purchasing is mass volumes to obtain discounts would be great supply chain strategy (Silver, 2007).  Moreover, a strict price policy can be applied, especially since the venture is a one-person management, the costs will be minimal. Here, the concept is to minimize costs which are easier to implement as the company is headed by one person. Cost leadership will enable the establishment to sell at a lower price than the existing rivals. Also, there is a possibility to start importing food items that are new in the country. This will make the eatery able to secure higher margins on these food items (Silver, 2007). According to Michael Porter’s concepts, it is beneficial for any business, that is realizing a reduced overall cost position, given that it holds a great relative market share or similar advantages like a high access to raw materials. By achieving a low-cost position via cost leadership, it brings high margins and more returns to the establishment. In turn, these could, for instance, be re-invested to sustain the cost leadership.

 

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