This project is going to investigate the feasibility of setting up and opening a Restaurant/Pub on the Bristol Road in Selly Oak, Birmingham. The concept is a Restaurant containing approximately 20 tables, which would offer a variety of food and drink and provide live music on Friday nights. It is to be set up as a partnership. The main target market for the restaurant will be students and young adults. There is a possibility, that if this business is successful, and becomes well established, it may diversify and expand into a bar or nightclub.
There are several reasons why I believe this restaurant may be a successful investment possibility:
* According to www. yell. com, there are 10 restaurants situated in Selly Oak, however none of them provide live music or any type of evening entertainment. There is therefore a niche in the market, which may be filled by the type of restaurant proposed.
* Selly Oak is largely populated with students, who enjoy evening entertainment, and will be interested in new venues opening. Legal Form
The business will be set up as a partnership, as they are relatively informal and easy to begin in comparison to limited companies. There is also less money involved in setting up a partnership, which means that more time and money may be dedicated to the set up of the venue rather than spending on legal aspects of the business. This may prove to be an advantage, as the business may potentially start with greater current capital, which may be used to benefit the business. This may mean that the launch of the business is more successful than if a limited company was started.
There is however greater risk involved in a partnership, as there is unlimited liability, should financial problems arise; this means that personal belongings of the people involved in the running of the business are at risk, should the company go into liquidation. Therefore, a partnership should usually only be used when there is little possibility of bankruptcy. Another advantage of setting up a partnership is that there are a greater variety of ideas and skills available, due to the greater number of people involved.
This may be beneficial to the business during the development and decision making processes of the business. Finally, another advantage of having more than one person involved, is that if one of the partners is unavailable to run the business, there is more of a chance that there will be someone available to maintain it. There are several issues involved when starting a partnership, such as unlimited liability, and complications in the distribution of responsibility and profit to each partner.
The organizational arrangements and decision making processes are also made complicated because of the increased number of people in charge of the company, so there is a higher possibility of disagreements and conflicts arising, when deciding how profits are shared between partners. Disagreements may also be difficult to resolve when both partners have equal shares of the business; conflicts arising in this manor may result in poor decisions being made for the business, and therefore, a loss in customers and ultimately profit. The finance and control in this business will be split 50%-50% between the two owners of the partnership.
The main potential risk is that, due to the unlimited liability, the personal belongings of both partners are at risk, should the company go bankrupt or liquidate. Values The values of my business will be that all the customers and staff are treated with respect and kindness. Staff will be hard working, polite, kind and cheerful when dealing with customers and fellow co-workers. My values to guide me in making decisions and running my business are as follows: to be fair, thoughtful, understanding, loyal, respectful, hard working and kind. These values will ensure the customers enjoy the time they spend, due to friendly staff.
The customers will tell their friends and relatives about their experience and will become repeat customers. This will give the business a good reputation and therefore lead to a successful business. Mission Statement This is often simple, memorable and explains what the organisation is in business to do and what it wants to achieve. Mission statements express the organisation’s objectives in qualitative terms and many businesses include the following variables in their mission statement: their number one priority, their product definitions, their non-financial objectives and their overall values and beliefs.
A good mission statement should be clearly defined, realistic and achievable, and at the same time should ensure that the employees’ attention is focussed towards the overall company aim. The mission statement of my business is: ‘To provide great service, quality and entertainment to those who seek it’. The good service will be of how the employees treat the customers, the quality will be of the food and comfort of the bar/restaurant and finally the entertainment will be the live music on Friday nights.