Question
1. Unique Business Idea - If I want to get succeed in business I have to come up with Unique and attractive business plan that
1. Unique Business Idea - If I want to get succeed in business I have to come up with Unique and attractive business plan that can easily attract customers to my Restaurant. I must come up with something that is better than others in the market and can attract my customers. Also, A perfect business plan needs a proper implementation too. I think this is the most important aspect I will have to consider before starting my restaurant. And for that I must come up with something that provides different and better service from others. 2. Start Up Costs: The 2nd most important aspect I consider is start up costs. I should estimate total start up costs that needed to start my restaurant business. For that First I must decide that for restaurant, should I buy the place, or should I lease the place in the first place. I must set the budget and plan according to it. For the restaurant business I need a furniture and other inventories too. Starting up new business is not easy it comes with so many responsibilities. As I am planning to start authentic gujarati restaurant my ambience will represent gujarati culture. I have to set a budget for all these things. Also, after setting up all these things I must make sure that I have funds to maintain inventories that I need often. So, I think Start up cost is the second most important aspect when it comes to starting a new business. 3. Location: Location is one of the most important things if one is starting a restaurant business. As I am planning to start an authentic Gujarati Restaurant, I must plan to open it near College or University where there are so many international students are studying especially Gujarati students. Being a Gujarati International student, I crave for Gujarati food a lot. So, I will be looking a place near University or College. Also, I should make sure that the location I choose for the restaurant is not surrounded with same type of cuisine because it can be threatful for my business. I must study all these factors before starting my Restaurant. So, location is the important aspect before starting a restaurant business. 4.Competition: Competition can be the important aspect and it can be the biggest threat for the restaurant business. I have to come up with the idea which is unique and different from others that customers attract towards my restaurant. Also, competition should be healthy. But it is one of the most important things too. Part 2 In your opinion, is everything this portion of the business plan mentions important to look at before opening? Why or why not? In your opinion, is this entrepreneur considering the enough factors before opening? If not, what other factors should he/she consider? Based on what you have read so far, how can this business plan be improved? Please provide at least 3 detailed examples
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