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Business Start Up

Essay by   •  May 2, 2011  •  4,866 Words (20 Pages)  •  1,049 Views

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1. EXECUTIVE SUMMARY

Our team is planning to open a bar, restaurant and hotel venue in a prestigious location on the sea waterfront in the city of Trogir in Croatia. The business will be targeted at the rising levels of visiting tourists in the area and the local population.

The venue will have 12 double bedrooms and an exclusive restaurant with seating for 40 people inside and 80 people in the exclusive outside areas, which will be transformed into a bar during evenings and late nights.

In our restaurant we will prepare a specialist cuisine made up of local dishes made by fresh ingredients from our extensive network of local suppliers.

One of our group members who is a native of Trogir already owns the house which will be used for our business. It is currently being refurbished with all necessary equipment and amenities. All the latest standards of rules and regulations set by local authorities are being achieved.

All of our employees will come from the local area and will have previous experience in the tourism and service industries.

Our advisory board members all have a great deal of experience with service industry in the area. This gives our company an advantage when it comes to establishing a network and acquiring new customers.

To realise our project we require a loan 180,000 Euros. The house will be used as collateral for this loan.

1.1 Business Objectives

Trogir's objectives for the first three years of operation include:

* Providing high quality service to all our costumers

* Create a strong network of local suppliers to our bar and restaurant

* Keeping food cost under thirty-five percent of revenue

* Averaging sales of 330,000 euro for the first year in operation

* Increasing sales by ten percent each year

* Have a minimum of sixty percent occupancy by the end of our third year

* Eventually expanding our business to other locations in Croatia and Europe pending the success of the Trogir facility

1.2 Mission Statement: At Trogir, we work for people so that they enjoy to their fullest. We believe in sincerity, honesty, integrity, passion for customers, respectfulness, constructive self criticism, personnel excellence and openness.

1.3 Positioning Statement: To local population and visitors to Trogir, our hotel, restaurant and bar will offer attractive services which are superior to local competitors when it comes to location, atmosphere, venue, quality and pricing.

2.0 COMPANY SUMMARY

The hotel will initially comprise of 12 double rooms which will be let out throughout the year. During the summer and vacation periods, they will mainly be targeted at tourists who visit the area. During the winter and spring periods, we will use our contacts and connections with sports team that come to visit Trogir every year, e.g. handball, basketball and volleyball teams, to encourage them to stay at our facility. This will ensure that our rooms are let, and will also provide further business to the restaurant and bar.

The restaurant will have seating for 40 people inside, while the outside area which directly overlooks the sea will provide seating for 80 people. The menu of our restaurant will comprise exotic Croatian culinary traditions. Croatian cuisine is known as a cuisine of regions, because every region has its own specific tradition. Our menu will therefore consist of mouth-watering dishes coming from all across the country.

The inside bar section will be open for around 50 people; while the outside bar area will have the opportunity to cater for up to 150 people when in use. Our bar venue will mainly be targeted at young people and the tourist visitors. It will serve the normal menu of drinks as well as more local specialities.

2.1 Company Ownership

The company will be set up by Sylvio Turkovic, our one partner who has current ownership of our facility. Our remaining team members will be hired as external consultants to perform necessary duties in the start-up process.

The founder of Trogir will have the necessary higher education, specialised in the field of finance, before the project will be set up. This will enable him to understand how to evaluate risks and returns, how to manipulate and use numbers and data, and how to be well organised and structured. He will also have research experience so he will know how to collect the necessary information before proceeding with the project.

His professional experience within sports has taught him to foster collaboration among team members and to enjoy mixing with and interact with all types of different people in a management setting. His professional experience has also made him aware of issues concerning time management and tem work. Also, his family ran a restaurant while he was growing up. This has given him important insights into how to efficiently run a restaurant, and a good idea of what it takes to make it successful.

Because he is a native of Trogir, and because Trogir is a small city where everyone knows everyone, the founder will be able to network efficiently. His deep family roots in the local community as well as his career in sports has also made him well known in the city, which will give the Trogir start-up more credibility and facilitate partner networking as well as give potential access to know-how, capital and customer referrals.

For the setting up of Trogir, the founder will hire outside consultants to perform key parts in the start-up process. Two consultants will be brought in to produce the business plan, and one marketing consultant will be brought in to make the marketing plan. These consultants will potentially be brought in also at later times when necessary, for example in connection with any future expansion of the Trogir business to other sites or countries.

Amit Bajaj and Prerna Saran, who will be in charge of producing the initial business plan and a later business plan review, both have educational experience in international business both from India and France. They will be hired to produce the initial business plan, but will also follow the implementation of the plan and will be another source of international networking. If Trogir is to be expanded, they would also be hired again to produce research and planning for these projects.

Jon

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