Executive Summary of Restaurant Business Plan in Nigeria

Executive Summary of Restaurant Business Plan in Nigeria.

Overview

Irresistible Kitchens is a proposed standardized Iya Basira–style fast-food restaurant that will provide Ogudu’s teeming residents and workers with some of the tastiest local delicacies they have tasted in recent times delivered in a classy environment. Irresistible Kitchens will be tentatively located at 35 Ogudu Road, Off Ojota, Lagos.

 

The Company

Irresistible Kitchens will be established as a limited liability company owned by Igbokwe Ifeanyichukwu, Desmond Elliot and Nathaniel Bassey. The restaurant will be managed and overseen by Igbokwe Ifeanyichukwu, a first class chef of over twenty years whose expertise has been procured by top-notch hotels like Sheraton, Hilton, Chelsea, Protea and other hotels, but has now now decided to work for himself.

VISION

To grow until we become Lagos’ biggest and largest chain of classic and standardized Iya Basira style restaurants.

MISSION

• To provide Ogudu and the larger Lagos area with the tastiest and most irresistible local meals they have seen in recent times.

OBJECTIVES

• Increase revenue from the sales of food to N26,000,000 over a 2-year period.
• To maintain profit margins at 20-25% through close attention to expenses and cost of foodstuff.
• To drive awareness and drive sales through referrals and social media campaigns.
• Attract both residents and workers alike into becoming loyal customers of the establishment.
• To become the premier fast-casual restaurant in every market entered.
• To open a new store every 12 months.
• To offer high-quality food and a wonderful experience at reasonable prices.
• To achieve net profit in year one, increasing in year two, by containing costs and meeting sales goals.
• To provide quality sales service and products at fair and best possible prices.

KEYS TO SUCCESS

1. Good retail location in a high-density residential/ business area.
2. Hygienic and neat processing facility.
3. Outstanding customer service

Products and Services

Irresistible Kitchens will have on its menu a mouth-watering selection of local delicacies which will include egusi soup, pepper-soup, ewedu, vegetable soup, okro, eba, fufu, semolina, pounded yam, beans, fried rice, jellof rice, coconut rice etc. The aforementioned will be served with a variety of meat offerings ranging from roundabout to pomo to raw beef. Tasty fried chicken, turkey, assorted fish types and recipices will not be left out.

We will also offer point and kill services to customers who may prefer to just come in, relax, watch television and eat our greatly-demanded super-tasty smoked fish offerings.

Irresistible Kitchens will also pride itself in providing classy first-class outdoor catering services that would include cooking and serving meals of all kinds, snacks and deserts and chilled drinks of different types in outdoor events of different kinds.

The Market

Nigeria, no doubt, is both Africa’s most populated country and its largest economy but also its most important consumer of food products. The size of the food and beverage industry in Nigeria according to IMF is valued at 800 billion Naira with an estimated 40% growth expected in 2016 alone.

Being the business capital of Nigeria and its second most populous state, Lagos state boasts of over 30 million residents and a food and beverage industry valued at 100 billion. Experts also believe that this market will witness a 45% growth in 2016 alone.

The Ogudu area of Lagos has in recent times begun to capture the interest of greater Lagos residents. This is because this once sleepy and relatively quiet business and residential community has attracted in recent times the interest and investments (in real estate) of Lagos’ many high and mighty. With its over 100,000 population made up of residents, workers and visitors, Ogudu area provides any good classy restaurant worth its onions the right kind of demography on which successful businesses thrive. It is therefore no surprise that Big Bite, Mr Bigg’s, Tantalizers, Margretos and a host of others found a conducive business nest in which to lay their proverbial eggs.

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Competition

In the true sense of the word, there is just one competitor, Kunle Kitchens, which has a similar but far lower quality offerings and is located forty blocks away from our proposed location. Others include Big Bite, Mr Bigg’s, Tantalizers and Margretos.

Our competitive edge lies in the irresistible nature of our local meals, served not just like they are  served in conventional fast-food restaurants, but served in a manner each plate of food reflects each customers individuality of demand and taste—a classic and thoroughly standardized Iya Basira’s place with all the trappings of a first class restaurant. It is designed to attract bankers and workers for late breakfast and lunch and residents especially for dinner and everything else in-between.

Management Team

Igbokwe Ifeanyichukwu

Ifeanyichukwu is bringing in 20 years’ experience as a chef. He hold a B.A Catering from Obafemi Awolowo University Ile-Ife, having worked as a chef with Sheraton, Hilton, Nicon Hotels and a host of others.

OYEBADE Adejumobi Ademola – is highly knowledgeable in the healthy restaurant business. He has over 7 years’ experience in the industry. Moreover he is a graduate of Agriculture from the prestigious Obafemi Awolowo University, Ile-Ife. He is a Project Management Professional and certified Business Consultant. He will be in-charge of day to day activities of the business.

 

Mr Dayo Adetiloye – (B. Agric., MBA, and PMP): He has over 15 years’ experience in business management, business start-up dynamics, financial management of business and overall business growth and development. He is an alumnus of Enterprise Development Centre (EDC) of the Lagos Business School (LBS), Pan African University (PAU). He is our business development strategist and a strategic partner.

 

We brought to the business:

• Educational skill and practical experience in healthy restaurant business.
• Capacity to consistently provide high quality, nutritional, and flavorful meats and vegetables all year round.
• Valuable processing skills that makes us own the value chain to a good extent.
• Quality processed product and good understanding of the market trend especially as it is affected by seasons.
• Our staff brings operational, marketing and promotional skills to the business.

Financial Considerations

Irresistible Kitchens seeks N5 million in long-term financing to cover start-up costs, equipment, building expenses, and working capital.

Funding for the launch of the business will be provided primarily by equity from the partners and investors.

Our market survey and research shows that Irresistible Kitchens holds the promise of reaching positive cash flow in its 7th month of operation. The advantage of this, is the provision it makes for accelerated repayment of its loan obligations, as well as for dividends to be paid to the owners.

Revenue is expected to amount to N12,984,326 and profit N3,592,736 in our first year of operation.

 

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