(+1) 9784800910, (+44) 020 3097 1639 I Full Escrow Payment [email protected]

Table of contents

Abstract

Entrepreneurship is the most typical time period in today’s world. Because of the inconsistency of work opportunities in our nation, entrepreneurism is desperately needed to address the issue of unemployment, which is a scourge for us. As a result, the younger generation must take action based on their own ideas.

In this project, the three of us start a restaurant as a kind of entrepreneurship. This assignment covers how we create our business plan, how we carry out all of the plans and processes, the many hurdles we had, how we overcame all of the barriers we encountered while running our company, and our business profit. Finally, we have been successful in business, which will also be presented.

The Study’s Objectives

  • To create a company strategy that can be utilized in the future.
  • Incorporating creative concepts into the commercial world.
  • For the purpose of boosting employment.
  • Increasing entrepreneurship rather than government employment.

Introduction

Bangladesh is a little country with a large population. As a result, there is a high demand for food-based businesses. An entrepreneur’s fortunes may be changed by opening a little eatery. It’s also a fantastic concept for anybody looking to start a small company on a shoestring budget. Some conditions must be met in order to start a modest restaurant in Bangladesh’s Barishal city. Given the difficulty of finding work in our nation, it is highly beneficial to start a small business to organize ourselves in our own unique method and viewpoint. Actually, at this early period of our country’s history, it is past time to accomplish something amazing from a governmental job in order to reduce unemployment and promote normal growth.

Procedures in Business

We see our business activity as a project and reflect on it. As a result, we often use the challenge existence cycle to develop the full commercial company process. Our business is organized and works well thanks to the following step:

Our Restaurant’s Operating Procedures

We follow some of the methods outlined below in our restaurant company

The first step of a business concept is to

To begin, we, three pals, agreed to start a business firm as an entrepreneur. We wanted to accomplish something unique, whether it was a government or non-government position. Since we were trying to establish an entrepreneurism, we came to the conclusion that the three of us should start a restaurant. Restaurants are the most profitable and in-demand business in Bangladesh since all Bangladeshis like eating. In that mindset, we saw the restaurant industry as both a business and a source of personal income.

Why do we select business as a career

Bangladesh is a developing nation. It is attempting to be developed on the globe map on a daily basis. Although it is a tiny nation, it boasts a large population. Many college students graduate each year, but owing to the shortage of jobs in our nation, they may now not be able to find work at the right time or in the right location. Because of the lickings of government jobs in our country’s employment market, we believe that there is a chance for us to establish ourselves via our own unique manner, viewpoint, and choice.

As a result, we chose commercial business as an entrepreneurial path so that we may establish our own jobs while also taking steps to provide jobs for many future generations. Aside from that, the restaurant sector is presently in high demand across Bangladesh. So, if we start our firm effectively, we, along with the rest of your generation, will be profitable, and we hope so.

Why did we decide to get into the restaurant sector as an entrepreneur?

People have a high need for restaurants at the moment. Humans, not only Bangladeshis but people all around the globe, like eating a wide variety of foods from other countries. Typically, these items are obtained at a restaurant. In this example, the metropolis of Barishal also boasts a variety of Chinese eateries. However, it is a source of great regret that they are unable to give high-quality complete meals all of the time. They would not be able to satisfy the customer by providing sanitary cuisine. Customers in Barishal City were thoroughly disillusioned by this. Again, Chinese eateries charge a premium for meals served to foodies. As a result, the middle class and the poor cannot afford to buy certain foods at a reasonable price.

For this reason, we propose that we open a restaurant with low-cost meals for those in the poor and middle classes, so that they can afford to eat without difficulty. Apart from that, we constantly aim to maintain sanitation while delivering meals to foodies.

Why did we decide to start a restaurant focused on “Bengali Food”?

In Barishal City, there are several Chinese eateries. They provide a variety of cuisines, including Chinese, Thai, and a variety of fast food from many countries. However, there is no Bengali cuisine restaurant in Barishal City. We, the Bangladeshis, have a variety of traditional Bengali foods. In today’s world, people, especially the younger generation, have forgotten to eat our country’s Bengali dishes in favor of Chinese, Thai, and fast cuisine. This is unquestionably disheartening to us, as well as to our Bengali culture. In addition, there are few hotels in Barishal City that provide Bengali dishes, however, they are filthy.

So, in consideration of our customers’ budget and desire, we decided to include such classic Bengali dishes in our restaurant. If we correctly operate our business in a fantastic and efficient manner, we will be successful, and at the same time, we will be able to expand the size of our business by increasing the employment of younger generations in our company.

Execution & Planning

Any kind of activity needs some level of planning. Setting a defined aim for any program, purpose, or organizational effort is referred to as planning. Most of the time, 90 percent of the job is ruined due to a lack of good preparation and efficient implementation. We also have a plan, which we will try to put into action.

There are several indicators of our preparation that assist us in carrying out our company structure in a step-by-step manner. Those who will be following:

Collaboration and accountability

A business partnership is a specific kind of prison connection formed when two or more people agree to work together as co-owners on a firm. In a commercial enterprise partnership, the partners participate in the company and each investor/partner shares in the profits and losses.

To begin with, our only collaborator wanted to open a restaurant on his own. However, he later discovered that running a restaurant business in Barishal City is quite difficult. He recommended that we (myself and any other buddy) join him in this restaurant business as an entrepreneur because of his financial unreliability. Then, by an arrangement, we three buddies became a part of this firm.

“The profits or losses shall be split among three portions,” the agreement used to say. Three of us will bear full responsibility for generating profits or reducing losses. If we are losing money, we may not be able to condemn all of our business partners.

We happily agreed to the challenge of the agreement and signed it in order to maintain our collaboration.

Because we feel that if we maintain our business’s collaboration, it will be more successful, and that is our primary goal.

Market Research

Market research enables us to determine the viability of starting, expanding, or maintaining a restaurant in a certain location. It is determined by the following factors:

To begin, familiarize yourself with current business trends. This aided us in recognizing possibilities and challenges in the business that may affect our profitability. We get data on these from a variety of sources:

  • Associations of Barishal restaurants
  • Wholesalers

Demography

Then we gather demographic and financial data for the local market region.

It assists us in determining the marketable restaurant sales for the market that our restaurant intends to service.

Concept: It is critical to identify the restaurant’s target clientele. As a result, understanding the preferences of your customers is crucial in establishing a fantastic idea). There are several Chinese, Italian, and local Bengali restaurants, but no Bengali restaurant where all types of traditional Bengali cuisine are accessible. We are focusing on humans who wish to consume traditional Bengali cuisine; in this case, we can observe that humans have been intrigued by traditional Bengali meals for a long time, particularly young people. As a result, we decided to create a regular Bengali restaurant.

Examine our rivals

We must pay attention to the fine and service of unique things in order to offer food since there are many local Bangla cuisine restaurants in the neighborhood that sell meals at affordable costs.

Location

Despite its absence of top-notch Bangla delicacies restaurants, Barisal boasts a plethora of Bangla cuisine eateries. There are no Bangla food restaurants in Barisal’s Amtala neighborhood, although there are several colleges and government buildings. We believe that if we provide Bangla cuisine here, we would be able to attract government officials and workers from a variety of faculties and institutions. Amtala is also the midway of Barisal.

Size of the eatery

Our restaurant is 1,000 square feet in size, with 500 square feet dedicated to dining and 200 square feet dedicated to cooking. For the 60-seat restaurant, we calculated the contemporary area demands. The following are three important areas:

Competitors

The majority of Bangladeshi eateries have an almost identical menu.

Restaurant: The River Cafe
Strength

 Excellent location in a less congested region. Excellent food and service, highly-trained personnel, beautiful decor, and a space for social events and meetings.

Weaknesses

They change chefs often, which reduces the quality of the food and the speed with which it is prepared.

Restaurant with Hot Plates
Strength

With the help of local business people, we were able to do a lot of advertising. The meal was fantastic.

Weaknesses

All of the young people congregate there, and it is generally packed, so families, couples, and attractive individuals prefer not to go there. “Food Bloggers of Barishal” published a negative review recently.

Tawa Restaurant is a traditional Japanese restaurant.
Strength

The setting and décor are very lovely.

Weaknesses

Chinese and fast food are the only options.

Funding

To efficiently and practically establish and destroy a business, capital is required. The whole amount of money required to start the business is 8,00,000 taka.

Our or the owner’s non-public sources supply 45 percent of the capital, while Islami Bank Bangladesh Limited, located at Sajrini SuperMarket, 132/121 East Bogra Road, Barisal, provides 55 percent of the capital.

We take out a loan to fund our business.

We’re going to create a new company.

Because Islamic banking is controlled by Sharia regulations, the mortgage amount will be funded for four years without interest by Islami Bank.

The Bai-Muajjal method was used to borrow money.

Its goal is to encourage people to start their own businesses. They give cash to help expand the United States’ financial system, encourage self-employment, and reduce unemployment.

 Issues of Law

The certificate and registration title of the commercial enterprise must be obtained from the local municipal corporation, according to Bangladeshi business regulations. To get a license from Barishal metropolitan business registration office, we must pay 25000 taka and submit the necessary documentation.

“Bengali Voj’ restaurant will be the company’s purchasing and selling name. There is no restaurant, according to a poll conducted by the owner in the United States.

Our business requires operating permits from the fire department, sanitation inspections, and registration as a criminal organization with the Water, Gas, and Electricity Authorities.

The provision of the Barishal Income Tax Ordinance may be used to get the needed tax through the government on profits. The business must be registered with the local government in order to be eligible for VAT.

  • Permission to trade
  • Permit to operate in the local region
  • Permission from the Ministry of Health
  • Permit to Control Water and Air Pollution
  • Permit to Use
  • Permission of the Fire Department
  • Permits and licenses are necessary.

Time of Entry

Our restaurant’s operating hours

Decoration

Customers like to savor the experience as much as the cuisine when they visit a restaurant. And, as we all know, a full eating experience involves all of our senses: taste, sight, touch, smell, and sound. To produce an enticing ambiance that keeps customers coming back, our drawing and décor should address each of these elements.

Capacity

It’s a balancing act between capacity and seats. Our restaurant is 1000 square feet, with 500 square feet dedicated to dining, 200 square feet to the kitchen, and a hundred square feet dedicated to restrooms. We avoid sitting spaces in inconvenient locations such as the front of the house, the front of the kitchen, and the front of the restroom.

Lamps

Use a variety of colored lights to create a low-light setting. Colorful hurricane-hanging light.

Sound and Music

Due to the fact that it is a Bangla cuisine restaurant, famous Bangla songs such as Nazrul Geetti, Rabindra Sangeet, and others will be played on medium volume. Customers may also request their favorite songs, which will be played.

Tones

Green carpets may be seen throughout the space, as well as several pieces of landscape art on the walls.

Design of the Menu

Every meal’s pricing will be shown on the menu card, along with a synopsis depicted by a photograph.

Layout of the Kitchen

The kitchen will be spotless, and each meal will be painstakingly prepared using modern technology to provide exceptional and delectable results.

Components of Safety: For an emergency case, we installed fire extinguishers, sirens, and sprinkler heads.

 Suppliers

The following vendors were chosen largely for their ability to consistently offer clean products in a competitive market. All earnings must be used to build a financial foundation.

  • Butcher’s – Butcher Salam, Bangla Bazar
  • The fishes – Wholesale market in the neighborhood ( port road)
  • Milk and dairy products Dairy from the area
  • A local rajib store sells fruits and veggies (port road)
  • Local Food Vendors (Oishi Stores)
  • Local dry goods and cleaning supplies vendors.

Food and service raw materials

Materials to start with

Baking is one of several culinary procedures. To put together unique foods, pan-frying, heating, grilling, roasting, boiling, stewing, and frying will be utilized; baking. Bengali food is incomplete without spices. Bengali cuisine benefits from the use of herbs and spices. Chili powder, turmeric, colander, wild celery, ginger, garlic, cardamom, cinnamon, bay leaf, cumin seed, black cumin, black pepper, nigella seed, sesame seed, mustard seed, mustard oil, mint, basil, saffron, rose water, vinegar, panch phoron (blend of specific spices like nigella, cumin, fenugreek, fennel seeds), garam masala (mixture of floor spices like black

Services

Our restaurant offers a number of different services. For example:

  • Taking orders through the internet
  • Home delivery is available.
  • Electronic payment method
  • Benefits of Wifi
  • The quickest delivery (Both restaurant & home)
  • Customers get fresh and hygienic meals.

Food Items and Costs

Market to target

Middle- and upper-class people, as well as students, will be the restaurant’s target demographic. They enjoy good food and a pleasant setting. They desire a pleasant setting in which they can simply spend the time and enjoy it. At lunch, authorities will attend, and at dinner, students, business people, and family members will attend. During the day, we like to attract college students.

Profile of the client

  • People in the business world:

Businessmen, non-government workers, government employees, and students make up the bulk of the people in this region. They work from 9 a.m. to 5 p.m. on weekdays, and from 9 a.m. to 10 p.m. on weekends. They are given breaks for the course of the workday. They have lunch in a restaurant, depending on their preferences and money. The majority of them do not have their own mode of transportation. As a result, they stay at home and dine at a restaurant.

  • Students:

Many schools, colleges, institutes, and scientific faculties are located nearby. Students are still staying in hostels. Generally, the hostel ingredients aren’t fascinating, so they’d rather go to the restaurant once in a while to have a certain dinner. There will be attractive pricing for college students, which will draw them often. Here are the majority of scientific college students and university college students.

  • Families:

The eatery will appeal to families with children who want to spend quality time together. We provide extra facilities for families with children, as well as a distinct menu for children.

Staffing

Any company’s most important component is its workforce. Because this is our first company, we will need to hire some employees to help us operate our restaurant.

All of the employees do diverse jobs, and their salaries are likewise varied.

 Advertising

The most important and comprehensive aspect of the restaurant industry is advertising. People will not visit a new restaurant if they are unaware of its existence. As a result, it must be desired to publicize the restaurant.

We also follow some recommendations for ads for our new eatery. The following are some of them:

Advertisements on Facebook and Instagram

For the last several years, Facebook has reigned supreme in the world of restaurant marketing. We can create a wide range of unique ads with one-of-a-kind aims using a complex but customized ad manager. Facebook and Instagram are two of the most well-known social media platforms nowadays.

So, to promote our business, we may create a Facebook page with the name of our restaurant, such as Bengali Voj. New advertising videos or photographs of ingredients are added to their site, and people may easily distinguish our restaurant and its menu items.

Posters

Postering is also a good way to get your message out. We may continue promoting by creating posters that feature all of the vital details about our business, such as its location, opening hours, and cuisine items. Posters can help customers learn about a new Bengali food-focused restaurant in Barishal City.

Banner

Any advertising and marketing technique uses banners as another medium of advertising and marketing. All of the crucial points are also mentioned here.

We printed a banner with all of the crucial information about our business and hung it in one of Barishal City’s unique locations.

Miking

Miking is the most well-known advertising device, capable of quickly disseminating any information or new records to the public.

So we set up a microphone for promoting our new restaurant, which is normally set up to provide Bengali traditional cuisine and is called after Bangali Voj.

Leaflet

It’s another promotional device for our eatery.

We also utilize this sort of equipment to disseminate information about our business.

Electronic services

In today’s world, e-service is the most common method in every industry. The use of an e-services system may make it much easier for customers to find our business.

For this reason, we create an e-mail address so that customers may easily discover us by looking at our e-mail address.

In addition, we create a mobile app called “Bengali Voj Mobile Apps.”

Create a Google+ profile

Setting up a Google+ account for our business is just as critical (if not more so) as setting up a Yelp account. This is why: When everyone searches for a company on Google, Google’s Knowledge Graph shows the information about the firm in the sidebar.

Blogger Outreach Program

When you’re a new restaurant, it might be difficult to build reviews and buzz about your establishment. Invite food bloggers to your restaurant for a complimentary dinner or appetizer to get them in the door, since this is a high-quality approach to gain reviews and publicity on the internet. Inquire politely whether they’d be willing to review your restaurant and share their experience on the internet. We work hard at it and obtain results.

Personal and Business Objectives

Personal Objectives

Being self-employed is one of the reasons for starting this firm.

The primary goal of our company is to make a profit

The short-term goal would be to repay the borrowed funds. Long-term goals include establishing a restaurant that stands out above the rest of Barishal’s restaurants by delivering superior service and delectable cuisine.

Future Objective

Extending and enlarging the restaurant’s size is one of the restaurant’s future goals. In the long term, we want to position ourselves as the market leaders in the local restaurant sector, with a devoted customer base, consistent recognition, and competent workers, by building and effectively operating larger outlets based on Bengali cuisine.

Controlling and monitoring

Running a restaurant needs zeal. Food is a passion for me. Consumer experience is something I’m passionate about. Inside controls that are well-defined will provide clear strategies, establish roles and responsibilities, and create checks and balances. Strong controls also demonstrate to banks and potential traders that you run a stable business with a well-managed cash flow on a daily basis.

Financial Management

Financial control is critical for a company’s success. All prices are calculated using software, and consumers are given a digital receipt.

Control of the workforce

Staff management is critical since they are serving the customers; if they do not carry out their responsibilities correctly, the restaurant will no longer be well-managed, and consumers will no longer return. As a result, students are receiving various sorts of schooling on a daily basis, as well as special clothing codes. The employees have been arranged for one day a week so that they are not bored and can spend time with their families.

CCTV Camera Monitoring

The restaurant is equipped with a comprehensive CCTV camera system, which records any unpleasant incidents and allows them to be identified afterward.

Overcoming Obstacles

Enough Funding to Get Started
Challenge

Because everyone is a youthful entrepreneur, the money needed to operate a restaurant is being spent on the trouble of obtaining a bank loan.

Overcome

We create provisions for our business’s start-up funds by borrowing cash from our saved funds and borrowing from the bank.

Choosing the Best Location
Challenge

Many restaurants have been defeated in their own backyard.

Overcome

So we plan to open restaurants in densely inhabited locations, but we’ll have to move at a faster speed to make them seem like a regular restaurant and spend a little more money on us.

Staff Recruitment and Training
Challenge

The food and services are the most important aspects of a restaurant. We’d want to hire a skilled chef whose cuisine would encourage visitors to come to the restaurant. And we’ll need a highly-trained workforce whose efficiency and friendliness will entice customers even more. Cooks with a lot of experience and group worker recruits desire a lot of ammo.

Overcome

As a result, we hire the majority of the employees and chefs from among the youth. However, this causes problems with service transportation, therefore they must be well trained. Because the majority of the staff is new, they are often obliged to provide training, and for their refreshments, they are scheduled for one day per week and contacted on a regular basis.

Creating an Appropriate Menu
Challenge

A tantalizing buffet of delicacies is a certain approach to draw in clients. However, many eateries fall short when it comes to delivering the meal.

Overcome

Since we started supplying Bengali food restaurants, we’ve endeavored to offer a wide range of traditional Bengali dishes. We introduce particular sorts of new things based on which meals they enjoy the most and which meals they like and how they want to eat as we try to identify people’s preferences. I also attempt to retain a service-oriented Bengali way of life.

Internal Thefts 
Challenge

Thefts in restaurants take numerous forms, from inventory thefts to on-counter thefts, and they are difficult to detect.

Overcome

So we put certain guidelines in place, and we placed a lot of CCTV cameras, and we kept an eye on all of our restaurant operations by looking at the daily reports. Using the POS software, assign responsibilities and permissions.

Competition
Challenge

Because there are several neighborhood dining establishments in the area, the majority of the common people eat at these establishments on a regular basis. As a result of our decoration and a number of things, we should no longer sell meals at a reasonable price, and as a result, we did not attract a diverse range of customers.

Overcome

That is why we make an effort to supply providers with different preferences and honesty so that a certain demographic often obtains our services.

Management of risk
Challenge

Running a restaurant entails dealing with a wide range of possible risks, ranging from small employee training issues to major liabilities. Even minor issues might have devastating economic consequences.

Overcome

That’s why we install anti-fire devices and deploy electrical and fuel strains carefully. Above all, we ensure banks against a variety of financial issues.

Marketing
Challenge

Although there is a wealthy customer at the beginning of the restaurant, it looks that our daily objective is not being met after a time.

Overcome

We have various promotions via digital media and social media, and we envelop in a number of schools, colleges, universities, and places of work to increase the purchaser and turn our target while the customer is reducing, and we have various promotions via digital media and social media, and we envelop in a number of schools, colleges, universities, and places of work to deliver yachts.

SWOT 

Strengths

  • Bengali Voj features a wide range of popular cuisine dishes, as well as a specialized consumer base.
  • The company location and government office are both within walking distance of the target clients.
  • Because Bengali Voj lies in the heart of the metropolis, resources are simple to get by.
  • Before and after the opening, advertise in various media.
  • Marketing policy will continue to be far more stringent than that of others.
  • If we discover that our marketing strategy isn’t working, we may immediately shift course.
  • Because we have little overhead, we can provide excellent value to our consumers.
  • This will be much more sanitary and clean than the alternatives.

Weaknesses

  • Bengali Voj is a brand-new business model.
  • The client may be unaffected by marketing policy.
  • This eatery will not appeal to all types of patrons.

Opportunities

  • The city administration seeks to support small companies in the area.
  • It’s possible that our competition may be hesitant to embrace new technology.
  • I won’t have to spend a lot of money on advertising if the firm succeeds.
  • Word of mouth will bring in additional customers if a consumer is a repeat client.
  • A happy consumer may offer you goodwill and loyalty.

Threats

  • The most serious danger is political instability.
  • The cost of raw materials and commodities is steadily rising.
  • The client is less likely to be closed on closure day since the restaurant is situated near a government office and a school-college region.
  • When the weather is poor, customers are less inclined to come down.

Our Restaurant’s Financial Situation

Investment

We need 9,50,000 taka to start a restaurant. A bank loan of 5,55,000 taka is required. Due to the fact that Islamic banking is governed by Sharia regulations, the mortgage amount will be funded for 5 years without interest via Islam Bank. We took out a Bai-Muajjal loan. Our (owner’s) own sources provide the 3,95,000 taka.

Cost of Depreciation

For all tangible assets, a 15% depreciation rate will be determined.

Profit and Loss Statement

Every 12 months, we estimate that our sales will increase by 10%.

Our daily sales goal is to sell 80 devices. Except for Sunday, we will be open every day of the week. In a year, we have roughly 313 working days. The VAT rate for restaurants is 12 percent.

The cost of income (ingredients) is computed by subtracting 25% from the gross revenue. The commercial firm does not meet the aim in the first year, as shown in the table above. In the coming years, the commercial enterprise’s profits gradually increase.

Analyze your cash flow

The 3,95,000 taka that will be funded by our private sources may be utilized as the restaurant’s starting balance.

Accounts Payable

Conclusion

At the end of the day, we can conclude that after opening a restaurant, every entrepreneur should have a comprehensive understanding of environmental management, a business strategy, and business practices, as well as the capacity to utilize them effectively. Our objective is to demonstrate that our restaurant is a well-known and dependable establishment in Barishal City that serves only typical Bengali cuisine to its patrons. Its cuisine is of a very high-grade, sanitary, realistic, and low-cost nature in terms of pricing.

Related link