This demonstrates that the food service sector in our nation is growing in a positive way, but it is also accompanied by intense competition, which forces business owners to build a dist
ABOUT THE PROJECT
Business idea and reason for choosing the idea
Vietnam's economy is experiencing significant growth, with rising GDP contributing to increased demand for dining and entertainment in major cities Recent data shows that Vietnamese households allocate 25% of their monthly budget to food, driving the market for food and non-alcoholic beverages to an anticipated growth of 11.6% from 2018 to 2021, reaching a value of 40 billion USD (Business Monitor International Ltd) This growth rate surpasses that of the dairy industry, which is projected at 9% annually through 2020, and is on par with the growth rates of alcoholic beverages and tobacco, both at 11.7%.
As the demand for food continues to rise, customers are increasingly seeking not only delicious meals but also a unique dining experience and ambiance Private spaces for dating, meetings, and social gatherings have become a top priority for diners In this competitive market, MAZE Restaurant aims to stand out with a distinctive business model inspired by the charm of Da Lat city, featuring a combination of table service and cozy wooden houses Focusing on hotpots and grilled dishes, MAZE will offer an exclusive cooking secret that sets its flavors apart from competitors, using fresh seafood sourced on-site The restaurant will provide a spacious environment with both private and outdoor seating, surrounded by greenery to create a refreshing atmosphere for a comfortable dining experience.
Introduction about business project
Business registration address: Ly Te Xuyen Street, Linh Dong Ward, Thu Duc City
Các nhà đầu tư bao gồm: Ta Thi Ngoc Tu, Hoang Ngoc Huong Vy, Phan Thi Tuy Van, Luong Van Truong, Hoang Anh Thu, Nguyen Tuong Vien, Nguyen Thi Nhu Y và Do Thi Cam Trinh Tổng vốn đầu tư đạt 7.670.518.517,74 VND.
Tỷ lệ góp vốn của các thành viên trong công ty được phân chia như sau: Ta Thi Ngoc Tu chiếm 18%, Hoang Ngoc Huong Vy 14%, Do Thi Cam Trinh 13%, Phan Thi Tuy Van 13%, Nguyen Tuong Vien 12%, Luong Van Truong 10%, Hoang Anh Thu 10% và Nguyen Thi Nhu Y 10%.
Specializes in: Serving hot pot dishes, grilled meat, seafood.
Business goals
MAZE is committed to delivering an exceptional dining experience by offering high-quality food and beverages in a nature-inspired setting Unique to Ho Chi Minh City, MAZE provides diners with an extraordinary experience in stilted houses, ensuring a memorable and harmonious atmosphere for all guests.
VISION, MISSION AND VALUES
Vision
MAZE is committed to delivering exceptional service quality and enhancing its reputation in the culinary market of Thu Duc City Looking ahead, the restaurant aims to elevate the hot pot cuisine sector while actively promoting and developing its brand.
Mission
For customers: Customer's health is always a top concern and attention Respect, dedicated service, thoughtfulness and commitment to bring customers the best products and services
For partners: Prestige, mutual trust, sustainable development together
For employees: Build a friendly, professional, dynamic and creative working environment to cultivate and develop employees, and achieve high results at work
For society: Creating many good values associated with social benefits, where cuisine is not simply delicious, but must ensure safety and hygiene and an enjoyable experience.
Values
Safety: In the food business, health safety is considered the most important factor
However, today many businesses for profit ignore this factor With the desire to protect the health of customers, the restaurant always upholds food safety at every
PRODUCTS
Food Service
The dishes are made from fresh meat, seafood, vegetables and fruits
Beverages are bottled or canned beverages.
MARKET
Client
In Vietnam, individuals aged 17-45 represent over 50% of the total population, highlighting a significant and promising customer segment for shops This demographic primarily consists of middle-income earners who seek opportunities to socialize and dine with friends and family, particularly on weekends, as a way to unwind and relieve stress.
ANALYSIS OF INVESTMENT ENVIRONMENT
Macro environment
Vietnam ranks among the top three Southeast Asian countries on Bloomberg News' list of the 50 economies with the best business climate globally Despite rising average incomes in this emerging nation, significant inflation continues to impact the cost of living.
Political environment: Our nation has a solid political foundation and an increasingly liberal investment environment that is conducive to economic growth
Social environment: The population of Thu Duc City is more than 600,000 people, densely populated
Natural environment: Ho Chi Minh City is located in the tropical monsoon climate, has
Thu Duc City experiences two distinct seasons characterized by significant fluctuations in weather, typical of a tropical monsoon region Despite these seasonal variations, business operations in the area remain largely unaffected by the climate.
Technological environment: Technology is always evolving at a breakneck pace, leading to the development of new products that threaten the viability of existing ones.
Micro environment
Potential rivals: This market is one that has a lot of competition, thus there will likely be a lot more rivals in the future
Substitute goods: Products that potential clients can choose from if they don't visit the store, like local specialty eateries, hot pot restaurants, and various barbecue businesses
The majority of our clientele consists of workers, students, and employees who lead straightforward lives When visiting our restaurant, their primary concerns include the quality and affordability of the food, the manner of service, and the comfort of the atmosphere.
In the competitive landscape of Thu Duc City, Maze Restaurant stands out among small and medium-sized eateries as well as large upscale establishments Guests can enjoy a unique dining experience characterized by the restaurant's Da Lat-inspired design and a menu featuring fresh seafood and trendy grilled dishes sourced from Vietnam's vast oceans.
Competitors
5.3.1 BBQ Restaurant_BBQ Grilled and Hot pot:
Address: 600 Pham Van Dong, Hiep Binh Chanh, HCMC
This restaurant is quite famous for its affordable hot pot model with Da Lat flavor, it has many branches in Da Lat and Ho Chi Minh City
The taste is quite suitable for consumers in HCMC
Delicious dishes, sauces, variety of dishes, the grill is changed continuously, affordable price from 350-450k for 2 people, with vegetables, kimchi included, there are many combos to choose from
The location of the main street frontage is easy to find
There is a roof for the table to sit outside when it rains but it will be covered with suffocating smoke
Grills without smoke offer a cleaner dining experience, unlike charcoal stoves, which can leave customers with lingering odors on their clothes This can be bothersome for guests seated nearby, detracting from their overall enjoyment of the meal.
7 blocks of the tables upstairs, grilled with a simple charcoal stove, so the meat is easy to burn bad effects on health
The shop is quite crowded but sometimes the service has many shortcomings, some staff do not have a good service attitude
The restaurant is quite crowded, so you have to wait longer than 20 minutes to order The distance between the tables is quite tight, there is no private space
The space has not yet felt much of the atmosphere in Da Lat and typical of Da Lat at the restaurant
5.3.2 Kha Van Can Wood house beauty hotel:
The beef is tender and delicious, the restaurant is spacious with fancy design and has a feeling of Da Lat
The location is located in front of Kha Van Can, so it is easy to find
Diverse sales channels such as Gojek or shopee food
The menu is limited, focusing solely on beef hot pot and beef balls, with a lack of variety in vegetables Additionally, the flavors may not appeal to all palates, as the hot pot sauce is perceived as rather bland.
The road is jammed during peak hours, so there is a lot of dust and noise, it is difficult to move if eating at peak hours
The price is a bit expensive compared to the common ground in terms of deliciousness and cheapness
Small parking space encroaching on the roadside
5.3.3 Binh Xuyen Ecological Food Area
BUSINESS SIZE AND PROGRAM
Business organization model
Since then, as people's requirements have expanded in the frenetic pace of modern life, so have living costs When purchasing dining and entertainment items, customers expect that
9 the price paid will be commensurate with the quality received This new design was created to accommodate the tastes of patrons that enjoy diversity, originality, or fashion.
Business scale
Investment form: New construction investment
Business location
The Maze Restaurant, located on Ly Te Xuyen Street in Long Phuoc Ward of Thu Duc City, offers a unique dining experience in a densely populated middle-class area near businesses, universities, and high schools Its innovative design, inspired by tree houses in Da Lat, creates a secluded atmosphere that stands out in the bustling urban landscape.
Thu Duc City is set to become a major metropolis, housing 1.5 million residents across a sprawling area of 211 km² (21,100 ha) This scale is 1.5 times larger than the total area of Saigon-Gia Dinh's urbanization over the past 300 years, despite the combined area of all 13 urban districts being only 140 km² This ambitious expansion highlights the city's clear objectives and strategic development plans.
Figure 2: The Maze Restaurant location.
MARKETING STRATEGIES AND PLAN
Product strategy
Seafood dishes: We’ll provide all sorts of dishes made by clams, fish, crabs, lobsters, oysters, shrimps, squids, octopus and prawns such as curries, Ceviche, salmon rice, and Lohikeitto
Soups: We’ll provide seafood soups mixed with seasonal vegetables Our main servings in this domain will include chowder, Tekwan, Ukha, etc
Salads & Sandwiches: We will provide fresh fish, shrimps, and grilled octopus sandwiches as well as mix salads of vegetables and seafood
Seafood Steak: We’ll also provide steaks of different sea-animals that are liked and consumed by the people.
Price strategy
MAZE would apply a customer-centric pricing strategy combined with a competitive pricing strategy
At our restaurant, we prioritize providing customers with a sense of value, ensuring they feel they receive more than what they pay for, which encourages repeat visits By adopting a pricing strategy that favors lower prices with higher order volumes, we can attract a larger customer base while maintaining profitability Although this approach may yield a smaller profit per order, it leads to increased overall consumption and faster turnover of raw materials, ultimately benefiting our business in the long run.
VIP customers are categorized as group 1, where prices are elevated compared to group 2, driven by high demand for exceptional service and restaurant quality This segment significantly contributes to the restaurant's revenue, as they prioritize the quality of dishes, ambiance, and service over price.
For Group 2 customers, prices are set between Da Lat and Ho Chi Minh City, ensuring a minimum guarantee that covers seafood prices, shipping costs, and potential product loss Notably, Group 1 customers dining with their families can benefit from significantly lower costs through relationship-building Calculations reveal that the maximum cost for one person to enjoy dishes at the restaurant is influenced by the extensive market in Ho Chi Minh City, which boasts a large population and diverse advertising and marketing opportunities.
Promotions play a crucial role in boosting consumer demand and drawing in new customers for restaurants By implementing effective promotional strategies, restaurants can not only stand out from their competitors but also entice customers away from rival establishments to choose their services.
The promotion program offers a percentage discount on the total bill, encouraging customers to return for repeat visits The larger the invoice, the greater the savings, positively influencing customer psychology Discounts are structured as follows: no discount for bills under 1,000,000 VND; a 5% to 7% discount for bills between 1,000,000 VND and 3,000,000 VND; a 7% to 10% discount for bills ranging from 3,000,000 VND to 5,000,000 VND; and over 10% to 15% for invoices exceeding 5,000,000 VND This tiered discount system incentivizes higher spending and fosters customer loyalty.
Implementing promotions on selected dishes and menus can effectively enhance profitability This strategy typically focuses on items with high profit margins, straightforward preparation, and easily accessible ingredients.
Applying promotions on special days: Special days such as holidays,
Tet and opening days present excellent opportunities for restaurants to introduce enticing promotions These special occasions draw large crowds, making them ideal for inviting friends and family to celebrate together.
13 to visit However, to encourage groups to go, the restaurant will apply conditions for groups on how many people to bring more efficiency
Enhance customer engagement by implementing targeted promotions for specific actions, such as offering discounts to patrons who check in at the restaurant or publicly share photos on Facebook Additionally, incentivize customers who live stream their dining experience on social media and provide special deals for solo travelers These strategies can boost visibility and attract a wider audience.
These programs help turn customers into visual communication channels for the restaurant, promote the menu, and make the restaurant space known to more people
The restaurant will announce its promotions approximately one week prior to the application date, giving customers ample time to plan and invite friends and family For holiday promotions, announcements will be made around one month in advance to create a festive atmosphere and accommodate customer needs.
Promotion strategy
There are 2 type of the customer:
First-time travelers can be categorized into three types: direct travelers, who are drawn to a business due to its appealing location, eye-catching signage, or enticing food and drink offerings; marketing travelers, who are attracted by effective advertising campaigns; and word-of-mouth travelers, who visit based on recommendations from current customers, whether through friends, media reviews, or press coverage.
Loyal customers, also known as return customers, are those first-time travelers who enjoy your food and service enough to return Focusing on these customers is essential for maintaining their loyalty As business owners, it's crucial to implement measurement tools to analyze the effectiveness of our operations, ensuring we attract and retain more first-time visitors.
Measuring the effectiveness of our restaurant's operations is essential, especially within the first three months of opening The number of travelers indicates the success of our advertising and location, while returning customers reflect our ability to create a positive experience If either metric falls short, it’s important to identify the issues and seek solutions Utilizing tools such as customer surveys and offering discount vouchers can help gauge satisfaction and encourage repeat visits, ultimately ensuring that our marketing strategies and overall approach are effective.
The promotion strategy is structured into three distinct stages: Stage 1 focuses on acquiring new customers within the first 3 to 6 months, while Stage 2, spanning the next 6 to 12 months, aims to convert first-time travelers into loyal patrons, although initial efforts prioritize customer acquisition Stage 3 shifts the emphasis towards brand development and enhancing service quality, with a decreasing budget allocated for promotions as the stages progress; by this stage, finances are primarily directed towards branding, particularly in anticipation of franchising the restaurant To attract new customers, the marketing approach includes two key strategies: promoting the brand image across various channels and implementing an engaging discount campaign, with Facebook and Instagram identified as cost-effective platforms for advertising, making them ideal for a new restaurant.
First, we will create the shop's sales website on the website,
After that, there will be articles describing information about the shop and its outstanding advantages, what the shop provides
Promote products by giving trial items to tiktokers for them to eat and review
Invite celebrities to dine at your restaurant, offering them the chance to share their experiences and autographs Consider sending personalized invitations to their homes, encouraging them to visit and capture memorable photos These moments can be showcased within the restaurant, enhancing its appeal and creating a unique dining atmosphere.
To boost your social media presence on Instagram, Facebook, and TikTok, focus on creating engaging videos that showcase your restaurant's ambiance, dishes, and preparation areas As your follower count grows, consider hosting live streams to introduce your establishment and connect with your audience Additionally, incentivize visits by offering gifts to customers who come to the shop during designated times and dates.
Besides, you can hire good reviews on sales pages to increase interaction with customers
Set up communication channels such as Facebook, Instagram, Tiktok, Website, so that customers can easily follow the latest programs, menus and promotions.
Distribution strategy
The success of a seafood restaurant in Ho Chi Minh City hinges on the quality of its fresh, high-value seafood, which must match that of the fishing areas despite being served inland To accommodate the needs of its target customers, the restaurant requires a spacious layout, including designated dining rooms and facilities for raising fish Therefore, we have chosen a location on a prominent street or crossroads, with over 500m² of space, ample parking, and easy access for trucks under 3 tons for seafood transportation The surrounding neighborhoods feature large residential areas and newly planned wide streets, making them ideal for renting a restaurant with substantial space.
The food will be prepared and served by the restaurant according to the needs and choices of customers when coming to dine at the restaurant.Because the
SPECIFIC ACTIVITIES PLAN
Operation time
Open time: from 16:00 pm to 12:00 midnight every day of the week
18h00 - 22h00 (focus on personnel mainly at this time)
Especially Saturdays, Sundays and holidays, New Year every year.
Material input
Established in 2003 and operational since 2006, Binh Dien Market is the largest wholesale market in Vietnam, covering over 65 hectares in the Binh Dien commercial area The market features seven cages, two warehouses, and various ancillary facilities, making it a vital hub for trade in the region.
Binh Dien Market is a unique wholesale hub in Ho Chi Minh City, specializing in the bulk collection and distribution of seafood, meats, and fish from various provinces The market ensures rigorous quality checks and traceability of all products, fostering trust between sellers and buyers Prices at Binh Dien Market remain stable, avoiding inflation and price manipulation, which enhances its credibility With numerous stalls offering a wide array of fresh seafood, including fish, shrimp, clams, oysters, and squid, customers can enjoy high-quality products at affordable prices Seafood is sourced directly from major fishing areas and is well-preserved, guaranteeing freshness upon reaching consumers, making it the ideal choice for seafood lovers.
17 those who love seafood, or with eateries and restaurants dealing in seafood dishes because the prices are quite affordable
Location: Binh Dien Market is located along Nguyen Van Linh Boulevard in the southwest of the city, in Ward 7, District 8
Founded in 1997, this brand is certified by Global G.A.P (International Good Agricultural Practice) and ensures that all vegetables offered in the store are cultivated on a 15-hectare farm located in Da Lat city.
This market offers a unique selection of vegetables beyond the typical options like kale, basil, and dill, featuring a diverse array including beets and strawberries Visitors can enjoy a wide variety of fresh produce perfect for family meals With three convenient locations, shopping at this store is easy and accessible for all customers.
Address 1: 152 Dien Bien Phu, Ward 6, District 3, City Ho Chi Minh City
Address 2: 287/9 Nguyen Dinh Chieu, Ward 5, District 3, City Ho Chi Minh City Address 3: 86 An Duong Vuong, Ward 9, District 5, City Ho Chi Minh City
Clean vegetable shop Organic farm:
Situated at 004 Lot B5 CC 1A - 1B Nguyen Dinh Chieu in District 1, Ho Chi Minh City, Organic Farm Shop is a highly trusted destination for fresh vegetables, favored by many customers.
In 2005, the Vietnam Farmers' Union Central Committee partnered with the Asia-Denmark Agricultural Development Organization to enhance the production and promotion of Vietnamese farmers, focusing on providing safe food for the health of Vietnamese consumers With support from the Lam Dong province promotion center, a model for chain linkage in vegetable production and consumption was successfully implemented in Da Lat city, leading to the establishment of Green Foods Dalat.
18 company has launched Organic Farm products without using variable seeds, without chemical analysis and without using pesticides
Currently, Organic Farm's clean vegetable store is present in the Vietnamese market to provide clean, nutritious and safe vegetable products for users It serves every meal of Vietnamese people.
Product Creation Process
8.3.1 Process of importing goods and checking food quality
When importing food, it's crucial to verify both the quantity and origin to maintain quality standards Suppliers should visually inspect the products to ensure freshness; fresh food must be free from unusual odors and staleness, while vegetables and fruits should not appear yellowed, wilted, or crushed Spices and dry goods must be mold-free, and frozen items should remain cold without any water leakage Canned foods must be free from blisters and dents, and should be within their shelf life Eligible foods should be promptly stored or processed according to regulations, while ineligible items must be documented and returned to the supplier.
When processed food is finished, it must be divided into portions and cleaned with special tools
To ensure the safety and quality of unprocessed food, proper preservation methods are essential Raw meats and fish should be stored at temperatures below 5 degrees Celsius if intended for use within the same day; otherwise, they must be frozen For vegetables, tubers, and fruits, it is important to maintain storage temperatures below 8 degrees Celsius and to consume them promptly for optimal freshness.
To ensure food safety and quality, store canned goods in suitable conditions and follow the first-in, first-out principle Immediately place frozen food in the freezer, and defrost it according to guidelines when needed Keep eggs refrigerated, and label all food items with timestamps in the kitchen Additionally, maintain a clean kitchen area and regularly sanitize kitchen utensils.
To ensure efficient operations during peak hours, restaurants must pre-prepare food after initial inspection, which includes washing, cleaning, and storing items at the correct temperatures Vegetables, tubers, and fruits should be peeled, trimmed, washed, disinfected, and stored in plastic bags in the refrigerator Additionally, spices, dry goods, frozen foods, and canned items need to be classified and stored in designated areas according to regulations.
Food processing relies on various factors, including quantity and menu requirements The chef coordinates with the storekeeper to ensure the necessary ingredients are delivered and directs the kitchen staff to prepare the meals accordingly.
Effective food processing requires strict separation of raw and cooked foods to prevent contamination Additionally, salads and sweets should be kept separate from sour foods intended for immediate consumption It's essential to use dedicated cutting boards for different food types, and all food processing equipment and utensils must be thoroughly cleaned and disinfected to ensure food safety.
8.3.5 Benefits of setting up a process for food processing and preservation
To ensure a successful kitchen, both the chef and the restaurant must establish clear procedures for food preparation and storage A well-defined method contributes to the smooth operation of the kitchen.
An ideal process would ensure that all the components of the kitchen operation are smoothly linked and run as efficiently as possible Services will run more quickly as a result.
Sales process
Set up basic tables and utensils first
Guests arrive at the front desk staff welcomes and directs guests to the desired guest area
Waiters come to order food for customers
Receive orders and process customer orders
Staff serve beer, water, wet towels, in advance for guests during food processing
Staff bring dishes to customers
Serve customers while they use the dish
Human resources management plan
At Da Lat Quan, we recognize that our people are essential to our business success We prioritize recruiting personnel who align with the specific job requirements, ensuring that each team member possesses the necessary knowledge and experience to contribute to our vision of making the restaurant a renowned destination for exceptional cuisine in Da Lat To achieve this, we are committed to developing a robust human resource strategy that supports the effective implementation of our business plans.
Experience in management, ability to make decisions
Know how to handle work in all situations and communicate well
In charge of general store management, monitoring the working attitude of employees
Target audience: 22 years old and up
Figure 6: The Maze restaurant's organizational chart
Graduated from business administration, marketing, supply chain, Proficient in excel, have data processing skills
Have good negotiation skills with partners
Attitude: agile, dynamic, talkative, proactive and responsible for work
Work with Chef to build a variety of menus with a variety of tastes and full nutrition
Capturing the aesthetics of the masses and culinary trends to design attractive Menus
Take photos, record videos to promote products
Find the source of raw materials, food at reasonable prices, quality assurance
Manage and track orders and contracts to ensure timely delivery and receipt of goods
Handling paperwork and procedures for shipments
Negotiate prices, negotiate sales contracts, negotiate payment and delivery terms with suppliers
Graduated in Accounting and Finance
At least 6 months of experience in accounting or similar position Proficient in using excel, accounting software such as Misa…
Calculating input and output costs, revenue and profit every month/year, salary to employees, and bonus for employees
Must have 3 years of experience working in restaurants
Choose ingredients, calculate costs, prepare dishes
Skilled with more than 1 year of experience
Prepare ingredients and ingredients according to recipes
Prepare tools and tools for food processing as assigned by superiors
Ensure that there are always enough food ingredients and materials to prepare dishes
Preliminary processing of raw materials and materials as required by superiors
- Know how to use online payment software and proficiently use cash register tools
- Be careful in the collection and payment of payments
Waitress (Amount: 10) Good communication attitude, always understand the discount policy programs
Housekeeper (Amount: 4) Diligence, hard work, duties inclusion: floor cleaning, store cleaning, dishwashing, restaurant hygiene
Receptionist (Amount: 1) Reception of guests, taking reservations, arranging seats, taking calls
Security (Amount: 2) Keep the vehicle, arrange the vehicle neatly and the let the ready for guests
Inventory management (Amount: 1) Check and maintain inventory, ensure product quality
8.5.3.Regulations on reward and punishment:
All employees are recognized and rewarded during holidays and Tet, along with individuals or groups who achieve outstanding results through periodic voting Additionally, both individuals and teams with unique and innovative initiatives that significantly contribute to the restaurant's success are also celebrated.
Regulations on employee fines: Depending on the regulations of each restaurant, the regulations on fines for employees will be different Generally, employees can be fined in the following cases:
Violation of working rules of the restaurant - hotel dress : inappropriately, come to work late, arbitrarily take leave without permission, sleep during working hours, disrespect - aggressive with customers
SWOT ANALYSIS
Strength
Maze Restaurant has successfully established itself as a leading dining destination by prioritizing a balance between profitability and ethical business practices The restaurant ensures that its offerings meet high standards of quality and aesthetics, while also adhering to environmentally responsible production and processing methods These commitments are crucial to the project's success, contributing to substantial revenue growth and the development of a well-recognized consumer brand.
Fresh food is sourced daily from trusted suppliers, ensuring it is safe, hygienic, and flavorful for diners from various backgrounds.
Diverse menu: A menu with a wide range of meals, including meat, seafood, hot pot, and drinks, gives consumers numerous opportunities to sample various flavors
To attract today's youthful generation, we will implement reasonable pricing strategies that ensure our dishes remain affordable for all customers, including those with average incomes.
Experience exceptional quality care service near Thu Duc City, where a lush environment and ample space create a refreshing atmosphere ideal for BBQ and hot pot gatherings Enjoy the convenience of free parking, excellent security, and a clean kitchen, complemented by professionally attired chefs and courteous staff dedicated to ensuring a pleasant dining experience.
Weakness
New Brands: Loyal customers are less likely to be persuaded by a new idea or brand It adopts a distinctive strategy and offers them a distinctive experience
Operating on a tight budget can pose challenges for businesses, as providing essential services often requires significant financial and resource investments Nevertheless, neglecting to offer these services may result in substantial losses in market share and client base Therefore, it's crucial to meticulously assess your budget when strategizing consumer attraction efforts.
Opportuni 29 ty 9.4 Challenge
The bustling commercial district, characterized by the rise of high-rise structures, presents significant opportunities for pubs and eateries However, the lengthy planning and construction processes, coupled with competition from other businesses eager to expand, pose challenges for new establishments in this thriving area.
Recent policy changes in the food sector, driven by government and regulatory bodies, significantly impact consumer health and the restaurant industry Staying informed about these developments is crucial for analyzing potential new regulations that could influence the food business landscape and create fresh competitive opportunities.
Recent advancements in technology have revolutionized restaurant operations, introducing software that automates customer order processing, payment handling, revenue analysis, and profit margin evaluation Additionally, these innovations assist in managing product expiration dates, significantly enhancing efficiency Embracing these cutting-edge solutions can greatly benefit your restaurant, streamlining operations and improving overall performance.
GROWTH PLAN
Long-term plan for 3-year
Due to the rising demand for food, the restaurant industry is regarded as being quite safe
To effectively compete in a rapidly growing restaurant market, start-ups need a strategic business plan that supports future expansion Our restaurant concept is designed with this growth in mind, ensuring we can thrive amidst the increasing competition.
- Maintain and stabilize the current market.
To achieve a 10% annual revenue growth, the restaurant aims to increase visitor numbers by implementing unique customer engagement strategies These include offering flowers and birthday gifts to patrons during their visits, as well as special treats on major holidays Additionally, the restaurant encourages feedback through an open comment section for both staff and customers, while providing attractive incentives and discounts to enhance the overall dining experience.
- The sales department intensifies brand promotion for hotels.
To enhance the restaurant system, it's essential to revitalize the workforce, especially in the reception area, while maintaining a positive work environment Implementing various employee preference policies is crucial to ensure high service levels and overall customer satisfaction.
Long-term plan for 5 year
To enhance revenue in the coming year, all restaurant divisions have established development plans aimed at expanding business activities and attracting clients in new areas This strategic approach includes a clear future development orientation focused on increasing sales and effectively managing service quality to meet the restaurant's objectives.
In the upcoming year, the bar and restaurant departments aim to boost income and enhance service quality by implementing a focused strategy to achieve specific goals.
- The revenue for the following year must rise by 10% to 15% in comparison to the prior year
- Attract clients in a variety of new markets, including domestic clients, retail clients, and tourists Expand the operation scope of new services and diversify the restaurant's product systems
- Banquet activities: Be diverse, serve a variety of parties properly, and take full advantage of the restaurant's capacity.
FINANCIAL PLAN
Capital
The total initial capital amounts to 14,934,296,294 VND, with equity comprising 5,973,718,517 VND, representing 40%, and debt capital totaling 8,960,577,776 VND, which accounts for 60% MAZE has opted for a loan interest rate based on the reducing balance method, set at 7.1% over five periods.
Set up the repayment schedule
We borrow capital from Medium term business loan at Vietcombank system Loan request amount: 8.960.577.776 VND
Loan interest rate: 7,1%/year fixed in each year
Fund debt repayment plan: according to the method of paying debts on a regular basis
The project's debt repayment source: from sales of products, service and operating profit of the MAZE project.
Planning for resource management
The annual production and business cost estimate plays a crucial role in determining the costs of goods and services, as well as the project's overall profit and loss By conducting prior planning, we have effectively summarized this information into a table that outlines a 5-year operational span.
Borrowing during the period 8.960.577.776 Period 5 Rate 7,10% Final settlement fee 2%
Outstanding balance at the beginning of the period
Derivative interest Original payment Pay interest
Outstanding balance at the end of the period
2 COST OF PRODUCTION AND BUSINESS
Total cost of production and business 7.678.422.000 7.845.218.100 8.237.479.005 8.649.352.955 9.081.820.603
Revenue and profit
The cash flow statement for the project is developed based on the projected income statement, which serves as a foundation for calculating tax payment streams in the direct cash flow statement and adjusted profit after tax streams in the indirect cash flow statement.
Table 4: Forecast of business results
2 Total cost of production and business
RISK MANAGEMENT PLAN
Defining the wrong target customer
Eating is an essential human need, but not everyone is your target customer because each group of objects will have their own needs, interests and characteristics
ASSESSMENT OF THE EFFICIENCY OF PROJECT
To effectively identify the right target customers for a restaurant, it is essential to tailor the approach based on specific business goals This involves analyzing factors such as geographical location, demographics, and customer psychology, allowing for a more precise portrayal of the target audience.
Food hygiene and safety issues
To run a restaurant business, hygiene and food safety always need attention Some notes in the restaurant to ensure food hygiene and safety, specifically:
The area of the kitchen area needs to be large enough to have space to divide and arrange separate areas: processing area, storage area, food display area,
The processing area should always be dry and clean, avoiding mold or moisture
Fully equipped with garbage collection tools, with lids, regularly cleaned
Ensure clean water in the restaurant
Import of food, ingredients with origin, with expiry date
To mitigate health risks and enhance customer experience, it is essential to follow established principles Prioritizing immediate profit at the expense of brand reputation and customer trust is unwise Conducting business with a genuine commitment to providing customers with the best meals is crucial for long-term success.
Poor management of human factors
Employees, particularly service staff, represent the restaurant's image and directly interact with customers Unfortunately, some restaurant owners overlook the importance of thorough staff training and fail to invest systematically in their development This neglect can lead to employees lacking essential communication, service, and problem-solving skills.
To create a positive impression on customers, it is essential to establish a comprehensive staff training program that focuses on service quality, attitude, communication skills, behavior, and expertise This training not only equips employees with the necessary skills but also ensures they accurately represent the restaurant's desired image, aligning with the brand's principles and objectives.
Unsuitable premises
Choosing the wrong location and premises significantly affects the ability to attract customers and revenue For example, if you choose a restaurant location that is a suburban,
When considering opening a restaurant in a remote or inconveniently located area, potential security concerns may deter customers from visiting To mitigate these risks, it is essential to conduct thorough research and selectively analyze key factors that influence customer attraction and retention.
Potential customers in the area
Environmental hygiene at the shop is not clean
Ensure meticulous attention to detail with every product delivered to customers, including thoroughly washing bowls, chopsticks, and spoons Additionally, maintain daily cleanliness in every corner of the shop, as a commitment to hygiene reflects the highest standards of service Remember, "cleanliness is next to godliness."
Not keeping up with trends and demands
When your shop starts operating with a steady flow of customers, it’s easy to feel successful; however, complacency can hinder growth To thrive, you must adapt to evolving trends and customer needs, while also focusing on attracting new clientele and retaining existing customers It's crucial not only to keep pace with the market but also to establish a unique brand identity that sets you apart.
The solution should always be learning, finding and catching up with customer trends, flexibly changing to meet those needs.
Unreasonable price
Cost and price are always the two factors that make customers anxious and move the most
Do not let the situation, customers hesitate or say no to the brand because of the
Setting a suitable price for food and drinks is essential, as it should reflect the quality of the offerings and the level of service provided When determining pricing, it is important to consider both profit margins and market trends to avoid exorbitant prices that could deter customers Balancing these factors will help create a competitive yet fair pricing strategy that attracts patrons while ensuring business sustainability.
Customers often compare brands in terms of taste, service, service and price Of course, with brands in the same segment, customers often tend to prioritize the location with the
39 most appropriate and affordable price Therefore, the price completely affects the level of competition in the market
In addition, the setting of the price also depends on the audience that the brand is targeting
As mentioned above, you need to determine the maximum income and cost that customers can pay when using the service to determine the price
Starting a grill and hotpot business presents an exciting opportunity in both domestic and international markets, driven by the growing demand for diverse food options While this business model may seem straightforward, it requires entrepreneurs to possess essential skills, experience, and effective management capabilities to succeed.
Ho Chi Minh City boasts a plethora of barbecue and hot pot restaurants, yet finding those that offer delicious food, high quality, and reasonable prices remains a challenge The rise of these dining establishments reflects a growing trend in recent years By blending hot pot and barbecue styles, these restaurants provide customers with a unique and varied culinary experience, ensuring that dining out is anything but monotonous.
Focusing on quality and exceptional service, the restaurant is continuously evolving to enhance customer experiences by leveraging its strengths and addressing perceived weaknesses By learning from competitors, it drives its business growth and improvement, ensuring a more satisfying dining experience for all patrons.
Maze was created with the dual aim of serving business needs and nurturing the growth of Asian culinary culture Despite facing intense competition, our meticulously crafted strategies are designed to meet the evolving demands of today's customers We are confident that Maze will not only thrive but also expand significantly in the future.
When opening a restaurant, understanding risk management is crucial to navigate potential challenges Key risks include financial instability, operational inefficiencies, and market competition Properly assessing these risks can help ensure the success and sustainability of the business For more detailed insights, refer to the research conducted by Đại học Huế (2022) on the various risks associated with restaurant management.
Kent McClure, Founder & CEO (2013) Smart Technology For The Most Popular Room
LAB University of Applied Sciences Faculty of Business Administration, Lappeenranta Degree Program in International Business (2019) Business Plan for a Healthy Food Restaurant in Lappeenranta