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Essay / Research Paper Abstract
This 8 page paper is written in two parts to help a student with a business plan for setting up a restaurant. The first part of the paper considers the different risks that may be present in any plan. The second part is a financial plan and budget for the start up costs, running costs and the break even period. The bibliography cites 4 sources.
Page Count:
8 pages (~225 words per page)
File: TS14_TErestplan.rtf
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Unformatted sample text from the term paper:
The risks maybe divided into two categories; those that are general to the industry or the area and those that are specific to the new business being planned. If
we look at the risks that are general, these will be risks that are faced by everyone in that area or industry. For example, there may be a downturn in
the economy and fewer people will want to spend money, this will impact on all business, but they may deal with it in different ways. Interest rates may rise, and
those with loans funding their business will see increased loan repayments. In general terms there is little any business can do to impact on these larger factors, known as macro
factors, but they can determine the way they react to these factors. For example, adjusting the menu for lower cost items if there is a fall in the level of
the disposable income of the target market, or increasing the marketing to gain a broader spread and attract new customers that may have previously visited more expensive restaurants. There
are risks issues such as fire, flood or other natural of major disaster that can impact on business. There are some methods on minimising the exposure to risk, such as
ensuring that all fire codes are compiled with and that safety training and inspections take pace. However for most of these events the risk is not with the restaurant owner
or staff and the minimising of exposure is also more limited. These types of risk need to be minimised for the financial impact with insurance (Howells and Bain, 2004). This
should cover not only for the damage that might be sustained physically but also for the lost trade and any potential liability to third parties. There are also more
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