Bluefish Restaurant and Lounge Business Plan

Executive Summary 

Bluefish Restaurant and Lounge will be a registered C-corporation in Arlington, Texas, off the service road of 360 and Pioneer with an upscale and cozy atmosphere. From its menu, Bluefish Restaurant will offer different cuisine specialties that will appeal to a wide and varied clientele. Bluefish Restaurant will be open seven days a week. Lunch will be served from Monday – Sunday from 12 PM – 3 PM. Dinner will be served from Monday – Sunday, 5 PM – 11 PM. On Fridays and Saturday nights, Bluefish will be open as a lounge from 11 PM till late nights. The lounge will feature classical drawings and paintings based on the culture and history of Texas. Twice a month, Bluefish will feature new and notable artists to showcase their work both in art and music. This will make it possible for the Texas community to showcase their work in a friendly atmosphere. During the weekdays, the lounge will be rented out to both corporate and individuals for different occasions such as birthdays, meetings, and conferences. The ma rketing team intends to conduct an aggressive marketing campaign that will be aimed at attracting many people, especially millennial . 

Objectives 

To establish a presence as a successful restaurant and lounge and gain a formidable market share in Texas’ restaurant industry 

To make Bluefish Restaurant and Lounge a destination that attracts different classes of clients for various reasons such as holding seminars, meeting, and having an unforgettable dining experience. 

To be profitable and expand the number of outlets, especially once the establishment becomes profitable in year three 

Mission 

Our mission to encourage healthier communities by providing an environment with absolute guest satisfaction 

Vision 

Our vision is to provide our customers with seasonal, delicious, and affordable food in a fun atmosphere to create long-lasting impressions 

Strategies for Success 

To create a unique and innovative menu that will set the restaurant apart from the competition 

To control costs in all areas of operations by implementing a conservative approach, which entails opening a single branch and expanding as time progresses 

To stock and subsequently sell products and provides services of high quality to attract and maintain a healthy customer base 

To develop and promote brand and value through marketing communication, as the two ingredients for success 

To promote desirable values of business philosophy and company culture 

Company Information 

Bluefish Restaurant and Lounge is a registered C-corporation in Arlington, Texas, off the service road of 360 and Pioneer with an upscale and cozy atmosphere. From its menu, Bluefish Restaurant will offer different cuisine specialties that will appeal to a wide and varied clientele. Bluefish Restaurant will be open seven days a week. 

The Proposed F orm of Business Ownership 

Bluefish Lounge will be incorporated as a C-corporation. This is because the partners at Bluefish Lounge will be given stock in which they will invest in the business. Bluefish Lounge will not just be opened in Arlington, Texas, but a large chain of restaurants that will be opened across different states in the United States. An advantage of opening Bluefish Lounge as a C-corporation is that the personal assets of the shareholders will be protected from any legal and debt actions ( Moorman et al., 2020) 

Start-Up Requirements 

Human Resource Requirements 

For efficiency and productivity in the restaurant, we will need to hire some personnel. The categories of employees will be managers, chefs, service personnel, bus persons, dishwashers, bartenders, and deejays. All these categories are comprised of several employees. The number of personnel is limited by the need to keep a manageable budget that does not exceed 35% of the total income from the restaurant. The manager will be the most senior employee as he or she will oversee all activities in the restaurant by managing supplies, service delivery, keeping track of inventory, ensuring that the staff members perform as expected, develop marketing strategies, and handle other important duties in the restaurants. 

The cooks are essential in a restaurant; they can make or damage the reputation of the restaurant. The restaurant will hire three cooks who will work on full-time basis. For the dishwashers, we will require two with no specific education qualifications and skills. For the servers, we will require four to five servers with at least a diploma in hospitality and hotel management. Servers are important and portray the image of the restaurant as they interact directly with the clients. We will also have about three bus persons for setting and clearing the table. We will require them to have at least a high school diploma. Finally, we will have two bartenders and deejays for bar management and entertainment, respectively. They may have a high school or college diploma and experience of two years working in a busy environment. Having a dedicated workforce will drive Blue Fish to success. “In their hearts humans plan their course, but the Lord establishes their steps” (Proverbs 16:9, NIV). 

Market Analysis 

Bluefish Restaurant is located in Arlington, Texas, off the service road of 360 and Pioneer. This location is ideal because it is evident to people driving and passing by. Also, the lounge is located between two colleges and will appeal to different audiences irrespective of their race and income. The location also servers as a neutral ground as it has the same distance between Dallas and Fort Worth as most people prefer not having to drive back for long distances if they are out drinking. Bluefish will present a wholesome image to its clients, providing healthy food in an attractive and clean atmosphere. 

The competition in the bar and restaurant industry is Arlington Texas is very competitive but weak in terms of offerings clients a place to having their meetings, as well as brunch on both weekdays and weekends. The competition in the lounge business is weak. Sprinkles Bar and Restaurant is dominant in the market share and currently holds approximately 60 percent (Hazudin et al., 2015) . A significant emerging technological trend is the use of high definition UHD screens in showcasing live matches daily based on their availability, which will capture most of the millennials in the market who are football, basketball, and rugby fans (Hazudin et al., 2015) . Bluefish Lounge is focused on commitment and the delivery of quality service. Bluefish services and products will be effectively delivered on a niche differentiation strategy in order to market the diverse needs of the marketplace. The ability of Bluefish to differentiate its products and services will contribute to the organization's superior annual returns. 

Industry Analysis 

Personal income, consumer states, and demographics are the main drivers for demand in this industry. The profitability of businesses varies in that – quick-service restaurants rely heavily on high volume sales and efficient operations, while the financial strength rating relies on effective marketing and high-margin items. The food service industry is labor-intensive. The industry trends are that large companies have an added advantage in marketing, finance, and purchasing, while small companies can provide superior service or food. 

Corvid-19 is a human tragedy that is affecting millions of people worldwide, and it is having a massive impact on the economy. The United States is currently under social distancing, state-wide quarantines, and travel restrictions measures that have driven a sharp fall in business and consumer spending (Hamilton et al., 2020) . The stay at home order by the federal and state governments has resulted in the laying off of workers and businesses to lose revenue (Hamilton et al., 2020) . 

Bluefish restaurant competes with other establishments that serve prepared meals such as grocery stores, convenience stores, delis, and clubs, as well as home cooking. Although stay at home orders have been issued, Bluefish restaurant and lounge will be operational as waiters will be responsible for taking food and beverage orders for patrons who will then pick up their orders and consume them at home. After the Corvid-19 crisis has passed, Bluefish will be able to resume casual dining, fine dining and family dining to its clients. “When times are good, by happy; but when times are bad, consider this: God has made the one as well as the other. Therefore, no one can discover anything about their future” (Ecclesiastes 7:14, NIV). 

Competition Analysis 

The competitors to Bluefish Lounge in Texas are small and medium-sized restaurants that have an established presence in the market. An immediate threat to Bluefish Lounge comes from Sprinkles Bar and Restaurant because they hold the largest market share (at 60%). The companies that we need to pay attention to are Charlies Barbecue, Apple Barrel, and Dominiques Restaurant, as they are all growing their market share at a faster rate than our own. 

Primary and Secondary Competitors and their competitive advantages 

Sprinkles Bar and Restaurant – This is a full-service restaurant that was established in 1995. The restaurant is run as a partnership, has 20 employees, and generates more than $1.5 million in revenue annually. 

Charlies Barbecue – This is a chain restaurant operating as a limited liability offering barbecue items. Their food offerings do not compete directly with Bluefish, but the business targets patrons in the same locality as the subject and their prices are fair. 

Competitive Advantage of Bluefish Lounge and Restaurant 

Bluefish will be able to home-style meals in a comfortable home-like setting for reasonable prices. 

Bluefish will initially employ family members who will work for reduced wages, thus making it possible to cut on our controllable expenses. 

Financial Projections 

References 

Fletcher, A., & Bourne, P. (2012). Ten Simple Rules for Starting a Company. Plos Computational Biology , 8 (3), e1002439. 

Hamilton, R., Ferraro, R., Haws, K., & Mukhopadhyay, A. (2020). Traveling with Companions: The Social Customer Journey. Journal of Marketing , 002224292090822. 

Hazudin, S., Kader, M., Tarmuji, N., Ishak, M., & Ali, R. (2015). Discovering Small Business Startup Motives, Success Factors and Barriers: A Gender Analysis. Procedia Economics and Finance , 31 , 436-443. 

Moorman, C., van Heerde, H., Moreau, C., & Palmatier, R. (2019). Challenging the Boundaries of Marketing. Journal of Marketing , 83 (5), 1-4. 

Tervo, H. (2014). Starting a new business later in life. Journal of Small Business & Entrepreneurship , 27 (2), 171-190.