Entrepreneurship Development Project
Entrepreneurship Development Project
FEBRUARY, 2024
EAT & READ RESTO
EXECUTIVE SUMMARY
CONECPT:-
EAT & READ RESTO offers a multifaceted experience, combining a curated culinary
menu with an extensive selection of books across various genres. Patrons can enjoy
delicious meals prepared with locally sourced ingredients while browsing through our
collection of literature. Our establishment stands out for its unique ambiance, where
patrons can savour great food, engage in lively discussions, or simply unwind with a
captivating book.
Our target demographic includes avid readers, social groups, students, professionals,
and book clubs looking for a distinctive venue to socialize, relax, and enjoy quality food
and literature. Additionally, we aim to attract tourists, families, and individuals seeking
a cozy and intellectually stimulating dining experience.
STRATEGY:-
To reach our target audience, we will implement a
comprehensive marketing strategy that leverages
social media channels, community partnerships,
targeted advertising, and events. Engaging content,
such as book recommendations, author events, and
literary-themed promotions, will be used to cultivate
a loyal customer base and drive foot traffic.
CONCLUSION:-
EAT & READ RESTO is poised to redefine the dining landscape by offering a unique
fusion of culinary excellence and literary culture. With a compelling concept, strategic
marketing initiatives, and a dedicated team, we are confident in our ability to establish
EAT & READ RESTO as a beloved destination for food, books, and socializing.
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TABLE OF CONTENT
3. Feasibility Study:- 10 – 11
Product Feasibility 10
Technical Feasibility 10
Legal Feasibility 10
Resource Feasibility 11
Marketing Feasibility 11
Financial Feasibility 11
4. Organizational Structure 12
5. Market Description 13
6. Competition Analysis 14 - 15
7. Procurement Plans 15 - 16
9. Contingency Plans 20
10. Conclusion 21
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BACKGROUND OF THE NEW BUSINESS IDEA
SWOT ANALYSIS:-
1. STRENGTH:-
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uniqueness can attract customers looking for novel and
memorable experiences.
ii. ENHANCED CUSTOMER EXPERIENCE:- Providing access
to books allows customers to engage in leisurely activities beyond
dining, enhancing their overall experience and encouraging
longer stays. This can foster a sense of relaxation and enjoyment,
leading to higher customer satisfaction and loyalty.
iii. COMPETITIVE ADVANTAGE:- The combination of dining
and book facilities creates a unique selling proposition that
differentiates the restaurant from competitors in the market. This
can help the business stand out and attract attention from both
local residents and tourists seeking distinctive dining experiences.
iv. INTELLECTUAL ATMOSPHERE:- Offering a selection of
books creates an intellectual atmosphere that appeals to patrons
seeking more than just a meal. This ambiance can attract
customers looking for a space conducive to conversation,
contemplation, and cultural enrichment, enhancing the
restaurant's appeal and reputation.
v. ADDITIONAL REVENUE STREAMS:- In addition to food
and beverage sales, a restaurant with a book facility can generate
revenue through book sales, book-related events, venue rentals
for private gatherings, and merchandise sales. These additional
revenue streams contribute to the financial sustainability and
success of the business.
2. WEAKNESSES:-
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distinct areas of the business may pose challenges and increase
operational costs.
iii. HIGHER OVERHEADS:- Maintaining a book facility involves
additional overhead costs, such as purchasing and restocking
inventory, maintaining book collections, and providing amenities
like seating and lighting. These added expenses could strain the
restaurant's budget and affect profitability, particularly in the
early stages of operation.
iv. POTENTIAL FOR DAMAGE OR THEFT:- Books are
susceptible to damage, theft, or misplacement, especially in a
busy restaurant environment. Ensuring the security and upkeep of
the book collection requires vigilant monitoring and potentially
additional investments in security measures, adding to
operational challenges and costs.
v. LIMITED REVENUE POTENTIAL:- While offering books as
an additional amenity can enhance the customer experience, it
may not necessarily translate into significant revenue generation.
Book sales, venue rentals for book-related events, and
merchandise sales may contribute only marginally to the overall
revenue compared to food and beverage sales.
3. OPPORTUNITIES:-
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and catering to the specific preferences of these demographics,
the restaurant can build a loyal customer base.
iii. PARTNERSHIPS AND COLLABORATIONS:- Establishing
partnerships with local authors, publishers, bookstores, and
literary organizations can create opportunities for cross-
promotion and collaboration. Co-hosting events, featuring local
authors' works, or offering exclusive book releases can generate
buzz, attract new customers, and strengthen ties within the
community.
iv. EDUCATIONAL PROGRAMS:- The restaurant can leverage
its book facility to offer educational programs, such as writing
workshops, book clubs, or literary seminars. These programs can
attract individuals interested in personal or professional
development, providing additional revenue streams and
enhancing the restaurant's reputation as a cultural hub.
v. SEASONAL AND THEMED OFFERINGS:- The restaurant
can capitalize on seasonal or themed promotions related to
literary holidays, genres, or author milestones. By curating
special menus, events, or décor tied to specific themes, the
restaurant can create buzz, attract new customers, and encourage
repeat visits from existing patrons.
4. THREATS:-
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ii. CHANGING CONSUMER PREFERENCES:- Shifts in
consumer preferences, lifestyle trends, or cultural norms may
impact the demand for dining experiences and book-related
activities. Preferences for digital entertainment, online shopping,
or home-cooked meals could reduce the appeal of visiting a
restaurant with a book facility, posing a threat to the startup's
viability.
iii. OPERATIONAL CHALLENGES:-Managing the complexities
of running both a restaurant and a book facility simultaneously
can present operational challenges, such as inventory
management, staffing, and maintaining a cohesive atmosphere.
Inadequate planning, resource allocation, or logistical issues
could lead to inefficiencies, customer dissatisfaction, and
negative reviews, posing a threat to the restaurant's reputation and
profitability.
iv. SUPPLY CHAIN DISRUPTIONS:- Dependence on suppliers
for food ingredients, beverages, and book inventory exposes the
restaurant startup to risks of supply chain disruptions, such as
shortages, price fluctuations, or quality issues. Unforeseen events,
such as natural disasters, transportation disruptions, or global
crises, could impact the availability and cost of essential supplies,
affecting the restaurant's ability to operate effectively.
v. INTELLECTUAL PROPERTY ISSUES:- Selling books and
hosting book-related events may expose the restaurant startup to
potential intellectual property issues, such as copyright
infringement or plagiarism allegations. Failure to obtain proper
permissions, licenses, or rights for book-related activities could
result in legal disputes, reputational damage, and financial
liabilities, posing a threat to the business's integrity and viability.
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DESCRIPTION
AMBIANCE:-
Upon entering Page & Plate, guests are greeted by a warm and inviting
ambiance, characterized by cozy seating areas, ambient lighting, and shelves
adorned with a diverse array of books. The space is designed to evoke a sense
of comfort and relaxation,
encouraging patrons to linger,
socialize, and explore the literary
offerings.
CULINARY OFFERINGS:-
Page & Plate offers a meticulously
crafted menu that reflects a
commitment to quality, flavour, and innovation. Drawing inspiration from
global cuisines, the menu features an eclectic mix of dishes, each thoughtfully
prepared using locally sourced ingredients. From savoury small plates to
indulgent main courses and delectable desserts, every culinary creation at
Page & Plate is designed to delight the senses and tantalize the taste buds.
BOOK FACILITY:-
Adjacent to the dining area is a
dedicated book facility, housing
a carefully curated collection of
books spanning various genres,
including fiction, non-fiction,
poetry, and more. Guests are
invited to peruse the shelves at
their leisure, selecting a book to
enjoy during their visit or to purchase and take home as a memento of their
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experience. Comfortable reading nooks and cozy seating areas provide the
perfect setting for guests to immerse themselves in their chosen literary
escape.
TECHNOLOGY INTEGRATION:-
In addition to physical books, Page & Plate embraces technology to enhance
the reading experience. Guests have the option to access digital reading
materials through e-readers or tablets provided by the restaurant, offering a
modern twist on the traditional book browsing experience.
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FEASIBILITY STUDY REPORT
PRODUCT FEASIBILITY:-
Product feasibility for a restaurant startup involves assessing the viability
of the restaurant's offerings, concept, and market positioning. Determine if
there is a market demand for your restaurant concept. Conduct market
research to understand consumer preferences, dining trends, and
competition in your target location. Identify the target demographic based
on factors such as age, income, lifestyle, and dining preferences. Develop
a menu that aligns with your restaurant concept and target audience
preferences. Consider factors such as cuisine type, pricing, portion sizes,
dietary restrictions, and ingredient availability.
TECHNICAL FEASIBILITY:-
Assessing the technical feasibility of a restaurant business involves
evaluating whether the proposed operations, infrastructure, and technology
are capable of supporting the business model effectively. Evaluate the
kitchen space, equipment needs, and layout to
ensure they can accommodate the planned menu
offerings and production volumes. Implement an
inventory management system to track ingredient
quantities, monitor stock levels, and streamline
procurement processes. Develop and implement
food safety and hygiene protocols to ensure
compliance with regulatory requirements and protect
customers from foodborne illnesses. Leverage technology to enhance
various aspects of restaurant operations, such as online ordering and
delivery platforms, mobile payment solutions, customer loyalty programs,
and marketing automation tools.
LEGAL FEASIBILITY:-
Assessing the legal feasibility of a restaurant involves ensuring compliance
with various laws, regulations, and industry standards. Choose an
appropriate legal structure for the restaurant, such as a sole proprietorship,
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partnership, corporation, or limited liability company (LLC). Obtain the
necessary business licenses, permits, and
registrations required to operate established
by local health departments, state agencies,
and federal authorities. Implement proper
food handling, storage, preparation, and
sanitation practices to prevent foodborne
illnesses and ensure compliance with health
and safety requirements.
RESOURCE FEASIBILITY:-
Establishing a restaurant business with a book facility necessitates a
comprehensive assessment of resource feasibility. This includes ensuring
sufficient financial resources to cover startup costs, lease expenses for an
appropriate location that accommodates both dining and book browsing
areas, as well as investments in kitchen equipment, furniture, and book
inventory. Additionally, securing skilled human resources, such as chefs,
servers, and knowledgeable staff to manage the book facility, is crucial for
delivering a seamless dining and reading experience.
MARKETING FEASIBILITY:-
The marketing feasibility of our concept lies in our ability to effectively
position ourselves as a unique and captivating dining destination that
appeals to both culinary enthusiasts and book lovers alike. By leveraging
our fusion of gastronomy and literary culture, we have the opportunity to
differentiate ourselves in the market and attract a diverse audience of
patrons seeking a multifaceted dining experience.
FINANCIAL FEASIBILITY:-
The financial feasibility of establishing a restaurant business with a book
facility hinges on careful budgeting, revenue projections, and cost
management. Initial investments will be
allocated towards securing a suitable
location, renovating the space to
accommodate both dining and reading areas,
purchasing kitchen equipment, furnishing
the restaurant with comfortable seating and
shelving for books, and investing in
technology such as POS systems and inventory management software.
Ongoing expenses will include staffing costs, inventory procurement,
utilities, marketing efforts, and lease or mortgage payments.
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ORGANIZATIONAL STRUCTURE
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MARKET DESCRIPTION
TARGET MARKET:-
At EAT & READ RESTO, we cater to a diverse clientele who share a
passion for both gastronomy and literature. Our target market includes
book enthusiasts, intellectuals,
food lovers, students,
professionals, and families
seeking a welcoming environment
to dine, relax, and engage in
meaningful conversations.
DEMOGRAPHIC PROFILE:-
Our target demographic spans across various age groups and socio-
economic backgrounds, reflecting the universal appeal of good food and
great books. From avid readers in search of literary gems to culinary
enthusiasts eager to explore new flavours, our restaurant appeals to a broad
spectrum of individuals united by a love for culture and creativity.
MARKET OPPORTUNITY:-
The market opportunity for EAT & READ RESTO lies in capturing a niche
segment of consumers who seek immersive dining experiences that go
beyond the ordinary. By tapping
into the growing demand for
experiential leisure activities and
cultural fests.
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COMPETITION ANALYSIS
REVIEW ONLINE
PRESENCE:-
Explore competitors'
online presence,
including their websites,
social media profiles, review platforms (such as Yelp or TripAdvisor), and
customer feedback. Pay attention to customer reviews, ratings, and
comments to gauge satisfaction levels and identify areas for improvement.
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Consider how your restaurant can differentiate itself and carve out a
distinct niche in the market.
PROCUREMENT PLANS
KITCHEN EQUIPMENT:-
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Ensure that the equipment meets safety standards and is suitable
for the volume of your operations.
ii. Consider both new and refurbished options to optimize your budget
without compromising on quality.
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PROJECTED FINANCIAL PLANS
(₹)
Building (Rent) 70,000
Equipment and Furnishings 6,50,000
Licenses and Permit 45,000
Inventory and Supplies 50,000
Staffing (20 staffs) 2,00,000
New Books 40,000
Marketing and Advertising 20,000
Operational Expenses (for the first 6-12 months) 35,000
Total Estimated Capital Required 11,10,000
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o PROJECTED APPLICATION OF FUNDS:-
BUILDING
REQUIRED CAPITAL
EQUIPMENT AND
FURNISHING
2%
4% 3%6%
18% LICENCE AND
PERMIT
4%
4% 59% INVENTORY AND
SUPPLIES
STAFFING
NEW BOOKS
MARKETING AND
ADVERTISING
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o PROJECTED GROWTH OF REVENUE:-
A. REVENUE GROWTH RATE OF YEAR 1 TO YEAR 2
(YEAR 2 REVENUE − YEAR 1 REVENUE)
= × 100
YEAR 1 REVENUE
(18,00,000 − 13,50,000)
= × 100
13,50,000
= 33.33%
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CONTINGENCY PLANS
b. SUPPLY CHAIN
CONTINGENCY PLAN:-
Diversify suppliers to reduce
dependency on a single source and
mitigate the risk of supply chain
disruptions.
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CONCLUSION
Argha Talukdar
Owner, EAT & READ RESTO
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