However even though I am only opening the outlet, I feel that if my business is a success in the first or second year I want to open more branches around the UK. The business will be fully equipped with top range equipment and computer technology. I believe that by having the right physical resources, then the staff can work to an extent to provide that excellent service. Although this is costly, I have decided to take out a bank loan which is to be paid back in 2010. I undertook this decision, after deciding that it will be more efficient and more effective in the long run from comparing to leasing out the equipment instead.
I have previously worked in Ikea, so I have the relevant skills for interior designing aswel, so the work inside the cafeteria will be done by me. There is a capital of £35,000 for start up costs and equipment. Running the business by me means I have to keep track of monthly income and expenditure, which means holding on to all invoices and receipts from clients and other traders. This inject of capital had been saved from a long period of time in my working life. So therefore I have avoided any charges of any kind, because it is my own money and I do not have to pay it back.
My main aim for the café is to achieve a money-making profitable business that has the capability of expanding in the years to come. I have predicted that the business can achieve atleast £55-60,000 in 6 months, and that I have a good prospect in using the profit wisely as I have assess my current situation and I feel that my business that can be successful. I have made decisions about excluding some of the profit, about 20% to a reserve fund, which can be used in future to help maintain the café. The reason why I have excluded some of the profit is because if something was to occur, I will have some kind of finance to fall back on. As I am control of the business I have also decided to exclude another 20% of the profit for my own personal use. All of these exclusions will appear on the cash budget when financing the business, and I will be withdrawing them at the end of each month.
Aims and Objectives
Mission statement:
‘to deliver the paramount of relaxation and comfort, and produce the finest home grown coffee’
Short term objective:
- To survive as a business in whole
- To make a substantial amount of profit in the opening year
- Achieve over £30,000 net profit
- Achieve £100,000 sales turnover
Long term objectives
- To expand as a business
- Increase net profit to £100,000
- To increase revenue and sales and have an annual turnover to £500,000
Premises
To let 131-133 Main Street, Bingley, Bradford
This extremely large commercial property to let situated in the heart of Bingley city centre comprises large ground floor leading to an office to the rear, and W.C, it contains three basements with ample storage. It is located on the corner of Main Street, so it has a good appeal overall. The sales area 90.7sqm (1056sqft)
The desired premises is outsized and large enough for the computer technology and the catering and food equipment. I feel that it is perfect for my business and it is the ideal place and environment to start up my business. Furthermore there is enough space to accommodate customers, and loads of seating can be fitted in as I want my customers to feel that they can relax and sit comfortably. The premise is to cost at £20,000 per year which is relatively cheap regarding the housing and premise cost within the area. The premise is located in the heart of the town, and it is next to banks and is also located in a heritage area. This means that the area around is unlikely to change and it is in good order. This reassurance means that I can lease my premises for a long period of time, as I am intending to have the business for atleast five years.
Location
The business is to be located in Bingley, Bradford. This is one of the main factors in increasing the income and sales, because being located in this area means that a substantial amount of people will be passing by as there is a reservoir nearby, and those who go fishing or whatever, will eventually to a place where they can rest and have a break.
By visiting Bingley several times on an occasion, I feel that there is a need for relaxation. I also think that the location of my business will help make it a success. I will give all I can to make my business a great success and to meet the ongoing needs of customers.
Key personnel
Managing Director, Head of Finance and Owner of Munchies Internet Café
Zeeshan Hanif
27 years old
2 years in the food industry
Accounting and knowledge on control finance in A-level
Economics A-level
Experience in interior designing
Annual salary – 25% pre-taxed profit
(see appendices for Curriculum Vitae)
Other personnel
Head of Kitchen (head chef)
1 employed
expected salary: £15,000
(see appendices for Curriculum Vitae)
Chef
2 employed
Each earning expected salary: £11,000
(see appendices for Curriculum Vitae)
Cashier
1 employed
Expected salary: £9,000
(see appendices for Curriculum Vitae)
I.T technician
1 employed
Expected salary: £9,000
(see appendices for Curriculum Vitae)
Training
According to my financial resources, I have a set budget of £3500 for training. This includes the obvious health and safety training for staff to begin with. It is very important for any employee to have the relevant health and safety skills so that the business could be kept in an appropriate and clean ambiance. This budget will also include first aid training for the head chef and for me if in any case of emergency. This ensures that everyone is safe and that the customers have the reassurance of some one being there to help in any situation that could occur. By going through the process of training, the staff will understand the importance of keeping and maintaining a clean and safe environment.
