The restaurant is situated near a popular tourist destination in WA.The matilda bay is in close proximity to the Perth City as well.So most likely there will be frequent tourist visits. Apart from that our location possess an amazing background view of swan river and the Perth city.
Property
The property will be owned by the owners through a mortgage and this will provide us with flexibility when considering long term perspective.This will also avoid the rent expense and the mortgage amount we pay will enhance our ownership. We will be able to make adjustments as and when required to the property as there will be no restrictions.
EMPLOYEES
Our important employees such as chefs will be hired from respective countries to provide the best for our consumers. They will be highly qualified and filled in with experience.We will hire them on contract basis and the labor cost incurred will also be reasonable.
Financing
Possibility to raise investment easily as there will be less requirement of finance to open up a restaurant.Initial set up cost will be less compared to other types of businesses.
opportunities
frequent Tourist visits
Our restaurant is located near to a popular tourist destination. There will be frequent tourist visits to this part and we have the opportunity to drag them to visit us through effective marketing and promotional activities
High target market population
There is a very high Indian and Chinese population living in Perth and it is one of the opportunity for us to convince them to visit us. further more other nationals too love Chinese and Indian dishes due to it popularity all around the world.
LESS direct competition
As per research there in only one Indian restaurant in the Matilda bay area and it is a small scale restaurant with less facilities and limited opening hours. There is plenty of other types of restaurants available but with a defined target market we have the capability to be successful.
INtroductory advantage
We have introduces new dishes in the form of Taiwanese desserts.It is popular worldwide but for some reason the restaurants in Perth have not tried out yet.We will have an opportunity to make people try those dishes and this will improve our popularity.
Weaknesses
INEXPERIENCE
The owners have no previous experience in running a restaurant as they are from very different backgrounds.This will limit the management skills to some extent and may be a disadvantage. The problem solving skills may be limited too as the partners will have less knowledge. We are consulting experienced entrepreneurs in restaurant field to gain experience and solve issues.
LIMITED PArKING
As we are owning the property in an exclusive location,we could not afford for a large parking area.This could work out as a disadvantage on busy weekends.
LONG Waiting time
The Indian and Chinese Dishes we prepare may take a long time.So the waiting time for customers is a bit too long for the liking.This will also limit our option of drive through facility and reduce the effectiveness of take away facility.Parking facilities too will be effected through this process. We are currently working on " order before you arrive" facility with some research and testings.If this derives successful results, it will reduce this limitation to a certain extent.
TARGET MARKET
Our business is focused on a narrow scope of target market namely Indians,chinese and local spicy food lovers.Most of the local people does not prefer spicy food and we are omitting a large part of the target market through this. To combat this we are working on a program to allow customers to have preference in certain ingredients and level of spiciness on their respective dishes.
threats
perception of local population
The local population consider Indian food as "extremely spicy".Its a considerable risk when the local population who are a large part of the total population have a negative perception on our types of dishes. As we said earlier,we are working on a method to introduce customer preference on spiciness and ingredients.
INdirect competition
There are a plenty of other types of restaurants with similar features and facilities nearby. we would face an indirect competition through this. If we could introduce attractive pricing strategies, effective promotions and marketing,we can minimize this.
low profit margins
generally, restaurants operate with less profit margins.This will be a risk factor. We are planning to work on improving the quantities sold everyday to increase our net profits.