Calvin Tran
Temple City, CA (USA)
Role(s):
Founder/Owner/Principal
Tako
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Startup
Location:
Temple City
Industry:
Food Service/Restaurant
Year Founded:
2010
Number Employees:
1-10 people
Business Stage:
Creation/Idea
Entity Type:
Limited Liability Company
Description:
Our initial statement to Investors and Financial Lenders, this restaurant/fast food business plan, is a candid disclosure of Ta’ko business proposal - our intent is to set realistic business expectations, and eliminate any questions about the profitability of this business venture.
Entrepreneurs have a tendency to paint the restaurant business plan with a very optimistic brush, highlighting strengths and camouflaging the risks. We, as business owners, have a vested stake and financial commitment in the success of this restaurant. Our intent is to have a definitive business, financial, and marketing plan that not only serves our need for capital financing, but is utilized as our daily business roadmap. We have taken all precautions to validate our business and financial models, focusing on realistic projections. We have accomplished this as follows:
1. Our financial model is rooted in industry facts, not optimism. We have based costs on our vast industry and practical experience with similar ventures, validation against National Restaurant industry cost averages, and analysis against local Los Angeles market averages. We have taken a collective look at all figures to make solid business estimates.
2. Our business concept was derived from detailed Market Analyses. Instead of building a business around a preconceived concept, we analysed the market findings and built a concept around our consumers. In other words, our business is built to service an unmet consumer 'want'.
3. A buffered financial plan that ensures adequate capitalization. A contingency buffer is included in the start-up cost to ensure the business in not under financed, as well as giving the business adequate funding to sustain it in the first six months of start-up. Our industry experience confirms a longer ramp-up stage for restaurants over other retail/service businesses. A common mistake for new entrepreneurs, but fully addressed in this business plan.
4. A solid Risk Mitigation Plan. We have evaluated traditional and non-traditional risks associated with Restaurant failure and accounted for them directly in the business plan. Instead of dismissing the risks, we have identified valid mitigation strategies for each.
5. Successful Management Experience. Our management consists of many young successful individuals. With the leadership of an extraordinary person with a huge back round in running profitable teams and companies. Lets put it this way, we look at a business flaws before we even think of opening a business.
6. Unique, Innovative & Contemporary. We know the hype of a food truck and all its advantages. Low overhead, high return’s, and it’s cool. We believe that we can take the amazing type of food and put it into a restaurant where, it will take out the disadvantages of waiting in long lines, arriving a few hours earlier, no where to sit, where to throw the trash, what if they are late, and lastly what if they don’t show. This puts us apart from our competition. The restaurant will stand out from the other restaurants because it will attract the younger generation due to our designs and location.
7. Product Quality. We will serve the best quality food possible. Have the most amazing customer service possible. And have a atmosphere where you will feel safe and relaxed.
8. Menu. The menu will consist of many things that will be announced later throughout this business plan.
9. Cost Control Focus. We will control costs at all times, without exception. Cost Control will be an integrated function of the restaurant from the onset. Cost control is about managing the numbers - interpreting and comparing the numbers that impact the bottom line. 80 percent of the success of a restaurant is determined before it opens. Our focus is to reduce the cost of goods sold to meet our profit margin goals by managing the following crucial elements of cost: Purchasing, Receiving, Storage, Issuing Inventory, Rough Preparation, Service Preparation, Portioning, Order Taking, Cash Receipts, Bank Deposits and Accounts Payable. We will use of this business plan to track actual costs against our forecasts in managing the business.
Due to intense competition, restauranteurs must look for ways to differentiate their business to achieve and maintain a competitive advantage. Los Angeles County redevelopment requires a place that will fit into the 'new look' of the community, one that is contemporary and entertaining. Ta’ko will fill that niche.