1. Executive Summary
"BAGAICHA RESTAURANT & PARTY PALACE" have 110 seats fine & cozy dinning room with a LIVE STAGE for performance & 20 seats VIP elegant lounge for small business meeting & seminar. The Bagaicha Restaurant & Party palace have CLASSIC LUXURIOUS BAR with beautiful viewing windows. We provide, cozy atmosphere, ambiance, special theme and a friendly staff servicing.
We will be located in the center of Austine MTR Sation, Jordan MTR Station & Yau Ma Tei MTR Station at 1/Foor, Hydan Place, 228 Shangahi Street, Yau Ma Tei, Kowloon city in Hong Kong. The area is in need of a warm and friendly place with excellent food. A place where you always know you will get the best of everything.
Bagaicha Restaurant & Party Palace will feature a cozy dining room and an VIP elegant lounge. Comfortable furnishings and decor with soothing warm tones. The lounge has antique love seats with a softly classic candle light. It will be the perfect place to stop in for a bite to eat, for a drink or for a small business meeting. For extra comfort and to please a large group of people we will make up special hors d' oeuvre platters for customers.
The menu will be inspired from India & Nepal's specialties and appeal to a diverse clientele. You can get different choice like a red curry chicken with basmati rice, or an Asian grilled shrimp with spinach, tofu and black bean sauce. We will also have a special naan dish entree every day plus the 'all Indian & Nepalese meal' such as barbecue and baked beans. Adding value will be an interesting lunch menu with specialties every day.
The food and drink will be made by pre-tested recipes from the specialist. The menu will change every 3-4 months but keep the favorites. Prices will be competitive with other upscale restaurants in the area. However, it is the strategy of Bagaicha Restaurant & Party Palace to give a perception of higher value than its competitors, through its food, service and entertainment.
The lounge and restaurant will be open seven days a week. We will offer special theme nights to attract new customers to Bagaicha. The restaurant will be fine dining in a cozy atmosphere. Warm colors, fresh flowers, soft music and amazing artwork from some of the areas most notable new artists. This will contribute to a sense of community and give new artists a chance to show their work for a diverse clientele.
The service will be relaxed, very friendly and correct. We will hire the best people available, training, motivating and encourage them, and thereby retaining the friendliest most efficient staff possible. Our management team is comprised of individuals whose backgrounds consist of minimum 20 years experience in food, restaurant and hotel, catering, management, finance, marketing, art and motion pictures.
Catering will be a major part of the business. We feel in today's hectic work schedule customers don't always have time to set up that birthday party or other event that we all need and want. Now customers can leave it to pros and get the finest, most memorable party or dinner ever. We have experience in the catering business and know what an important client wants and needs. We will have a large menu for customers to select from, and we will offer full catering service providing everything from table settings to the dessert. We anticipate our total sales allocation to be 85% restaurant sales and 15% catering sales. The combined cost of sales will be 25% producing a gross profit of 75% on total sales.
Bagaicha Restuarant & Party Palace is a great place to eat, combining an intriguing atmosphere with excellent, interesting food. The mission is not only to have great tasting food, but have efficient and friendly service because customer satisfaction is paramount. We want to be the restaurant choice for all families and singles, young and old, male or female. Employee welfare will be equally important to our success. Everyone will be treated fairly and with the utmost respect. We want our employees to feel a part of the success of Bagaicha Restaurant & Party Palace. Happy employees make happy guests.
We will combine menu variety, atmosphere, ambiance, special theme nights and a friendly staff to create a sense of 'palace' in order to reach our goal of over all value in the dining/entertainment experience. We want fair profits for the owners, and a rewarding place to work for the employees.
Bagaicha Restaurant and party palace objectives for the first three years of operation includes:
- Keeping food cost under 25% revenue.
- Keeping employee labor cost between 25-30% of revenue.
- Stay as a party palace with excellent food and service.
- Averaging sales between $15,000-20,000 per day.
- Promote and expand the Catering in all over the Hong Kong.
- Expand our marketing and advertising in Hong Kong.
- Achieve 12% return on investment to investors for the first two years and 15% for the next three years.
4. Keys to Success
The creation of a unique and innovative fine dining atmosphere will differentiate us from the competition. The restaurant will stand out from the other restaurants in the area because of the unique design and decor. We will offer a fine dining experience in a cozy atmosphere. We provide not only product quality great food, but great service and great atmosphere also.
The menu will appeal to a wide and varied clientele. It is Indian & Nepalese flavour with an interesting twist. We will have special theme nights like restaurant nights, live band, Easter dinners, midsummer party, Independence Day Celebration, Labor Day Weekend, wine tasting dinners, special ethnic food nights. All this will attract a varied clientele to Bagaicha Restaurant & Party Palace.
Due to intense competition, restaurateurs must look for ways to differentiate their place of business in order to achieve and maintain a competitive advantage. The founders of Bagaicha realize this. Within the past ten years in Jordan the fact that no other restaurants in the area has this concept and atmosphere presents us with a window of opportunity and an entrance into a profitable niche in the market.
5. Company Summary
Bagaicha Restaurant & Party Palace will feature an outstanding New combine menu with a touch of Asian influence in an upscale and cozy atmosphere. The menu is inspired from Indian & Nepalese specialties and will appeal to a wide and varied clientele. We will offer a three course ‘business lunch' prix fixe and a three course dinner prix fixe in addition to the regular menu.
We will be open on large holidays such as first day of January, HKSAR Establishment Day, National Day, Chung Yeung Festival, Lunar Day, Ching Ming Festival and Labor Day weekend etc.
The restaurant will have paintings and drawings from some of the areas most notable new artists. Thrice a month the lounge will feature a new artist and their work. This will give the art community an opportunity to show their work in a friendly and exciting atmosphere. We will send out special invitations for the opening night and attract many people and newspapers. The showing will only take place in the lounge so we can still seat people in the restaurant.
Every Monday night we will have 'Restaurant Night.' This will give the other restaurant owners and employees a chance to socialize on a 'night off' and it will contribute to a sense of community in the local industry.
We will have special Wine Tasting Evenings, a five course meal featuring new wines sponsored by our distributors. Customers can come and learn more about wine and food! Other special evenings at Bagaicha Restaurant & Party Palace are Easter dinner, Midsummer, independence celebrations, Labor Day weekend and Christmas dinners.
Bagaicha Restaurant & Party Palace will be the perfect place when customers need that 'little extra.' They can have business meetings here, a place for a quiet conversation, or for a special occasion. We will make up special hors d'oeuvre platters or full course meals for customers' special occasions.
Bagaicha Restaurant and Party Palace will be unique to the Yau Ma Tei area. International creative food, and a style of service that will make everyone feel welcome and special. Our food products will be of the finest quality and prepared with sensitivity and care. We will 'go all the way' to satisfy our guests. We will change our menu every 3-4 months, but we'll keep 'the favorite.' Portions will be modestly sized with an attractive presentation.
Our wine list will be modest in size and primarily focused on wines from California, France, New Zealand and Argentina. Approximately 25% will be exclusively available by the glass and the remaining labels will be available by the bottle. We will also feature a moderate international beer selection on tap and in bottles. The comfortable classic luxurious bar features a comprehensive selection of the finest Vodkas, homemade Aquavit's and single malt Scotches.
The kitchen staff will have the best in culinary education and work experience. Our creative talents will compliment one another. The lounge and restaurant staff will offer the finest service in a cozy atmosphere and offer customers an extraordinarily successful evening.
7. Market Strategy
Our strategy is simple, we intend to succeed by giving people a combination of excellent and interesting food in an environment that appeals to a wide and varied group of successful people. We will focus on maintaining quality and establishing a strong identity in our community. Our main focus in marketing will be to increase customer awareness in the surrounding communities. We will direct all of our tactics and programs toward the goal of explaining who we are and what we do. We will keep our standards high and execute the concept so that word-of-mouth will be our main marketing force.
We will create an appealing and entertaining environment with unbeatable quality at an exceptional price. An exciting and friendly restaurant, we will be the talk of the town. Therefore, the execution of our concept is the most critical element of our plan. All menu items are moderately priced for the area. While we are not striving to be the lowest-priced restaurant, we are aiming to be the value leader.
Bagaicha focuses on local and tourist restaurant seekers. People that have a desire for good food and a fascinating atmosphere. We want the business man, happy couples, high-end singles, families, tourists, wealthy image seekers and compulsive spenders. We focus on these specific groups because these are the types of people who frequent other restaurants and bars in the area. They are the ones that are willing to spend their money on good dining and service at a value price. We generally know the characteristics of our clientele with the available demographics.
Our competitive edge is the menu, the chef, the environment, the management, the service and our friendly place! We will have an Indian & Nepalsese menu and our food will be made with the freshest ingredients and produce available. The chef has an excellent taste for what fine dining is and requires. Our environment is elegant and comfortable and our decor is warm and relaxing. Great service is very important to us. The management and servers will handle every detail to make customer's special evening even more special! All this and our great atmosphere will make customers want to come back again and again!
8. Market Segmentation
Bagaicha Restaurant & Party Palace intends to cater to a wide group of people. We want everyone to feel welcome and relaxed in a cozy atmosphere with a wide and varied menu. It is our goal to have "something for everyone" everyday on our menu. In looking at our market analysis, we have defined the following groups as targeted segments.
The Business Man:
They work hard all day and often stay overnight in a strange city. He needs a competent establishment that helps impress his clients and prospects. Afterward, they want to relax and use the money they are making. They are the people that spend the most on drinks, food and tips.
The restaurant will have an intimate, romantic, sophisticated atmosphere that encourages people to bring dates and to have couples arrive. Bagaicha wants to be a search place where people meet each other and develop a network. These young couples are generally very successful but balanced and won't be spending as much on drinks.
The perfect place for a family dinner. Families will come for the accommodate menu and friendly service. The excellent value in their meals will keep Bagaicha in favor with the parents.
We will attract them with our decor and layout. Our international menu, striking artwork, wine tasting evenings and events, excellent service and engaging clientele will confirm the feeling of being in "the coolest place" in Monmouth County.
Yau Ma Tei Night Market is a place that attracts many tourist. Bagaicha will be a destination with its attractive atmosphere, international menu, and outdoor view.
9. Marketing Program
We will employ two different marketing tactics to increase customer awareness of Bagaicha Restaurant & Party Palace. Our most important tactic will be word-of-mouth/in-store marketing. This will be by far the cheapest and most effective of our marketing programs.
- V.I.P. Opening -
- Grand Opening -
- Artist Art -
- Special Night -
- Valentine's Day -
- Easter dinner -
- Midsummer party -
- Independence celebration -
- Labor Day weekend party -
- Wine tasting dinner -
- New Years Eve party -
- Special ethnic food nights -
- Memorial Day -
Local Store Marketing
- Brochure - Make a brochure for the large hotels and popular bed & breakfast establishments in town to provide to their guests, containing interior pictures of our restaurant, menus and prices.
- Nursing homes - There are several nursing homes in the city. We will approach them to sponsor meals for the elderly. This will offer us higher visibility to a group that may not be as mobile and we'll be contributing to the community in a material way.
- Local Media - Placing several large ads throughout the month to deliver our concept to local area.
- Direct mail - Containing interior pictures of our restaurant, our menu, "Theme Nights," catering and an explanation of our concept.
- Website - Make a responsible webpage.
- Buffet - Target marketing to businesses for regular buffet lunch and dinner entertaining.
10. Sales Strategy
Our sales plan is to establish and maintain position with our local customers. The strategy is to build more customers in order to increase revenue. Sales in our business is client service. It is repeat business. We will focus on making all our customers happy with our food, service and entertainment options.
Our strategy in the restaurant is to have an experienced staff that know the food, wine and liquor. We will train every new employee so they will fit in with Bagaicha concept, which is "Wonderful food, reasonably-priced wine and knowledgeable service in an outstanding atmosphere."
11. Web Plan
Bagaicha Restaurant & Party Palace will have a website. It will be the virtual business card and portfolio for the company, simple, classy and well designed. Our site will offer our menus, prices, reviews and happenings at Bagaicha. We will also have a monthly newsletter about what did happen at Bagaicha to get new customers interested in our restaurant.
You will also be able to send us an E-mail when you want to make reservations at our restaurant or to book Party Palace Fast, easy and convenient!
12. Investment Plan
We are investing $37,44,000 of our own capital and seeking to raise 50% an additional $18,72,000 from investors. Our preferred loan instrument will be five year contract with an attractive interest rate of 12% for the first two years and 15% for the next three years. At the end of fifth years the investors' loan will have matured and original principal plus a 31% premium and the final interest payment will be made.
Our investor philosophy is conservative. Since restaurant start-ups are so speculative our belief and commitment to our investors will be to pay a generous, predictable rate of return while not strangling our operational cash flow. As our business becomes more established and reliable, our ability to pay an improved return of capital will be evidenced by an increased interest rate of 15% of original principal. At maturity we feel it proper to retire the loan with a 31% premium to original principal invested.
|1st year Interest||12%||12000||112000|
|2nd year Interest||12%||12000||124000|
|3rd year Interest||15%||15000||139000|
|4th year Interest||15%||15000||154000|
|5th year Interest
+ 31% Premium