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Student

BUSINESS PLAN

student

Comer

124 Orchard Road

Singapore, 309 384

3957 3679

Comer.sg@gmail.com

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Table of Contents

1.0 Executive summary ...................................................................................................................... 3


2.0 Product and services .................................................................................................................... 3
2.1 Problem Worth Solving ............................................................................................................ 3
2.2 Our Solution ............................................................................................................................. 3
2.3 Advantages and disadvantages ................................................................................................ 4
3.0 Market Analysis ............................................................................................................................ 4
3.1 Market segmentation & growth ............................................................................................... 4
3.2 Key customers .......................................................................................................................... 5
3.3 Competitors .............................................................................................................................. 5
3.4 Demand .................................................................................................................................... 6
4.0 Strategy and Implementation ...................................................................................................... 7
4.1 Marketing & sales plan ............................................................................................................. 7
4.2 Location & technology .............................................................................................................. 7
4.3 Future Milestones .................................................................................................................... 7
4.4 Challenges ................................................................................................................................ 8
5.0 Company & Management ............................................................................................................ 8
5.1 Management teams ................................................................................................................. 8
5.2 Future management plans ....................................................................................................... 8
6.0 Financial Plan ................................................................................................................................ 9
6.1 Revenue/Sales Forecast ........................................................................................................... 9
6.2 Expenses ................................................................................................................................... 9
6.3 Cash flow .................................................................................................................................. 9
6.5 Projected Balance Sheet ......................................................................................................... 10
Appendices ....................................................................................................................................... 11
Appendix 1 ................................................................................................................................... 11
Appendix 2 ................................................................................................................................... 11
Appendix 3 ................................................................................................................................... 12
Appendix 4 ................................................................................................................................... 14
Works Cited ...................................................................................................................................... 15

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1.0 Executive summary


The problem throughout Singapore, although there is a large amount of restaurants and Singapore is
known as being culturally-diverse, is that there are no restaurants providing cultures from around
the world. Either they only sell Asian or western food and picking the restaurant when you are in a
group, it is not always an easy and quick decision when each person wants a different type of food.

At Comer, we offer meals from around the world, each as different as the other but lets the
consumers discover the all the cultures we have. Comer is a restaurant with stalls inside of it where
each stall sells food of a diverse culture and the consumers can all eat together.

The market Comer will be in is food and beverage service which is a constantly growing market in
Singapore, where we will be based. Our target market is a large variety of people; workers working
in the area, couples, families and tourists. Their spending habits show that they are ready to spend
around twenty-five Singapore dollars on a meal for high-quality food, which is still affordable.

Our main competitor is food courts in Singapore, they are located all around the country and always
busy. We believe we are more likely to be successful because although food courts provide a range
of cultures, it is only cultures in Asia. At Comer, we provide a huge range of cultures, high-quality
meals and a hygienic area.

Another competitor, although not as significant as food courts is the restaurant March. They have a
restaurant which has the spatial arrangement of stalls and tables but the food served is all Swiss. We
have a competitive edge over them of as we provide a wide range of cultures, and not only one
cultures food.

We are requesting $150,000 loan to pay for the first few months rent, a part of the salaries and the
furniture. Based on our forecasts, we will always have a positive income at the end of every year,
with a percentage increase of 3% in the first year and 14% in the second and third year.

2.0 Product and services


2.1 Problem Worth Solving



Most restaurants sell one type of food, whether it is French, Mexican, western, wraps, burgers etc.
When choosing which restaurant to go to with your friends or relatives and you all want something
different, decision making is a long and frustrating process.

2.2 Our Solution

Our business is a high-end food court where stalls are 3 x 5 m in size. Each stall is representing and
selling food from Morocco, France, India, Brazil, Mexico. There is one country from almost each
continent of the world to provide exploration for the clients of the diverse cultures. The restaurant
has a common food area with high quality food which is where the restaurant is similar to a food
court. The food sold is high-quality, yet affordable and the area is always clean. Our first restaurant
will be located in orchard. Take away is available at each stall. The restaurant is named Comer which
means to eat in Spanish, which the is the language of Mexico, which is one of the stalls.

Food is an important part of culture because how we eat, when we eat, where we eat, what we eat
all depends on our culture and most people do not know much about the cultures of the world

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except their own. Comer is based upon the concept of discovering the diverse cultures of the world
through food.

The restaurant will open at 12 and close at 22.00 on weekdays and 12 to 23.00 on the weekend. The
restaurant will be open on the weekends and Tuesday to Friday on weekdays.

Although we are not planning to expand globally, once the restaurant has become successful and we
have high profits, we will open a few restaurants in other parts of Singapore.

2.3 Advantages and disadvantages

The competitive advantages of my company and service are that provide the area, the appliances
needed for the cooking, the servers and cleaners. As there is a common eating area, this is less space
and money needed that if each stall had separate eating areas. The stalls provide their own food and
pay our business 30% of each item sold. The food is required to be high-quality which is always
monitored by us on Trip Advisor reviews. The most significant advantage is the unique idea of
including many different nationalities foods in one restaurant and the consumers can all taste
diverse cultures together.

The disadvantages include the price of the area as even though it is not as expensive as it would be
for five different restaurants, it is expensive for an area of 5 kitchens with an area of 15m 2 in
addition to the eating area. Furthermore, keeping the area constantly clean and the price of
electricity will be expensive. If the economy decreases in Singapore, this can affect our business if
consumers are not leaving their house for lunch and dinner anymore, or willing to spend as much.
Additionally, as a start-up company, we must start from the start to find our consumers and give
them the desire to come eat at Comer, unlike competitors who have little marketing left to do,
because they have already their consumers and it will grow on its own now.

Although Comer does have its disadvantages, we will turn them into benefits for our business. Even
though the price of the restaurant is expensive, it is worth it because of the substantial number of
potential consumers constantly in that area. This is the same for the expensive price of cleaners and
electricity which will be high, but is crucial for Comer to become successful and the amount of
money spent will be gained back when we have a large profit. Comer is dependent on Singapores
growing economy, but trends have shown that the food and beverage market has been growing
continuously and no downward trends have been predicted. Finally, since our business is a start-up
company and we need more marketing than already developed business, that is what we will do. For
example, on the day of the opening we will have discounts and previously advertisements will have
been distributed.

3.0 Market Analysis


3.1 Market segmentation & growth


The current demand for restaurants are low as there already are many around Singapore, but since
our business is unique, the demand for Comer is higher. Restaurants in Singapore are mostly
providing one type of product, such as western, Asian, American, Australian food which is why the
demand of my type of restaurant will be higher. We incorporate all of the different types all in one
restaurant. Comer is in the food and beverage service market which is a large market in Singapore.

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Food and beverage services in Singapore has been showing positive trends, f&b services rose 3.5% in
January of 2017 and the total sales of January 2016 were 714 million sgd which increased in January
2017 to 739 million sgd. The market makes up 0.8% of Singapores GDP, which is a large percentage
considering there are only 6,751 establishments.

3.2 Key customers


Our target market is a wide range of types of people, whether a couple, a family, alone, high
economic status, average economic status, residents, tourists etc. are all likely to come into Comer.
The target market will never change between the years, but on weekdays the consumers are more
likely to be employees who work in the area or couples who come to orchard to walk around. The
weekend consumers will mainly be families and couples. The main characteristic all the consumers
will share is their desire to discover the diverse cultures.

The consumers spending habits at a restaurant are around 20 30 sgd per person, which is a large
amount, but is a fair price in relation to the high-quality food.

My restaurants consumers will only be an extremely small percentage of the area, as there are
multiple restaurant retailer in the orchard area.

Consumers come to the stall to order and pay, servers will bring them their meals. In addition, meals
can be requested as take-away where they should be picked up at the stall.

3.3 Competitors
My general possible competitors could be March and food courts, but March has only Swiss food,
but it does have the stalls and common eating area factor. Food courts has the stalls and common
eating area factor occasionally different nationalities, but the food is low-quality and the area is not
hygienic.

Marche sells the different swiss food in different stalls. The restaurant has many stalls selling
different types of food and tables spread out in the space. They sell a main meal for approximately
25 sgd but high quality food. The restaurant has a wide selection of different types of dishes, such as
salads, fish, meat, crepes, pasta, desserts etc. but all with the overall theme of Switzerland. The
services in that restaurant are cooking, servers and cashier. The quality of the food is reliable as
customers have the possibility to put their opinions on websites and on the tables there are sheets
of papers asking for feedback. Marche is very stable restaurant with high income, because they are
distributed throughout the world with restaurants in Europe, Singapore and America. The cooks are
qualified and result in high-quality food. They have little advertising except for posters near the area
of a restaurant to attract them to it. Marche has a reputation of high-quality food, nice and efficient
service but expensive. The image of the restaurant is family-friendly, casual and unique concept
which creates a sales method of serving high-quality food with interesting and attractive concept.
Finally, the payment method is for the customers to receive a card at the entrance of the restaurant
and the meals bought are registered onto the card and the customers pay at end the total with
either credit card or cash.

The biggest competitor against Comer are food courts in Singapore. Food courts have stalls around
the tables which serve meals from diverse cultures. The price for a meal is extremely inexpensive
ranging from 2 8 sgd for a meal, but the food served is low quality. The selection possibilities is
wide in food courts; there are about 10 stalls in one area. The services offered are only the cooking
and cashier, because the customers order and pick up their food at the stall. The low-price leads to a
low expectation of food and reliability. Food courts are a stable market which is seen because there
are many around Singapore and almost none close down, but only more open. The employees are

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not experts in their job because the prices are so inexpensive and the meals are basic. Food courts
have no advertisements and rely on word-of-mouth advertisement. The reputation of food courts is
low-quality, unhygienic, inexpensive which is a combination of attractive and unattractive factors.
The image of food courts is a non-time consuming restaurant to relax and eat. Finally, customers
simply order and pay at the stalls with cash and get a receipt.

Comer sells dishes from diverse cultures which is a strength because it is an attractive, unique idea
and widens the consumer demographic but it is expensive to find all the unique ingredients and
high-quality food. The price for a meal that our business is going to make the stalls sell for is
approximately 20 sgd which makes it affordable and attracts more customers but results in less of a
profit than if it was less expensive. We sell a wide selection of cultural foods and our quality is
reliable because consumers can write down their opinions on websites like Trip Advisor which we
will regularly check. Comer might not be stable in the first 6 months, but our income will increase
after and we will have a stable restaurant. Our cooking teams will be qualified which we will check
when hiring them, even though this might be difficult, once it will be achieved, it will increase our
profits. We are striving for a high-quality, culturally diverse restaurant to attract more consumers
and an image of an affordable, unique, casual and fun to discover. We are going to reach our
potential consumers by handing out flyers and providing discounts on the opening day of the
restaurant which is an expensive way to market our restaurant and attract customers from the first
day. Our final sales method is to provide culturally diverse, high-quality food. Customers come to the
stalls to pay, get a receipt to get their food and the payment can be done by cash or credit card, but
no checks as it is less reliable.

3.4 Demand
Our business is worthwhile to do in Singapore, as we have done some primary research to our
potential customers and asked them a few questions about our future business.

All potential customers agreed a common eating area in Comer is a unique, creative and attractive
idea for Comer and food-quality was extremely important in a successful restaurant. The consumers
who stated other all said that all three were the most important. We can evaluate that more
restaurants are needed with high-quality food which Comer will only have.

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One of the final questions were would you come


eat at Comer? which was after they had known
lots of the information and idea behind Comer and
95% (22 out of 23) protentional consumers said
yes. This shows the interest of consumers and the
demand for Comer in Singapore, therefore Comer
is highly likely to be a very successful restaurant.

4.0 Strategy and Implementation


4.1 Marketing & sales plan


Comer will be marketed throughout Singapore using advertisement links and flyer distribution. Our
business will pay a sum of money to show advertisements on the internet and flyers will be
distributed around Singapore. These advertisements before the opening of the restaurant will
attract consumers by having a big discount on the opening day, the discount will be menus of starter
and main dish for 30 sgd which would usually cost 40 sgd. The flyer additionally should advertise the
diverse cultures in the restaurant to show the image of Comer.

The prices of the starters should range from 10 sgd 15 sgd, the main meals from 15 20 sgd and
the desserts approximately 6 sgd. These are the prices of most restaurants around Singapore and
they are all based on our
potential consumers
opinions who decided that
19 sgd is an appropriate
price for a main meal.

Comer also has a membership which provides a free meal once the member has eaten a main dish
or starter at Comer (at any stall) for a total of ten times on different days. This will increase the
chance of consumers wanting to come to Comer.

4.2 Location & technology


Our business only location for the first few years will be in the orchard area because the potential
consumers are often from various cultures and the area is often crowded. The production of the
meals is all cooked in the kitchens of the restaurant and each stall provides and organises their own
suppliers. The space must be very large, around 120m2 of retail space, which includes the five 15m2
kitchens, the large tables area and a small 9m2 for the cutlery cleaning. The area also has to have the
sufficient electrical outlets and our business may have to install ourselves the gas stoves and ovens.
Orchard is an expensive area, therefore the space will cost around 15,000 sgd per month and there
will be the electricity in addition. Our business needs to purchase ovens, gas stoves, industrial
dishwasher, sinks (plumbing), professional fridges, tables, chairs, cutlery and plates.

4.3 Future Milestones


Once we open, in six months we hope to achieve 100 150 customers per day and in a year 100
customers for lunch, and 100 for dinner. 18 months after the opening, we should have paid back half

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our debt and 18 months later we should have reimbursed back the entire debt with interest. Two
years after this, thus 5 years after the opening, we can open another branch in Singapore.

4.4 Challenges
A challenge we may face is getting the business to be successful within the first six months and
getting it well known to the consumers. We must do a lot of marketing to get Comer to stand out
and desired in Singapore which we have explained above in the marketing plan.

5.0 Company & Management


5.1 Management teams


The restaurant will be made up of the stalls and their employees, whom we will have little say in, but
we will employ four servers to serve with the day divided into two shifts and we will pay a company
to come send a cleaning employee to clean the restaurant every night after closing time. I will always
be there to take care of the financials and be the business manager. If there are any big problems or
a customer would like to talk to a manager, I will be there.

The stalls have a small team of however many they need. We will employ the servers who will bring
the food from the stalls to the customers tables, clean up after the customers and if extra cutlery or
plates are needed to be washed, they can wash them. This is important, as our reputation needs to
be kept of our restaurant being hygienic.

We will pay an amount of money to a cleaning company who will send cleaning employees who can
wash the dishes and the entire restaurant after the closing time.

Below is a chart which represents all Comers employees and their positions in our business. The
food stalls are not included because they are independent business which we do not give a salary to.

Owner (me)
Full-time

Cleaners
Independent
contractor

Server Server Server Server


Part-time Part-time Part-time Part-time

5.2 Future management plans


We plan to employ more part-time servers when the number of customers in Comer has drastically
increased to keep a steady, efficient service for customers to want to come to Comer. Service is a
key factor in a restaurant, therefore this is an important plan which will definitely take place.

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6.0 Financial Plan

6.1 Revenue/Sales Forecast


In appendix 1 are the products being sold by the stalls, which are starters, main dishes, desserts and
drinks. The stalls will sell them for an average of $12.5, $17.5, $6 and $2 but Comer will only get the
sales per unit price which is the 30% of each item sold. Since the amount of COGS per unit for the
items of food is none of our responsibility, there is none.

Below are our yearly sales forecasts for each year. Year 1 would be the lowest because we would
just have started out and we would still need to get more customers but it would still be a high sale
number because we will have spent $1,100 on marketing the entire year. Furthermore, the end of
year 1 would be when we would have become very well known in Singapore and our sales drastically
would increase in the last two months of year 1.

Year two sales will have a drastic increase by about 20% from year 1, which will be a result of some
more marketing and a lot of word-of -mouth advertisement. The business will have had two years to
attract most customers. Year 3 has a smaller increase of 10% from having some occasional
marketing, but largely word-of-mouth advertisement from the previous 2 years. The increase is
smaller because the largest part of the potential consumers have been attracted the past 2 years,
therefore finding new customers in the same area becomes more difficult.

6.2 Expenses
In appendix 2 are the figures to launch my business including the operational capital costs, fixed
assets and the loan I am requesting for. The operational capital costs are the costs for the pre-
opening salaries and wages for the part-time employees. $2,000 will be spent on accounting fees, to
pay for an accountant, $15,000 for the first month of rent, $1,100 for the first year of advertising to
attract as many consumers as possible and $8,000 for the first month of electricity and water. For
fixed assets, the money will be spent on cutlery, plates, cups, fixed appliances such as stoves, ovens
and table and chairs. In total, there is $11,000 of fixed assets and $76,100 as operating capital. I put
$15,000 of my own equity into Comer and am requesting $150,000 of a loan. The table below states
$72,100 but we are asking for $80,000 extra in case of emergency, for example with the highly
unlikely possibility we do not make the sufficient amount of profit in the first year, we have
sufficient funds to wait until to next year to get our profit.

6.3 Cash flow


Below is the cash inflows, outflows and net cash flows for the first three years of Comer. In the first
year the amount we need to pay outweighs the amount of our percentage of food sold by $13,839
but in year two, once we have more consumers, our sales income will have brought us to a profit of
sales of $81,543. Year 3, the operating activities and taxes will have increases, therefore causing a

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net cash flow of approximately $1,000 less than year 2, but the fourth year, it should increase from
an increased amount of consumers. See appendix 3 for detailed cash flow chart of year 1-3.

Year 1 Totals Year 2 Totals Year 3 Totals


Total cash inflows $325,356 $435,121 $483,103
Total cash $339,195 $353,579 $402,833
outflows
Net cash flows -$13,839 $81,543 $80,270

Below is the net income/loss which shows that Comer has an income of $12,053 in the first year and
then an increase of 3% which leads to $62,315 and finally a 14% growth which leaves Comer with a
projected $67,582 income at the end of the third year. This is evidence of the extremely high
likeliness of our business becoming successful, as there is no loss projection in any of the first three
years.

6.5 Projected Balance Sheet


The table below shows that the total liabilities & equity match the total assets which is evidence that
Comer is going to be a successful project. See appendix 4 for the entire projected balance sheet.

Year 1 Year 2 Year 3


Total Assets $ 153,179 $ 205,810 $ 263,414
Total Liabilities $126,126 $116,443 $106,465
Total Equity $27,053 $89,368 $156,950
Total Liabilities and Equity $ 153,179 $ 205,810 $ 263,414

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Appendices

Appendix 1

Appendix 2

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Appendix 3

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Appendix 4

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Works Cited
Lamaury, Naomi. "Comer Survey." Survey Monkey,

www.surveymonkey.com/summary/lbaHIsxB9Evg_2Ba2O_2BcYBHZzRX2EQBql7lPqy

7Jfitk0_3D?utm_source=RPS.

"Monthly Retail Sales and Food & Beverage Service Indices." Department of Statistics

Singapore, Mar. 2017, www.singstat.gov.sg/publications/publications-and-

papers/services/monthly-retail-sales-and-food-beverage-service-indices. Accessed

28 Feb. 2017.

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