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1.0 Executive Summary
BBQ Restaurant, LLC (“the Company”) is a Miami, Florida based business that will provide a wide range of classic American BBQ cuisine to the general public. At this time, the Company is seeking $250,000, via a private investment, in order to launch operations. The Company’s Founder is Terry Morrison who will serve as CEO as well as the executive chef. The business will specialize in smoked and slow cooked meats.
1.1 The Restaurant
The Company intends to acquire several smokers that will produce BBQ entrees including brisket, ribs, chicken dishes, and whole pig dishes. The business will offer both a sit down experience and take-away options. In order to further drive inventory turnover, the business will enroll among numerous delivery platforms.
The business will acquire a beer and wine license. The Company will source numerous beers among microbreweries throughout the United States. An expansive wine list will also be available.
A major component of the Company’s operations will center on catering. The business will be able to provide large trays of freshly smoked meats and sides for gatherings of any size.
The third section of the business plan will further discuss the operations of the business.
1.2 Financing
Terry Morrison is currently seeking $250,000 in order to establish the operations of BBQ Restaurant in Miami. Management anticipates that the business will receive a 10 year loan carrying an 8.5% interest rate. Primarily, the funds will be used for the following:
• Location development
• Kitchen and general equipment
• Working capital
• Initial marketing
Moving forward, BBQ Restaurant, LLC would be a strong candidate for a working capital line of credit, or a business expansion loan should Management develop additional locations in the South Florida market. This document assumes that no further capital outside of the funding sought in this document will be sourced.
1.3 Mission Statement
The Company’s mission is to provide outstanding BBQ to the Miami market while ensuring that the location is considered a local institution.
1.4 Management Team
BBQ Restaurant, LLC was founded by Terry Morrison. He is an experience executive chef that has developed a number of proprietary BBQ recipes that will be used during the course of operations.
1.5 Sales Forecasts
1.6 Expansion Plan
Over the next three years, the Company will continue to expand its marketing operation to encompass the entirety of the Miami and South Florida market areas. The business will focus heavily on expanding its catering operations. Management may also develop a food truck, which would complement the operations of the restaurant. This food truck would go to highly trafficked areas as well as being used for onsite events.
2.0 Company and Financing Summary
2.1 Registered Name and Corporate Structure
BBQ Restaurant, LLC. The business has been established as a limited liability company in the State of Florida.
2.2 Required Funds
The business will acquire a $250,000 SBA loan to develop the operations of the restaurant. Management will contribute $50,000 towards the venture. The funding is to be used as follows:
2.3 Management and Investor Equity
Terry Morrison currently retains a 100% ownership interest in the business. There are no long-term plans to secure capital via private investment.
2.4 Exit Strategy
In the event that Management wishes to retire, he will work with a qualified business broker to sell the business to a third party restauranteur. It is also possible that the business may sell its operations to the employees of the Company. Prior to the potential sale of the business, the Company will hire a business valuation firm that specializes in restaurants to provide a formal value for the business.
3.0 Operations
As stated in the executive summary, BBQ Restaurant will be actively involved with providing the Miami and South Florida communities with a broad range of classically prepared BBQ. The business will specialize in providing smoked meats using the Company’s drum smokers. The restaurant will feature a modern, clean look and it will be able to accommodate up to 50 patrons at any given time. The business will have both counter service as well as sit down service.
A major component of the Company’s operations will center on catering. The business will have the ability to produce custom trays to the customer’s exact specifications. The business will work with regional event planners that will call on the business when their clients specifically request BBQ as the type of fare for their event.
In regards to beverages, the Company will offer a wide range of bottled beverages and sodas. Management will acquire a license that allows beer and wine to be provided onsite. The Company will work with regional distributors in order to source numerous unique microbrewery beers as well as wines from all over the country.
Moving forward, BBQ Restaurant, LLC may integrate a food truck into its operations to further increase revenue. This food truck will feature substantial exterior signage, which will further increase brand name awareness in the Miami and greater South Florida market areas.
4.0 Strategic and Market Analysis
4.1 Economic Outlook
At this time, the economy is doing very well. Unemployment remains very low, and the Federal Reserve and global central banks have enacted fiscal policies that are allowing the rates of inflation and interest to further decline. It is expected that a more measured approach to reducing the rate of inflation will be taken now that this matter is abating.
However, any issues with the economy will only have a minor impact on BBQ Restaurant’s ability to continue to operate at a profit. The demand for BBQ remains strong in any climate as this is a very popular cuisine within the United States. Additionally, the Company will engage in catering throughout the South Florida area which will further reduce the operational risks of the business.
4.2 Industry Analysis
Yearly, over $1.2 trillion is spent at restaurants and food service businesses throughout the United States. The industry, as a whole, employs, over 15 million people. This industry is expected to continue to achieve growth rates that are similar to that of the economy as a whole.
Over the last ten years, one of the major trends among food service businesses is to integrate ecommerce operations so that orders for delivery and take-away can be completed on an online basis. BBQ Restaurant, LLC will capitalize on this trend by working with numerous platforms that facilitate these types of transactions.
4.3 Customer Profile
Among people within Miami and the greater South Florida market area that will come to BBQ Restaurant, the following profile will be used during the course of marketing:
• Annual household income of $50,000 to $150,000
• Lives within four miles of the Company’s location
• Will spend $25 per person per visit to the location
Management has specifically chosen the Miami market given its substantial population, population density, and wealth. It is one of the most visited tourist destinations in the country, which will further ensure substantial traffic to the restaurant location. In this section, you can further expand upon the reasons as to why you have chosen your specific market for your BBQ restaurant. You can also discuss the specific demographics that you will target in regards to your marketing operations.
4.4 Competition
Given the demand for BBQ cuisine, there are a number of restaurants that provide similar fare. The Company will differentiate itself from competing businesses by specializing in the sale of slow cooked meats. The business, as discussed earlier, will have several smokers onsite in order to provide a unique culinary experience for customers.
5.0 Marketing Plan
BBQ Restaurant, LLC will use numerous forms of marketing to drive traffic to the location. Most importantly, the business will engage numerous online marketing strategies among platforms that accept orders. This will ensure a rapid inventory turnover from the onset of operations.
5.1 Marketing Objectives
• Maintain a state-of-the-art ecommerce website that has been search engine optimized for the Miami market.
• Hire a social media influencer to come to the BBQ Restaurant location to film their experience.
• Engage public relations campaigns that will increase brand name awareness within the greater South Florida market.
5.2 Marketing Strategies
At this time, Management is working with a number of real estate brokers that will source a high visibility location for BBQ Restaurant’s operations. This location will most likely be located in a standalone facility. Although this may contribute to higher operating costs, the location will be able to affix a greater amount of signage to a standalone location.
Prior to launching operations, the Company will establish its presence on the internet via both a proprietary website as well as multiple social media pages. The website will feature ecommerce capabilities so that people can place orders for pick up and delivery while concurrently making reservations for sit-down service. The platform will be specifically search engine optimized for the Miami market. The business will coordinate these efforts with a regional SEO firm.
In regards to social media, the Company will maintain pages on Facebook, Instagram, Tik Tok, X (formerly Twitter), and YouTube. During the course of development, the business will frequently post video updates to all social media pages. This will create substantial awareness for the Company’s cuisine prior to the grand opening period. Through the life of the business, the Company will offer discounts through all social media platforms.
The business will also develop ongoing relationships with event planners and wedding planners throughout South Florida that will use the Company’s catering operations. As discussed earlier, this will be a major driver of revenue growth during the first three years of operation.
The Company will also coordinate with a Miami based social media influencer that will showcase themselves dining at the location. These influencers will also conduct a brief interview with Terry Morrison who will showcase the operations of the business. Moving forward, the Company may hire additional influencers to promote BBQ Restaurant.
6.0 Organizational Plan and Personnel Summary
6.1 Corporate Organization
6.2 Payroll
7.0 Financial Plan
7.1 Underlying Assumptions
• BBQ Restaurant, LLC will acquire $250,000 to launch operations.
• The average revenue growth rate will be 10% per annum.
• Management will invest $50,000.
7.2 Sensitivity Analysis
The business’ revenues are only moderately sensitive to a potential economic recession. As has been discussed throughout this document, BBQ is very popular, and it is an affordable meal when people want to eat at a restaurant. The Company will have controllable operating costs, which will ensure that rent and debt obligations can be fulfilled on a monthly basis.
7.3 Source of Funds
7.4 Profit and Loss Statement
7.5 Cash Flow Analysis
7.6 Balance Sheet
7.7 Breakeven Analysis
7.8 Business Ratios
