Sally and you have been best friends since childhood. She is a fourth-year student at the Culinary Institute of America (CIA). Whenever you met up, you two spent the entire time planning the “dream restaurant.” It was always an inspiration and, ultimately, what led her to go to a culinary school. You would always tease her that she did not need to spend hundreds of thousands of dollars to operate a food truck. You were always intrigued by the hospitality industry and ended up at ERAU’s flight school. Sally would always tease you back by saying you did not need to learn to fly the plane to be a flight attendant. But she knew you were a wiz at business and felt comfortable with you managing the business end of the venture. “Just think,” Sally said. “Opening a high-end white-tablecloth restaurant with a fancy name, live entertainment with outdoor tables on a balmy cool-breeze night by a Florida beach – wouldn’t that be amazing?!”
Sally said, “After conducting some preliminary research, it’s now or never!” You both have been pooling resources for some time and have stockpiled a ton of money from your inventions, investments, and network marketing operations. Sally, too, has accumulated her share of funds from the lucrative government catering contracts.
After discussing her notes, you suggest that she research the initial requirements for start-up businesses, and you volunteered to complete those functions. You both realized that by investing in these activities early, there would be substantial cost savings. Sally agreed and stated that she would develop the back-of-the-house functions in the kitchen design and restaurant layout. Sally has been experimenting with new food preparation technologies. Her goal is to create a menu that appeals to high-end customers who experiment with original exotic flavors and culinary delights. She has been in the experimental cooking labs at school, learning advanced food preparation technics. You agreed that with her experience running her multi-million dollar catering business, it would be best if she took the lead in creating the direction, design, and management style of the food and beverage aspects of the backroom side of the company. As a student at the CIA, she has had multiple courses in restaurant management.
Fortunately, you are enrolled in a business law course covering the essentials of legal theory and business operations that should be helpful. The course was designed using a hands-on application of authentic legal and business-planning tools and required documentation to start up and operate a business. The course is going to provide a wealth of information.
Sally agreed to handle and provide various issues that need documentation. As her lifelong friend, you remember one important thing; she always has many questions. Timelines, deadlines, and expectations must be met and completed thoroughly and perfectly. You always tease Sally that it’s like having a professor around all the time; all you want to do is assign a grade to everything! So you have developed the habit of reading all the support material you can find and performing research that you can use to document everything using a standard legal format that demonstrates that you have good sources and documentation for your work. She expects you to read your course material and follow the directions to complete assigned work. You must perform outside research and review all references provided as resources to assist you in constructing your work product critical to building a sound business plan and completing all of the requirements for a legally recognized company. Most importantly, the organization of work submitted is perhaps the most valuable asset!
A carefully developed Business Plan serves as a blueprint to your success. Without a plan in place, there is no control or guidance charting the direction of the business. When you encounter unexpected events, a well-crafted plan includes alternative steps that will guide you through course adjustments. A good strategy contains sustainability measures.
Your Business Plan must be at least twelve pages and consist of the following:
• Title page
• Minimum of ten pages of content
• Reference page
Your business plan will not include any detailed financial data section.
Note: Please, do not copy a business plan from an existing company.
As Chief Executive Officer (CEO), you will take the lead in preparing the plan to kick start the restaurant operation. Sally has developed the minimum format guidelines to assemble the required information to build the Business Plan.
WARNING: This assignment is not satisfied by using short or one-sentence answers. It requires a full explanation of your choices and support with statutory authority citations listing the requirements.
Restaurant Risueno! (Means Smiling in Spanish)
• Present and describe the items you will use to address the concerns of your business plan.
• Set the stage for the framework that will become your business plan.
• Type of Business (Restaurant)
• Describe the business, the product or services, location (Florida), and any other facts you want to report.
Legal Form of Business
• Pick the appropriate form of business except for a sole proprietorship.
• Consider the costs associated with the chosen business form.
• Explain why you have selected this form of business from a tax, company, and personal liability perspective.
• Indicate the advantages and disadvantages of this legal form.
• Specify the types of officers and duties that will be involved in the company’s management.
• Using the business’s location, review all state and federal requirements for starting a business. (Orlando, FL)
• Using any new information or previously provided information, write a brief outline mapping the required steps to qualify.
Legal Setting of Business
• Expand upon the information you stated under the legal form of business. Describe any government laws or requirements that pertain to your business.
• Describe any zoning requirements for the business.
• Include any restrictions such as zoning, safety, environmental, easements, or other requirements.
• Describe the property or location of your business. (Orlando, FL) (By the beach)
• Discuss the viability of the business in the chosen location from a population, transportation, and community income perspective. Have you considered transportation, ease of customer access, and utilities at this location?
• Considering the debt acquired to purchase the property and discuss the viability of the profitability.
Business License Research and Costs
• Describe the business license and permit requirements for the location where you will be doing business (factor in the type of business and the impact it will have on the costs of governmental regulation).
• Check the city and county websites for business license requirements and the costs for the business license.
• Describe the types of business insurance required for operating this type of business.
• Is bonding required?
• If you have employees, describe the mandatory types of insurance to consider.
• Describe any Intellectual Property that your business may own or create.
• Consider trademarks, copyrights, design specifications, patents, and logos.
• Discuss the steps required to protect all intellectual property associated with the business.
Employment Law and Requirements
• Attach a copy of the search for federal Labor laws obtained from your research of federal Employment Regulations. Describe your decision to hire or not hire employees vs. independent contractors.
• Review IRS.gov for guidance on mandatory taxes.
Purchase Orders and Contracts
• What foreseeable types of pricing arrangements are you underneath? Contract pricing arrangement examples are firm fixed price, fixed price with economic price adjustment (EPA), etc.
• Are the other Regulations that are required based on the mix and government contractor status cost-effective? Government contracts, direct hires, particular needs?
• For other types of contracts, are you considering labor, time, and materials, or multiyear- type?
• Support your contract types with justification. Why are you planning on using these purchase orders and contracts?
Torts and Crimes Protection
• Describe the types of torts and crimes relating to your business that you will have to protect from damages and disputes.
Property and Requirements
• Describe any company property (equipment, computer systems, or building requirements) that may be necessary for startup and planned for business operations.
• Do you plan on leasing, renting, or buying any business property? Please support your decision.
• You will learn in this course that the Uniform Commercial Code (UCC) governs many types of business requirements such as contracts for lease or sale of goods, transactions, fraud, the passing of title, risk of loss, and other contract requirements. Describe how you plan to comply with the UCC for your business.
• Describe any other requirements you have learned in this course that you will have to consider in starting, operating, and eventually closing your business.
• Your Plan Conclusion should summarize the main concepts addressed in this paper. Restate the blueprint of your businesses’ success. Restate important ideas and recap your findings.
Your Business Plan must be your original work for this course in its entirety. Your paper will automatically be evaluated through Turnitin when you submit your assignment in this activity. Turnitin is a service that checks your work for improper citation or potential plagiarism by comparing it against a database of web pages, student papers, and articles from academic books and publications. Ensure that your work is entirely your own and that you have not plagiarized any material!
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