University of Dhaka
Termpaper on:
How to Develop a Business Plan
Course Title: Entrepreneurship and Small Business Management
Course Code: MIS- 303
Submitted to:
Ms. Hamida Akhter
Assistant Professor
Department of Management Information Systems
University of Dhaka
Submitted by:
Md. Sameen Ahnaf Masud
ID: 131-17-098
Department of Management Information Systems
University of Dhaka
Date of Submission: March 11, 2025
INTRODUCTION
A well-structured business plan is essential for any entrepreneurial
initiative, serving as a strategic guide for the organization's
development and prosperity. In the context of a Bangladeshi
restaurant, the business plan must consider various elements, such
as prevailing market trends, potential challenges, competitive tactics,
and robust financial and marketing strategies. This document will
delineate the process of formulating a business plan for a
Bangladeshi restaurant, highlighting pertinent statistics regarding
culinary trends, obstacles the establishment may encounter,
methods to address these challenges, and creative approaches to
differentiate the restaurant from its competitors. Furthermore, it will
examine financial management, accounting practices, and marketing
strategies that contribute to the restaurant's long-term viability.
EXECUTIVE SUMMARY
The executive summary serves as a vital section of any business plan,
offering a concise overview of the enterprise's mission, vision, and
objectives. The executive summary for a Bangladeshi restaurant
should emphasize the distinctiveness of the cuisine and its cultural
importance while underscoring the potential for success within the
competitive foodservice sector.
MISSION STATEMENT
To provide an authentic experience of Bangladeshi cuisine through a
contemporary, customer-centric approach that harmonizes tradition
with modernity. The restaurant will create a welcoming environment
where patrons can savor traditional dishes such as biryani, panta
bhat, and fish curry, alongside innovative offerings that cater to a
variety of tastes.
VISION
To establish itself as a premier Bangladeshi restaurant that
showcases the rich culinary traditions of Bangladesh to a broader
audience, both locally and internationally, while upholding high
standards of quality and exceptional service.
BUSINESS OBJECTIVES
- To create a sustainable and profitable restaurant within a two-year
timeframe.
- To cultivate a dedicated customer base by providing both authentic
and inventive Bangladeshi cuisine.
- To achieve steady growth through targeted marketing efforts and
strategic partnerships.
Foster a diverse, inclusive, and inviting atmosphere that appeals to
food enthusiasts from all walks of life.
MARKET RESEARCH AND ANALYSIS
Before exploring the specifics of establishing a Bangladeshi
restaurant, it is essential to grasp the market landscape. The
foodservice sector has experienced considerable transformations in
recent years, influenced by shifting consumer preferences, economic
conditions, and global trends.
A. Food Trends:
There has been a notable increase in the popularity of diverse and
ethnic cuisines worldwide. The National Restaurant Association’s
(NRA) 2021 Culinary Forecast indicates that international flavors and
ethnic dishes are projected to remain prominent in 2023. The
appetite for cuisines from the Indian subcontinent, including
Bangladeshi, Pakistani, and Indian, is rapidly expanding, particularly
in Western nations where these options are perceived as healthier
alternatives to traditional fast food. For example, as of 2021, Indian
cuisine ranked as the fourth most popular ethnic cuisine in the U.S.,
encompassing Bangladeshi food within the broader South Asian
culinary spectrum.
In Bangladesh, food trends have also shifted. A 2020 survey by
Euromonitor International revealed that consumers are increasingly
seeking quality, health-oriented, and innovative dining experiences.
There is a rising interest in locally-sourced ingredients, plant-based
diets, and more adventurous, fusion-style dishes. Recognizing and
adapting to these trends will be crucial for the restaurant's success in
a competitive environment.
B. Target Market:
The target audience for a Bangladeshi restaurant is likely to include
the following segments:
Food Enthusiasts and Ethnic Cuisine Aficionados: Individuals who
appreciate South Asian cuisine and seek authentic dining
experiences.
Health-Conscious Diners: Those who favor lighter, healthier options,
including vegetarian or plant-based meals.
Local Community: Bangladeshis residing abroad who desire
traditional flavors and comforting dishes reminiscent of their
homeland.
Young Professionals and Families: These customers are often eager
to explore new dining experiences.
C. Business Concept and Menu Development
Distinctive Selling Point (DSP): To distinguish itself in the competitive
restaurant scene, the establishment must provide something
distinctive that will draw customers in addition to the cuisine. A
possible unique selling proposition for a Bangladeshi restaurant
might be a “fusion experience,” combining classic Bangladeshi meals
with international tastes or contemporary innovations. For instance:
Biryani with Global Influences: A Bangladeshi biryani infused with
Italian truffle oil or a teriyaki biryani inspired by Japanese cuisine.
Contemporary Street Food Adventure: A variation on favorite street
foods, like puchka (or pani puri in India), featuring distinct fillings or
chutneys.
Seasonal Menu: Updating the menu to feature locally sourced,
seasonal produce while maintaining traditional dishes at its center.
This not only provides diversity but also meets the needs of ecoaware consumers.
Moreover, a dedication to sustainability, like utilizing
environmentally friendly packaging or providing plant-based menu
choices, can set the restaurant apart from competitors in the
industry.
D. Business Challenges and Solutions
Establishing a Bangladeshi restaurant presents a variety of
challenges, many of which can be addressed through strategic
planning and innovative methodologies. The following are some
prevalent challenges:
1. Sourcing Authentic Ingredients:
To preserve the authenticity of a Bangladeshi restaurant, it is
imperative to procure high-quality ingredients. Traditional
components such as mustard oil, Hilsa fish, and specific spices may
be challenging to obtain, depending on the geographical location.
Solution:
Forge partnerships with local suppliers capable of delivering
premium ingredients. Additionally, consider importing essential
spices and ingredients to maintain authenticity. Although this may
necessitate a higher initial investment, it will ultimately ensure
consistency in the flavor profile of the dishes.
2. Competition from Other South Asian Restaurants:
The ethnic food market is highly competitive, and a Bangladeshi
restaurant may encounter significant rivalry from Indian and
Pakistani establishments, particularly in metropolitan areas.
Solution:
Emphasize the distinctive features of Bangladeshi cuisine, including
lesser-known dishes and cooking methods, to set the restaurant
apart from Indian competitors. Providing a unique dining experience,
such as live cooking demonstrations or seasonal menus, can further
enhance the restaurant's appeal.
3. Cultural Barriers and Customer Education:
Despite a potential interest in ethnic cuisine, some patrons may lack
familiarity with the flavors and ingredients characteristic of
Bangladeshi food.
Solution:
Implement educational marketing initiatives that highlight the
history and cultural significance of the dishes. For instance,
integrating storytelling elements into the menu or offering cooking
classes can engage customers effectively. Additionally, training staff
to articulate the dishes and their cultural relevance will contribute to
an authentic dining experience.
FINANCING, ACCOUNTING AND MARKETING
PLANS
A robust financial strategy is vital for the long-term viability of any
restaurant. Securing funding, managing cash flow, and tracking
expenses are essential components of operating a profitable
business.
Financing Options:
Equity Investment: Look for investors who have a strong interest in
ethnic cuisine or the foodservice sector.
Loans: Utilize traditional bank loans or microloans to finance initial
capital expenditures, such as renovations and inventory purchases.
Crowdfunding: Explore the possibility of launching a crowdfunding
initiative on platforms like Kickstarter, aimed at customers eager to
support a new Bangladeshi dining establishment.
Accounting and Budgeting:
Start-up Costs: This encompasses expenses for equipment, kitchen
setup, interior design, initial inventory, and necessary permits. For a
mid-range restaurant, start-up costs can vary from $100,000 to
$300,000, influenced by location and scale.
Fixed Costs: Monthly budgeting should account for rent, utilities, and
employee salaries.
Variable Costs: Ingredients, marketing efforts, and seasonal labor
should be closely monitored to maintain profitability.
Maintaining accurate bookkeeping and accounting is vital for
tracking revenue, expenses, and profits. Utilizing cloud-based
accounting software like QuickBooks or Xero can streamline the
process, ensuring timely invoicing, expense management, and tax
compliance.
Marketing Plan and Policies:
A robust marketing strategy is essential for attracting and retaining
customers, positioning the restaurant as a must-visit spot for food
enthusiasts.
Digital Marketing: Website and Social Media Presence: A userfriendly website featuring an online menu and reservation system is
essential. Utilize social media platforms such as Instagram, Facebook,
and TikTok to engage potential customers by highlighting visually
appealing dishes, sharing behind-the-scenes content, and
showcasing customer testimonials.
Food Influencers and Bloggers: Partner with local food bloggers and
influencers to generate excitement around the restaurant. Offering a
tasting menu or inviting influencers for reviews can help build a
substantial following.
Local Advertising: Collaborating with nearby businesses, cultural
groups, and community events to showcase the restaurant can
significantly enhance brand visibility.
Reward Programs: Establishing a reward system that gives returning
customers discounts or complimentary meals can motivate them to
come back for more.
Customer Experience: Prioritizing exceptional customer service,
creating a warm and inviting atmosphere, and ensuring consistent
quality will foster lasting loyalty. Satisfied customers often serve as
the most effective promoters.
CONCLUSION
Crafting a business plan for a Bangladeshi restaurant demands
thorough analysis of market dynamics, potential challenges, and
strategic approaches to establish a strong foundation.