Business Description: The Yellow Tail is a wine bar designed to offer an excellent place for people to gather after work, taking a lunch break, especially on a Friday night and the weekends for people to relax. We provides a high quality glass of wine and rest rooms. A perfect place for meeting and to take a client. It is planned to be set up opposite to century tower in Town Hall, on Pitt Street in the Sydney CBD. The specifics of this plan is illustrated below.
- Legal name: The Yellow Tail wine bar
- Industry/Type: Tertiary, which involves serving customers, food and wine.
- Product/Service: Restaurant and wine bar, provides lunch and dinner but the main ...view middle of the document...
This business plan is the key to securing funding for the Yellow Tail.
It is also a set out of my idea in a logical framework, a blue print for the Yellow Tail and is vital if Iâ€™m going to approach potential investors, funders and banks.
It also help me to identify the Yellow Tailâ€™s strengths and weaknesses, key areas where you need to develop expertise and the financial risk involved in setting up the business.
Situational analysis: Yellow Tail is the only wine bar in the Sydney Townhall area, it has a great position advantage, which the Yellow Tail is located in the heart of Sydney that provides a huge flow of customers, it has a serval big company offices around it.
Competition: There are a lot of bars, restaurants and fast food shops in the city,
The Salmon Bar serves nouveau cuisine with low prices but very small portions. They have only been open 8 months but people haven't been very receptive to it.
LaCosta is part of a chain of restaurants. They have reasonable prices and serve reasonable food. They offer a fair wine list that is relatively expensive. The food is consistently middle-of-the-road while the service isn't very consistent.
The Seafood Place is a well-known restaurant with a good reputation. It's been in business for 15 years. It's located right downtown. It offers good food at about the same price that we will have. They have a small wine list.
Key Market Trends: As the baby boom generation continues to age, and their children grow up, baby boomers have more free time and money to go out to dinner. Fast-food restaurants, the domain of young families, have fallen out of favour as many boomers now demand more nutritional, higher-quality food. Fine dining allows people to socialize and relax as they meet friends over excellent food and a fine glass of wine.
The consumer: Being in the heart of Sydney, another great advantage is the huge flow of consumers and will eventually establish a stable market share.
The challenge: The challenge will be how to use the less amount of time to set up the businessâ€™s reputation and attract consumers to spend in the Yellow Tail.
Strength: A good location in the heart of Sydney city, a huge flow of customers, several offices around and people, being the only wine bar in Townhall and wine has a good sales market in Australia.
Weakness: Many competitors in the area, has not yet set up a reputation being a start up business, everything is in a trial and risk.
Opportunities: Well established position with well defined market and being the only wine bar in the area of Townhall.
Threat: Economy reasons might effect the decisions of consumers spending and the rise of price for wine.
Goals, objectives and strategies:
My wine barâ€™s goals and objectives is to:
Focus ideas and establish goals
Identify and quantify long-term expansion
Track and direct growth
Create benchmarks for measuring...