Eastern Food Restaurant Essay Example | Topics and Well Written Essays - 2000 words

Eastern Food Restaurant - Essay Example To meet this goal, the company, will consider the quality, generosity, understanding, and fairness between vendors, customers, staff, and management, the impact that the business choices and practices will portend on the environment the restaurant will be situated in, and the product’s effects on the well-being and health of the staff and customers. Being aware of the responsible actions and these factors that the result should give a sense of meaning and effort that go far beyond the goals of basic financial obligations. Development and Status The company Eastern Foods was incorporated in the year 1992 in November and certified. The company’s founders are Kenneth O, Donahue and Martha Lee. Martha is the company President while Kenneth is the company’s Vice President. The company has issued common stocks of over 10,000 shares with both Kenneth and Martha owning 2,500 shares each. The remainder of the stocks have been retained by the company for distribution in th e future. Kenneth and Lee have loaned ?30,000 from their own funds to aid in start up costs and research for the restaurant. Eastern Food Restaurant’s found a suitable site for its UK based restaurant two months ago and negotiations on the lease period were recently completed, with the deal being in its final stages of completion. The restaurant’s location will be on 134-136 Wardour Street, which is adjacent to a densely populated area of the market that the restaurant will target. After the signing of the lease agreement, the company will have four months to construct the restaurant without any rent charged, this period being the one where the start-up fund balance should be raised. On the completion of this phase, Eastern Food Restaurant would be opened with the project’s operation phase set to begin. Future Plans Should the restaurant meet, by the tenth month, a majority of its projections, the company will begin to look for another location, to develop anoth er restaurant, and start planning procedures for another restaurant. The company’s five-year goal is ownership of four restaurants in the greater London area whose annual combined profit the company expects to be in the range of ?20,000 and ?700,000. Industry Analysis The restaurant industry business is quite competitive, with lifestyle changes that have been created by modern culture fuelling the industry’s steady growth continuously. Increasingly more people possess less cooking ability, resources, and time. The importance of trends cannot be overstated, and Eastern Food restaurant UK aims to be well positioned for this interest in healthier and lighter foods going for moderate to low prices. The Restaurant Industry as it is today The service of food is the fourth biggest industry in the UK. The industry accounts for approximately $200 billion each year in sales. Independent restaurants account for approximately 20% of this total. The average Brit will spend approxim ately 20% of their income on away from home food, with the number having increased steadily over the past 5 years (Katz, 2006 pp140). The reasons for this are an increase in the variety of product, economic climate, and changes in lifestyle. Future Trends and Strategic Opportunities The growth trend predicated is quite positive in long and short term projections. Modern living has created increased demands that have made people be compelled to eat away from their homes. This is predicted to be as high as 35% in the coming six years. The national restaurant