Fine Dining Restaurant
My business idea is that I want to open a fine dining restaurant. Fine dining restaurant is not like normal family restaurants because this restaurant provides highest quality foods to the customers (Harrington, et al., 2011). Fine dining restaurants have dress codes most of the times. To open this fine dining restaurant I will set up a LongHorn Steakhouse franchise stall. LongHorn Steakhouse is an American company, which has a great goodwill in the market. Therefore, it will be beneficial to set up a franchise of a good company on which customers have faith. There are many benefits of setting up franchise of LongHorn Steakhouse such as; customers love this brand, LongHorn …show more content…
And according to census of 2011 the population of Caversham was 23,885 which are increased now. Caversham is a good place for tourists because there are many historical and cultural places for visit and the Caversham Wildlife Park is an attraction for tourism. So this is a main reason why opening a fine dining restaurant will be a good idea. There are many restaurants available there but the best part is there are only few fine dining restaurants available, which offer best quality food to the customers. The new and innovative thing, which I will offer to the customers, is that I am going to set up franchise of LongHorn Steakhouse and there are a few restaurants available, which offer steaks to their customers. The name of the company is enough to attract the customers so the quality of the food and other things will be a competitive advantage for the fine dining restaurant. Another thing, which will be new, is that my restaurant will provide new offers to attract the customers. LongHorn Steakhouse provide training to the owner of franchise to maintain the quality of food, this will provide benefit …show more content…
There are different types of ownership. However, the most suitable ownership for this business is sole trader. Sole trader is also known as sole proprietorship. In this ownership owner has the full right to take decision without discussing and owner is liable for all the profit and looses. Owner is opening franchise of LongHorn Steakhouse, which is very famous in America, so owner will not face much problem to attract the customers that is why this ownership is suitable (Abdulsaleh, et. al., 2013)
For ex- Catering companies are mainly sole proprietorship firms, which provide their services to weddings, parties, business events and church functions. In catering business a sole proprietor, hire employees to complete project.
Another example of sole proprietorship ownership is Financial Planners. Financial planners are work as a sole proprietor the work of this company is offers their service to small business or individuals. Financial planners may help the business by deciding retirement packages for their employees and helps in suggesting other benefits to employees (LeSage, et. al., 2011). Along with this, financial planners are also help families by offering them right retirement plan.