Financing Entrepenuerships

Business Venture

name

school

professor name

Financing Entrepreneurships

23 October 2014

The industry in which I will start a business is the Hospitality industry and the type of business that I plan to start is a Restaurant. The hospitality industry includes several sectors, which includes restaurants, cruise lines, transportation, theme parks, event planning, lodging, and other additional fields. The hospitality industry is also made up of numerous exciting organizations, which include nightclubs, bars, coffee shops, fast foods, food service management, hotels, and restaurants (Stocco, 2011).

A restaurant is mainly a place or business where people are allowed to pay for sitting and eating meals, which are served and cooked, on the premises. A restaurant serves and prepares drinks and foods to their esteemed customers in exchange for money. There are numerous restaurants nowadays, which offer food delivery, outside catering and takeout services to their customers. Restaurants are different from each other in offerings and appearance and they vary in their main service models and chef’s cuisines (Lee, 2011).

In my proposed restaurant, the restaurant will be located in the Washington DC area where it will serve the ever-growing middle class of this country since they have the purchasing power. This restaurant will target the high-end clientele of the DC area who prefer tasty food, fine dining and classical restaurants. Mac Donald’s will be the main competition, although the restaurant will target a niche type of clientele. This type of business interests me very much because I have always admired fine dining since I was young whereby we used to be taken to such places by my parents. I also have vast experience working in such restaurants since I have previously worked on a part-time basis in these premises. I strongly believe that this business will be successful because I have conducted a due diligence study and I have discovered that the customer base is huge and it is still untapped. The majority of the restaurants in the Washington DC area are normally fast food restaurants, but this business will specifically target clientele who have a preference of fine dining.

References

Lee, R. (2011). The everything guide to starting and running a restaurant: The ultimate resource for starting a successful restaurant!. Avon, Mass: Adams Media.

Stocco, F. (2011). How to open a restaurant: Due diligence. S.l.: Nrd Publishing.