entrepreneur class business plan assignment

Christopher Stowell

Hui Ma

Yaqian Shi

Ying Wang

New Business Concept

Chisty Market

Product

Chisty will be a Chinese food mini mart with a restaurant-buffet section. Chisty will sell a variety of delicious Chinese food which includes typical Chinese snacks and tasty cooked Chinese food from different cities in China. Grocery items will be available in a small grocery in addition to a prepared foods section. In the prepared foods section, hot foods will be available in buffet style. A smaller sized store (800 sq.ft) will be used.

Target market

Preliminary, Chisty plans to open one market in Coral Gables. It will be located near the University of Miami. The University of Miami has a large population of Chinese students and lots of other people who love Chinese food. Our target market is Chinese food lovers.

Why Chisty ?

The market for Chinese restaurants and Chinese food continues to grow. But, there is not yet a place in Miami that combines the restaurant and market together. Chisty will do just that! The price of cooked food meal from the buffet section will be $5.98/ lb. Snacks and groceries will have a wide range of prices depending on the item. The cooked food will be served near the cashier on buffet tables. Customer can load up a box with whatever food they want. The box will be weighed at the register. There will be a very small eating section to allow customers to eat at the store if they choose to. Chisty will also offer delivery service. The atmosphere will be filled with Chinese culture through music and artwork. The environment will be comfortable and relaxing.

Special Feature

Chisty will have a “City of the Week” promotion. From Monday to Friday every week, Chisty will have a breakfast special and three lunch specials from a particular Chinese city. The city will change every week. All of the other regular foods will still be offered in addition to the specials. In the eating area, a television will play relaxing Chinese programming, either popular Chinese movies or television programming. This will keep customers entertained while they eat. Chisty will also have specials for the Chinese holidays. Chisty will sell the representative food of the holiday and many free samples will be available for customers.

Management Team

Chisty is led by its cofounders Christopher Stowell, Hui Ma, Ying Wang, and Yaqian Shi (“Cynthia”). 99 ranch market, Panda Express, Tropical Chinese and Lao Sze Chuan. Hui will handle supply chain management and importing of foods. He is experienced in this field and has worked 8 years in this field with 99 Ranch Market. Ying will deal with finance and accounting. She has worked 12 years at various accounting firms. Cynthia will take care of marketing directed towards the Chinese population. She has a lot of experience in this field after working 10 years at Lao Sze Chuan. Chris will tackle the marketing towards non-Chinese population. He has built up good experience after working 9 years with Panda Express.

Financials

Chisty plans to fare very well over its first few years of operations. First year predictions project $250,000 sales in groceries and $750,000 sales in hot foods. The second year will bring $275,000 sales in groceries and $800,000 sales in hot foods. The third year projects $300,000 sales in groceries and $900,000 in hot foods. Initial start up costs will be $1,000,000 for the property, building, etc. Yearly costs including wages, overhead, inventory, etc will be $600,000, $650,000, and $700,000 for the first, second, and third years respectively.