BUSINESS PLAN


Business Law


April 20, 2004


1.0 Executive Summary


Name and location: Modern Homemade, 2100 Main St., Philadelphia, PA 19101


“Modern Homemade”- "a steak buffet," unlike a typical restaurant, will provide a unique combination of excellent food at value pricing with a fun and entertaining atmosphere. Modern Homemade is the answer to an increasing demand. The public (1) wants value for everything that it purchases, (2) is not willing to accept anything that does not meet its expectations, and (3) wants entertainment with its dining experience.


In today\'s highly competitive environment, it is becoming increasingly more difficult to differentiate one restaurant concept from another. Modern Homemade does this by being the only buffet concept that features mesquite-grilled, USDA-choice sirloin steaks, cooked on our display grill, for one low price. We will be serving top quality, 21-day aged steaks that are hand-cut daily on the premises and seasoned to perfection. Our grill will be out in the open and loaded with steaks cooked to the proper degree of doneness that our guests request. With our high dinner volume, there will be no waiting for a steak since we will have the grill stocked with every degree of doneness. No other national chain has tapped this market. With red meat (in particular, steaks) increasing in demand today, we believe that this feature will ensure our success.


This plan is prepared to obtain financing for the initial launch of this concept. The financing is required to begin work on kitchen design, architectural plans, manuals and recipe books, site selection, equipment purchases, and to cover expenses in the first year of business. Additional financing will need to be secured for the two subsequent units anticipated in July, 2002 and January, 2003. Our positive cash flow will help to offset some of this burden.


The financing, in addition to the capital contributions from the owners, will allow Modern Homemade to successfully open and maintain operations through year one. The initial capital investment will allow Modern Homemade to provide its customers with a value driven, entertaining dining experience. A unique, mid-scale, innovative environment is required to provide the customers with an atmosphere that will induce middle America to bring family and friends to dine and socialize. Successful operation through year three will provide adequate cash flow to be self-sufficient in year four.







1.1 Objectives


Modern Homemade objectives for the first three years of operation include:



o Growing one unit per year for the first three years of operation.
o Keeping food cost fewer than 35% of revenue.
o Keeping employee labor cost between 16-18% of revenue.
o Averaging sales in each location between 3-4 million dollars per year.
o Maintaining tight controls on costs and operations by hiring a managing partner/proprietor for each location and utilizing automated computer/Internet control.
1.2 Mission


Modern Homemade will strive to be the premier buffet restaurant in the local marketplace. We want our guests to have the total experience when visiting Modern Homemade. Not only will our guests receive a great meal, they will also be provided with a fun atmosphere. We will be doing unique things (such as serving all-you-can-eat USDA-choice sirloin steaks on a display mesquite grill) that will set us apart from the competition. We will want the dining experience to be as pleasing to the senses as it is to the palate.


Our main focus will be serving quality food at a great value. We will feature a large selection of freshly-prepared food, most in full view of our guests. We will feature 100 items daily that are full of flavor and zest at an unbelievable price!


Customer satisfaction is paramount. We will strive for broad appeal. We want to be the restaurant of choice for everyone: families and singles, young and old, male or female.


Employee welfare will be equally important to our success. All will be treated fairly with the utmost respect. We want our employees to feel a part of the success of Modern Homemade. Happy employees make happy guests.


We will combine menu variety, atmosphere, ambiance, and friendly staff to create a sense of "place" in order to reach our goal of over-all value in the dining/entertainment experience.


1.3 Keys to Success


The keys to the success of Modern Homemade are:



o The creation of a unique, innovative, entertaining, mid-scale atmosphere that will