On the Water is a Mediterranean restaurant that opened on the Sunset Strip. On the Water will target both fun-seeking as well as sophisticated diners looking for good food in a fascinating atmosphere. On the Water will try to make 85% gross margins with an innovative setting, an excellent menu and an experienced restaurateur.
Market
On the Water will target tourists and locals who are avid restaurant-seekers. The program will focus on young adults earning $15K-60K who are looking for great food and fun. On the Water will not only target young adults who have money to spend but also adults and tourists who frequent Sunset Blvd. The demographics include males and females between the ages 21 and 50, with or without a college degree. On the Water can serve not only local Hollywood area residents, but also tourists and party animals.
It has been proven that restaurants are more affected by economic declines than the general economy. This may be due to people’s belief that food, no matter how it comes from a grocery or a restaurant, is a fundamental necessity in life. They spend accordingly.
Service and Products
One thing that is always consistent with On the Water is their impeccable service. Server staff are all highly trained and have extensive experience. Services at the Water include a variety of cultural and art collections from Mediterranean Europe. It creates a real atmosphere that can distract from their analysis of the many artifacts.
Lily Valdivia’s pride and joy is the menu. It is a culmination of over 20 years of cooking. Traditional favorites like hummus and baba Ghannoj are included in the menu. These favourites are differentiated by using the freshest organic ingredient. People don’t realize how much better these items taste when they are made with fresh ingredients and love. Also available are kebobs and chutneys. Everything is fresh, homemade, and prepared daily.
Management
The restaurant is led by Lily Valdivia, an industry veteran. Her restaurant experience began 12 year ago as a server. She moved quickly to fine dining, where she perfected the formal, customer-centric approach to serving. Lily was the manager for a European restaurant that had over $2.5 million in annual revenue for the past five years. Lily began cooking as a child in Greece 20 years ago. Lily was born into a large family. She quickly assumed the responsibility of cooking for the whole family. Her mother, who was three generations old, taught her how to cook. Lily quickly learned these recipes and started to experiment with her own cooking. The feedback from her family was always very positive. She knew this would be the opportunity to make her business a success.
On the Water should reach profitability in the second month. Sales are expected to grow to $1,785,000 over the next two years and to $2,345,000 by three. These sales are projected to generate high net profits.
1.1 Objectives
- Increased sales to more than $2.345,000 in the third year.
- Maintain a gross margin of around 80%
- To increase inventory turnover by two-hundred turn next year, and to at least 240 in the third year.
1.2 Mission
On The Water provides fine dining with unique mediterranean flavours and an exceptional bar and grill experience. Our mission is to provide excellent food and friendly service. Our dining room is inviting and sophisticated. We also have walls that are constantly sprayed with running water. Our focus is on customer satisfaction, high-quality food, and fresh, carefully selected ingredients. We do not judge people based on their dress or class. On The Water Grill should be a place where people can enjoy good food and make new friends at the tropical Mediterranean Honey bar inside.
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