project part -1 - pmgt 701-010 -FINAL draft

Group Project Part -1 Akporuere, David Anil, Ashir Joshua Bagadia, Kalpkumar Bareng, John Paul Desai, Rushin Oniera, Meshack Centennial College PMGT 701 SEC 010: Fundamentals of Project Management Professor Kim Pereira February 5, 2024

GENERAL PROJECT INFORMATION   Project Title   Project Manager   Project Sponsor   Building “ONLY VEG” Restaurant Group 6  Vegetarian or Vegan Advocacy Groups Budget Information   Project Start Date   Projected Finish Date   $150,000 to $700,000 or more April 1 st , 2024 2 nd Quarter of 2025 Business Case: Building an “ONLY VEG” Restaurants 1. Introductions: There has been a discernible trend in customer preferences in recent years toward more sustainable and healthful dining options. Due to causes including environmental concerns, ethical considerations, and health consciousness, there is an increasing demand for vegetarian cuisine as a result of this trend. In light of this changing market environment, we suggest opening a vegetarian restaurant. 2. Background: As the demand for veg foods increases and we become more dedicated to encouraging healthy lives, we hope to close a gap in the culinary market. We want to reinvent the idea of eating out by bringing creative, delectable vegetarian dishes and creating a welcoming environment where foodies and health-conscious people can mingle and enjoy mouthwatering, plant-based meals. 3. Business objective: Our vegetarian restaurant's goal is to satisfy the increasing demand for vegetarian cuisine by offering a varied and tempting selection of meals. In addition to serving great, filling meals, our goal is to provide a warm and inviting dining space that supports ethical, sustainable, and healthful eating habits. Our vision is to become the go-to place for vegetarian eating in the area, providing mouthwatering dishes that satiate the palate and encourage a better lifestyle. 4. Current situation & Opportunity statement: Although there is an increasing demand from customers for vegetarian food, there aren't many excellent vegetarian eateries in the neighborhood. This issue affects roughly 30–35 percent of vegetarians.

Menu Specialized Menu Seasonal Menu Possibility of creating a niche market and a USP. Builds excitement for upcoming offers by showcasing seasonal, fresh foods May alienate mainstream customers due to limited appeal to some demographics. May restrict customer options and necessitate frequent menu adjustments. dishes guarantees inclusivity and satisfies a range of dietary requirements, maximizing appeal to a larger clientele. Marketing strategy Digital Marketing Partnerships and Events Sustainability Focus Targeted reach, affordability, and metrics tracking capabilities. Strong community ties and buzz are advantages. Builds   brand   reputation   and   appeals   to   socially   concerned   consumers. Market saturation necessitates constant involvement. May strain resources and necessitate coordination. Needs   dedication;   not   everyone   will   find   it   a ppealing. Sustainability Focus - Stressing the restaurant's dedication to sustainability helps it stand out in a crowded market and complies with customers' growing need for environmentally friendly dining options. 7. Preliminary Project Requirements: 1. Idea Generation 2. Choosing a Location 3. Creating a Menu 4. Layout and Interior Design 5. Equipment and Kitchen Setup 6. Personnel and Instruction 7. Promotion & Marketing 8. Budget Estimate and Financial Analysis 1. Initial Expenses: Lease or Buy: $100,000 to $300,000 Interior design and renovations: $50,000 to $100,000 for Kitchen equipment and setup: $50,000 to $150,000 Licensing and permits: $5,000 to $20,000 Initial inventory and supply cost: $20,000 to $50,000

Marketing and promotion: $10,000 to $30,000 Hiring costs, salary, and training materials: $10,000 and $30,000 2. Monthly Operating Expenses: Rent or mortgage payments: $5,000 to $15,000 in Gas, water, and electricity bills: $1,000 to $3,000 Costs associated with payroll: $15,000–$30,000 Costs associated with inventory and food: $10,000 to $20,000 Advertising and marketing: $2–$5,000 Coverage: $500–$1,500 Upkeep and Fixes: $500 to $2,000 Additional costs: $1,000 to $3,000 3. Estimated Revenue: The average meal price, depending on the location and menu options: $15 to $30 50 to 150 clients are served each day. The estimated monthly revenue: $22,500 to $135,000. Estimated Annual Revenue: $270,000 to $1,620,000 4. Analysis of Profitability: The usual gross profit margin for the restaurant business: 60% to 70% Net profit margin: 10% to 20% When monthly revenue equals monthly expenses, the break-even point is reached. Return on Investment (ROI): Determined by using the annual earnings and the initial investment. 5. Stability of finances: To determine how changes in important factors may affect profitability, do a sensitivity analysis. Develop backup plans to reduce any risks and uncertainties that may arise, such as regulatory changes, competition challenges, and economic downturns. Take into account financial choices to obtain extra money for launch and ongoing costs. 6. Schedule Estimate: Idea Development: 1 Month Selection of Location: 2 Months Menu planning: 1 Month Interior Design: 2 Months Setup of the kitchen:1 Month Employee Hiring and Training: 2 Months Marketing and promotion: 2 Months Grand Opening: 1 Month Management of Operations: Continuous Constant Improvement: Ongoing 9. Potential Risks: 1. Saturation of the Market 2. Modifying Customer Preferences 3. Location Difficulties 4. Variability by Season 5. Food Safety and Quality Assurance 6. Personnel Concerns 7. Budgetary Restrictions 8. Adherence to Regulations

Project Charter: Building an “only veg” Restaurants Project Title: Building an “Only Veg” Restaurants Project objective : To open a top-notch vegetarian restaurant serving creative and delectable vegetarian food. To establish a warm, sustainable dining space that encourages moral eating, wellness, and good health.To set the restaurant apart with its distinctive menu, first-rate service, and dedication to environmental conservation. To accomplish long-term sustainability and profitability while making a beneficial impact on the local economy and community. Project scope: Concept Development: Based on vegetarian food, specify the target market, concept, and theme of the restaurant. The first step in opening a restaurant is to choose a location that will work for the target population and zoning laws. Menu Planning: Create a thorough menu including a selection of vegetarian appetizers, entrees, desserts, and beverages. Interior Design: Create a welcoming setting that enhances the vegetarian dining experience by designing the restaurant's layout, furnishings, and ambiance. Kitchen Setup: Obtain the tools, resources, and appliances needed for preparing, cooking, and storing meals. Recruitment and Training of Staff: Employ and train chefs, cooks, servers, and managerial staff at restaurants, emphasizing vegetarian food expertise and customer service. Marketing & Promotion: Create a marketing plan to get customers to the restaurant opening by utilizing a variety of media, including social media, regional advertising, and promotions. Grand Opening: Arrange and carry out a celebratory event to create a sense of anticipation for the upcoming vegetarian eatery. Standard operating procedures (SOPs) should be established for restaurant operations, including food preparation, service, cleanliness, and patron satisfaction. This is the responsibility of operations management. Continuous Improvement: Put in place systems for getting input from patrons and employees to keep improving the menu selections, the caliber of service, and general visitor experience. Deliverable for the project: Signed purchase or lease for the restaurant's location. Finished blueprints for renovations and interior design concepts. Create recipes, sourcing strategies, and menu options. Installed and finished the setup of the kitchen appliances. Hired and prepared employees for restaurants. Carried out advertising and marketing initiatives. Obtain all licenses, authorizations, and certificates required. Implemented practices and activities for sustainability. Stakeholders : 1. Owners/Founders 2. Investors 3. Project Manager Clients 4. Workers 5. Vendors

6. Local Group 7. Regulatory Bodies 8. Influencers and the media are industry partners 9. NGOs, or non-governmental organizations Milestones : Concept Development Complete: [March 10, 2024] Location Secured: [March 15, 2024] Interior Design and Renovations Finished: [September 15. 2024] Menu Planning and Recipe Development: [August 15, 2024] Kitchen Setup and Equipment Installed: [November 31, 2024] Staff Recruitment and Training Complete: [February 15, 2024] Marketing and Promotion Executed:[December 31, 2024] Regulatory Compliance Obtained: [March 31, 2024] Sustainability Initiatives Implemented: [January 31, 2024] Grand Opening: [2 nd Quarter of 2025] Budget: The total budget required to open a vegetarian restaurant could range from approximately $150,000 to $700,000 or more. Additionally, having a contingency fund of around 10-20% of the total budget is advisable to cover unexpected expenses and ensure financial resilience during the initial stages of operation. Risks and Mitigation: Factors Risks Mitigation Risk of Market Saturation There's a chance that there are too many vegetarian restaurants on the market, which would mean fierce competition and trouble drawing diners. Carry out in-depth market research to pinpoint opportunities and set the restaurant apart with exceptional offerings like inventive menu items, specialist cuisines, or a unique atmosphere. To differentiate your brand from the competition, create a compelling brand identity and marketing plan. Shifting Customer Tastes Variations in customer traffic and income may result from changes in dietary patterns or consumer tastes that affect the demand for vegetarian food. Keep an eye out for new culinary trends and modify the menu items appropriately. Provide a variety of vegetarian options, such as low-carb, vegan, and gluten-free options, to accommodate varying dietary requirements. Use social media, feedback forms, and surveys to interact with customers to learn about their preferences and modify the

The specific key criteria for the success of the project will be determined by evaluating data for these points : 1. Client Contentment 2. Menu Experimentation and Superior Quality 3. Cash Management 4. Efficiency of Operations 5. Brand Awareness and Reputation 6. Social Impact and Sustainability 7. Adherence to Regulations 8. Employee Contentment and Engagement Approach: There are several important processes and factors to take into account when operating a restaurant that serves entirely vegetarian food. To achieve success it is important to follow this approach - Concept development, site selection, menu planning, interior design and branding, kitchen setup and equipment, hiring and training of staff, marketing and promotion, regulatory compliance, soft opening and grand opening, and market research. Roles and responsibilities: 1. Project Sponsor: offers the project's goal, funding, and strategic direction. approves significant choices, financial allotments, and project completion dates. guarantees conformity with overarching corporate aims and objectives. 2. Project Manager: oversees the project's conception, implementation, and conclusion. Carries out task coordination between several teams and stakeholders. Tracks development, spending, and schedule to make ensuring project objectives are fulfilled. serves as the primary point of contact for discussing and resolving issues. 3. Building Group: carries out the building process by authorized plans and designs. Oversees all construction-related tasks, such as clearing, constructing, and finishing the site. Guarantees adherence to safety laws, construction ordinances, and other requirements. Collaborates with designers, architects, and subcontractors to accomplish project goals. 4. Partners in Technology Integration: uses technological innovations to improve restaurant operations. Installs and sets up reservation platforms, point-of-sale (POS) systems, and additional software. Gives employees assistance and training so they can use technology systems efficiently. Guarantees the smooth functioning and integration of technological solutions to maximize effectiveness and customer experience. 5. Consultants for sustainability: guides eco-friendly projects and sustainable building techniques. suggests energy-saving supplies, machinery, and systems for the eatery. assures adherence to environmental rules and aids in the acquisition of green building certificates. keeps an eye on the effects on the environment and encourages sustainable practices throughout the project's life. Communication Plan: Make sure that all parties involved communicate clearly and consistently. Provide updates on the status, revisions, and benchmarks of the project. Encourage cooperation, openness, and adherence to the project's objectives. Respond to worries, find solutions, and get input from interested parties. Channels for communication: Regular Meetings, Email Updates, Project Management Tools, Video and Telephone Calls, Bulletins or newsletters. Use feedback tools to get feedback from stakeholders, such as suggestion boxes, questionnaires, and open-door policies.

When it's practical, consider suggestions for project plans and decisions by actively listening to stakeholder feedback and addressing any issues.

effect on the surrounding community. 7. Suppliers and Vendors Vegetable Supplier External mail id[] contact number [] Anticipates regular orders, prompt payments, and adherence to quality standards. 8. Regulatory Authorities Regulatory Agency External mail id[] contact number [] Anticipates timely permit renewals, adherence to food safety laws, and health code compliance. 9. Marketing and Advertising Agencies Marketing Agency External mail id[] contact number [] Expect to create successful marketing initiatives, raise brand recognition, and draw in clients. 10. Food Critics and Reviewers. Food recruit External mail id[] contact number [] Anticipates excellent vegetarian food, first-rate service, and favorable reviews for print. 11. Financial Controller Financial Controller External mail id[] contact number [] Anticipates precise financial reporting, adherence to the budget, and examination of profitability. 12. Interior Designer Interior Designer External mail id[] contact number [] Aims to build a restaurant with a welcoming ambiance, a practical layout, and a pleasing appearance. 13. Local Business Associations Business Association External mail id[] contact number [] Anticipates the restaurant working with other

companies, taking part in community events, and boosting the local economy. 13. Contractors Construction Contractor External mail id[] contact number [] Demands adherence to construction dates, prompt payment, and explicit project specifications. 15. Environmental Organizations Environmental NGO External mail id[] contact number [] Anticipates that the eatery will use eco- friendly techniques, reduce its negative effects on the environment, and support green projects. Stakeholder Assessment: Building “ONLY VEG” Restaurant Stakeholder Name Level of Interest Level of Power Engagement Level Project Management Strategies Project sponsor High High Moderate Frequent updates and participation in decision- making Project manager High Moderate High Weekly status meetings, clear communication channels Head chef High High High Planning meals and taking tours of kitchens Restaurant manager High Moderate Moderate Weekly staff meetings and evaluations of work Staff member Moderate Low Low Training courses and unambiguous work requirements Local residents and community members Moderate Low Moderate neighborhood gatherings and community outreach initiatives Suppliers and vendors Moderate High Moderate On-time payments and events honoring vendors

Power / Interest grid for stakeholder analysis: High interest Low interest High power Project Sponsor Head chef Regulatory authorities Food Critics and Reviewers Suppliers and vendors Restaurant manager Project manager Financial Controller Contractors Marketing and advertising agencies Low power Staff member Local residents and community members Local Business Associations Interior Designer Environmental Organizations

REFERENCES 1. Project Management Institute. (2017).   A guide to the Project Management Body of Knowledge (PMBOK guide)   (6th ed.). Project Management Institute. 2. Maynard, T. (n.d.). How to open a restaurant in Toronto . GTA General Contractors. https://www.gtageneralcontractors.com/blog/how-to-open-a-restaurant- in-toronto/ 3. Gordon Food Service. (n.d.). 4 ways to build Veg-Centric Success . https://gfs.ca/en-ca/ideas/4-ways-to-build-veg-centric-success/