Spy-Themed SafeHouse Restaurant

Executive Summary

The anticipated spy-themed restaurant (“SafeHouse”) in Orchard Road, Singapore, is a novel venture to provide patrons with a unique and electrifying dining experience. The restaurant will feature a spy theme with a menu including international cuisine and creative cocktails. The target market for the restaurant is locals and tourists looking for a memorable dining experience. The management team will comprise experienced professionals with a proven track record of success in the food and beverage industry. The unique selling proposition of the restaurant is its spy theme and the immersive experience it provides customers. The restaurant will feature a carefully designed interior with spy-inspired décor and staff dressed in spy attire. The menu will appeal to a wide range of tastes, with options ranging from traditional dishes to creative fusion cuisine. Financial projections indicate that the initial investment required for the restaurant is estimated to be $500,000, with a projected break-even point within the first two years. The marketing plan includes social media, digital marketing, local promotions, and events. The restaurant will be located in a prime area of Orchard Road, known for its high foot traffic and popular shopping destinations. The proposed spy-themed restaurant has the potential to be a unique and profitable addition to the food and beverage industry in Singapore. With a well-defined target market, strong management structure, and unique selling proposition, the restaurant could attract a loyal customer base and stand out.

1.0.Introduction

The SafeHouse is a novel, spy-themed restaurant that will be opened on Orchard Road, Singapore, by a group of enthusiastic entrepreneurs to counter the rising competition from the suburban malls and retail chain outlets. The business will be based on the hospitality industry, with its distinctness shown in product and service offerings, location, and senses that enthrall customers. The company’s vision is to become the dominant spy-themed restaurant in Singapore, offering an exceptional dining experience that seeks to engage all the clients’ senses. The mission is to provide a creative and exciting environment that conveys the realm of espionage, serving delicious drinks and foods that match the spy-themed restaurant approach. The target market will be young families and professionals, specifically between the ages of 18 and 45, who are interested in distinct dining experiences and willing to part with a premium for it. The location, Orchard Road, is a popular tourist and shopping destination in the country and will attract a wide range of customers, including tourists and locals. In terms of marketing, the company envisages adopting a mixed approach combining social media presence, regular menu updates, events, and promotions. This business plan will outline the steps and approaches the owners have set out to make SafeHouse the go-to restaurant in Orchard Road, Singapore. The sections will be split into company background to introduce the venture, the business idea, the business model adopted, unique selling proposition, feasibility analysis, market analysis, financing, and finally, a conclusion section.

2.0.Company Background

2.1.Mission

The restaurant’s mission is “is to provide an exceptional dining experience that engages all the senses of our customers, transporting them to the world of espionage.”

2.2.Vision

The vision will be “to become the leading spy-themed restaurant in Singapore, offering creative and exciting food and drinks that match the spy-themed atmosphere.”

SafeHouse restaurant is a fresh spy-themed business venture that will be located on Orchard Road, Singapore. As per the Singapore Tourism Board (2022), Orchard remains a popular tourist and shopping destination in the state, which makes it ideal for the new establishment. The restaurant will be designed to transport clients to the world of espionage, with a distinct spy-themed menu and décor. Being new in the hospitality industry in Singapore, the restaurant plans to adopt diverse marketing strategies to attract clients, which include email marketing, social media marketing, outdoor advertising, and influencer marketing. Kotler and Armstrong (2017) suggest that practical marketing approaches are essential for the success of a new business venture. SafeHouse Restaurant intends to execute these strategies to establish and increase brand awareness while attracting clients.

At Safehouse, we pride ourselves on providing our guests with an immersive and outstanding dining experience. The bartenders will be highly skilled and experienced, able to make personalized drinks tailored to customers’ tastes. At Safehouse, the objective is to create an extraordinary experience for all guests, whether looking for a quixotic dinner for two or a fun night out with colleagues or friends. Also, the venture will offer private dining rooms for special events, including corporate events, birthdays, and anniversaries. The belief is that the restaurant will provide a unique concept, high-quality food, and exceptional service, making Safehouse the go-to destination for locals and tourists alike.

Operations Structure

SafeHouse will be structured as a conventional restaurant, comprising a general manager overseeing daily operations (see appendix 1). The venture will have a seating capacity of 50, with the choice of having private dining rooms for parties and events. The kitchen will be managed by an experienced head chef overseeing a team of kitchen staff and sous chefs. The bar will be overseen by a head mixologist responsible for creating exciting and innovative cocktail recipes matching the restaurant’s spy-themed atmosphere.

2.3.Management Prowess

A team of experienced professionals will manage SafeHouse with a proven track record in the hospitality industry. The general manager will have over ten years of experience running high-end restaurants in Asia and Europe. He will be responsible for sourcing the best ingredients, designing the menu, and ensuring that all the dishes are prepared to the highest possible standards.

3.0.Business Idea

The principal business idea is based on the conception of an immersive experience. Contrary to other restaurants offering dining products and services, the SafeHouse Restaurant aims to create a wholesome experience based on a spy theme that enthralls enthusiasts of espionage movies, novels, and movies. The experiences are intended to be unforgettable, making customers visit and refer the business to friends, families, and colleagues. When a customer steps through the doors, they will be transported to a realm of intrigue, with walls garlanded with spy ephemera, dim lighting, and secret doorways. The exotic settings inspire the restaurant’s menu in spy novels and movies featuring various intercontinental cuisines, including Japanese, Italian, and American. The restaurant will use only the freshest and premier quality ingredients to create dishes that are both enchanting and visually stunning. The cocktail menu is equally innovative, with drinks named after famous spy characters like Jason Bourne and James Bond. At Safehouse, there is a winning combination of a unique concept, high-quality food, and incomparable service.

3.1. Business Model

3.1.1. Introduction to the Barringer/Ireland Model

The Barringer/Ireland business model (see figure 1) describes a framework designed to assist small business owners and entrepreneurs in creating a successful business venture. This model comprises four stages: feasibility analysis, market analysis, business model development, and implementation (Barringer & Ireland, 2017). By applying this model to the SafeHouse Restaurant business idea, it is crucial to pinpoint critical focus areas, including market analysis, business model development, and execution (Chang, 2018). The market analysis phase involves market research to identify customer needs, behaviors, and preferences. This will include analyzing the sector trends and target customers and analyzing the competitive landscape. The business development stage will involve the creation of a sustainable business framework that aligns with the investors’ capabilities, resources, and objectives. This will include defining the value proposition, revenue streams and developing a sound marketing strategy.

Finally, the implementation stage will involve launching and implementing the business model. This will include the development of the operational processes, recruiting staff, and building relationships with suppliers and customers. By implementing each phase of the model effectively, it is possible to create a distinct and profitable spy-themed restaurant on Orchard Road.

4.0.Unique Selling Proposition

The unique selling proposition of the spy-themed restaurant in Orchard Road, Singapore, is its aptitude to provide clients with an immersive dining experience. From the moment customers step through the entrance, they will feel like they have moved into a world of undercover activities and intrigue. The restaurant’s decor will be inspired by spy films and novels, with hidden compartments, secret passages, and spy gadgets all over the dining area. The staff will be dressed as spies, and the customers will be given code names and briefcases containing their menus. The menu will be designed to incorporate spy-themed dishes, such as “Bond’s Martini” or “Undercover Nachos,” and cocktails will be served in disguised containers, such as hollowed-out books or spy cameras. In addition to the food and drink offerings, the restaurant will also offer spy-themed activities and experiences, such as a “Spy Training Course” or “Escape Room” experience.

The following subsections explain why SafeHouse is unique in its offerings to customers and investors.

4.1.Unique Concept

The spy-themed restaurant conception is new-fangled and unique, providing clients with an experience they cannot find anywhere else in the country (Orchard Getaway, 2015). The bistro can offer something genuinely exclusive and extraordinary by combining the elements of espionage and secrecy with lovely food and drinks.

4.2.Memorable Experience

The immersive dining experience provided by the restaurant will create a lasting memory for customers, making them more likely to recommend the restaurant to friends and family. The restaurant will also be a popular destination for special occasions, such as birthdays and anniversaries, further increasing its customer base.

4.3.Differentiated Positioning

The spy-themed restaurant will be different from other restaurants on Orchard Road, making it stand out from competitors. This differentiation will make it easier for the restaurant to attract customers looking for something new and exciting. Potential for Expansion: The unique selling proposition of the spy-themed restaurant can be easily replicated in other locations, making it an attractive investment opportunity for investors looking for a business with growth potential. With its unique concept, memorable experience, differentiated positioning, and potential for expansion, the restaurant is an attractive investment opportunity for investors looking for a business with growth potential.

5. Feasibility Analysis

The feasibility comprised a survey of 20 individuals residing around the Orchard Road area. The study discovered that 15 respondents were familiar with spy-themed restaurants (see appendix 2). Also, six out of the 20 respondents reported having visited such an establishment. Fourteen of the respondents were either somewhat likely or very likely to visit a spy-themed establishment in the near future. In contrast, over 50 percent of the respondents reported interest in buying merchandise, such as hats, t-shirts, and key holders related to a spy-themed restaurant. The essential factors the respondents cited while intending to pick a restaurant were food and service quality, ambiance, and price.

5.2. Product/Service Feasibility

This represents an essential business component, and it is more significant for SafeHouse restaurant. There are various key factors to account for while assessing the feasibility of the products or services (Mukherjee & Roy, 2017)that the restaurant will provide, which are outlined in the following subsections.

5.2.1. Menu

SafeHouse’s menu will be the backbone of all offerings, which must appeal to the clients. The restaurant will create a distinct menu that will incorporate spy-themed dishes with enthralling names, for instance, “Double Agent Burger,” Bond’s vodka,” and “Undercover Martinis,” among others. The head chef will be able to design menus to cater to diverse preferences and tastes, including gluten-free and vegetarian options.

5.2.2. Pricing

The prices for foods and drinks will be competitive to reflect the uniqueness and quality of the restaurant’s offerings. The restaurant will offer premium prices to its clients, covering the immersive experiences provided while ensuring that the prices go high enough to deter customers from visiting.

5.2.3. Ambience and theme

The Ambience and theme of the restaurant will be aligned with the spy topic to create a truly immersive experience for the clients. The SafeHouse restaurant will incorporate distinct espionage elements to enhance the ambience and theme.

5.2.4. Experiences and activities

The restaurant will offer activities and experiences aligned with its spy theme. For instance, the clients can participate in an “Escape Room” or “Spy Training Course” experience to add extra elements of excitement and fun to their visit. Besides, according to market data, Singaporeans’ frequency of dining out be on an upward trend, as evident in appendix 3. Secondary data from Statista (2022) showed that 43 percent of Singaporeans dined out several times each week, while 24 percent stated that they tended to dine out at least once daily.

5.3. Target Market Feasibility

When introducing the spy-themed restaurant (SafeHouse) in Orchard Road, Singapore, it will be essential to consider various elements attracting spy enthusiasts. The target market feasibility will be based on the outlined factors.

5.3.1. Target market demographics

The target market for SafeHouse will be individuals between 18 and 45 interested in spy-related experiences and themes. As the Department of Statistics, Singapore, outlined, the population under this age bracket constituted 49.2 percent of the total population in 2020 (Mintel, 2019). This demographic segment is anticipated to be interested in the themed restaurant.

5.3.2. Market research

This will be conducted to determine the latency for a spy-themed restaurant on Orchard Road. As per Mintel (2019), themed bistros are popular among millennials, with approximately 65 percent visiting a themed bistro in the past twelve months. This is a good indicator for the SafeHouse venture. In addition, it will be essential to conduct a competitive analysis to identify gaps in the industry that the restaurant could fill.

5.3.3. Location

Orchard Road represents a prime location for the business. The area has a lot of foot traffic and local and international tourists. However, the high rental costs in the area have to be assessed to guarantee profitability.

5.4. Financial Feasibility

The start-up costs for the restaurant will be significant. These will include expenses for leasing the space, purchasing kitchen equipment, recruiting staff, marketing, and renovating the space. It will also require additional costs for constructing the décor with distinct spy themes, which include concealed compartments and gadgets. Starting with an initial capital of $500,000, of which $100,000 are from investors’ savings and the rest ($400,000) is from a bank loan, here is a breakdown of the estimated costs for SafeHouse Restaurant in Orchard Road:

5.4.1. Rent and Utilities

The cost of renting space in Orchard Road is high, making it essential to select a location that is accessible and appealing to customers. A 1,500-square-meter space costs approximately $25,000, translating to $300,000 for the initial year. Also, utilities like water, gas, and electricity are projected to cost around $1,000 or $12,000 annually.

5.4.2. Restaurant and kitchen equipment

Outfitting the kitchen with stoves, refrigerators, ovens, chairs, tables, POS systems, and dishwashers will cost around $15,000.

5.4.3. Interior design and renovation

The restaurant’s interior design will follow the spy theme, requiring distinct furnishings and décor. This is estimated to cost $75,000.

5.4.4. Inventory and Supplies

Developing and implementing a marketing strategy will be essential to create awareness and generate interest in SafeHouse Restaurant. The projected cost for this is around $25,000.

5.4.5. Staff Salaries and Benefits

The projected cost for this segment is $100,000 for the initial year.

6.0.Market Analysis

The market analysis represents an essential step in determining the feasibility of a business idea. In the case of SafeHouse in Orchard Road, Singapore is essential to conduct a comprehensive market analysis to evaluate the industry growth, industry analysis, consumer demand, and Porter’s Five Forces analysis.

6.1.Industry Growth

Singapore’s restaurant business has grown steadily over the past decade, with a compound annual growth rate (CAGR) of 2.2% from 2015 to 2019 (Statista, 2023). However, the sector was severely impacted the COVID-19 pandemic, with a significant decline in revenue due to lockdowns and social distancing measures.

6.2.Industry Analysis

The restaurant industry in Singapore is highly competitive, with many established players and new entrants. The industry is fragmented, with many small and medium-sized enterprises (SMEs) operating alongside multinational chains (Euromonitor, 2022). The market is dominated by international cuisines such as Japanese, Italian, and American, with a growing demand for plant-based and healthy food options.

6.3.Consumer Demand

Factors like convenience, affordability, and quality of food and service drive consumer demand for restaurants in Singapore. With an increasing focus on healthy eating and sustainability, customers are looking for organic and plant-based restaurants. In addition, consumers are looking for unique dining experiences beyond just the food, such as a themed or spy-themed restaurant.

6.4.Porter’s Five Forces Analysis

Porter’s Five Forces analysis provides a framework for evaluating the competitive forces that shape an industry. In the case of SafeHouse Restaurant, the following analysis is applicable. First, in terms of the threat of new entrants, the level is moderate, as the restaurant industry in Singapore has relatively low barriers to entry. However, a spy-themed restaurant may have a competitive advantage due to its unique concept and themed offerings. Secondly, the bargaining power of suppliers is moderate, as there are many suppliers of food and beverage products in Singapore. However, a spy-themed restaurant may require unique suppliers, increasing its bargaining power. Third, the bargaining power of buyers is high, as customers have many dining options in Singapore. A spy-themed restaurant must offer competitive pricing and unique offerings to attract customers. Fourth, the threat of substitutes is high, as customers can dine at home or opt for other forms of entertainment. A spy-themed restaurant must offer a unique experience that cannot be replicated elsewhere. Lastly, the intensity of competitive rivalry is high, as the restaurant industry in Singapore is highly competitive. A spy-themed restaurant must differentiate itself from competitors through its unique concept and offerings.

7.0.Financing

As stated earlier, the SafeHouse Restaurant will source its funds from owners’ savings (self-financing to the cost of $200,000), and the extra (with a projected budget of $500,000) will be sourced from a bank as a business loan. The owners could apply for bank loans to cover 80 percent of the start-up costs ($400,000). Assuming an interest rate of 5% over a 5-year loan term, the monthly loan repayment would be around $7,600.

8.0.Conclusion

The SafeHouse spy-themed restaurant in Orchard Road has the potential to be a unique and profitable addition to the food and beverage industry in Singapore. With a well-defined target market, strong management structure, and unique selling proposition, the restaurant could attract a loyal customer base and stand out from its rivals. However, the business’s success will depend on careful financial planning, effective marketing strategies, and the ability to adapt to changing market conditions. With the right resources and a dedicated team, the spy-themed restaurant could become a must-visit destination for locals and tourists looking for a unique dining experience in Singapore.

9.0.References

Barringer, B. R., & Ireland, R. D. (2017). Entrepreneurship: Successfully launching new ventures. Pearson.

Chang, S. J. (2018). Handbook of research on new venture creation. Edward Elgar Publishing.

Euromonitor. (2022). Global overview of the hotels and restaurants industry. Retrieved from https://www.euromonitor.com/hotels-and-restaurants

Kotler, P., & Armstrong, G. (2017). Principles of marketing. Pearson.

Mintel. (2019). Themed restaurants – Singapore. Retrieved from https://reports.mintel.com/display/968056/

Mukherjee, M., & Roy, S. (2017). Feasibility Studies and Important Aspects of Project Management. International Journal of Advanced Engineering And Management 2(4), 98.

Orchard Getaway. (2015). New restaurants and cafes are popping up in Orchard Road, The Strait Times. Retrieved from https://www.straitstimes.com/lifestyle/food/new-restaurants-and-cafes-popping-up-in-orchard-road

Singapore Tourism Board. (2022). Orchard Road. Retrieved from https://www.visitsingapore.com/see-do-singapore/places-to-visit/orchard-road/

Statista. (2022). Frequency of dining out among Singaporeans as of December 2022. Retrieved from https://www.statista.com/statistics/723875/frequency-of-eating-out-in-singapore/#:~:text=According%20to%20a%20survey%20by,out%20several%20times%20a%20week.

Statista. (2023). Hotels – Singapore. Retrieved from https://www.statista.com/outlook/mmo/travel-tourism/hotels/singapore#:~:text=Revenue%20in%20the%20Hotels%20segment,4.77m%20users%20by%202027.

10.0 Appendices

10.1. Appendix 1

10.2. Appendix 2

10.3. Appendix 3