There is a big Korean wave among the nations in Asia and especially in Japan. Due to this Korean wave, we were thinking of promoting the advertisement of Korea by opening a Korean restaurant. We will be opening a traditional Korean restaurant that promotes the well being of the customers and also letting the people know about the true traditional Korean restaurant. There are 127,560,000 people living In Japan at the moment, consisting of 125,646,600 (98.5%) Japanese, 637,800 (0.5%) Koreans, 510,240 (0.4%) Chinese, and 765,360 people from other ethnicities. Japan is a wealthy country having a GDP 5,458,872 millions of US dollars every year, which makes them the third richest country in the world. It is found that 90% of the Japanese population claim that they belong to the middle class in its socioeconomic standing. Out of the 90% claiming that they belong to the middle class, 70% believe that they belong to the upper-middle class in the socioeconomic standing. As we are mainly targeting the upper-middle class of the society, the market size for our business is more than half of the whole population.
The unemployment rate in Japan is only 5.1% of the population, which is fairly low compared to other countries that exceed this percentage. It shows the wealth of the people and evidence show that the market trends are consistent, but on the rise. In fact, the Japanese market is one of the world’s most profitable markets for the majority of businesses, attracting investors to the country. One website cites that “early entry into the Japanese market can be one of the most profitable business decisions you ever make - late entry into the Japanese market can be one of the worst. If you are in a fast moving market (and these days which market is not fast moving?) then you need to achieve first-mover status especially in the Japanese market if you want to succeed.” (Venture Japan) It serves as evidence for a profitable business.
Our business will be targeting upper-middle class family, elderly, and employees. It will provide these different people with comfort and well-being food that promotes the health of the people. Thus, it will provide pleasure to the eyes and the mouth. For families and elderly, it will be the perfect place for a family dinner or lunch, providing the best and the most traditional food of Korea. In addition, the modernized, luxurious, and spacious interior offers a hygienic and a delightful experience to fulfill the hunger and loosen the tension one experienced for the day.
We will be competing against other restaurants by the taste and the original tradition of the restaurant. Our managers, waiters, and waitress will be providing services in Gae Ryang Hanbok, which is a casual version of the Korean traditional clothes. Every dinner time, there is a Korean traditional performance upon the request of the customer performing the traditional music of Korea using the Korean instruments such as, gayageum, hegeum, and geomungo.
The location of the restaurant will be at the Mori Tower in Roppongi Hills in Tokyo. It is a place that concentrates the upper-middle socioeconomic class people. The Mori tower is 54 floors high and houses museums, hotels, restaurants, cafes, stores, and clinics. The cafes, restaurants, hotels, and clinics are targeted for the upper-middle class in the society. It also has a Hyatt Hotel right next to the tower, which is a five star hotel attracting mainly the upper socioeconomic class. The income per month will be roughly 600,000 US dollars. The rent for the restaurant at Roppongi Hills is roughly 150,000 US dollars. We are planning for a net income of 200,000 US dollars. The remaining 250,000 US dollars will be paid for the servers, chefs, and fresh ingredients. It will be 150,000 US dollars for the best and the most fresh ingredients and 100,000 US dollars for the workers at the restaurant.
We will not be focusing on advertising the business to keep the high standard of the restaurant. The main source of advertisement will be the customers themselves. If the restaurant pays off for the price, the need for advertisement is minimal.
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