Similar to event business plan, restaurants also need a proper business plan. To begin, you will require a detailed restaurant business plan. This plan will not only serve as a blueprint for how you will run your restaurant, but it will also be required to secure funding. But knowing you need a solid restaurant business plan is not the same as actually writing one. Here are 11 steps to write restaurant business plan.
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What Is a Business Plan?
A business plan’s goal is to create a guide that will help you navigate each stage of starting and running your business. That plan should also be comprehensive and articulate enough so that a total stranger, such as an investor, can read it and easily understand your vision, goals, and how you intend to make your restaurant dream a reality.
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Business plans come in a variety of formats, and they can be as short as a single page or as long as a booklet. You may want to start with a lean startup plan that focuses on a high-level view of your strategy, followed by a more detailed plan that elaborates on key points and provides more information to investors.
In short, your business plan should communicate everything you have and intend to invest in your restaurant to ensure its long-term success.
Why Business Plan Is Important?
Many new restaurant owners fail to create a well-thought-out restaurant business plan because the process is time-consuming and difficult. However, without a proper restaurant business plan, you’re aiming in the dark. Without a proper plan, it is unlikely that you will be able to secure an investor to help fund your restaurant dream. Even if you do, a lack of proper planning, regulations, and forecasting will doom your restaurant.
Your restaurant business plan will outline how you intend to profit from your venture, as well as where your restaurant fits into the saturated market and how you intend to stand out. In the long run, a little time and pain are worth the reward of a successful restaurant.
How to Write a Restaurant Business Plan?
To get you started, here have highlighted the key elements you should include in a business plan restaurant.
Executive Summary
An executive summary should always be the first section when making restaurant business plan. A restaurant business plan executive summary serves as both an introduction to your business plan and a summary of the entire concept.
The primary goal of an executive summary is to entice the reader (often an investor) to read the rest of your business plan.
Company Description
This is the section where you introduce the company completely. Begin this section with the name of the restaurant you are opening, as well as the location, contact information, and other relevant information. Include the owner’s contact information as well as a brief description of the owner’s experience.
The second section of the company description should highlight the restaurant’s legal status as well as its short and long-term goals. Provide a brief market study demonstrating your understanding of regional food industry trends and why the restaurant will succeed in this market. You can also search for restaurant business proposal examples.
Market Analysis
Typically, the market analysis section of a restaurant business plan is divided into three sections: industry analysis, competition analysis, and marketing analysis. You also should include it in the business plan bakery if you want to make bakery business.
Menu
The menu is the most important aspect of launching your restaurant. You probably don’t have a final version at this point, but for a restaurant business plan, you should at least try to have a mock-up.
Pricing is the most important aspect in your sample menu. Your prices should be based on the cost analysis you performed. This will help them understand your restaurant’s target price point. Even early on, you’ll notice how important menu engineering can be.
Employees
The restaurant business plan’s company description section briefly introduces the restaurant’s owners and provides some information about each. The restaurant management team should be fully fleshed out in this section.
The investors do not expect you to have selected your entire team at this point, but you should have at least a couple of people on board. Use the talent you’ve selected so far to highlight the collective work experience everyone brings to the table.
Restaurant Design
The design section in restaurant business plan is where you can really impress the investors with your ideas and thoughts. It’s okay if you still don’t have professional mock-ups of your restaurant rendered. Create a mood board to convey your vision instead. Find images of similar aesthetics to what you want in your restaurant.
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Restaurant design should go beyond just aesthetics and include everything from restaurant software to kitchen equipment.
Location
The location you choose for your restaurant should undoubtedly correspond to your target market. You may not have a specific location in mind at this point, but you should have a few options.
When describing potential locations to your investors, include as much information about each one as possible, as well as why it would be ideal for your restaurant. Mention everything from the size of the room to the typical demographics.
Market Overview
The market overview section of the restaurant business plan is closely related to the market analysis section. In this section, go over the micro and macro conditions in the area where you want to open your restaurant.
Discuss the current economic conditions that may make opening a restaurant difficult, as well as your strategy for dealing with them. Mention all of the restaurants that could be competitors and your strategy for standing out.
Marketing
With restaurants popping up everywhere these days, investors will want to know how you plan to spread the word about your establishment. The marketing strategy and publicity section should detail how you intend to market your restaurant both before and after it opens. As well as any plans you may have to hire a public relations firm to help spread the word.
External Help
You’ll need a lot of help to make your restaurant a reality. List any outside companies or software that you intend to hire to get your restaurant up and running. This includes everything from accountants and designers to suppliers who aid in the performance of your restaurant, such as POS systems and restaurant reservation systems. Explain to your investors why each is important and what they will do for your restaurant.
Financial Analysis
The financial section of your restaurant business plan is the most important. Given the importance of this, we would advise hiring professional assistance. Hiring a trained accountant will not only assist you in getting your financial estimates in order, but will also provide you with a realistic perspective on owning a restaurant.
Examples
There are a number of restaurant business plan examples available, such as the following.
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Business Plan for a Bar or Casual Restaurant
Fast Business Plans, as the name implies, is another resource for quickly creating the small canteen business plan you require. They specialize in business plan bar and restaurant that get down to the nitty-gritty of how the restaurant will function and succeed. Bplans.com also provides business plans for sports bars.
A Fast Food Restaurant Business Plan Example
Even though the concept of a fast food restaurant may appear obvious, even fast food restaurant owners require a business plan to justify their ideas. MoreBusiness.com is a great place to find fast food restaurant business plan samples that cover everything from products and services to facilities and locations and everything in between. You can also find example business plan food truck here.
A BBQ Restaurant Business Plan Example
A great example of a barbecue business plan can be found on Profitable Venture. They go out of their way to detail each role they intend to hire for and how that role will benefit the restaurant, as well as a long-term expansion plan to demonstrate that they are in it for the long haul.
Conclusion
Poor planning and a lack of start-up capital are two of the most common reasons for business failure. According to research, business plans can help reduce this risk by both planning and assisting a small business in gaining capital.
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