Creating a business plan is necessary in every business venture. For instance, securing and maintaining customers, deliberating on the kind of food you would serve at your restaurant, how you’d like to design your restaurant, how you’d like to make your customers feel and etc.
- Business refers to the activity of providing goods and services, and also involves financial and commercial aspects or financial transactions.
- Business Plan is a document which contains an organization’s or a person’s actual monetary situation and long-term business goals, as well as strategies to achieve them.
- Startup simply refers to a new sprouting business.
Creating A Business Plan
Whether you are a startup or you are looking forward to expand your business venture, a business plan is the first thing to think about.
How do you create a business plan then? What are the key components of a business plan? All these will be talked about in this post. However, the principal focus will be on: a complete guide on how to create a Restaurant Business Plan.
Importance Of A Business Plan
For business owners, stakeholders, investors, leaders, etc, a business plan is a major thing to consider in every business dealings.
The business plan serves as a road map for your restaurant business or whatever business venture you are trying to undertake.
One thing worth talking about is: securing investors for your restaurant business or whatever business venture you are undertaking.
For instance, you are trying to expand your restaurant business and you would want some potential investors to come on board. The investors will be driven by how lucrative your business plan is.
Again, you might need some financial assistance from the bank. This will require a lucrative business plan to convince the financial institution on how fantastic your restaurant business is going to be. In so doing, let’s see how to create a top-notch restaurant business plan.
How To Create A Restaurant Business Plan
Let’s see what a restaurant business plan should entail and more importantly, how to create a great one.
What A Top Business Plan Should Entail
A great business plan should be made up of:
- A Brand Cover Page
- An Executive Summary
- Company Description
- Market Analysis
- Restaurant Design
- Market Overview
- External help
- Financial Analysis
How To Write A Restaurant Business Plan
To begin, a restaurant business plan should come with a brand cover page. The brand cover page must have: the restaurant’s logo, brand fonts, the restaurant’s name and also, a relevant contact information.
Simply put, the executive summary introduces and summarizes your entire restaurant business vision.
In this section, you have to introduce the principal elements of what will be talked about throughout the restaurant business plan and also, it should be captivating enough to capture the reader’s attention and allure him/her to continue reading the remaining sections of the business plan.
In a nutshell, the executive summary should entail:
- The restaurant’s (or business’) mission statement.
- The business’ (or restaurant’s) proposed concept.
- How plans will be executed
- Summary of potential costs as well as the expected return on investment.
- Overview of the business’ core values.
At this section of restaurant business plan, the company is completely introduced. In effect, the name of the restaurant as well as its location is been stated. To add, the owner’s details as well as his/her experience must be included in this section as well.
Another important thing to add to the company description is the legal standing of the restaurant.
Also, the short and long term goals of the company must be added in this section of the business plan.
This section will be divided into three (3) parts and they are: Industry Analysis, Competitive Analysis and Marketing Analysis. You will discover more about them as you read further.
Three things to consider under the industry analysis are: the restaurant’s target market, demographic survey (which regions will the restaurant be able to serve?).
Competitiveness has something to do with competition.
Probably, there might be an already established restaurants in the locality or region. Therefore, it is imperative to research what other restaurants are doing different in order to drive customers.
For instance, factors like: pricing, opening and closing hours, menu design to the restaurant interior and etc, should be well noted from competitors and stated clearly in the restaurant’s business plan. After that, investors should be enlightened on how different your restaurant is going to be from the competitors.
This section talks about how the restaurant will be marketed. A restaurant business plan should contain this section in order to captivate potential investors.
Inferring from the competitive analysis, one must come up with a marketing strategy that differs from its competitors. This marketing strategy should be vividly stated in the business plan. From securing customers to maintaining customers.
Potential investors are highly interested in this section.
One of the core elements to launching your restaurant business is the menu. The menu must come with the company’s logo.
Exempting the menu in the business plan implies that, there is actually nothing to be served at the restaurant.
Even if all the menus can’t be placed in the business plan, a mock-up should be added. Also, with pricing, a detailed cost analysis should be made before adding prices on the menu.
You can get more samples of a menu via online should in case you are having challenges in constructing one.
This section should shed light on the management team of the restaurant. Particularly, the board members.
A brief description about your team members. Their skills, experiences and qualifications should be added if any.
Design Of The Restaurant
Another important thing to consider is both the interior and exterior design of the restaurant. The design section of your restaurant business plan is where you can present your thoughts and ideas to potential investors.
Get images of a similar aesthetic to what you are looking for in your restaurant and include them in your restaurant business plan.
Beyond the aesthetic nature of the restaurant, computers or softwares to be used in facilitating the restaurant should be also talked about in the business plan.
Location Of The Restaurant
In the actual sense, the restaurant’s location should be in line with a targeted market. In this context, the targeted market can be referred to a location where there are enough people to patronize the restaurant business.
Instances whereby the locations in mind are many, each of these locations should be scrutinized well to find out the best one.
More reasons should be provided in the business plan on why the selected location is the best.
This portion of the restaurant business plan is quite similar to the market analysis section.
This is the part of the restaurant business plan where much is been talked about both the micro and macro conditions in the area the restaurant will be established.
Assuming there are harsh economic conditions that will affect the restaurant business, solutions for these harsh economic conditions should be provided in the restaurant business plan.
Notwithstanding, all competitors (other restaurants in the area) should be talked about and more importantly, ways to outgrow them should be outlined in the restaurant business plan.
Map Out A Marketing Plan
One of the factors that determine the success of a restaurant business is a good marketing. Even potential investors will only be moved by a well constructed marketing plan.
You might want to work with a PRO (public relation officer) or even use social media to facilitate your marketing.
In the business plan, state clearly whatever means you will want to market the restaurant business.
In order to make your restaurant business a success, you will be needing a lot of aid from different sources.
For instance, technical supports. This involves software companies that can facilitate the smooth running of the restaurant business.
Again, outline how you can secure help from accountants, designers, suppliers, security personnel, DJ, etc. Outline all the impacts these aids will bring on board in the restaurant business plan.
The last but most vital section of a restaurant business plan is the financial analysis. This is the aspect of the business plan where financial estimates and insights are made.
Frankly speaking, going to a business professional for help is the best thing I can suggest now. An accountant is a typical business professional you can hire for this. With an ideal menu, an accountant can assist you to estimate your profit margin per dish.
Every business need an insight for growth.