Are you in the process of opening a restaurant? Congratulations! This is an exciting milestone for you, your team, and future customers!
To avoid setting yourself up for failure, make sure to properly plan the ins and outs of your business. This is where a restaurant plan comes in. This is the framework in which you’ll start piecing everything together all the way from the design of the restaurant, financial projection, management, and more!
Keep reading to learn about how to start writing your restaurant business plan and get one step closer to making your dream a reality!
The Main Components
Let’s begin by understanding the main components of a restaurant business plan. Once you understand what each is asking, you’ll be able to write out the entirety of your plan.
Executive Summary
In this section, you want to cover a summary of your business.
State your mission, proposed content, and execution. You also want to cover potential costs and the expected return on investments. The executive summary of your plan is imperative for individuals looking to get investors on board.
Company Description
Next, you want to introduce your company. Mention the restaurant’s name, location, type of food being served, contacts, and other relevant information. This is also a good spot to include the details of the restaurant owner. Be sure to give a brief description of experience and skills.
Market Analysis
The market analysis is divided into three parts:
- – Industry Analysis: Here, you’ll need to talk about your target market and the demographics your restaurant will cater to. How is your menu going to strive in this location?
- – Competition Analysis: In this part, explain the competition. What restaurants are already established in the area? What do their prices, hours, menu look like? How does it compare to yours?
- – Marketing Analysis: Investors are going to want to know how you plan on marketing your restaurant and drawing in people. List everything from marketing campaigns to offers being provided.
Menu
This is by far the most important element of developing a successful restaurant. Without it, you will have nothing to offer. You may not have a final version at this point, but at least try and have a mock-up to show potential investors.
Employees
A restaurant won’t be able to function without its employees. In this section, introduce the owners of the restaurant with information on each. Make sure you mention the entire management team as well.
Location
The location you decide on needs to be in line with your target customers. You may not have an exact location, but you should have a few to choose from. Gather as much information as you can regarding these locations. Explain why it will be perfect for your restaurant.
External Help
You’re going to need help to make your dream a reality. In this section, mention any external companies you plan on hiring to help get it off the ground. This includes anything from accounts and designers to the suppliers of your restaurant.
Financial Projection
Now, this is what your investors are going to be most interested in. How profitable will your business be? Be sure you hire a professional to help navigate this section. It’s going to help both you and your investors understand the potential of your idea.
Conclusion
And there you have it! How to create your very own restaurant business plan.
Now it’s time to put your thoughts, ideas, and gathered information on paper. A strong business plan for a restaurant will draw in more investors and help get your startup up and running.
To make this process even more simple, look for templates online specific to your restaurant. There are dozens out there available to you.
