Creating a Restaurant Business Plan is one of the first steps to successfully setting up a new restaurant. Though all business plans share some basic features, they also have certain industry- and venture-specific parts, which will vary according to specific goals of new restaurateurs.
Putting together a comprehensive restaurant business plan
A Restaurant Business Plan is especially helpful for the people who are new to the restaurant industry. Creating a business plan for a restaurant allows them to learn about, and make provisions for, factors like licensing laws, local health codes and city ordinances, and tax laws specific to the hospitality industry. Some of the sections to be included when crafting a business plan or a restaurant include the following.
• A cover letter: The cover letter introduces the reader to your prospective business. A good cover letter is crisp, comprehensive, and energetic, and leaves the reader enthusiastic and eager to know more about the project.
• An executive summary: The executive summary acts as an introduction to your business plan. Offer an overview of your entire business plan, including the basic business ideas, restaurant theme, or style, and details such as the name and location of the proposed establishment. Don’t forget to explain why you believe you can make the restaurant a success.
• Short company description: The company description section acts as a business analysis and gives the reader details such as the legal name of the restaurant, its location and style, potential customer base, existing competition, and other local business data and analysis.
• Comprehensive industry analysis: Include detailed analysis of your prospective customer base and why you believe they will be attracted to your restaurant. Add a detailed and impartial judgment of your competition, and why and how you believe you can coexist or compete with them. Include comparative analysis of customer demographics, prices, menus, and hours.
• Details of products and other services: What kind of food will you be serving? Are you going to specialize in any particular cuisine? Are you offering only in-house dining or do you plan to offer a takeaway menu as well? What about catering for business conventions, weddings, and other celebrations? What will be your hours? How many staff do you plan to hire? What is the USP for your business?
• Marketing Plan and Sales Strategy: How do you plan to promote your restaurant? Give specifics of your proposed advertising and marketing strategy.
• Management and Ownership: Who is going to run the restaurant? Are you going to hire a general manager or a kitchen manager? Who will keep the books? Do you plan to hire a bartender?
• Funding: Give an estimated budget for your restaurant as well as the projected growth. Include a profit and loss statement, balance sheet, break-even data and possible risk assessment.
To conclude, a business plan is like a blueprint of business success. It helps you clarify your goals, sort out your priorities, and know, at a glance, where you are in your career and what you have to do next to grow your business. What’s more, a well-crafted restaurant business plan is one of the most critical assets in getting financing for your venture.
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