If you have a well-crafted business plan, the possibilities to attract investors grow, if you want to obtain financing to grow your business or start it, a Business Plan is a great help to obtain a loan. Making a plan is very important for small business plan for restaurant. So, as not to get lost in the way when starting a business and it facilitates what you want for the future.
Small business plan for restaurant
The most solid business plans always include all or most of the components described below. First-time restaurateurs read a lot of different business plans for other restaurants and technology and retail companies to get a better idea of design options, writing styles and conceptual clarity.
Place the sections that you consider most convincing for someone who has never met him first: the “Management team” section if it comes from high profile establishments.
1. Brand cover
Include your logo (even if it is not finalized), the date and your name.
Describe the concept of your restaurant and make the reader excited about your idea. Enter details about the food that will serve, the inspiration behind your concept and a general description of the style of the service. Clearly define what will be unique to your restaurant.
You can not scratch a business plan on a cocktail napkin. Be serious of your business plan as a living document to which you return regularly to help you plan your growth and measure your progress.
Your business plan should include market studies, a complete look at your competitors, information about your target audience, a scheme of your marketing plan and a solid financial and budget projection.
When you think about how you want your restaurant to be, do not forget to monitor industry trends. As with any start, time is the key.
You must create a conceptual vision of your restaurant that illustrates inspiration, appearance, feel, aesthetics, functionality and floor plan.
3. Sample menu
The menu is the most important point of contact for any restaurant brand, so it should be more than just a list of items. Enter your logo and simulate a formatted menu design (touch a designer for help if necessary). Your sample menu should also include prices based on a detailed cost analysis.
It will provide the first basic element to calculate the average verification estimates needed to create financial projections, and it will show investors that they have done the necessary duties to be sure that they will be able to sell these items at these prices and operate within their budget.
Approach to building your menu as an experiment. Consider having dinner with your proposed menu in which you ask people their honest opinion.
When requesting comments, consider using a method that allows anonymous comments so that you can get honest reactions from people.
This section is more relevant to haute cuisine concepts that have a unique service style or if you have particularly strong feelings about the service of your restaurant.
It can be a powerful way to convey your hospitality focus to investors by explaining the details of the guest service experience.
5. Management team
Write a brief description of yourself and the team you have established so far. He wants to show that the work experience he has acquired throughout his career has given him the necessary skills to run a successful restaurant.
Ideally, once you have described the strong game of each member of your team, you will present a complete deck.
Incorporate some images. Create a mood table that shows images related to the design and feel of your restaurant. Are you planning to cook in a wood-burning oven? Include that They are also using photos of materials and fragments of other restaurants that you love and that are similar to the brand you are building.
7. Target market
Who will eat at your restaurant? What do they do to earn a living, how old are they and what is their average income? Once you have described them in detail, reiterate why your specific concept will appeal to you.
There must be a natural and very clear connection between the information presented in the “Target Market” section and this one. You probably do not have a specific site identified at this time in the process, but you must talk about viable neighborhoods.
Do not assume that potential investors will be familiar with the areas you are discussing and who works or lives there: make clear connections.
If you do not have a site, this is a good place to analyze what you are looking for regarding square footage, pedestrian traffic, parking, highway access, and other important details.
With a restaurant, the location is everything. You need a place that attracts crowds, is easily accessible and has the potential for growth. Of course, you also need a location that fits your budget.
It makes sense to take your time because you are looking for the right space. You can join to keep upfront costs low, and that could provide tutoring opportunities.
9. Market analysis
Address the whole market conditions in your area. If restaurants do not work well, explain why yours will work; Explain how you can compete in a restaurant climate that is already booming.
10. Marketing and advertising
The panorama of the restaurant is increasingly competitive. Discuss your marketing plan before and after opening to show investors how you plan to gain traction until opening day, and how you will maintain momentum.
If you are going to hire a public relations/marketing company, introduce them and explain why you chose them over other companies (include some of their most known clients). Otherwise, indicate that you have a solid plan to generate attention on your own through social networks, your website, and media connections.
You can not depend on regular customers, so you should maintain your marketing efforts to ensure that your revenue stream does not decrease.
Establish a solid presence in social networks, try an ad in your local newspaper, participate in the local fair or organize a small non-profit meeting in your restaurant to continue advertising your business.
11. Specialists and Consultants
List the external contractors you plan to retain, such as:
- General contractor
- Public relations and marketing
12. Business structure
You will have to work with a lawyer to help you determine what business structure is best for you. Write a business plan. Hire a good lawyer. In addition to helping me build an intelligent and sustainable business structure, my lawyer was also a great resource to review my business plan because he has read thousands of them. She was a very useful and experienced external perspective for more than just legal matters.
Generate startup capital: the same as with all companies, be sure you know how much money you need to start your restaurant.
You will need three groups of money:
- The first group is for one-time costs, such as equipment.
- The second group is to cover restaurant expenses for at least six months.
- The third group is to cover your bills for at least six months.
You will want to have at least six (6) months of the mattress because you will probably find that your expenses exceed your income for at least that time.
Plan to lose money during the first six months: the restaurants are not profitable for the overnight. Some say that you should not plan to make money for at least the first six months.
Plan bumps on the road: it ‘s easy to go beyond the budget when it’s just beginning. So, make sure you have backup money to cover the unexpected.
Look at your food cost: you are in the business of making food, but if your food costs are out of line, you will end up losing money. Be sure to keep track of your inventory, prepare food well, avoid waste and keep prices competitive.
You retain to help you with your finances have a great experience in restaurants (not just one or two places) because they should be familiar with the details of restaurant finances and know what questions to ask.
Being conservative in these estimates is key because these three data points will be used as the basis to determine if your concept is financially viable.
A well-researched accountant with experience in restaurants will know exactly what you will need to be prepared to show investors. Share the small business plan for restaurant with your partner and friends.