A comprehensive and well-written restaurant business plan is essential when launching any new business, and especially so for the prospective restaurateur. The restaurant business plan helps independent restaurant projects obtain financial support and lays the groundwork for long-term success.
The restaurant business is full of success stories about entrepreneurs who turned a passion for food and a few thousand dollars into a flourishing business concept. But industry leaders did not achieve their success with just wishing or lucky breaks. In each case, a proper restaurant business plan helped along the way. Here are some of our restaurant business plan tips:
The Advantages of a Restaurant Business Plan
Your restaurant business plan will help you address every aspect of your new venture.
This depth of detail is needed to demonstrate to a bank that you have a workable plan for getting your restaurant up and running.
What To Include In Your Restaurant Business Plan
Here are some restaurant business plan tips:
- Assess the competitive landscape in your area. Explain how your restaurant will meet an unfilled need in your local market in a unique way.
- Create a sample menu, one that can be practically executed in the critical initial stages of your restaurant. This menu should reflect your concept’s signature dishes and include staple dishes appropriate to your restaurant’s type.
- Analyze all the sites you are considering for your new business. Write a concise description of each location and provide photos of the property. State your location preference and explain why it will contribute positively to your restaurant’s success.
- Project your restaurant’s income making sure to evaluate your operational budget, overhead expenses, and predictable traffic in order to accurately assess your company’s potential. Use charts to display projected profits over the initial 5 years.
- Present your ownership group’s professional background in the business plan. Shareholders, banks, and others who will utilize the restaurant business plan have to know the people behind the restaurant concept. Your previous experience in starting up a restaurant or other comparable venture would also be appropriate to include and can help establish greater confidence.
Remember, a new venture’s chances for success is only as good as the weakest part of its restaurant business plan, so take the time to do it right. Our business planning and financial consultants are trained in developing business plans specifically for the restaurant industry and will create an invaluable tool in your concept’s launch.