- December 18, 2017
- Posted by: Admin
- Category: Business plans
You are dreaming of opening a restaurant, so that they can turn your passion, into a successful business venture. In order to get started, you need cash. Probably, you’re looking for investors, and you need a business plan. And you are sitting and wondering how to write a restaurant business plan, that actually gets funded.
A business plan is the roadmap for the future. A restaurant business plan not only provides you the direction, it also requires you to consider the potential pitfalls and opportunities of running a successful restaurant. Many restaurant owners agree that having a business plan is the first and foremost step in getting the nod of the investors. But many entrepreneurs do not know how to write a restaurant business plan.
So, we thought we will list the Top 6 secret ingredients of a successful restaurant business plan.
The restaurant concept defines why the restaurant is unique. Describe why your concept is unique and get the investors excited why the unique concept is a definitive formula for success. Describe the details of your concept, what will be the style, what was the idea behind the concept, and define clearly why this concept will stand out from the crowd. Where will your restaurant be located? Why is this the ideal location?
Menu is one of the most important ingredients of a successful business plan. Instead of incorporating the menu as plain text, try something innovative – show a mock up of a menu. Get your logo designed and incorporated into the menu. Give the investors the feel of how the menu would like, and what it conveys about your concept.
Describe why your service will be unique – what are the training mechanisms that you have in place to enhance your service. Talk about guest feedback, and how you will use to refine your service. This section could be a powerful way of conveying your approach to hospitality to investors.
#4: Management Team
In this section cover a brief overview and the team that you have recruited thus far. You need to demonstrate that the combined experience of the team, and their qualifications will make your team stand out from the crowd. You will also need to prove that your team has the managerial skills to run a successful restaurant.
#5: Target Market
Clearly define and identify your target market. Who is going to eat at your restaurant? What spending patterns to they have? What are your customer demographics? What would be their average spending?
Create a detailed financial model of your restaurant’s incomes and expenses. Your financial model needs to be realistic, and backed up with clear assumptions. The investors would pay specific attention to this section, because they would like to see how much returns they are likely to get, based on your projections.