The restaurant industry is full of entrepreneurs who turned an interest in food and a few thousand dollars into a thriving business. These innovators did not achieve their level of success by luck or a lack of preparation. In order to open a …
Introduction
The restaurant industry is full of entrepreneurs who turned an interest in food and a few thousand dollars into a thriving business. These innovators did not achieve their level of success by luck or a lack of preparation. In order to open a successful restaurant, you need to write a business plan that addresses every aspect of your new endeavor.
Instructions
Difficulty: Moderate
Create a Business Plan for Your New Restaurant
Steps
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Step One
Look at the current restaurant landscape in your community. Your restaurant business plan needs to reflect a unique venture that fills a niche or a void within your city. Check out local newspapers and websites devoted to reviewing local restaurants because these resources give you the average person’s view of the restaurant scene.
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Step Two
Research restaurant supply companies as you compile your business plan. You should find a company that provides relatively low prices for large orders and provides the basic supplies you need for the first day of service. Include the name of a potential or current supplier like Jean’s Restaurant Supply in order to show your level of preparation (see Resources below).
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Step Three
Create a sample menu to include in your business plan. You should write a menu that can be realistically achieved in the early stages of your restaurant. This initial menu should reflect the signature dishes of your kitchen staff along with regional or national dishes appropriate for your restaurant’s genre.
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Step Four
Review different restaurant locations you are considering for your new business. You should write a brief description of each location and provide photos of the property for the benefit of investors. In the business plan, state a preference of location and the reason why it will contribute positively to your restaurant’s success.
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Step Five
Project your restaurant’s profits over an extended period of time. You should compare your operational budget, overhead costs and projected traffic in order to create a clear view of your company’s potential. Utilize lined charts to demonstrate projected profits on a quarterly basis over the first five years.
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Step Six
Provide your ownership group’s professional background in the business plan. Investors, banks and others who will use the business plan need to know the people behind the restaurant idea. Your past experiences in starting up a restaurant or other business ventures can help build the confidence of funding providers.
Overall Tips & Warnings
* Adjust your restaurant business plan based on the intended audience. Investors will look for potential profits from your plan while advertising executives want to find marketable aspects of your restaurant. You can make your plan flexible by separating out unnecessary sections which are made available upon request.
