If your dream is to own and run a restaurant, then you need to start your venture by creating a suitable restaurant business plan. This plan must spell out how you intend to transform all your ideas into reality. Of course, no two restaurant owners are going to use the same plan. Even so, there are many things that you will need to address in order to create a business plan that will help to make your restaurant achieve desired results. Here is a brief look at what you should include in your restaurant business plan.
How to Write a Restaurant Business Plan: Step by Step
Create an executive summary
Start by creating an executive summary that will not only introduce your plan but it will also provide a summary of your main business ideas. Ideally, your executive summary should encourage readers (who are generally investors) to read your plan from start to finish. Each executive summary must have a mission statement. It should also detail your concept and in addition it should provide insights as to how you plan to execute your plans. Finally, include expected costs in the executive summary which should also provide details about return on investment.
Describe your company
Second, you need to include in your business plan a description about your company. You need to provide details like the name of your restaurant and where it will be located. In addition, provide details about contacts and any other information that is relevant to running your restaurant. Be sure to provide details about the owners and what kind of experience they have.
Your company description should also spell out the legal standing of your restaurant and its goals in the near term as well as in the times to come. In addition, be sure to include a concise market study regarding food industry trends and why you think your restaurant will succeed.
Analyze the market
The third part of your restaurant business plan must include a market analysis, which in turn is made up of three sections: analysis of the industry, analysis of competition and analysis of marketing the restaurant.
Talk about the owners and your team of employees
When creating the company description in your restaurant business plan, make sure you provide some information about each owner and the team of employees who will be working at the restaurant.
Describe your menu
It also pays to devote considerable attention to detailing the menu of your restaurant. This is an important component of your restaurant business plan because without a menu there is little if any hope that you will be able to run a successful restaurant. Even if you do not have the final version of your menu ready, you must include it in your restaurant plan. Make sure you provide an insight into pricing of food.
Describe where your restaurant will be located
Your restaurant business plan must also include a section that describes the location of your restaurant. In addition, be sure to include a market overview in which you will need to spell out the broad and finer details about the location of your restaurant. Other than these vital pieces of information, your restaurant business plan must also include a section on marketing your restaurant. It should also spell out how you will get outside help to get your restaurant up and running.
Last but not least, your restaurant business plan must also include a section on finances. Be sure to provide accurate financial estimates. For that, you may need to hire an accountant.