When you are starting your own business, the first thing which you need to get squared away before you dive in is a business plan. This document is very important and can mean the difference between success and failure in your new restaurant’s early days.
A business plan sets out your idea in a clear and professional way which can help you to secure investments, figure out costs, identify your competition and evaluate the feasibility of your new business venture.
Not sure how, though? Not to worry! Writing a business plan needn’t be something to fear. The most difficult aspect of writing a business plan is knowing what to include. With that in mind, here are the three most important things your restaurant’s business plan should include:
#1: A Description of Your Business
This key piece of your business plan’s puzzle introduces the reader to your new restaurant venture. Here, you should clearly explain the name and nature of your restaurant. What theme are you going with? What is the food influenced by? In this section, you should be showcasing a sample menu and highlighting dishes which are going to form a core part of it.
In addition to this, explain who your target market is and where your restaurant is going to be located. How does your location cater to this market? How will your restaurant’s concept and menu attract customers? Answering these simple questions and more are key to nailing the introductory description and can be the make or break factor for potential investors.
#2: A Breakdown of Necessary Equipment
You really need to demonstrate that you have done your research here. Costings for equipment are a core part of any restaurant’s business plan and give potential investors an idea of the capital you need to get going.
Restaurant equipment is not cheap, and you need to think about everything which you need. Don’t leave any stone unturned: this section of your business plan should include everything from pressure cookers and deep fryers to knives, forks and napkins. To get an idea of equipment you may need, take a look at Culinary Depot.
#3: An Analysis of the Market
Your business plan needs to demonstrate that you have the commercial skills and method of thinking necessary to run a profitable business. One simple way to do this is by analyzing the market and presenting the results through your business plan.
Explore the local food and beverages industry and provide a SWOT analysis of your new restaurant’s position within it. Look at your target market, consumer trends, current trends and any statistics which are relevant to your new restaurant and note how your restaurant will be influenced by these findings. One good example of this is the rise of Deliveroo, Uber Eats, and other online food ordering platforms. Will you be incorporating these? If not, why?
Opening a restaurant is not a simple process, however, you can make it that little bit easier by creating a comprehensive business plan which can be presented to potential investors.