Like any eager chef or businessperson with a nose for great food, you’re surely excited to get working on your restaurant, and to satisfy palates all over town. Of course, there will be bills to pay, papers to sign, a few accountants needed to keep everything in order – and, oh yes, the business plan.
You can write a killer restaurant business plan as long as you remember your goals, and what will make your restaurant special. To get started, take note of the following business plan recipe.
The Icing on the Cake – Most business people don’t have time to read a complete business plan, so they settle for the cover letter and executive summary. Make a polite, terse, but exciting cover letter; and make the summary stand out by writing it as concisely, and in as excited – but not childish – a tone as possible.
The Base – Otherwise known as the description of your company, describe your restaurant by outlining its mission and vision.
Combine All Ingredients – It’s time to describe your restaurant! What will you serve? Who are you catering to? How are you going to market your restaurant and sustain it? What is your price range? Will you be having sales? Specials? Combos?
Mix Well – Describe your operational procedure, how your restaurant will be managed, and how its team is organized. Your restaurant will most likely have a hierarchy of authority, so outline this completely. Remember, a business plan isn’t only for analysts or investors – it’s for you to keep your restaurant up and running, to remind everyone who is in charge of what, and to remind everyone who’s boss at any one time. Your business plan is your reference material if anything goes wrong.
Bake in a Preheated Oven – Have someone analyze the current restaurant industry. Describe your competition. This industry analysis part of the business plan is your chance to show how different your restaurant is from all the rest.
Remove from Heat – Here’s the “Just in Case Part.” How do you intend to develop your restaurant in the long term? What are your projections for the next year, two years, five years, and so on? How much will your restaurant be earning? Will it lose anything? What is your exit plan, just in case things go wrong, money goes down, stocks lose their value, and you need to pay your employees?
Whip up that letter, cook up that business plan, and follow the recipe for the perfect start to your business. Serve that business plan cool, and you’ll be serving all the town in no time.
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