Writing a Restaurant Business Plan
Are you looking for investors and/or applying for loans to start your new restaurant? It will be very helpful to write a thorough plan so that you can develop a strategy that highlights the details of your restaurant. Your business plan should have the following items: Executive Summary, Overview and Description, Market Analysis, Business Offerings, Management, Marketing and Community Outreach, Financial Projection, and Funding (use of proceeds).
Estimating the total startup costs, and the amount of capital needed to keep your restaurant functioning on a day-to-day basis will help gain an understanding of what you will need for funding (to open and for operations).
Choosing a Location and Leasing a Commercial Space
While it is important to look for an area that has good visibility and accessibility by car, it is also important to have plenty passersby. You should know important factors such as population medium income and if there are any competitors in the immediate area. This information is documented and can be easily researched.
Analyzing demographics is one of the most important ways to understand your public, in order to get specific results. This is where marketing strategies come into play, ultimately setting your restaurant up for success.
Developing a concept/brand
Have a clear concept and brand. The style of service at your restaurant, the kind of food you serve, and the ambiance of your restaurant should be an extension of your concept. Your concept goes hand-in-hand with your brand, which shapes your restaurant’s personality, and forms your businesses mission. Branding is the intangible force behind a concept, and your restaurant concept is your brand in action.
The atmosphere of your dining room should communicate the energy of your brand. The goal is to create a memorable and meaningful experience for dining patrons so that they will want to come back to your restaurant. In order to achieve this goal, you must choose a unique and functional concept that targets a certain demographic.
Create a menu
Before you open your restaurant, start by establishing some basic food items that may be featured on your menu. Deciding what will be on your menu is important when figuring out the equipment you need, the staff you will hire, and the crowd you hope to draw.
You do not need complete perfected recipes; however, you should have a good idea of what you will serve at your restaurant. Later in the process of opening, you should design your menu to increase profits and continually update your menu as you gain information about the demographics of your clientele. This is important for determining which food items sell well and which do not.
It can be a hassle to prepare unconventional foods for take-out however, necessity is the mother of invention. We are beginning to see this wisdom bear out in real time as restaurants are racing to adapt to the COVID-19 crisis. One way to avoid these obstacles is by tailoring your menu to the new take out friendly trends and endear patrons to your restaurant when they cannot dine there in person.
Consider applying for restaurant loans to obtain funding, and create a budget to cover your restaurant’s costs.
Restaurant Equipment Paradise has been a leader in the restaurant supply and commercial industry for more than 20 years. Feel free to contact us with any questions, we are more than happy to assist.