The National Restaurant Association (NRA) recently released its restaurant industry report. It revealed that the industry has grown by 4% since last year, reaching the market worth of USD 899 billion for this year. For entrepreneurs who aim to open up a restaurant, whether fast food, fine dining, family restaurant, or other types, now seems like a good time to do so. If you are among these businessmen, then guarantee your startup or small business’s success with a restaurant business plan. There’s no need for you to look for good examples of business plans elsewhere because we have a complete list ready for you below! What’s more? They cover all areas that must be considered in restaurant management. These areas include the target market, pricing strategy, SWOT analysis, market analysis, and financial agenda. To know more, read our article below!
A restaurant business plan is a process document that highlights the operational and financial ambitions of a restaurant business idea, as well as the strategies on how to achieve them. Susan Ward, in her article entitled “Why You Should Write a Business Plan,” cited five reasons why a business plan is essential for entrepreneurs. First, it ascertains any business idea’s viability. Second, it increases the chances of new businesses to become successful. Third, it helps businessmen acquire capital. Fourth, it gives stakeholders more control over the planning phase. Lastly, it lures many investors. Whether these thoughts are true or not, we all know that having a plan on how to open up a restaurant is better than having none.
Zombies, werewolves, and other creepy creatures are truly spine-chilling and, at the same time, fascinating. However, they have nothing to do with ghost restaurants. Ghost restaurants also go by the name virtual restaurants or cloud kitchens. They are food service industry players that only cater to to-go orders. Mostly, the main candidates in their respective target market worksheets are the people who want to taste restaurant-made dishes but are too busy to visit one. For business-minded individuals, such a business idea is very convenient. Aside from a very low startup capital, its marketing is mainly done online. Speaking of online marketing, you can check out our Online Marketing Guide For Your Startup.
Creating a company business plan for your dream restaurant is surely complicated. Aside from making sure to follow the standardized document flow, you also have to write their corresponding details in a concise manner. To save you time from researching the document’s standard composition, we have provided you with an outline of the necessary steps below.
The business plan executive summary is where you give out the main points of your process document. These points should be written briefly yet thoroughly. In addition, this part is the very first section of all business plans. However, many of the technical writers prefer writing them last.
After presenting the executive summary, you can advance your idea of a profitable restaurant. This section should answer what market needs will the business be providing to the consumers. Furthermore, the complete target market analysis, SWOT analysis, competitive analysis, and their results should also be included in this section.
Once you have successfully proposed the details of your restaurant idea, lay out the full specifications of how to achieve the business’s sustainability and profitability. To do this, you have to create a marketing and sales plan that comes with sales and marketing strategies.
Restaurants, just like other businesses, are composed of many stakeholders, such as sales manager, marketing manager, financial manager, and many more. To completely know who to include, you should check out our stakeholders analysis and questionnaire examples.
In this last step, you have to know what finance essentials for a small business are. Moreover, it is in this part where you have to project your restaurant’s annual budget. Additionally, this part is very useful when you are trying to convince a prospective investor. By giving them an overview of your business idea’s estimated cash flow, they can better decide whether to invest in your proposal or not.
According to the report made by Statista in 2018, there were a total of 660,755 restaurants in the United States. The 13,251 of them are classified as startups.
In the Restaurant Owner’s survey, it was found out that small-scale restaurants can be achieved with only USD 175,000. On the contrary, large-scales will need an approximate amount of USD 750,500. These give us the average start-up cost of USD 375,500.
By far, Cedar Park, Austin is the best place in the United States to start a restaurant. History has it that the restaurants’ growth from 2002 to 2007 marked 107.89%. This is because of the continuous growth in the residential population. Today, the growth of the two groups still continues.
Planning is very essential for a business. Abraham Lincoln even uttered the saying, “Give me six hours to chop down a tree and I will spend the first four sharpening the axe.” Business planning is deemed very important for various reasons. Based on what was mentioned above, such preparation makes the creation of a business and its management more convenient. Moreover, its product, the business plan, is very important in obtaining the necessary financial means to support business ideas. When it comes to organizing such a document, it was established that it won’t be easy. But by following the standard format, making one won’t be much of a hassle. In conclusion, providing a business plan, especially for your restaurant, comes with challenges. And, it takes the right article to overcome such challenges through examples and insightful guidelines.