It is obvious to anyone opening a food service business that funding is detrimental to the process. Acquiring funding can often be frustrating and scary for you if you are new to the industry. One way to for you to get on the good side is by having a strong business plan to present to those you want to finance your venture. This shows them that you have formulated a plan to create the business and achieve profitability. Anyone looking to finance a business wants to know what the risks are and when the profit will come in. With a business plan, you are giving them just that information in a few simple sections.

Summary or Introduction

Just like any other document you have to have a way to introduce the reader to what you are presenting. That is what this section is used for. In a business plan, it is called the summary but it works like any other introduction. You will establish the basics about your business and your plans while giving an overview of what you plan to prove in the document.

Description of the Company

Before writing your business plan, you need to do extensive research. You want to first set down the details of your business. Make sure to explain what you plan to serve, what your pricing ideas are, and what your theme will be. Even your menu should be included. In addition, you will have to share every decision you had to make up until now, and all the research you've done. You should share who your main competitors will be, and what they are offering to customers. All of the research you have gathered should be presented in this section.

Marketing Strategy

This is where you answer many of the questions that a potential financier will have. You will address who your targeting audience is. Take some time to explain why your business is targeting this group, and how effective you expect it to be. Address the competition you referred to in the description. Let the financier know how you plan to compete with them and win over the customers.

Business Operations

There is a lot included in operating a food service business, and your potential financier will want to know exactly what your plans are. Include your hours of operation, and what your staffing needs are. The amount of staff you plan on hiring may make a difference in his/her decision. Let them know what will set your food-service apart from the others and what will make customers choose your place over your competitors.

Management

Anyone looking to finance a business will want to know who will be running it. Make sure to list all your staff memebrs that will be in a position of authority and what their duties will be. You can also detail what other staff positions you will have and what they will be responsible for.

Funding

The bottom line is that you need funding and the financier will want to know how much. You need to be straightforward about how much this venture will cost from day 1. However, don’t stop there. Share with them what you plan to spend on your establishment, but also give them estimates of what you plan to make. Showing your profits as well as your losses will make a big difference in their decision. It is also a good idea to address what risks your business will face. When you do, tell them what you plan to do about this to ensure that you don't run into problems.

Found this article helpful? Read more relevant articles and how-to's in the food service industry.