Writing the Perfect Plan For Your Food Service Business
Anyone that wants to open a food service business will probably require funding. Acquiring funding requires a lot of research, organization and conceptualization in order to turn the dream of opening a restaurant, into a reality. Be if from a bank or investors, having a business plan is vital for the process to happen. A good business plan can help you weave many different concepts together to form a coherent, clear plan that will inspire serious interest and thought. It will show potential investors that you have given a lot of thought to your business and that you have concrete steps for making it happen. With a good business plan, you can present the information they want in a concise and easy to understand format.
The executive summary is perhaps one of the most important parts of your business plan. This is where you will convey the basic concepts of your restaurant’s vision and how you, with all your experience in the restaurant field, can make that vision a reality. This part also needs to include concrete ideas of cost, and anticipated return on investment.
The summary needs to be concise and well-written; it is essentially a summary of your business plan and should be written last. It also needs to convince the reader that reading the rest of the plan will be worthwhile for them.
The company description, sometimes called a business overview, provides a description of the concept and unique selling ideas of your restaurant. You should include information such as the name of the restaurant, location, how much capital will be needed to make the investment, the target market and the competition in the area. This is also where you will write about your restaurant concept, what it’s about and what will make it fun, unique and profitable. You may want to include a sample menu and even a design of the restaurant to add to the visual appeal of your proposal.
The marketing strategy of your business plan is where you will need to convince potential lenders and investors why your business plan to open a restaurant is a good one. This is where you will demonstrate the results to your market research. You will describe who your target audience is, and why they will come to your restaurant, as opposed to your competitors. You will show that you have done your research on the competition in the area, and have well-thought out how you will compete with and beat the competition. You will also need to demonstrate a workable marketing plan outlining how you will promote your business. This should include all your plans for ads, social media, coupons, email campaigns, everything that you have thought out and researched about your marketing strategy should be written in this section.
The business operations section of your business plan should present a general description of the daily operations of your restaurant. In general this will includes your hours of operation; detailed descriptions of staffing requirements, including management and all kitchen staff; descriptions of daily operations and procedures; as well as potential suppliers and vendors, and your relationships with them. This section may also include detailed descriptions of management controls, security controls, administrative controls and basically, any and every detail that will go in the day-to-day running of your restaurant. This document will serve you well when you open your establishment as it will have all the daily procedures spelled out as a general reference document for your food service business employees.
Management and Staffing
Anyone looking to finance a business will want to know who will be running it. Outline how you will attract quality staff to work in your establishment and then list the details regarding the experience of your management staff. Investors are especially interested in who will be running the operation on a daily basis and they want to see that they are qualified, reliable individuals.
The implementation plan section of your business plan should include a detailed timetable outlining what is needed to accomplish the goal of getting your restaurant off the ground, from start to opening day. This includes details such as renting or buying the space, ordering and obtaining the equipment, acquiring the decor and furnishings, stocking the kitchen with supplies and finally to hiring the personnel who will run the operation.
This section should include a breakdown of the capital that will be needed to fund your restaurant. This includes the cost of each piece of equipment that is needed, including large equipment, refrigeration, dinnerware, serveware, furniture, decor and signage. As well as rent, licensing and staff costs. It also includes food and beverage costs, and the amount that will be needed on an ongoing basis to keep your business going.
This is where you will spell out the actual amount that will be needed from the investor to fund your restaurant. This total sum should be supported by all the research you have provided up to this point. You can include in this section realistic financial projections that will provide convincing evidence to investors that they should fund your project. This is also a good time to reinforce the unique concept or your restaurant and what a terrific idea it is for them to invest in this proposition.
Funding is crucial to your business venture. This article provides an outline of what is required to write a business plan The more information and research that can you provide about your restaurant, the local competition, location, target market and costs, the more compelling will be your argument for funding.