Business plans restaurants


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Business plans restaurants

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Business plans restaurants

  1. 1. Business plans restaurantsIf you are planning to put up your own restaurant, diner or café, then a good businessplan should be in place. The business plan is an important restaurant document because itdetails all the information needed in establishing a new business. These informationinclude the overall service style and food concept of your restaurant, a clear descriptionof your target market, and its short-term and long-term objectives.This vital restaurant document also provides specific financial information andprojections of your business, your restaurants menu and pricing, the procurement ofequipment, the hiring of employees, an advertising and marketing plan, and your plannedexit strategy should your restaurant business fail in the first year.According to According to Howard Cannon, author of The Complete Idiots Guide toStarting Your Own Restaurant, poor financial habits, bad decisions during the startupprocess and unrealistic expectations can easily destroy a restaurant. Consultants often seemore than 80% of new business owners fail due to overspending and lack of knowledgein cost control.To manage costs, a restaurant owner must have clearly defined financial statements readyeven before the doors open to the first batch of customers. However, most restaurantowners are not familiar with financial documents, which need the touch of a certifiedaccountant to for legitimacy and accuracy. Doing it on your own through thecustomization of free restaurant document templates may be risky.If you want your restaurant business to survive its first few years of operation, then agood strategy in finding loans or other forms of financial assistance should be in place.You may approach banks, which are traditional sources of funding for merchants andentrepreneurs.If a bank loan is not possible, then approach microfinance firms, lending institutions, oryour friends and family who may like to invest into your restaurant. All you need is acompelling business proposal, which is another restaurant document you should preparebeforehand.You may use financial modeling spreadsheets, which is a set of linked Excel sheets usedto generate the restaurant modeling reports. Use this workbook in preparing yourbusiness plan. In the event that banks and other financial institutions need to scrutinizethe financial stability of your business proposal, then software that simulates the actualoperations of a restaurant proves itself very useful.A restaurant document that is as fundamental as a business plan can change over time.Strategic planning needs to match wits with the changing laws and the fickle tastes of
  2. 2. customers. Other facets of the business plan, such as the marketing strategy, the menuand its pricing, and your restaurants internal policies on hiring and procuring suppliesand equipment, do not have to be set in stone. – You can download free ebooks about: restaurantmanagement forms, restaurant business plan, restaurant marketing plan sample,restaurant startup guide…