Many people often dream of owning their own restaurant. If you’re one of the lucky ones who live this dream on a daily basis, you probably take pride in being the first choice for hungry individuals and families who want to sit down to a nice meal after a long day. You’ve probably also realised that operating a business can be a very complicated task.
A proper restaurant business plan can give owners increased insight into their own business and can provide valuable information on how to improve operations. If you’re looking to bring in investment or a loan a solid business plan is absolutely crucial to winning over potential investors.
Part 1: Basic Information and Staff
To start any business plan, list the name and location of the restaurant. You should provide contact information for each owner as well as a brief summary of their qualifications and level of experience. You should also provide your restaurant’s legal description as well as a list of short-term and long-term goals in accordance with growth patterns in your selected industry.
A list of employees categorised by department should also be included. Data concerning salaries, benefits, training costs, and department managers can be organised into the form of a flowchart for convenient display.
Part 2: Operations, Equipment, and Vendors
Once you have a basic synopsis of your establishment and the staff who will provide service to customers, you’ll need to keep track of the equipment you’ll need to carry out basic operations. In addition to describing what types of services and products your restaurant will provide to customers, list the types of furniture and equipment you’ll be using, including whether each piece was leased or purchased.
You should also keep a list of vendors who you will purchase supplies from regularly. Be sure to keep track of the types of contracts and agreements you have with each vendor, as well as their contact information. Revel comes with an easy-to-use inventory management system which can provide accurate and clear data for this section of your restaurant’s business plan.
Part 3: Menu and Target Market
Create an interesting menu for your restaurant. Focus on being creative and appealing to potential customers. You can also advertise unique dishes or specialties, and include items that may not appear on a standard menu including branded merchandise. Revel provides a simple and creative interface for simple and efficient menu creation. Rebecca Creger, of 99Designs, has outlined some basic tips for creating a proper menu including:
- Avoiding excessive pictures
- Utilizing illustrations
- Implementing a neat “box” style design
You’ll also want to be aware of your target market. Keep track of similar competitors in your area, and be sure to note how your restaurant compares to others in the surrounding area. A proper business plan for your restaurant will reveal information on your strengths and weaknesses when compared to nearby competition. This will allow you to focus on setting your restaurant apart and offering a unique and valued experience to customers.
Part 4: Financial Statements and Executive Summary
One of the main parts of the business plan for your restaurant should include financial statements. Information and projections about future business should be accurate and realistic. Revel provides a number of tools for keeping track of all financial aspects of your business. Some specific statements that should be included in the plan are:
- Personal financial statements for the business’ owners
- Balance sheets
- Income statements
- Statement of cash flows
Accurate financial information can be one of the key factors in having your business perceived as a legitimate and upstanding organisation. In addition to providing this information, you’ll also want to have a detailed executive summary. This is a short (three page max) summary of your business which will allow potential customers, investors, and partners to understand the basics of the restaurant.
The executive summary should include the restaurant’s name, a short description, target customers, key strengths, and methods by which the restaurant will achieve its goals. Several methods which will be used to counteract competitors should also be explored. The summary should be created in such a way that it grabs the attention of individuals who are new to the business and compels them to stop by.
Part 5: Key Documents
The summary should be placed at the beginning of the business plan. An appendix of key documents should also be included such as organisational charts, tax returns, and bank statements. Preparing a suitable business plan can seem overwhelming at first, but by utilising Revel POS software you can compile key information quickly and efficiently to help your restaurant grow.