Include an analysis of your restaurant’s location or potential locations.
“Different locations, even within the same neighborhood, are going to perform differently due to other businesses in the area, the people that live in the area, public transportation and parking.
“Testing and making sure your recipes work, and that people are in the market for what you provide can save you a lot of money and headaches, and maybe help your business survive in the long run.” says Tim.
List the places you’ll be doing your product sourcing as well as any vendors and suppliers.
What to include: The company description outlines your restaurant’s vision and form.
This is where readers get a deeper understanding of how your restaurant will feel, what your goals are, what it will deliver as an experience, which target market you’re aiming at and who will be in charge.“I think if a business plan is overly optimistic and says, ‘Oh, we’re going to beat our competition in every category,’ that’s probably not realistic.You’re probably going to be able to beat your competition in some categories and not others.” What to include: Everyone — including investors — wants to know what’s getting served up at your restaurant, so be thorough when writing out a sample menu in your business plan.It’s an honest view of the potential struggles and wins ahead.In a SWOT analysis, “You should be really honest about where a business may lack in terms of the team or its competitive advantage,” says Tim.They also include the objectives of a restaurant, its mission statement and the key factors that will make your business successful and set it apart from competitors.The pivotal question to answer is: why do people need my restaurant?And even better, we’ve added some tips and insights from Tim Felkner, a serial entrepreneur and restaurant consultant from San Francisco.The executive summary acts as an overview for your restaurant business plan. Now it’s time to get serious about the mechanics of how you’ll get it off the ground and make money.Investors, co-founders and partners are going to be an important part of the journey.