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For example, a French bistro in a pricey urban area will need a different market analysis than a catering business operated from home in the suburbs.
As a general rule, each section should contain detailed information that lets potential lenders and investors know you’ve done your homework on what it takes to succeed in the restaurant industry and makes them feel confident in their prospective investment plans.
A thorough and well-researched business plan has a number of important benefits.
First, you’ll typically need one if you require financing to get your restaurant up and running.
Your industry analysis should include the following: In the competitor analysis section of the restaurant business plan, you’ll provide an extension of the industry analysis, only with a focus on the local restaurant landscape and how you intend to win market share.
Again, you’ll want to demonstrate a deep knowledge of the market by providing data on the number of competitors, their names and locations, their concepts, their clientele and their strengths and weaknesses. If you plan on opening a small sandwich shop with affordable prices, your competition won’t be upscale steak or seafood houses.Because the restaurant industry is so diverse, you’ll want to customize your business plan to your restaurant’s individual needs.But just about all restaurant business plans should include the following sections on detail: The specifics of each section will differ based on factors like the type of restaurant, its size, its staffing needs and location.Be sure to gather plenty of data to back up your points.Good sources include local and state restaurant associations, chambers of commerce and commerce departments.Because you want to grab the reader’s attention right upfront, it’s important to use catchy and concise language here and get to the point quickly.Ideally, the executive summary will be no more than one or two pages.Use this section to provide more detail on your mission, concept and brand.Also, provide specifics on the restaurant itself, including its culinary focus, service style, layout, design, location and desired customer experience.It’s critical your plan covers plenty of territory — it should include everything from the concept and business structure to the restaurant’s sample menu, marketing strategy and operational plan. In the restaurant business, that means not only having expertise in preparing the types of food that will attract customers.It also means knowing how best to reach and serve those customers, price menu items, manage staff, control costs and operate at a profit.