Welcome back for the fourth installment on how to properly start a restaurant. This has been a lot of fun for me to share this information with all of you and I hope that it has been helpful in any way you needed it. This installment will be focused on creating a business plan for your restaurant. Enjoy the article and be sure to share it with others. You can also feel free to use the contact form on this website to share any other ideas with me, and I may feature them on this site!
Writing a Business Plan:
The first thing to keep in mind when thinking about your restaurant’s business plan is that the plan is not set in stone. There will be room for improvements or changes at all points during the launch of your restaurant. You don’t need to be tied down to something you determined months before when the landscape may have changed since then.
The business plan however is extremely important as it gives you and massive scope of information to which you can refer to for any reason. Your business plan will include information on your customer base, the area in which you are opening your establishment, marketing plans, income and expense forecasts, and much more. Your business plan once completed will give you information to make conscious decisions and will help you to outline potential challenges that your restaurant may take on in the future.
One of the most important things to get your restaurant off the ground and will be reflected in your business plan, is the funding of the establishment. You will need to ask and answer questions like; how much do I need to get started? Who can help me? Should I seek out a partner? All of these questions are essential to filling your kitchen with equipment and food, and having the proper resources in the dining room. At the end of the day you have a few options to choose from, all have been done and some make more sense to some rather than others but either way, startup capital or necessary operating capital is vital to your restaurant launch.
- Use Your Own Resources
- Ask Family & Friends
- Seek a Partner
- Apply for a Loan
These options are all quite self explanatory, and as I mentioned some of these options make more sense for people’s individuals situations than others. Of course it would be great to have all the necessary operating capital but sometimes you need to look elsewhere. The necessary operating capital will be noted in the business plan as something that will eventually need to be paid back.
Again I hope this information helped you think about the importance of the business plan in regards to your new restaurant and please feel free to contact me with other ideas or success stories you may have had. Good luck and keep cooking!