A restaurant business plan should have all of the elements of a standard business plan. The major difference is that you will need to provide information on the type of food you will serve and the serving style of your restaurant. This information is needed because all restaurants are not exactly the same. There are limited service restaurants and full service restaurants. You need to identify the type of restaurant you own in a restaurant business plan. A limited service restaurant is usually has a “fast food” serving style and a full service restaurant usually has a “sit down” serving style. Both types of restaurants can offer carry-out or delivery options.
Your Restaurant Business Plan Should Outline Your Specialty
Depending on the type of restaurant you own, your restaurant business plan should outline your specialty. If your restaurant is a delicatessen or buffet, you need to explain that. The same goes if your restaurant specializes in serving soul food or food from the Caribbean. Discussing your specialty in your restaurant business plan will help you distinguish the business from the competition. This is especially important if you plan on approaching lenders and/or investors for funding. They will want to know what makes your restaurant different from the competition and how you will capitalize on those differences.
Your Restaurant Business Plan Should Include Financial Projections
Your restaurant business plan should include at least three years of financial projections. Financial projections are the most important part of a business plan. It describes your expenses, what you’re selling (and for how much) and how much revenue you estimate you can earn over a period of time. This is the part of the restaurant business plan that lenders and/or investors will focus on the most. It helps them determine whether or not your business is worthy of external financing. Well written financial projections will help increase your chances of being able to raise funding.
Other Important Elements of a Restaurant Business Plan
There are many other elements of a restaurant business plan that are important to lenders and investors. This includes (but is not limited to)—
- How your company operates
- Your target market and how you will reach them
- The location of your restaurant
- Your staff
- Industry statistics
Writing a plan for your restaurant business can take a lot of time and effort, especially if you are doing it alone. I strongly suggest you seek expert help. Working with an expert who is familiar with your industry and understands what type of restaurant business plan lenders and investors want to see will help you get the funding you need to grow. If you’re interested in learning more about how one of our business plan writers can assist you, contact us today for more information.