Go through the business plan template the first time and make tons of notes for each section, then come back to it later and flesh out your ideas further. Why should people choose your restaurant over another? You should know exactly what your venue is going to be as you work through the details of a business plan. Before you start writing your business plan, here are some tips to make the process easier. Your Business Description is where your restaurant comes to life. Depending on the nature of your restaurant, your business plan could be anywhere from 10 to 50 pages so your readers will need to find sections easily. Are you approaching investors and lenders, or is your plan specifically for you and your staff? A thank you: a quick thanks at the end reminds people that you value their time and input. What will your restaurant do that no one else is doing? Describe your pricing and how it compares to similar businesses. After you determine your differentiators, youll know how your restaurant can fill potential gaps in the marketplace or provide a better option for customers. What kind of experience will you be providing customers? Have a passion for food and bringing people together? Make sure to talk to people within your target market to gain a clear understanding of their needs and how you can serve them. If youve done research or hired a firm to conduct some for you, mention all the outcomes from that research here. By gathering as much information as you can, your marketplace assessment will be clear and rooted in reality. If you dont yet have a location for your restaurant, you should at least know which neighbourhood your restaurant will be located in. Dont be afraid of honesty here; a candid account of the challenges youll face will show readers youre self-aware and ready to overcome problems with practical solutions. Define clearly what will be unique about your restaurant. Youve now arrived at the most important and the most daunting part of your restaurant business plan. how each supplier serves your restaurants needs, Your restaurant will need insurance coverage. You likely wont have secured a location or negotiated a lease at this point, so instead mention the neighbourhoods youre considering for your venue. If you are going to offer catering or other services, you can create another revenue stream that covers events executed, average spends, revenues, cost of goods sold and labour costs for that source. Your forecast will be broken into four main parts: Weve created a downloadable sample forecast that demonstrates what youll need to do. The most important thing to remember about this section is that youll need to remain honest and authentic. Your Business Overview is simple: its a list of basic information about your business, such as your legal name, type of business, business number, etc. A restaurant business plan is similar to any other business plan, at least in terms of the actual business plan format. Remember to keep this section brief yet impactful. Youll also discover other valuable insights through these discussions. You need a business plan for investors, lenders, consultants, partners, and other team members who will help make your dream of opening a restaurant come true. Be as expansive as you want here go into as much detail as possible, and dont be afraid to use visuals! In this section on how to write a restaurant business plan, well get into your strategy: how youre going to price your meals, how youll position yourself to appeal to your target customers, and how youll promote your business to let customers know you exist. Do you need any additional skills before you start your restaurant? Will your business be run as a sole trader, a partnership, or a company? In this article, Ill dig into how to write a business plan specifically for a restaurantthe changes and additions youll want to make so your plan is customized enough to be truly useful. Do you want to start a food truck and then grow to open a sister restaurant, or do you want to open a full service restaurant and grow to operate a fleet of food trucks? Are you looking to open a burger place with a constant flow of customers? Executive Summary Our example is Joes Burgers, a small 1,000 square foot quick service restaurant with no alcoholic beverage sales. What a Plan Can Do for You A restaurant business plan needs to be structured like most business plans, but the details need to address your specific vision for a restaurant and its place in your local market. Analyse your prospective neighbourhood, and make a list of all your competitors from small to large. Ready to jump in? Knowing the answers to these questions will make writing your business plan and communicating your vision a hundred times easier. As time passes and you continue to work on it, youll fine-tune your message and have a crystal clear plan on your hands. Note how each supplier serves your restaurants needs, and list their credit and payment terms. If you arent quite sure, youll need to decide before you write your business plan. While the Executive Summary may live at the beginning of your business plan, its the last thing youll write. Include anything that relates to the demand for your business, social or economic factors, and trends that have affected similar businesses. Your restaurant business plan is going to be a long document. RestoHub tells you everything you need to know to open a restaurant. You should have a clear idea of what kind of restaurant youre opening, whether its an intimate cafe, craft microbrewery, or gourmet food truck. Here youll want to list relevant statistics about past and current trends within your marketplace. Briefly summarise your overall marketing strategy and what youll concentrate on the most: digital, traditional, PR, etc. Why you will succeed: in a few short sentences, repeat how you are different and why your business will work. Just as Rome wasnt built in a day, know that your business plan will take time. But if youve never spent any time in a kitchen or in the foodservice industry, you may want to get some hands-on experience so you know what youre getting into. Express why these details are important (hint: they should relate back to your branding). Here is where youll describe, in detail, what your business is going to look like, where it will be, and the kind of vibe it will have. What are the demographics, psychographics, and segments of your target market? List all suppliers for the following: Your restaurant will need insurance coverage. Itll look something like this: After youre finished writing your restaurant business plan, make sure to review your table of contents so that your page numbers are accurate. You need to know your target customers. Youll need to adapt your writing for different audience types, and perhaps place emphasis on certain sections over others depending on your primary audience. Your Business Plan Summary should tie the whole message together. How Much Does it Cost to Open a Restaurant? Use this section to highlight how youre different and what youre offering, reiterating the most important points about your restaurant. It can take anywhere from weeks to months to years to get a solid grasp on what it is youre creating. Make a note of any customer segments within your target demographic that have certain needs over others. Keep the answers to these questions top of mind as youre writing your business plan. Your restaurants location will determine important elements of your business plan, like your competitive analysis, ingredient availability, venue type, etc. But how will you actually execute your plans? If you plan on creating and maintaining social media accounts like Facebook, Twitter, and Instagram, explain how youll use them to promote your business. Use graphics and images to clarify your message when you feel its necessary. Now that youve analysed the competition, you should be able to spot how youll be able to stand out. Take the time to describe your concept with as much visual detail as you can. From the menu to the hours, whatever your restaurant can do better, list it here. Categorise each staff member into other owners, chefs, managers, servers, bartenders, etc. Introduce everyone on your payroll. Finally, briefly sum up everything in this section. When you begin to seek professional and financial support for your new business, your business plan will be the primary document of reference to describe your concept, market, and potential for profitability. Heres what to include in your Business Description. What kind of licencing does your restaurant need? Who will frequent your restaurant and what characteristics do they share? Categorise your competitors into direct and indirect. Make sure to align this section with your financials so that your food and labour ratios are taken into account when crafting this section. Your mission statement is one sentence that describes what your restaurant will achieve. Provide ballpark figures for different menu items and list standard pricing for your type of business. Yes. Expenses: Marketing, rent, supplies, utilities, etc. Here youll want to mention any relevant personal goals, then list your short-term and long-term objectives. Heres where you get into the nitty-gritty details of your business operations. Be sure to add all new developments that are happening, and when youre confident youve said all you can about a section, go back in and edit and re-word until youre satisfied. You wont do yourself or anyone else any favours by painting an unrealistic picture of the marketplace and how your business fits within it. Then, when you are writing your business plan, go back to your boards to pull in graphics that get your idea across better than words. You need a marketing strategy to get people in the door and coming back. Your mission statement should be something that can be displayed on marketing materials, and it should express to people what your business is all about. A restaurant plan shares a lot of similarities with a standard business plan. What other businesses are located in the area? Your direct competitors are those restaurants that are offering similar customer experiences and type of cuisine, while indirect competitors may be different from your restaurant but still compete for your target markets attention and spend. Or maybe you want to be the go-to place for special occasions. Your restaurant concept is your idea. Once you understand the sample forecast, weve included a blank forecast sheet where you can add in your own numbers to project how profitable youll be. Know who you're presenting your business plan to and write your executive summary accordingly. What are your differentiators that will cause the market to take notice of your business? Avoid cliches and superlatives. Describe your websites main elements, design style, and who will build it. Now, the other side of the coin: what your restaurant may not be able to do better than the competition. You may have some empty fields until youre closer to actually opening. Here on Bplans, weve got a great guide already on how to write a traditional business plan . Briefly sum up everything that youve talked about in this section, reiterating the demographics of your target market, advantages, and opportunities. Think about who you're going to present your restaurant business plan to and what they're most interested in, and place that information front and center. If youre working with a design agency or interior design specialist, mention them and show their proposals or mockups. Be descriptive in this section, but also remember to remain realistic and within the scope of your projections in the financial section. What kinds of people live, work, or visit the neighbourhood? Use a critical eye to determine how they differ from your establishment. Before you start writing your business plan, youll want to consider a few key things. Go into detail about the food youll be serving, inspiration behind your concept, and an overview of service style. In this article, well walk you through every part of how to write a restaurant business plan, explain the function of each section, and provide an example you can use as a starting point. So you know other restaurants are your competition, but youll need to be specific. If you are planning to open a restaurant that will serve alcoholic drinks, you will have to figure out your sales mix of the various types: bottled beer, draft beer, liquor, and wine, and the costs associated with each. List your suppliers by type: food, payment, alcohol, cleaning, etc. List each type of insurance your restaurant will need and what it covers. Everything. This exercise is the most important part of your business plan, as investors and lenders will be scrutinising these numbers before they read anything else. Consider creating Pinterest boards to keep you inspired and help you get visual. This section should provide a quick overview of the size of your customer base. A comprehensive business plan is the foundation of every successful restaurant. Complete a financial forecast that takes your concept and translates it into numbers. Be as specific as you can in your vision, and be clear on exactly what you want to achieve. Are you confident in your vision, clear on your goals, and comfortable with your skills? Youll want quantitative and qualitative research to round out this section. This can be a short paragraph. Who is involved and what is their role? Think about where youre going and what you hope to be doing in a couple of years. List all of the licences and permits required for your restaurant and staff here. if some of this information is unknown, dont let it hold you up. A proper business plan is a guide that will help take your idea from concept to reality. If youre in the early stages of planning, you likely dont know your exact address, but nailing it as close as you can will guide you in your writing. Let readers know why you think your marketing strategy will work for your type of restaurant. For example, if your bottled beer cost is 28% and wine cost is 40%, youll have an average beverage cost of 34% to add to your forecast. How will you communicate your differentiators to your market? Use your differentiators in the previous section to guide your positioning strategy. Business description summary List your competitors prices and explain why yours will be higher or lower. Take the blank forecast and save as so that if you make a mistake, you can return to the original spreadsheet and start again. Who will operate your business day-to-day? You need a business plan before you can begin to execute on anything having to do with opening your establishment. If a section stumps you, make a note and move on, then revisit it later when you have more information or more clarity. This is where you prove that your idea is actually a business that can turn a profit. 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