Opening up a restaurant can be an exciting and challenging venture. The daunting reality is that only a handful of businesses make it. In the restaurant industry, survival of the fittest is the maxim that many restauranteurs live by. Not only do you need to have excellent food, but you also need to follow the trends – you want to offer a dining experience that is second to none and that speaks to what patrons are looking for when they visit a restaurant. So, do you want to be the hottest new restaurant in town – the restaurant that everyone is talking about? Here are five things to consider when drafting a restaurant business plan.
- Why do you want to start a restaurant? When it comes down to it, there may be a million reasons why you want to open a restaurant, but you want to nail down one cohesive answer on your business plan. When it comes to speaking with investors, or with a lender at a bank, it is important to have a solid reason why you not only want to open a restaurant, but why you are the best man or woman for the job.
- What do you want to want to call the business? What’s in a name? – Well, everything is in a name. The name of your business is incredibly important and it needs to leap off your business plan. Any restaurant consultancy group, like the Gilkey Restaurant Consulting Group, will be able to tell you how vital it is to have an excellent name for your business. Out of all the considerations to make while drafting a business plan, you want the name to be a top priority. When it comes down to it, if your restaurant becomes popular, people will be saying it a lot.
- Who are your patrons? When you are drafting your business plan, knowing who your patrons are is vital. If you are opening up a niche restaurant, like an Argentinian empanada restaurant, you want to make sure that the people in your town or city will actually want to go to eat at an Argentinian empanada restaurant. When it comes down to it, making sure that you know who your patrons are is critical – for your business plan and for the success of your eventual business.
- Who is your competition? Knowing who your competition is, is just as important as knowing who your customer base is. So, when you are drafting your business plan, you want to make sure that you learn everything you can about your direct competitors. For instance, if you are opening up a burger joint, you want to make sure you know everything there is to know about all the other burger joints in the city.
- Where are you going to get the money? When it comes down to it, your restaurant idea is just an idea until there is funding and capital behind it. So, you want to mine all of your resources and then gear your business plan towards that source of capital. A successful business plan is only successful if it speaks to the right person and if that person gives you the money you need to start your business.