- by Alex Alper |
- February 26, 2021
- Restaurant Management | 6 min read
How to Create a Restaurant Business Plan
Starting a new restaurant venture is very exciting. Between brainstorming business names and inventing delicious new dishes, green owners also need to build a robust plan to entice potential investors and give themselves a clear path to follow into the future.
The restaurant industry is often wrought with high employee turnover and thin profit margins, so a detailed business plan is a useful structure for making decisions no matter what unforeseeable changes come once you’re up and running—and come they will.
What You’ll Include
Since it’s designed to show off your restaurant’s uniqueness, there’s no copy-and-paste answer for what to put in the plan. However, there are aspects that you should be sure to touch on in order to have the most significant impact on investors and customers alike.
- An executive summary that gives an overview of your goals. Keep it short, sweet and to the point, as you lay out your objectives and mission statement to show off what makes you unique, but also build in enough flexibility that you can evolve along with new technology.
- Describe the vision you have for your restaurant. The direction you intend to take determines everything you do later: From targeted audience to decor, your restaurant concept needs to be stable to maximize its success.
- Market analysis helps inform you what you’re up against early on so you can take immediate safeguards. From your geography to what works or doesn’t work for your competition to trends overtaking the market in general, this analysis gives you a starting point for what future customers will best receive business decisions.
- Shore up your weak points with a SWOT analysis, which measures your strengths, weaknesses, opportunities, and threats to highlight what you need to shore up before opening.
- A positioning statement describes how your customers will view your brand—and who that target audience should be. This informs your branding, logo, website setup, and more.
Once you figure out these details for your business plan, you’ll be better prepared to work out marketing strategies that lean on your strengths and help manage your weak spots. Do test marketing before opening to see whether your concepts land well with your targeted audience or whether you should consider shifting your key demographics to align with the formed brand.
What You’ll Need
Understanding your business on a deep level doesn’t happen overnight. Point of Sale technology is incredibly useful in tracking costs and sales data so you can prepare a smarter budget for the future. With eatOS, you get devices capable of automatically aggregating all revenue channels and then running reports for your viewing and decision-making. These continued insights keep you on the right path when you’re up and running for good.
Also, take time to tighten up your menu; after all, it’s the business’s focal point and the main reason that folks want to come to you when they dine out. Consider building a sample menu to cement your branding idea further and give investors and test marketers a taste of what’s to come. Start to mock up good descriptions that create a compelling visual; this will be an essential aspect of marketing your new business to get people excited to visit on the grand opening day.
Marketing is a major aspect of new ventures. Still, fortunately, you already have a business plan that lays out your restaurant’s unique aspects that guests can’t get anywhere else. Lean into that for your promotional strategies and keep an open mind; you never know where inspiration will come from nor what the future of food service, and food service technology, will bring. Be prepared for anything: Schedule a demo with eatOS and learn how we make restaurant management simple for new business owners like yourself.
Answers, advice and everything about the restaurant business.