It is not easy to start your own business, and owning a restaurant is particularly hard work. However, one thing is certain; if this is your calling, you will love what you are doing and be grateful every day for the chance to live your dream. Before you open, it is important to create a good business plan for your F&B business to guide you on the way. There are five things you need to be sure that you include in your plan if you want to do well.
You must include your mission and goals in your business plans. This sets the stage for the development of your brand and gives you a sense of purpose. GE Consult can further guide you in this process. Think about what type of restaurant you want and how you want it to progress over the next few years. For example, do you want a franchise? Or, do you want a unique, family-run restaurant?
You need to have a section that summarizes your assets and funding. This will help you see what is currently available and what you need to raise in order to start your business. For instance, write down the benefactors that are currently providing you with money. You also need to note the dollar amount. Include any assets that you have and write down which assets you still need to purchase.
This part of the business plan reviews all the money that you spend each month. Think about things like rent, employee salaries, utilities and food. Consider how much money you will need to have each month to keep the business afloat. You need to have an accurate picture of what everything will cost you so you know what you need to do to eventually make a profit.
How much will the items on your menu be? You need to calculate how much you will charge your patrons when they dine at your restaurant. The numbers you come up with should reflect the amount of money that you need to keep the business running. In addition, you have to make a profit as well. It is also important to take time to write down ideas in this section. If your business is not making money, what can you do? For example, maybe you will need to bring down your prices to get more people to come out. Brainstorm so that you are prepared.
5. Market Analysis
There are certain to be a number of restaurants in your immediate vicinity. You therefore have competition for patrons. The other restaurants may be able to offer customers some things that you can’t; for example, perhaps their prices are lower or they have been established in the area for many years. Think about your competition. How are you going to capture the attention of potential diners? Review your pricing and special offers to figure out what you need to do.
A business plan is a complex document. Use the information above to help you get started with yours, but continue to seek more information as well.