How to Create a Restaurant Business Plan in Pages
A study from Ohio State Univesity shows that 60% of restaurants fail to make it past the first year, and 80% of them do not even go higher than five years. These statistics are pretty scary if you ask us, especially for those people who are just starting to put up a restaurant or a fast-food chain.
However, you have nothing to be afraid of if you have a well-laid-out plan and be like a soldier ready for a battle. Read below the steps on how to create a comprehensive business plan for your new restaurant.
1. Do Your Research
Before you start taking action, it’s your responsibility to know what you’re getting into. You have to conduct comprehensive research regarding the current trends in the restaurant or food industry.
2. Make Use of Available Templates Online
Ready-made sample business plan templates are already packed with sample content that you can take advantage of. Because of that, they can assist you in producing a business plan that has all the needed inclusions. For Apple users, Apple Pages is the most suitable software to use for creating a simple business plan; be sure to use it to open the template and open make any edits that you need to.
3. Specify the Purpose of Your Plan
If you decide to make a business plan from scratch, then one of the important things that you should be doing is determining the purpose of your restaurant business plan and the direction that you want it to go. Define your goals and objectives and the means by which you are going to achieve them.
4. Create a Strategic Marketing Plan
Your business plan should incorporate a strategic marketing plan because this will be your key to introducing your business to your target audience. Show who your target audience is and what efforts will be done in order to attract and keep them in your restaurant.
5 Project Income and Expenses.
Those who are going to invest in your restaurant will want to know how much it can potentially earn. Point out how much it'll take to start your restaurant, the projected amount of income it's going to make, and the expenses that must be made in order to run your restaurant's operations.
What is a business plan?
A business plan is a document that acts as a roadmap of a business to reach goals and reduce, if not avoid, problems along the way.
What is a restaurant business plan?
A restaurant business plan is a written document that contains the restaurant’s goals and strategies on how to achieve them on a specific period of time.
Who needs a business plan?
Anyone who plans in opening a business definitely needs to have a business plan. If you don’t have one, you’re putting your money, time, and effort into a risky situation.
What are the elements of a business plan?
Your business plan will not be complete without these important elements:
1. Executive Summary
2. Business Description
3. Organizational and Management
4. Product and Services
5. Market Analysis and Strategies
6. Sales and Marketing
7. Funding Request
8. Financial Plan
How long should a business plan be?
Business plans should never be too short and too long. If you want to keep it as one-page, you have to ensure all critical information is already there. Even a business plan for a school project should be concise and comprehensive.