How to Create a Restaurant Plan in Word
According to the National Statistics, the projected sales of the restaurant industry in 2020 amounted to 899 billion U.S. dollars. But no matter how lucrative this is, there’s no guarantee in this business because the restaurant industry has a competitive market. Paul Mangiamele, CEO of Bennigan’s, said that running a restaurant is very difficult; however, it’s a satisfying and lucrative business. There are many things you have to consider.
Planning is one thing you should be knowledgeable about. Here are a few helpful guides to get you started in drafting your restaurant plan.
1. Choose Your Target Market
Your restaurant business will not get the interest in all markets. It’s vital to choose your target market so you can focus on that specific audience you need to please. Your marketing strategy will also arise from your chosen target market.
2. Find Your Niche
Choose what type of restaurant you want to build. Decide your service style, specific cuisine, menu, and environment that you want your customer to experience. If you have experience in working at a restaurant, this is the right time to apply what you’ve learned and find out the niche you want to hold in the market.
3. Draft a Business Plan
A business plan is the most important aspect of your business. It should contain an executive summary, company information, market analysis, management, and costing. It’s your roadmap in creating an action plan that fits your business needs.
4. Include Funding Requests
Aside from utilizing your resources, you also need to create partnerships with investors, clients, and other potential business partners. Starting a restaurant business might use up all your resources so you need to start building your network.
5. Add Financial Projections
A financial projection is an estimate of the financial performance of your restaurant business. This will help you assess what aspects of your finances will affect your profitability.
What are the categories of restaurants?
Here are the different categories of restaurants:
2. Fast food.
3. Casual dining.
4. Premium casual.
5. Fine dining.
7. Brasserie and bistro.
What is the purpose of creating a restaurant plan?
The purpose of a restaurant plan is to help you create your goals and set the benchmarks for your business which will be your guide in keeping track of your progress.
What is the first step to open a restaurant?
The first step to open a restaurant is to choose a restaurant concept and brand, according to Webstaurant Store.
Why do so many restaurants fail?
According to Entrepreneur Asia Pacific, the frequent reasons why many restaurants fail is due to lack of planning. You may have all the resources but without planning, your business may not make it.
What is a ready-made restaurant plan template in Word?
A ready-made restaurant plan template in Words are documents already formatted for instant use in Word format. If you check online, you can also find these types of templates in different formats such as PDF, Pages, and Google Docs.