Time to Open a New Restaurant? - Elements of Restaurant Business Plan to Give You Business Structure

Coming from a family that owns a restaurant business, from small individual restaurants, to big resorts ideal for family holidays, I have always been interested in the restaurant field and everything to do with it. This could be either because I love food and restaurants, or because while growing up I used to help out in the family restaurant business. But whatever it maybe, it gave me the idea to help out my family (who are in the midst of opening a new restaurant) with a restaurant business plan. A restaurant business plan will give the family more structure to work with while allowing them to be a family style restaurant full of charm.

Elements of Restaurant Business Plan

A typical restaurant will have these elements:
Description – In the description you will talk about what kind of restaurant it is going to be, whether it is a small-time restaurant or a medium one. It also talks about what kind of food will be served and where the restaurant will be located. Besides this, this section should also include:

• Mission statement
• Development Status.
• Future plans.

Industry Analysis – here you will talk about the industry you are working in, in this case the restaurant industry. We all know that the restaurant industry is a growing one and at the same time, one that is highly competitive. This is because more and more people are relying on restaurants to provide them with their daily food because of lack of time and hectic schedules. You can also talk about:

• How the restaurant industry is in this day and age, its revenue on an average and other statistics.
• Future trends and opportunities for growth.

Products and Service – this is where you discuss what sort of service and products are going to be a part of your restaurant business. Are you going to be a self-service restaurant, a fast food joint, a fine dinning restaurant or a family style casual restaurant? Will you be dealing with take-out and home delivery also? These things are important. Other than these details include:

• Menu.
• Production of food.
• Service.
• Future growth.

Target Market – here you mention what kind of clientele you are looking to target, this will be your target market. Are you catering to families, teenagers, people on the movie, or social butterflies? This will depend on your type of restaurant and cuisine. Here you have to be completely sure of the demographics you will be catering to. In this section you also have to talk about:

• The location and customers therein.
• The kind of customers you hope to attract.
• Future market trends.

Competition – like they say, "keep your friends close and your enemies closer", we are not talking about enemies here, but competition. Healthy competition is good for every business and particularly the restaurant business; it keeps the business fresh and on its toes. A restaurant business should always know its competition. This section should also include:

• Profile of competitors.
• Strategy to deal with competition.

Marketing and Sales Strategy - Each and every business should have a strategy regarding marketing and sales efforts. This is important more so for a restaurant business because it needs to know how to attract clientele and how to publicize the new restaurant. In this section you should give a detailed report on:

• Penetration in the market.
• Strategy used for Marketing.
• Future plans and strategies relating to marketing.

Operations – this is where you will discuss the actual operations of the business. What should be included is:

• Office space and facilities.
• Operating hours and days.
• Employee induction, training and scope of duties
• Systems.
• Production of food.
• Catering and delivery details.

Management – this is where you will be talking about the kind of management, the management style and should also include:

• Principals and core employees.
• Incentives, Compensations and Salaries.
• Board of Directors.
• Consultants.
• Future management.
• Management structure and style.
• Ownership and share holding.

Future Development – here you talk about how you expect the restaurant to grow and develop, it could be in a five-year plan or however else it suits you. Key points should be:

• Long-term goals.
• Strategies for growth and development.
• Evaluation of any and all risks.

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