Hello and welcome to this week 30 minutes restaurant marketing, this week I will go through the Restaurant Business Plan Outline.
If you run or plan to open a restaurant most certainly someone already asked you for a business plan. Either an investor, a banker, your boss, or anyone else who has interest in understanding your restaurant business strategy and goals. So in this week's video, we will focus on the restaurant business plan most important chapters, and its contents.
The first chapter it must be your Executive Summary. The restaurant executive summary must be at the beginning of your restaurant business plan document, but it should be only written after finishing all the other chapters. The executive summary should consist of a short brief of the entire business plan. It will be the first part read, and many times the only, and it needs to give an overall understanding of what can be found inside the entire document.
If your executive summary is well written, it will create in the reader the need to read more and ask you questions about your restaurant business idea. On Week 15, I have created one video just focused in detail on how to create a great executive summary. I will leave a link to the video lesson on the description below.
After the Executive Summary should come your Company Summary chapter. Here you will need to define: What is your concept? What kind of food will you serve? What experience you will offer to your customers? Who will own the restaurant? In which location you plan to open? Is it a lease or you going to buy the property?
Next comes the investment? How much you need? Where you will get the money? When you plan to payback? You don't need to add much detail here, like charts, or tables, as you will include all this at the last Financials chapter.
Now you need to define your Target Market: Who you will be targeting as customers? Why they will choose your restaurant? What are the different groups included in your target market, also called as segments? Why they will visit your restaurant? What about latest trends in the market?
Then comes one of my favorites, Design. Do you already have the floor plan and architectural drawings? These helps in making your plan more attractive, in case you don't have it yet create a kind of mood board to give the reader an idea of the design and style you plan to implement at the restaurant. Please note that you shouldn't focus on a design you love, but instead on a design that your target market will love!
Now you need to talk about your planned Human Resources: You should present an organizational chart off all the staff you plan to have, and go into detail about your management team. Who they are? What is there experience? Include the management team resumes in appendix.
Competition. Who are your main competitors? What about the indirect competitors, these are the ones that don't offer a similar product to yours but your target market may select them instead of your restaurant when deciding where to eat (ex: the food truck near your restaurant). After this competition study you need to develop your SWOT analysis. I have created a video in how to create a restaurant SWOT analysis, and will leave a link below for you to watch it.
Next is the Marketing Plan – Here you need to talk about your branding, or in other words what do you promise that you will deliver to your target market? Is it the best steak? Or the widest menu variety? Branding consists on your promise to your customers. Also what are your branding strategies, or how you will pass your promise message to the customers? Is it through Facebook? Email marketing? Flyers? You also will need to mention how you will you position your restaurant in the market relatively to your competition. Is it the cheapest? The most luxurious? The only real Japanese sushi? What is your acquiring new customer strategies? Is it through newspaper ads? Flyers on the street? Special events? What about customer retention strategies? Is it through loyalty programs? Email marketing? Previously on week 5 I have created a video in how to do a one page restaurant marketing plan. I will leave a link at the description below so you can have a more detailed idea of what needs to go into this chapter.
Every business plan outline finishes with the Financials chapter. Here you will need to insert all your calculations, or at least the necessary calculations to prove the feasibility of your business plan. It should include: What is your Initial Investment? How much you will need to start the restaurant. And define in detail where will you spend the money? Sales Forecast? How much you expect to sell by month for the first 5 years. Restaurant Operational expenses? Here you will need to list all the expenses you have to run the restaurant. Like salaries , electricity, Rent, etc… Profit and Loss Table or also called Income statement: This is the favorite table for the potential investors as it will display your sales and expenses and the difference between the two. In other words, is telling if your restaurant will make more money than it spends. And also, when will you be able to pay in full the initial investment.
I have created a PDF with the summary of this restaurant business plan outline so you don't need to go back and forward on the video to remember the details. The link for downloading is below.
Thank you for watching, hope it helps, and if you want me to keep creating restaurant marketing videos please support by liking, commenting, or sharing below. Thanks and Cheers!