And even better, we’ve added some tips and insights from Tim Felkner, a serial entrepreneur and restaurant consultant from San Francisco.
The executive summary acts as an overview for your restaurant business plan.
Think of it as “feeding the imagination,” with descriptions helping the customer visualise how their meal will look and taste.
If you can test the menu ahead of time and add that information in the business plan, all the better.
“I think if a business plan is overly optimistic and says, ‘Oh, we’re going to beat our competition in every category,’ that’s probably not realistic.
You’re probably going to be able to beat your competition in some categories and not others.” What to include: Everyone — including investors — wants to know what’s getting served up at your restaurant, so be thorough when writing out a sample menu in your business plan.This section is designed specifically for you to include menu items, descriptions and the ingredient lists needed to make your food and drinks.Descriptions heavily influence whether people gel with your menu, so they can be used as a marketing tactic.A SWOT analysis studies strengths (competitive advantages), weaknesses (shortcomings or lack of expertise), opportunities (that your restaurant can benefit from), and threats (that you’ll need to beat).Splitting these areas out makes it easier to make the most of the good and plan to tackle the bad.There’s always new competition, new trends and new local developments that change the landscape you work in.This is why it’s important to be honest about the potential struggles you might face.And all of that tends to matter and influences whether your business is going to be successful or not,” says Tim.Few (if any) businesses have a perfect market position. Now it’s time to get serious about the mechanics of how you’ll get it off the ground and make money.Investors, co-founders and partners are going to be an important part of the journey.