Maven Business Plans has already helped many entrepreneurs with a tailor-made business plans. For this, they spoke with enthusiastic entrepreneurs active in various industries, from the healthcare sector to the retail sector. No business plan is, therefore, the same. One industry where we see this clearly is the hospitality industry. Earlier we gave you some tips about writing a business plan for the hospitality industry. In this article, we take a closer look at the business plan for a restaurant, and we have worked out 3 important tips.
Eliminate risks as much as possible
As you may know, as part of the business plan, you include the risks and opportunities of your future venture. You also do this if you want to expand your current company or, for example, merge. You discuss the risks and opportunities in the SWOT analysis.
As an entrepreneur in the hospitality industry, you depend on various authorities, such as the municipality. You should contact them for, among other things, applying for permits, for example, for the use of a terrace. These are sometimes lengthy processes that can delay the setting up or furnishing of the restaurant. It is, therefore, wise to anticipate these types of risks as well as possible in advance.
For your restaurant business plan, ‘the market’ is an area that you need to think about. Especially in the catering industry, competition is strong, and trends play a major role. Just a ‘nice restaurant’ will probably not get you there. In the business plan, you, therefore, answer questions such as:
- What sets your restaurant apart from the competition?
- How does the product or service differ from competitors’ offerings?
- Is the price of the product different from that of your competitors?
- How does your promotion differ from that of your competitors?
- Does the restaurant stand out because of its attractive location?
What sets your restaurant apart?
You can further expand this list of questions yourself. An attentive reader will notice that these questions all lead back to the 4 P’s that you include in the business plan. For this part, you, therefore, do market research, which may require you to go out and discover other restaurants to see what they do well or less well and in which you can distinguish yourself.
Administration and Finance
As with any company, the administration must also be in order for a restaurant. This may also involve other financial statements. It is common that an investment is required to start your business. These are also matters that you include in the business plan for a restaurant. A strong business plan increases the chance of financing.
We recommend that you be well-informed in this area. For many entrepreneurs, administration and finances are not the nicest part of entrepreneurship. However, it is a pity if your restaurant does not succeed in this due to negligence!
Are you curious how Maven Business Plans can support you in writing a restaurant business plan sample? Or would you like to have another business plan written? Please feel free to visit mbplans.com.