Real Estate

Business plan tips for a restaurant business plan

We’ve covered the basics of writing a restaurant business plan in another article, but here are a few more tips to help you make your plan really stand out and create an extremely positive impression on your partners, lenders, or investors when you present it. for your inspection. .

Add a long appendix

It can include everything you can think of – the more there is, the more it gives the impression that you’ve been working hard to gather information, research, and generally get things started rather than just wishing it would happen.

It can include things like a sample menu, marketing materials, sample coupons, a vendor list, a personnel list, an equipment list, floor plans or plans, photographs of furnishing articles, uniform samples, a copy Restaurant website design print, sign design. , the restaurant logo, sample printed materials, your incorporation papers, a copy of your health permit, and literally anything else you have on hand.

Recruit and list an advisory board

The more people you can attach to the project, the more substantial it will look. Try to find people with extensive restaurant experience, business experience, or preferably both. They do not have to agree to do anything other than meet with you occasionally to review your progress and allow you to use their names as advisors. The more the better.

Don’t worry about fancy bindings

It doesn’t really make any difference. This is an area that people just don’t care about. It’s what’s on the cover that counts.

Include financial projections

It can tell a great story, but sooner or later any serious investor or banker wants to talk about numbers. Not including solid, industry-standard financial projections in your plan makes you look amateurish at best or like you’re hiding something or just don’t know at worst.

Include a complete list of the competition

People don’t starve waiting for it to open, so there must be some alternatives to your restaurant concept. Include each one and explain why you can overcome them or just coexist with them. Not acknowledging the competition shows a kind of arrogance and inexperience that most serious money makers would shy away from.

Don’t spend too much time on national statistics

Trends can go up or down nationally, but who cares? It is what is happening in your neighborhood that counts. Make sure you can explain the local numbers in terms that work for you.

Don’t write a lot of vague, imprecise, or unfounded statements.

A business plan is not a place to “hope things work out” and ask that “people give me the opportunity to show what I can do.” This is a business, and if you are not sure you can be successful, don’t expect other people to want to invest in you. Stick to the facts and avoid anything that sounds emotional, insecure, or pleading.

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