Drafting a business plan
The restaurant industry comes with drafting a business plan competition.
The restaurant business is a competitive industry with many variations. Therefore, it is important to know how to write a business plan for a restaurant or food business. Sample business plans are available from many online sources. Most restaurants and food businesses have a myriad competition that ranges from very small, family owned establishments to large, franchises with many years of experience. Place the summary at the beginning of the business plan. Summarize the plan the entire plan in no more than three pages. Briefly introduce the restaurant, its target customers and its competition, and provide a brief explanation as to how your restaurant will attract its customers and counteract its competition.
Begin the description with the name of your food establishment, its address and contact information. Include the name and contact information for each of the restaurant’s owners, along with a brief description of their experience. Provide your restaurant’s legal business description, such as sole proprietor or partnership. Categorize the employees in departments such as kitchen staff, wait staff, human resources. Provide clear details about the functions of each departmental manager. Include the costs of salaries, benefits and training costs within this description.
Create an organizational chart to show the flow of responsibility. Create a section that describes the operations of your restaurant. Explain how your business will generate these customers and the costs for each, such as advertisements, commercials and radio ads. Identify the licensing and permit requirements for your restaurant, along with the steps that your business will take to obtain and maintain those requirements. Include prices for any additional items that might not appear on the menu, such as special sauces or branded T-shirts. Consider food establishment with similar foods to your restaurant, as well as all other food establishments in the area. Define your restaurant’s specialties and explain how your restaurant will stand apart from the competition.
Include a personal financial statement for each of the restaurant’s owners, along with a balance sheet, income statement and cash flow statement for the restaurant. Be realistic with your projections and provide accurate information. About the Author Writing professionally since 2004, Charmayne Smith focuses on corporate materials such as training manuals, business plans, grant applications and technical manuals. How to Write a Business Plan for a Restaurant or Food Business. How to Write a Business Plan for a Restaurant or Food Business» last modified July 20, 2017.
Copy Citation Note: Depending on drafting a business plan text editor you’re pasting into, you might have to add the italics to the site name. What Is a Concept Description in Terms of a Restaurant Business? Do You Need to Start a Restaurant? Should You Ask for an Upfront Deposit on Work? What Is a General Ledger, And Why Do You Need One? Calling All LA Small Business Owners! Have you ever evaluated where every dollar of your budget goes?
Planning a business
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While working as a freelance blogger, I decided to finally make the time to take a close look at my expenses. To my great horror, I discovered that most of the earnings left over after paying my basic personal and business expenses were being foolishly spent. In addition to that, my monthly income was never increasing, though the work on my plate certainly was. After some research, I decided the answer was a business budget. I found lots of online resources but as a freelancer, though nothing seemed to fit perfectly. So, I borrowed from different ideas and came up with a plan that turned my business around.
My new budget gave me to room to afford the things I needed to grow, while simultaneously earning more profit and working fewer hours each month. A business budget will make room so you can afford the things you need to grow. I know that many people experience the same challenges. Step 1: Tally Your Income Sources The first element of a good business budget is figuring out how much money you bring in on a monthly basis. Step 2: Determine Fixed Costs Fixed costs are expenses that are charged the same price each month. As you can imagine, incorporating these is by far the easiest part of creating your business budget.
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