Do you have a project to create a restaurant? This operation involves carrying out various procedures, in particular the search for financing. Establishing the restaurant’s business plan is one of the essential steps to demonstrate the economic feasibility and financial viability of the project. Focus on this document.
Writing a business plan: zoom on its advantages
Are you wondering why the creation of a simple restaurant requires the establishment of a business plan? The drafting of this document proves to be advantageous and makes it possible to meet various objectives, two of which are particularly essential. Indeed, when creating a restaurant , the business plan allows you to make a presentation of your project to those who will support you financially, in particular banking establishments. You must make all the key elements of your project known to investors to reassure them.
Writing a business plan for a restaurant also allows you to take stock and become aware of your project . The establishment of this document requires reflection on various points allowing you to ensure the reliability, but also the profitability of the project. Once the business plan has been established, you will be able to confirm your desire to embark on this adventure.
The steps to follow to create a business plan for a restaurant
To establish the business plan for a restaurant, different steps are required. The first is to choose a priority target audience . This operation allows you to assess the volume of meals to be served on a daily basis, to determine your positioning in terms of price, but also to estimate the time and quality constraints required by your customers. You must also do a market study allowing you to analyze the environment and the competition.
When creating a restaurant, defining the concept and writing the business plan are the first steps to be taken. On this first step depends in particular one of the key elements of this document, namely the commercial strategy . To set it up, ask yourself different questions: what offer to offer?, what location to choose?, what pricing policy to apply?… Once you have answered these questions, you will be able to determine the strategy to adopt by depending on your target. Financial statementsare also important elements of the business plan. These include the balance sheet and the provisional income statement. These are accounting documents allowing you to make a financial model of your project and to evaluate its future results. The solidity and relevance of your financial forecasts are essential to convince your potential financial partners to grant you a loan. Also remember to provide in the document your working capital needs as well as financial aid to open your restaurant.
The editorial part of the business plan
To make a business plan for a restaurant, certain elements must absolutely appear in it. To learn more about the content of this document, restaurant business plan templates are available on the Internet. This document includes an editorial part. You must include an ” executive summary ” offering a global vision of your project with a brief summary of the concept , the proposed offer or the potential of the target market.
Various points must also be addressed in the editorial part of the business plan. In particular, you must present the problem and explain the reasons pushing you to embark on this adventure. It is then necessary to present in detail your project constituting the solution to the problem mentioned. Explain your objectives, your skills, your motivations, your experiences as well as the characteristics of your project. The business plan can also contain a presentation of your team. Different questions can be asked to properly present its members (what is the degree of their motivation? who is in charge of such a task?…). The writing part also includes market research, value proposition, restaurant location, business strategy as well as the menu card.
The financial part of the business plan
To make a business plan for a restaurant, you must also include a financial part allowing to pose the economic model of the establishment. You must indicate financial forecasts presenting interim management balances relating to the catering sector. Ratios in line with sector averages must also be shown. When writing the business plan, you must be able to justify the realism of these ratios with regard to your strategy and your target market. Various points must be addressed, in particular the opening days and times, the number of services or the maximum number of covers.
These forecasts are then indicated in financial tables making it possible to prove in a numerical way that the project is financially sound. For the creation of a restaurant, the business plan will contain various tables, in particular the provisional income statement , the provisional balance sheet, the cash flow plan as well as the financing plan.