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Restaurant business plan
Consider these steps when making your business plan.
How to write a business plan for your restaurant
Restaurant business plans are integral to the success of your business. Your business plan will be the road map from which your restaurant develops, it will help you grow and will guide you through the complexities of owning your own restaurant.
In this article, we offer hands-on tips for restaurant owners on how to write a business plan for your restaurant and why a restaurant business plan is so important. We have included a step-by-step restaurant business plan template which you can download to help you get started. Whether you are a restaurant startup or you already own restaurants and are an established part of the foodservice industry, this guide will be useful for every type of restaurant.
What you need to include in a restaurant business plan
Business plans should be concise and no more than around two pages long. Consider some steps like your key activities, offerings and resources (scroll down at this page to see the full list).
Define your restaurant idea
Ensuring the contents of your restaurant business plan are short and clear. What is the competitive advantage that helps you stand out from the crowd? Are you a fine dining restaurant, casual service spot, a brasserie?
Financial analysis and financial projections
A restaurant business plan should have estimates on your total start-up costs and the amount of money needed to keep your restaurant functioning. A solid cash flow on a day-to-day basis, is a solid ground. This is sometimes regarded as a break-even analysis. To ensure costs don't outrun sales. You should also have a budget that predicts the first year’s revenues.
Benefits of having a restaurant business plan
Having a clear business plan is very important for you as a restaurateur, your management team and your staff, so you all pull in the same direction.
Consider these steps when making your business plan.
Your Restaurant concept (mission statement) A good place to start with your business plan is to have a mission statement that describes your business, why you exist and your business concept. This should be followed by:
Your Vision What is your vision, where do you want to be in the future? (Aim high).
Your Values What are your core values? Can you describe them?
Your key activities What do you need to continue doing to reach your goals? Write them all down here.
Your offerings What are you offering that makes you an attractive business on the market?
Your key resources List some of your most valuable assets.
Your customer segments Who is your target group, who is your most important customer and who is your dream customer? List those here and think about your overall customer base.
Your sales channels What are your restaurant sales channels?
Your revenue Where and how do you generate your income?
Your costs Where do you spend money to reach your goal?
Your partners Which partners do you have today, and which ones would you like to have in the future?
*Business plan template is inspired by Magnus Helgesson
Ensuring the contents of your restaurant business plan are short and clear, you need to do some preparation work. You should clearly define your restaurant idea and your restaurant concepts, such as the service style, pricing, type of food, menu items and ambience. What is the competitive advantage that helps you stand out from the crowd? Are you a fine dining restaurant, casual service spot, a brasserie?
Consider ways to service customers who cannot or prefer not to dine in, such as a creating a ghost kitchen for prepared meals, take-aways or delivery? Is there are any industry analysis or market research within the restaurant industry for your target market? It’s always good to have as much information as possible when designing a new business plan right down to the basics like company description and target audience.
As you develop your concept, don’t forget to check out the competition. Do some market research on what has already been tried and tested, figure out which of these concepts work best, and why. That way you will be able to build on something that customers like, and are willing to pay for, and turn it into your own. Also, look into demographics to see if that fits your concept and target customers. This information may also define a future marketing strategy for your social media channels and be part of a roadmap to your restaurant marketing.
Your restaurant business plan will have estimates on your total start-up costs and the amount of money needed to keep your restaurant functioning on a day-to-day basis, to have a solid cash flow. This is sometimes regarded as a break-even analysis, to ensure costs don’t outrun sales. You should also have a budget that predicts the first year’s revenues and expenses to know how much you will need to stay in business. This total represents your funding needs and is critical to any small business or startup.
Funding can come from a variety of sources, such as your own savings, joining up with one or more partners, attracting potential investors or traditional funding from a bank. Regardless of your strategy, even if it is your own money, make sure to have sound financial projections at hand.
Many new restaurants fail early on, often due to a lack of planning and a lack of interest in what their guests are saying and not understanding and implementing customer feedback. But that doesn’t mean your restaurant has to be overly complex to prosper. In fact, the more streamlined you can make it, the better your chances to build a successful restaurant. Having a clear business plan is very important for you as a restaurateur, your management team and your staff, so you all pull in the same direction.
After you have filled in your contact information, you will be contacted by one of our knowledgeable experts who can tell you more about our solutions.
Free Restaurant Business Plan Template
What You'll Get With This Business Plan Template:
- A restaurant business plan template for Word or Pages
- Instructions and tips to help you learn how to write a restaurant business plan
- 7 customizable sections, including an executive summary, marketing plan, and financial analysis
Turn your business dreams into reality with this restaurant business plan template.
Whether you’re opening a brand-new restaurant or you’re taking a current concept in a different direction, a restaurant business plan template can help you put your ideas to paper.
But what exactly is a business plan and how do you write a restaurant business plan specifically?
A business plan is an essential document that provides an overview of your new business, its goals, and your plan to achieve those objectives. This includes everything from the kind of food you’re going to serve, the management team you plan to hire, and how you will promote your new business. In other words, a business plan helps you organize your ideas, articulate your business strategy, and secure investor funding.
To help you bring your own business plan to life, we’ve created a free restaurant business plan template. The template is designed to be fully customizable, with room for you to fill out each of the seven major sections. For instance, the executive summary section of this restaurant business plan template details how to craft a restaurant mission statement, how to articulate your proposed concept, and tips for outlining how you’ll execute your business plan. On the other hand, the financial analysis and growth plan section of this hospitality-specific business plan template gives you a list of all the important financial projections you’ll need to include to show that your business is a viable investment opportunity.
Each section of the business plan template for restaurants also includes helpful prompts and instructions to help you determine what to include. This is especially helpful if you’re opening a more specific restaurant concept like a brewery that also offers dine-in.
When you’re finished filling out the restaurant business plan template, you can simply delete the instructional text and save the document. The restaurant business plan template is designed for Word and Pages, so you can save and access the document in either program. You can even print the document to share your restaurant business plan with your team and any prospective investors.
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How to Write a Restaurant Business Plan
Set your restaurant up for long-term success.
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Many people dream of opening a restaurant, seeing it as an opportunity to turn a love for entertaining or cooking into a business. Unfortunately for many restaurateurs, the reality of running a restaurant is not what they expected. Long hours, low pay, and a lot of stress cause many entrepreneurs to close up shop after a few short years.
One reason for the high failure rate in this industry is that restaurant owners fail to treat their restaurant as a business from the very beginning. They have no plan to deal with problems and unexpected expenses, and they don't understand the true costs associated with opening a restaurant.
One way to prevent these types of problems is to develop a well-written business plan. By writing a restaurant business plan, you show investors or lenders you have a clear contingency plan for handling any problems that arise.
What a Plan Can Do for You
A restaurant business plan needs to be structured like most business plans, but the details need to address your specific vision for a restaurant and its place in your local market. Start with the same general components of a standard business plan, then gear it specifically to the restaurant industry and your plans of succeeding in that industry.
This overview needs to introduce your entire business plan with a couple of key broad strokes: What niche will your restaurant fill in the local dining market, and what role will you specifically play?
Make it clear to the reader (a potential investor) what kind of restaurant you will be. From fast-casual and sports bars to fine dining or ethnic cuisine, there are all kinds of restaurants. Let the investor know how you'll fit into the market, including the name of your restaurant and its location.
Be clear about your role in the business as well. Restaurants are multilayered operations. Menus must be built, food must be cooked, finances must be managed, customers must be served, and marketing efforts need to expand your clientele. One person trying to do all that would be overwhelmed, so include your partners in your executive summary. If you haven't found the perfect partners yet, explain the roles that you intend to eventually delegate to partners. If you're an experienced chef with a plan for a fine dining restaurant, for example, then make it clear to readers that your primary role will be in the kitchen and you'll hire experienced professionals to handle other key roles.
This business analysis offers a first look at all your key business details. Where will you be located? What's your mission? Who are your target customers? What kinds of dishes will make up your menu? What sets your restaurant apart from other options in the area? Will the population base support another establishment like yours?
You'll also want to include basic details like your company's legal name, business structure, ownership, and management team. Keep everything high-level here, and save the deep details for later in your plan.
This is often referred to as a marketing strategy, and there are three key components. Know how to address the specifics of your plan within each one.
- Industry : Who will you be serving? Is your restaurant going to cater to the older retired generation at lunchtime? Single professionals at dinner? Families with young children? Explain your customer base and why they are going to flock to your new restaurant instead of your competitors. You'll have touched on this in your executive summary and company description, but this is where you need to dig into the details of the local restaurant community and show how you fit.
- Competition : Who is your competition, and how will you distinguish yourself? Again, you'll have touched on this already, but use this section of your business plan to dig deeper into the details. Loyal customers at established restaurants aren't likely to change their dining habits unless your menu, atmosphere, or approach somehow sets itself apart from what everyone else is doing. Show your reader that you understand—in detail—what other restaurants are doing and how you're going to be different.
- Marketing : What methods do you plan to use to promote your restaurant ? Perhaps more importantly, who will be handling this? Following the example of the owner focusing on the kitchen, someone with experience promoting and marketing restaurants should be in charge and have a plan. Let investors know you've brought a local food-scene expert on board for that purpose, and explain their marketing plan.
Also known as the products or services section, this is where you tell investors about your hours and how many employees you plan to hire. It's also where you explain the benefits of your establishment for customers, such as its convenient downtown location or its proximity to the local interstate exit.
This is also a good place to mention any close ties you have to local restaurant vendors, such as food supply companies or local farms, that will give you a competitive edge. For example, a liquor license is expensive and can be difficult to obtain in some markets. Here, you can explain to investors that you've hired a consultant who specializes in negotiating and purchasing liquor licenses to handle that aspect of your business.
Management and Ownership
Who is going to helm the ship? Who will cover the aspects of the business you can't? Beyond ownership, explain your management hierarchy, as well. For example, will managers for specific areas—dining room, bar, business, etc.—report to a general manager who then reports to you? Or, will everyone report to you equally? The structure you choose is less important than having one that works for you. You also want to ensure that the function of the structure is easy to explain to your investors or lenders.
Here, you want to list the projected growth of your new restaurant. You should include a general start-up budget, as well as a profit and loss statement that projects how much are you going to spend versus how much you are going to make.
Lenders and investors want to see that they are going to get a return on their investment, so give them a picture—and be realistic—of how that's going to happen. Put the work in to accurately project your labor and food costs, along with other operational costs, and compare those against the expected sales growth of your restaurant. A detailed financial plan will provide a road map for evaluating how your business is doing each year.
Many people opening a restaurant are not experienced business professionals, so it's a good idea to seek out a business partner with requisite experience. If you can't find a partner, consider hiring a consulting firm that specializes in helping new restaurants get their operations off the ground. At a minimum, enlisting a professional who knows how to write a business plan will ensure you've got a good chance of enduring those first tumultuous years.
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Restaurant Business Plan
This Restaurant Business Plan can serve as a starting point for your new business, or as you grow an existing enterprise.
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Home » Business ideas » Hospitality, Travel & Tourism » Restaurant Business
How to Write a Restaurant Business Plan [Sample Template]
Do you want to start a restaurant and you need to write a business plan? If YES, here is a sample restaurant business plan template & FREE feasibility report. Okay, so we have considered all the requirements for starting a restaurant business . We also took it further by analyzing and drafting a sample restaurant marketing plan template backed up by actionable guerrilla marketing ideas for restaurant businesses.
Starting a food business may sound easy, but the truth is that if you are looking to start a restaurant, such that you do not want to die a quick death, then you have got to do the needful to make sure that it does stand the test of time. There is quite a lot that is needed to be done in order to see that your restaurant business does take flight within the period that you have projected it to be.
Here is a guide on how to write your own business plan by fixing in the appropriate details of your business after you have gone through the sample restaurant business plan below;
A Sample Restaurant Business Plan Template
1. industry overview.
Whether you are a foodie or not, truth is that as humans food is one essential thing that just must not be toiled with. It is no wonder that plenty die of starvation where there is nothing to eat to replenish lost strength. As such, the restaurant business all over the globe is one business that generates huge income annually and can comfortably stand the test of time if well managed.
Any business person who gets involved in the food industry is sure to get good returns on investment if the business is well positioned. One good thing about the restaurant business is that an owner has the sole right to determine the price they want to sell their menu irrespective of what others around them might – especially if they are good with the delicacies they whip up.
There is no contesting the fact that food is one of the basic needs of people. It is for that reason that a myriad of people do all it takes to eat when they are hungry and Restaurants are such places that is designed to address such needs. There are various kinds of restaurants all over the world. Here are a few examples. We have:
- Fast food restaurants
- Intercontinental restaurants
- Local restaurants
- Family style cafeterias
- Casual dining restaurants
- Fast casual restaurants, amongst others.
These cafes are designed to meet various needs of different tribes, creeds and races. In most cases, it is the community where the restaurant is to be situated that certainly determines the style of restaurant service to be offered. For example; if one decides to start a restaurant business around a construction site; choosing an intercontinental style of restaurant or a family style restaurant might just be the best option.
Conversely, some might want to start a local restaurant, casual dining restaurant or even a fast food style restaurant irrespective of where they are located. However, if you choose to start a restaurant in a city that hosts thousands of international tourists and migrants, then starting an intercontinental restaurant will be your best options.
Over and above, it pays an individual to acquire culinary skills, as well as undertake a thorough and exhaustive feasibility studies before choosing the style of restaurant to start, the location to set up the business and the pricing system to adopt for the business.
2. Executive Summary
MunaChimso® Intercontinental restaurant is a 150 seat family style restaurant that is solely owned by Betty O’chucks and family. The restaurant is to be located in the heart of Houston Texas and it is designed in such way to make people of different nationality and cultures feel at home, as well as connect with their heritage and culture despite being thousands of kilo meters away from their home countries.
The restaurant will be a place where over a hundred intercontinental delicacies will be available per time prepared by some of the finest chefs in Texas. We choose to start the first outlet of our intercontinental restaurant in Houston, Texas because of the large percentage of migrants from Africa, Mexico and some part of Asia.
The fact that we have a bias for the African community makes Texas the most suitable destination to kick start our business project. As a result, we know that we just couldn’t go wrong if we started this business from here by all means. MunaChimso® Intercontinental restaurant is set to redefine the way cafeteria businesses operate in Texas.
Beyond opening our doors to customers to come in and have their meals in a cozy environment with tons of music that will remind them of their culture and heritage, we will also offer food delivery services to the chunk of our clients who place orders for any of our intercontinental meals; and this is irrespective of the part of Texas where they are resident.
We shall as well run a culinary school and also offer outdoor catering services base on demands. This is because we are aware of the fact that there are loads of Africans in this city who might be too overwhelmed with making out a living, so that they aren’t chanced to whip up some party meals when the need arises.
Our plan is to position the business to become the leading brand in restaurant business in Texas, and also to be amongst the top 20 restaurants in the united states of America within the first 10 years of operations.
This might look too tall a dream but we are optimistic that this will surely come to pass because we have done our research and feasibility studies and we are enthusiastic and confident that Texas is the right place to launch our intercontinental business before spreading to other parts of America.
Currently, we have been able to secure a location to set-up the first outlet of the restaurant in Texas and we are still working towards securing the necessary documentation and permits before swinging into full action to get the place ready for business.
Our ultimate goal is not to build a successful single unit, first class, intercontinental restaurant in the heart of Huston, Texas, but to open a minimum of one outlet of our intercontinental restaurant in major cities all across the United States.
We have perfected plans to attract traffic on a daily basis to our restaurant- people from various cultures, race and country et al. Much more than creating an ambiance where people can feel relaxed to enjoy our delicacies, we have also put plans in place that will ensure adequate security in and around our facility.
It is for that reason that we will install CCTV cameras at strategic places and our security personnel will be thoroughly trained to handle security issues in a proactive manner. Therefore, our clients can be rest assured of their safety when they visit our intercontinental restaurant. Without mincing words, security is of top priority to us because we intend attracting celebrities and the crème de la crème in the society, in every of our outlets all over the country.
The set date for opening our doors for business is February 1 st , 2016 and we are indeed working hard to make that date a reality. So far, we have been able to raise60 percent of the startup capital required and we are in the process of securing the last 40 percent.
The total budget for setting up our intercontinental restaurant is about $200,000 and we can categorically say that we already have about $120,000. In addition, we are at the verge of receiving the last trench of $80,000 loan from our bank.
3. Our Products and Services
The fact that we are starting an intercontinental restaurant means that we must meet the needs of our clients especially migrants who truly want to reconnect via food with their culture and heritage. We know that giving those who come to our restaurant a home away from home experience would go a long way in breeding repeat customers. In view of that, we have specifically listed at least 100 different intercontinental meals in our menu list. Here they are:
- We sell assorted alcoholic and non – alcoholic drinks and wines.
- We run a standard culinary training school.
- We offer home delivery services to our clients
- We provide outdoor catering services.
4. Our Mission and Vision Statement
- To be amongst the top 20 intercontinental restaurant brands in the United States of America within record time
- To build chains of standard intercontinental restaurants in major cities in the United States of America; a place where migrants, tourists and people of all walks of life can reconnect with their culture and heritage via their local delicacies, drinks and music.
Our Business Structure
These are the following roles and positions that will be duly occupied before opening our business doors to the public. They include:
- Chief Executive Officer
- Restaurant Manager
- Sales and Marketing Officer
- Waiter and Waitress
- Dispatch Riders
5. Job Roles and Responsibilities
Chief Executive Officer – CEO-:
- Responsible for providing direction for the business
- Creating, communicating, and implementing the organization’s vision, mission, and overall direction – i.e. leading the development and implementation of the overall organization’s strategy.
- Responsible for the day to day running of the business
- Responsible for handling high profile clients and deals
- Responsible for fixing prices and signing business deals
- Responsible for recruitment
- Responsible for payment of salaries
- Responsible for signing checks and documents on behalf of the company
- Evaluates the success of the organization
- Reports to the board
- Responsible for managing the daily activities in the restaurant
- Ensure that the restaurant facility is in tip top shape and conducive enough to welcome customers
- Interfaces with third – party providers (vendors)
- Reports to the Chief Executive Officer
- Attends to Customers complains and enquiries
- Prepares budget and reports for the organization
- Any other duty as assigned by the CEO
- Responsible for preparing delicacies
- Make lists and budget for kitchen supplies
- Oversee the entire kitchen staff
- Responsible for training new cooks
- Makes sure that the meals being whipped up tastes really good
Sales and Marketing Officer-:
- Responsible for marketing the company’s products and services
- Responsible for promoting the company
- Responsible for creating marketing and sales strategies, etc.
- Represents the organization in some strategic business meetings
- Responsible for hiring and training of freelance sales reps
- Any other duty as assigned by the Chief Operating Officer / restaurant manager
Waiters / Waitress
- Promptly attends to customers in a friendly and professional manner
- Ensures that unoccupied tables are always set and ready for customers
- Pulls out chairs for customers as they arrive
- Any other duty as assigned by the Chief Operating officer / restaurant manager
Accountant / Cashier-:
- Receives payments on behalf of the restaurant
- Issues receipt to customers
- Prepare financial report at the end of every working week
- Handles all financial transaction on behalf of the restaurant
- Interfaces with our bankers
- Responsible for payment of tax, levies and utility bills
- Any other duty as assigned by the CEO / restaurant manager
- Delivers customer’s orders promptly
- Deliver correspondence for the restaurant
- Runs errand for the organization
- Any other duty as assigned by the floor / line manager
- Ensure that the facility is secured at all time
- Control traffic and organize parking
- Give security tips to staff members from time to time
- Patrols around the building on a 24 hours basis
- Submit security reports weekly
- Any other duty as assigned by the restaurant manager
- Responsible for cleaning the restaurant facility at all times
- Ensure that toiletries and supplies don’t run out of stock
- Cleans both the interior and exterior of the building
6. SWOT Analysis
When it comes to starting a new business, one of the areas that will help entrepreneurs position their business in such a way that the trade will break even within the shortest time frame, is to critically conduct SWOT analysis before proceeding to launch the business.
With the help of competent business consultants, we have been able to carry out our own SWOT Analysis and here is what it looks like;
Our strength is anchored on our ability to serve our customers through the options of having them either visit our restaurant to have their breakfast, lunch or dinner or by delivering their orders straight to their houses, offices, or any location of their choice. The fact that we offer outdoor catering services and also culinary training counts to our advantage in the restaurant industry in the United States of America.
So far, we have been able to identify a few weakness on our part. The fact that we might possibly launch out big with a bang and start competing with major restaurant brand in the United States of America may likely count to our disadvantage, but we are perfecting plans on our own part to leverage on our moderate resources ( finance and workforce ) to maximize profits.
Beyond every reasonable doubt, the opportunities within our disposal are unlimited. Restaurant business in Texas and even in the whole of the United States of America is indeed a profitable business venture. For instance; our CEO is an active member of the African community in North Africa and she is one of the highly recognized women leaders in Texas.
Another opportunity that we stand to explore is the point that our restaurant is located in a highbrow area in Huston Texas; a place with huge population of migrants from African descent Lastly, the fact that we offer outdoor catering services and culinary training gives us the privilege to market our intercontinental restaurant to our target market.
The threat that is likely going to confront us is the fact that we are competing with already established restaurants that serve intercontinental meals, and also there are other entrepreneurs who are likely going to launch similar business within the location of our business. Of course, they will compete with us in winning over the available market.
Another threat that we are likely going to face is the area of government policies. This is especially when it comes to the importation of our raw ingredients that can’t be found / cultivated in the United States from Africa, Asia and South America. We therefore fear that if the government of the United States of America places embargo on importation of our major food ingredients, it would definitely affect our business.
7. MARKET ANALYSIS
- Market Trends
The market trend when it comes to intercontinental restaurant / delicacies is that; most of the clients that patronize these restaurants are not necessarily from the country where these meals originate from. As such, they just want to have a feel of the meal perhaps out of curiosity.
For example; people that patronize Chinese restaurants are not necessarily Chinese folks. People from different country and culture just love Chinese meals and they are willing to pay a premium when compared to the prices of what normal menus – local meal goes for.
In essence, when you run an intercontinental restaurant, your target market should not be restricted to only migrants from the regions where the meals originates from, but everyone who is willing to explore when it comes to foods. With good publicity, the meal of a foreign country can become popular in the US just like Chinese delicacies, Mexican delicacies and what have you. Part of the marketing and sales strategies that we will adopt includes:
- Opening of our intercontinental restaurant with a big party ( This means that we plan to invite people from diplomatic communities, the corporate communities and people from and within the neighborhood where the business is located)
- Neighborhood, door to door and mouth to ear mode of adverts to introduce our business
- Engage in road shows ( make some open air noise) to introduce our business
- Send proposals to embassies and corporate organizations to handle their kitchen arm of business(especially for their employees)
- Start a TV show in line with our business goal and objectives
- Sponsor relevant events, such as cooking competitions, and cultural events, et al.
8. Our Target Market
We are quite aware that the target market for restaurant cum food business cuts across people of all walks of life, since everybody needs food to survive and we are prepared to meet the needs of as much people as we can, within the various locations our intercontinental restaurant will be located. In order to stay focused on the kind of business brand we intend building, we have clearly defined certain groups of people as our main target. They are:
- International Tourists
- Top Executives
- The Diplomatic Community
- Corporate Organizations
Our Competitive Advantage
From our research and feasibility studies, we were able to discover loads of restaurants with a couple of them serving intercontinental delicacies. As a matter of fact, most of them have stayed long enough (10 years and above) in the business and they have mastered the market. The sole fact that they have stayed this long means that they enjoy robust patronage.
Since we are aware of this obvious detail, we have decided to adopt a unique strategy that will help us gain our own market share, stay afloat in the industry and steadily walk our way to the top of restaurant business in Texas and in the United States of America.
And part of the strategy that will give MunaChimso® Intercontinental Restaurant competitive advantage in the market place is; the point that we will not only serve various intercontinental delicacies in a cozy environment that will make our customers connect with their culture and heritage, we will offer home delivery services, we will offer culinary training and we will also offer outdoor catering services, as demanded by our clients.
9. SALES AND MARKETING STRATEGY
- Sources of Income
Generating enough income to take care of overhead and operational cost might not come so easy for a new business. As a matter of fact, most new businesses budget for money to pay employees and run the business for as long as 6 months or so, because they know that they might likely not make the money they require to effectively run the business within such a time frame.
This is because they conversant of the teething stage which nearly all businesses face upon inception. As a result of our findings, we have adopted a strategy that will guarantee that we generate adequate income from different sources.
Of course, our business goal is to run a first class intercontinental restaurant, but every other means of generating fund for the business is in line with providing delicacies to our highly esteemed customers which is our business mission. Here are the sources we have put in place to generate resources for MunaChimso® Intercontinental Restaurant;
- Selling intercontinental and local meals in our restaurant
- Offering home delivery services to our customers
- Offering outdoor catering services
- Running a top notch culinary training school
- Offering consultancy services in line with our business goal
- Sales of drinks ( local and intercontinental), wine ( local and intercontinental), beverages and water ,et al
10. Sales Forecast
It is important to state that our sales forecast is based on the data gathered during our feasibility studies and also assumptions. This is for sales projections based on what we saw.
- 150 lunches per day (on average), 12 months per year
- Typical lunches per year (in full year) is 50,200 (estimated figure)
- $50 per person on the average
- 180 dinners per day, 12 months per year
- Typical dinners per year (in full year) is 70,000 (estimated figure)
- $75 per person on the average
Sales of Drinks, Wine, Beverages and Water et al-:
- On the average over 80% of people who purchase dinner or lunch would consume drinks
- This equates to 120 drinks for lunch and 144 bottle of drinks / wine / beverage for dinner in a day
N.B-: The possibility of the figure to increase by 25 percent or more cannot be ruled out. Research shows that people who consume alcohol are generally not satisfied with just one bottle, especially when they have the financial resources to purchase a whole lot more.
- Marketing Strategy and Sales Strategy
We are quite aware that the market for intercontinental meals is on the increase, and we are also aware that loads of restaurants in the United States of America deal in intercontinental delicacies. In view of that, we have been able to work out plans that will help us win a large percentage of our targeted market over.
It is also important to state that we will continue to change or improve our marketing and sales strategy, until we are able to get a hang of the kind of result we are looking for. In essence, our sales and marketing strategy just like every one of our business strategies will remain flexible. In nut a shell, we will explore the following marketing and sales strategies to promote our intercontinental restaurant business:
- Direct Marketing (Staff)
- Via Our Sponsored TV Programs
- Erect Our Billboards in Strategic locations around the city
- Making use of sales Agents
- Online Marketing (via our official website, social media platforms and blog et al)
- Referral Marketing
- Revenue Sharing Business Partners (Event Planners and Contractors)
- Public relations during our culinary training sessions and outdoor catering services
11. Publicity and Advertising Strategy
Restaurant business just like any other business in the food industry requires media hype to get people to buy into the brand. We are quite aware of this and we have decided to make provisions for serious promotion of our brand. Here are the platforms we intend making use of to promote and advertise our business;
- Place adverts on national TV stations, Radio Stations and Newspapers / Magazines
- Run our own TV program
- Sponsor relevant community programs
- Leverage on the internet and social media platforms like; Instagram, Facebook , Badoo,et al
- Install our Bill Boards on strategic locations
- Engage in road show from time to time
- Distribute our fliers and handbills to targeted areas from time to time
- Send out introductory letters to multinationals, embassies, and Diaspora organizations and networks in and around Texas.
12. Our Pricing Strategy
Good foods definitely do not come cheap, but we are sure going to work towards fixing prices that will be pocket friendly. Our various intercontinental delicacies might not come cheap when compared to local meals or everyday meals in the United States of America, but we will try as much as lies within our power to strike a balance between making profits and satisfying our highly esteem customers.
Our strategy for fixing prices will be solely driven by what is obtainable in the industry, alongside sampling the opinions of our targeted market on the amount they will be willing to pay for various intercontinental meals.
- Payment Options
Our payment policy is all inclusive because we are quite aware that different people prefer different payment options as it suits them. Here are the payment options that will be available in every of our outlets;
- Payment by cash
- Payment via Point of Sale (POS) Machine
- Payment via online bank transfer (preferably for those that will order our products and would want us to deliver it to them, those that wants to attend our culinary training, as well as for payment for outdoor catering services)
- Payment via check (preferably for those that will order our products and would want us to deliver it to them, those that want to attend our culinary training program and for payment for outdoor catering services)
- Payment via Mobile money
In view of the above, we have chosen banking platforms that will help us achieve our plans without any itches.
13. Startup Expenditure (Budget)
- The Fee for Registering the Business: $725
- The budget for insurance, permits and license: $10,000
- The Amount Needed to Rent a Facility for 6 months in Texas ( reconstruction of the restaurant is inclusive ): $75,000
- The Cost for the purchase of restaurant furniture and gadgets ( fridges, TVs, Sound System, tables and chairs et al ): $20,000
- The Cost for tableware, utensils, dishes, bar and kitchen equipment: $15,000
- The Cost for supply of raw foods, ingredients, drinks and beverages for a month: $5,000
- The Cost of Launching a Website: $600
- The cost opening party: $5,000
- Additional Expenditure ( Business cards, Signage, Adverts and Promotions et al ): $5,000
Going by the report from our research and feasibility studies, we will need an average $200,000 to set up a moderate intercontinental hotel in Huston, Texas. From our projections, we are likely going to start making profits after the first 3 years of setting up the business and we have put plans in place to take care of the overhead and operational cost.
Generating Funding / Startup Capital for our Restaurant
We don’t have the intention of bringing business partners outside the family to invest in the business, at least for the first 5 years of running the business that is why we have restricted raising our startup capital to;
- Generate part of the start – up capital from my savings
- Source for soft loans from family members and friends
- Apply for loan from the bank
N.B-: We have been able to generate about $120,000 and we are at the final stages of obtaining a loan of $80,000 from our bank. All the papers and document has been signed and submitted, the loan has been approved and any moment from the now our account will be credited.
14. Sustainability and Expansion Strategy
The bigger picture of MunaChimso® Intercontinental Restaurant is to grow the business beyond Huston, Texas to other major cities in the United States of America. As such, we intend spending the first 5 years of the business in building and communicating our brand to our targeted market.
We have plans to sell our franchise to interested entrepreneurs who have what it takes to become our ambassadors. We know that once our brand has been accepted by the general public, it will be easier for us to successfully sell our franchise to interested entrepreneurs who intend leveraging on our brand to start their own business.
In addition, we will ensure that we invest in regular training and development of our work force. We will not stop at exploring various intercontinental meals from all parts of the world.
Check List / Milestone
- Culinary Training Plan : Completed
- Business Name Availability Check:>Completed
- Business Registration: Completed
- Opening of Corporate Bank Accounts: Completed
- Securing Point of Sales (POS) Machines: Completed
- Opening Mobile Money Accounts: Completed
- Opening Online Payment Platforms: Completed
- Application and Obtaining Tax Payer’s ID: In Progress
- Application for business license and permit: Completed
- Purchase of Insurance for the Business: Completed
- Renting of Facility and Construction of the Restaurant: In Progress
- Conducting Feasibility Studies: Completed
- Generating capital from family members and friends: Completed
- Applications for Loan: In Progress
- writing of business plan: Completed
- Drafting of Employee’s Handbook: Completed
- Drafting of Contract Documents and other relevant Legal Documents: In Progress
- Design of The Company’s Logo: Completed
- Graphic Designs and Printing of Marketing / Promotional Materials: In Progress
- Recruitment of chef and other key employees: In Progress
- Purchase of the Needed furniture, electronic appliances and kitchen equipment: In progress
- Purchase of Kitchen Utensils, plates, cups, cutleries, and other accessories: Completed
- Negotiation with Freelance Sales Reps: In Progress
- Creating Official Website for the Company: In Progress
- Creating Awareness for the business both online and in the neighborhood: In Progress
- Health and Safety and Fire Safety Arrangement: In Progress
- Opening party / launching party: In Progress
- Compilation of our intercontinental delicacies / Menu list : Completed
- Design and preparation of our cooking guide
- Design and preparation of our culinary training modules: Completed
- Arrangement for trainers and training facility: In Progress
- Establishing business relationship with vendors – suppliers of raw food ingredient: In Progress
- Establishing relationship with vendors – suppliers of drinks, wines, beers, and all forms of drinks: In Progress
- Purchase of delivery vans: Completed
- Purchase of motor bikes for delivery: Completed
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