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Our Competition Panda Tip: Start general, then list specific examples of restaurants you will be competing with – most likely they will be local so research should be easy.
A business plan provides business owners, stakeholders, investors, and leaders with an organized plan for how you will make your vision for your new restaurant a reality, making sure that nothing is overlooked as you grow your business.
When you're in the weeds with construction, licensing, staffing and other operational stressors, your business plan will act as a roadmap and help you stay focused.
The template below gives you a quick and easy way to prepare a plan and help you think through the major topics that need to be addressed.
Use this resource to speed up the preparation process with a proven outline to communicate your business plan in a professional, compelling format that will enhance your credibility and improve your chances of attracting bankers or investors.
In most cases, opening a new restaurant requires attracting some outside capital from hospitality investors or people who want to be your silent partners.
Before they invest in your dream, they need to buy into your vision.
In order to fulfill our vision for [RESTAURANT NAME] we will require [AMOUNT] in capital, which will be allocated roughly according to the following table: If we are fully capitalized, we hope to be profitable by [TIME].
Also, you may want to highlight obvious weaknesses and state how you are prepared to address them.
Our Specific Marketing Plan Panda Tip: Although word-of-mouth will certainly be important for any restaurant to succeed, there are many ways to help penetrate your local market through active marketing efforts – e.g., Groupon, Penny Saver, etc. Be sure to remember the context that you have created in the preceding paragraphs, however.
Your marketing plan has to make sense given the demographic you are targeting and the strengths and weaknesses of your competition.