how do i write a business plan for a small restaurant

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How to Write a Restaurant Business Plan in 2024 (Free Template)

So you want to open a restaurant? Then you need a business plan.

A restaurant business plan is your roadmap to success. It outlines and forecasts every aspect of your restaurant’s operation and management —from menu design and location to financial planning and staff training. A comprehensive restaurant business plan demonstrates professionalism and a clear understanding of goals, increasing your chances of achieving long-term success in the competitive restaurant industry.

Why is a strong business plan important? Because it turns your restaurant idea into reality. According to the National Restaurant Association , having a business plan increases your chances of success by preparing you for problems before they arise and attracting investors and partners.

Planning is the key to restaurant success. Without a plan, you risk being part of the 30% of restaurants that fail in the first year​. To make sure your restaurant succeeds, you can start by creating a business plan. Financial projections are a crucial component, helping to secure funding and plan for the future. Here’s how to get started.

The importance of a restaurant business plan 

Think of your business plan as your ultimate guide, showing business owners, stakeholders, and investors how you’re going to turn your vision into reality. It ensures nothing is overlooked as you grow your restaurant . When you’re deep in the chaos of construction, licensing, staffing, and other challenges, your business plan will keep you on track and focused. Without one, navigating the complex world of opening a restaurant becomes much tougher.

A solid business plan is also key to attracting investors. Most new restaurants need some outside capital from hospitality investors or silent partners. Before they invest in your dream, they need to see that you’ve got a solid, thought-out plan for success. Your business plan shows investors that you’ve considered every expense and every possible scenario. It provides a complete description of your strategy, highlights the experience and skills of your management team, and explains why and how it will succeed.

Every business should have a business plan, whether new or existing. Business plans help you focus on your goals and can help get back on track if you stray from them.

• How to write a restaurant business plan

Whether this is your first business plan or your 10th, using a template specifically designed for the restaurant industry can be incredibly helpful. Our restaurant business plan template includes all the necessary sections you need. You can download a customizable copy of the business plan template here.

Conducting a thorough market analysis to understand customer demographics and competition is crucial for the success of your restaurant. Keep reading to learn about the key elements that make a restaurant business plan successful.

Further reading

• How to Write a Restaurant Business Plan Executive Summary
• Your Complete Guide to Restaurant Financing and Loans
• How To Conduct a Restaurant Market Analysis
• Essential elements of a restaurant business plan

Design a branded cover page

Start with a branded cover page that showcases your logo, brand fonts, and all relevant contact information. This sets a professional tone and makes your business plan easily identifiable.

Write the executive summary

Begin your restaurant business plan with an executive summary . This section introduces and sums up your entire vision, making sure to grab the reader’s attention. It should make investors feel invested in your idea and eager to read more.

Key elements to include are your restaurant’s mission statement , proposed concept, how you’ll execute the plan, an overview of potential costs, anticipated return on investment, as well as a business succession plan. Describe your restaurant concept, detailing the type of food being served, service style, design elements, and unique features. This is also a great spot to highlight your business’s core values. A strong executive summary sets the tone for your business plan and helps attract investor interest.

Additionally, include a management team write-up to highlight the credentials and past experiences of your management team, demonstrating their ability to run a successful establishment.

A well-conceived mission statement can provide a guiding light to keep your restaurant moving in the right direction. It helps ensure that every decision you make and every interaction you have is in line with your core values and goals.

Create the company overview

In this section, you’ll lay out the foundational details of your restaurant. Start by introducing the basic information: the restaurant’s name, address, and contact details. Include information about the owner and their background, showcasing their experience and passion for the industry. This sets the stage for your business’s credibility.

Next, describe the restaurant’s legal standing and its short- and long-term objectives. This helps potential investors understand the structure and vision of your business.

Highlight your understanding of the local food industry with a brief market research summary. Explain why your restaurant will succeed in this market by demonstrating awareness of local dining trends and consumer preferences. Crafting your own restaurant business plan is crucial to showcase your dedication and strategic planning, learning from others' mistakes to ensure success.

Here’s a sample layout for this section:

Company description

Restaurant Name : [Restaurant Name]

Location: [Restaurant Address]

Contact: [Restaurant Phone Number] | [Restaurant Email Address]

Owner: [Owner Name]

Experience: [Owner Name] has over [Number] years of experience in the restaurant industry. They have worked in various roles, including [List of Roles]. They are passionate about food and creating a memorable dining experience for their guests.

Legal Standing: [Restaurant Name] is a [Type of Legal Entity] registered in [State/Province].

• How to Write a Great Restaurant Description

Include an industry analysis

First describe the current state of the market sector your restaurant will be in and the specific area you will be in. This should include local economic growth, existing restaurants, infrastructure projects, nearby businesses, residential areas and foot and car traffic counts.

To create an effective and professional business plan, it is important to study restaurant business plan samples.

1. Review your target market

The restaurant industry is competitive so you need to find your niche. What will make your restaurant different? Who will your restaurant attract and who will be your repeat customers? Describe your target market and compare it to the overall restaurant industry in terms of diner demographics, characteristics and behaviour.

2. Location analysis

Even if you don’t have a specific location yet, focus on the general area or city where you will be opening your restaurant and explain why. Include local economic growth, major events and nearby infrastructure projects. Compare the current market conditions to your target market to show the proposed location fits your ideal customer profile. Investors will be looking closely at this section to make sure the location is right for your concept.

3. Competitive analysis

Get into the competitive landscape around your proposed location. Detail the number of other restaurants in the area, especially those with similar concepts. Investors want to know what will make customers choose your restaurant over the competition. What will make your food and service stand out and what other advantages do you have, like longer hours? Use a competitive matrix to show you understand your niche in the market.

Put together a restaurant marketing plan 

The marketing section outlines how you’ll promote your restaurant before and after opening. Not sure where to start? Check out our guide here. A well-thought-out marketing plan is crucial to grow a successful restaurant and distinguish it from competitors.

Start by listing out specific tactics you’ll use pre and post-launch. Will you work with a PR manager? Launch a social media account to document the build-out and generate buzz. Share those details. If you already have a large social media following , make sure to mention it.

Once the restaurant is open , which channels will you use to keep the momentum going? Email marketing? Regular social media posts? Charity partnerships? Local TV and radio ads? Will you invest in customer relationship management software to keep in touch with regulars or implement a loyalty program?

This section should give a clear picture of your promotional strategy and how you plan to engage with potential customers from the start.

Outline your operation plan

Here’s how to outline your restaurant’s day-to-day operations once the doors open. Cover these key areas:

Clearly defining the service style of your restaurant, whether it is fine dining , quick-service, self-service, or another type, is important to ensure a consistent customer experience.

1. Staffing

Think about the positions you'll need and how many people you'll need for each role. What will make your place a fantastic workplace? Outline the pay for each position, how you'll recruit the right people, and what the hiring criteria will be.

2. Customer service policies and procedures

How will you ensure an exceptional and consistent guest experience every time? Detail your service values, policies, and procedures, and explain how you'll enforce or encourage them.

3. Restaurant point of sale and other systems

How will you keep track of sales and inventory, manage takeout and delivery, control labor, handle cash, process payroll, and accept various payment types? Cover the systems you'll use for all these tasks.

4. Suppliers

Where will you get your ingredients? Think about both one-time equipment purchases and items that need regular replenishment. Detail your plans for sourcing these essentials.

Nail down your financial game plan with first-year projections

The financial analysis usually wraps up your business plan, and it’s where investors really focus in. They want to see exactly how you’ll spend their money in the first year and how you expect costs and revenue to stack up. Make sure to hit these key points in this section.

1. Your investment plan

Here’s where you put in the initial investment and how you’ll use it in the first year. Think kitchen equipment, furniture, decor, payroll, legal fees, marketing, and a bit of working capital.

2. The projected profit and loss (P&L) statement

Since the business plan is done way before you open your restaurant you’ll need to make some educated guesses for your P&L statement. Estimate costs and sales based on your restaurant’s size, target market and the local competition. Use this P&L template and guide to dive deeper into P&L statements and create one for your future restaurant.

3. The break-even strategy

This is where you show investors how much monthly revenue you’ll need to cover all your overhead and operational costs. Remember there are always variable costs so highlight what you think those will be. How will you hit that revenue target during slow months?

4. Cash flow prediction

Your cash flow expectations hinge on your inventory purchases, staff size, payroll, and payment schedule. Some months will be better than others once your restaurant is up and running. This cash flow analysis will show investors that, based on your forecasts, your restaurant can sustain itself during leaner months without needing extra investments.

How to sell a restaurant idea and master your business plan presentation

Once your business plan is polished and ready, it's time to become its number one expert. Investors want to see that you know every nook and cranny of your business and are confident you can make it happen.

When you're ready, email your business plan to anyone in your network who might be interested in investing. With any luck, you'll get some interest, and investors will want to meet to discuss your restaurant.

Some investors might want a pitch presentation alongside the printed business plan. Use a professional template from Google Sheets or PowerPoint, and practice until you can nail the presentation without notes.

Be prepared for any questions—both the expected ones and those that come out of left field. If you don’t know an answer on the spot, it’s fine to say you’ll find out and get back to them quickly.

A well-crafted restaurant business plan serves as a roadmap to success, guiding every aspect of the venture from menu design to employee training.

By carefully considering each component of the plan, aspiring restaurateurs can increase their chances of securing funding, attracting customers, and achieving their long-term goals. Including a sample menu in the business plan is necessary to showcase planned dishes and prices, which helps in selling the restaurant concept to potential investors and customers.

Remember, a restaurant business plan is not just a document to satisfy investors; it is a living tool that should be revisited and updated regularly as the business grows and evolves.

By staying committed to the plan and adapting it as needed, restaurateurs can ensure that their culinary dreams have a solid foundation for success.

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How much profit does the restaurant make.

When it comes to restaurant profitability, the numbers can widely vary. On average, restaurants report profit margins between 3% and 5% annually.

Fast-food establishments often have lower margins but benefit from a high volume of customers and quick turnover rates. In contrast, fine dining venues, although charging higher prices, see fewer customers and slower turnover, which influences their profit margins differently.

Our research indicates that, regardless of the type of restaurant, the average monthly profit usually falls between $15,000 and $25,000.

How to open a restaurant without money?

Starting a restaurant can be a daunting task, especially when funds are tight. However, with some creativity and determination, you can turn your dream into a reality. Here’s how:

Innovate Your Restaurant Concept

Consider a unique, low-cost restaurant concept. Instead of a full-scale establishment, perhaps a pop-up restaurant or a delivery-only kitchen could better fit your budget. Flexibility in your concept can significantly reduce initial costs.

Seek Funding Alternatives

Traditional bank loans aren't the only option. Look for investors who believe in your vision or explore crowdfunding platforms like Kickstarter or GoFundMe . Sometimes, you can even find grants aimed at smal l business startups.

Leverage Online Platforms

Start by building a strong online presence. Create a website and utilize social media to attract and engage customers. Online marketing can be a cost-effective way to generate buzz and gather a customer base before you even open your doors.

Collaborate with Other Businesses

Partnerships can pave the way for mutual growth. Collaborate with food suppliers, local farms, or even other small businesses to share costs and resources. This strategy can also expand your network and increase visibility within your community.

Start Small: Food Trucks or Catering

Consider launching your concept through a food truck, catering service, or pop-up stand. These options require significantly less capital than a traditional sit-down restaurant and can help you build your brand and customer base.

Growth Marketing Manager at Eat App

Saif Alnasur used to work in his family restaurant, but now he is a food influencer and writes about the restaurant industry for Eat App.

Reviewed by

Nezar Kadhem

Co-founder and CEO of Eat App

He is a regular speaker and panelist at industry events, contributing on topics such as digital transformation in the hospitality industry, revenue channel optimization and dine-in experience.

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How to Write a Restaurant Business Plan

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When starting a business—no matter what type of business that may be—a business plan is essential to map out your intentions and direction. That’s the same for a restaurant business plan, which will help you figure out where you fit in the landscape, how you’re going to differ from other establishments around you, how you’ll market your business, and even what you’re going to serve. A business plan for your restaurant can also help you later if you choose to apply for a business loan .

While opening a restaurant isn’t as risky as you’ve likely heard, you still want to ensure that you’re putting thought and research into your business venture to set it up for success. And that’s where a restaurant business plan comes in.

We’ll go through how to create a business plan for a restaurant and a few reasons why it’s so important. After you review the categories and the restaurant business plan examples, you can use the categories to make a restaurant business plan template and start your journey.

Why you shouldn’t skip a restaurant business plan

First-time restaurateurs and industry veterans alike all need to create a business plan when opening a new restaurant . That’s because, even if you deeply understand your business and its nuances (say, seasonal menu planning or how to order correct quantities), a restaurant is more than its operations. There’s marketing, financing, the competitive landscape, and more—and each of these things is unique to each door you open.

That’s why it’s so crucial to understand how to create a business plan for a restaurant. All of these things and more will be addressed in the document—which should run about 20 or 30 pages—so you’ll not only have a go-to-market strategy, but you’ll also likely figure out some things about your business that you haven’t even thought of yet.

Additionally, if you’re planning to apply for business funding down the line, some loans—including the highly desirable SBA loan —actually require you to submit your business plan to gain approval. In other words: Don’t skip this step!

How much do you need?

with Fundera by NerdWallet

We’ll start with a brief questionnaire to better understand the unique needs of your business.

Once we uncover your personalized matches, our team will consult you on the process moving forward.

How to write a restaurant business plan: Step by step

There’s no absolute format for a restaurant business plan that you can’t stray from—some of these sections might be more important than others, for example, or you might find that there’s a logical order that makes more sense than the one in the restaurant business plan example below. However, this business plan outline will serve as a good foundation, and you can use it as a restaurant business plan template for when you write your own.

Executive summary

Your executive summary is one to two pages that kick off your business plan and explain your vision. Even though this might seem like an introduction that no one will read, that isn’t the case. In fact, some investors only ask for the executive summary. So, you’ll want to spend a lot of time perfecting it.

Your restaurant business plan executive summary should include information on:

Mission statement: Your goals and objectives

General company information: Include your founding date, team roles (i.e. executive chef, sous chefs, sommeliers), and locations

Category and offerings: What category your restaurant fits into, what you’re planning to serve (i.e. farm-to-table or Korean), and why

Context for success: Any past success you’ve had, or any current financial data that’ll support that you are on the path to success

Financial requests: If you’re searching for investment or financing, include your plans and goals here and any financing you’ve raised or borrowed thus far

Future plans: Your vision for where you’re going in the next year, three years, and five years

When you’re done with your executive summary, you should feel like you’ve provided a bird’s eye view of your entire business plan. In fact, even though this section is first, you will likely write it last so you can take the highlights from each of the subsequent sections.

And once you’re done, read it on its own: Does it give a comprehensive, high-level overview of your restaurant, its current state, and your vision for the future? Remember, this may be the only part of your business plan potential investors or partners will read, so it should be able to stand on its own and be interesting enough to make them want to read the rest of your plan.

Company overview

This is where you’ll dive into the specifics of your company, detailing the kind of restaurant you’re looking to create, who’s helping you do it, and how you’re prepared to accomplish it.

Your restaurant business plan company overview should include:

Purpose: The type of restaurant you’re opening (fine dining, fast-casual, pop-up, etc.), type of food you’re serving, goals you have, and the niche you hope to fill in the market

Area: Information on the area in which you’re opening

Customers: Whom you’re hoping to target, their demographic information

Legal structure: Your business entity (i.e. LLC, LLP, etc.) and how many owners you have

Similar to your executive summary, you won’t be going into major detail here as the sections below will get into the nitty-gritty. You’ll want to look at this as an extended tear sheet that gives someone a good grip on your restaurant or concept, where it fits into the market, and why you’re starting it.

Team and management

Barely anything is as important for a restaurant as the team that runs it. You’ll want to create a section dedicated to the members of your staff—even the ones that aren’t yet hired. This will provide a sense of who is taking care of what, and how you need to structure and build out the team to get your restaurant operating at full steam.

Your restaurant business plan team and management section should have:

Management overview: Who is running the restaurant, what their experience and qualifications are, and what duties they’ll be responsible for

Staff: Other employees you’ve brought on and their bios, as well as other spots you anticipate needing to hire for

Ownership percentage: Which individuals own what percentage of the restaurant, or if you are an employee-owned establishment

Be sure to update this section with more information as your business changes and you continue to share this business plan—especially because who is on your team will change both your business and the way people look at it.

Sample menu

You’ll also want to include a sample menu in your restaurant business plan so readers have a sense of what they can expect from your operations, as well as what your diners can expect from you when they sit down. This will also force you to consider exactly what you want to serve your diners and how your menu will stand out from similar restaurants in the area. Although a sample menu is in some ways self-explanatory, consider the following:

Service : If your brunch is as important as your dinner, provide both menus; you also might want to consider including both a-la-carte and prix fixe menus if you plan to offer them.

Beverage/wine service: If you’ll have an emphasis on specialty beverages or wine, a separate drinks list could be important.

Seasonality: If you’re a highly seasonal restaurant, you might want to consider providing menus for multiple seasons to demonstrate how your dishes (and subsequent purchasing) will change.

Market analysis

This is where you’ll begin to dive deeper. Although you’ve likely mentioned your market and the whitespace you hope to address, the market analysis section will enable you to prove your hypotheses.

Your restaurant business plan market analysis should include:

Industry information: Include a description of the restaurant industry, its size, growth trends, and other trends regarding things such as tastes, trends, demographics, structures, etc.

Target market: Zoom in on the area and neighborhood in which you’re opening your restaurant as well as the type of cuisine you’re serving.

Target market characteristics: Describe your customers and their needs, how/if their needs are currently being served, other important pieces about your specific location and customers.

Target market size and growth: Include a data-driven section on the size of your market, trends in its growth, how your target market fits into the industry as a whole, projected growth of your market, etc.

Market share potential: Share how much potential there is in the market, how much your presence will change the market, and how much your specific restaurant or restaurant locations can own of the open market; also touch on any barriers to growth or entry you might see.

Market pricing: Explain how you’ll be pricing your menu and where you’ll fall relative to your competitors or other restaurants in the market.

Competitive research: Include research on your closest competitors, how they are both succeeding and failing, how customers view them, etc.

If this section seems like it might be long, it should—it’s going to outline one of the most important parts of your strategy, and should feel comprehensive. Lack of demand is the number one reason why new businesses fail, so the goal of this section should be to prove that there is demand for your restaurant and show how you’ll capitalize on it.

Additionally, if market research isn’t your forte, don’t be shy to reach out to market research experts to help you compile the data, or at least read deeply on how to conduct effective research.

Marketing and sales

Your marketing and sales section should feel like a logical extension of your market analysis section, since all of the decisions you’ll make in this section should follow the data of the prior section.

The marketing and sales sections of your restaurant business plan should include:

Positioning: How you’ll describe your restaurant to potential customers, the brand identity and visuals you’ll use to do it, and how you’ll stand out in the market based on the brand you’re building

Promotion: The tools, tactics, and platforms you’ll use to market your business

Sales: How you’ll convert on certain items, and who/how you will facilitate any additional revenue streams (i.e. catering)

It’s likely that you’ll only have concepts for some of these elements, especially if you’re not yet open. Still, get to paper all of the ideas you have, and you can (and should) always update them later as your restaurant business becomes more fully formed.

Business operations

The business operations section should get to the heart of how you plan to run your business. It will highlight both internal factors as well as external forces that will dictate how you run the ship.

The business operations section should include:

Management team: Your management structure and hierarchy, and who is responsible for what

Hours: Your hours and days of operation

Location: What’s special about your location that will get people through the door

Relationships: Any advantageous relationships you have with fellow restaurateurs, places for sourcing and buying, business organizations, or consultants on your team

Add here anything you think could be helpful for illustrating how you’re going to do business and what will affect it.

Here, you’ll detail the current state of your business finances and project where you hope to be in a year, three years, and five years. You’ll want to detail what you’ve spent, what you will spend, where you’ll get the money, costs you might incur, and returns you’ll hope to see—including when you can expect to break even and turn a profit.

Financial statements: If you’ve been in business for any amount of time, include existing financial statements (i.e. profit and loss, balance sheet, cash flow, etc.)

Budget: Your current budget or a general startup budget

Projections: Include revenue, cash flow, projected profit and loss, and other costs

Debt: Include liabilities if the business has any outstanding debt or loans

Funding request: If you’re requesting a loan or an investment, lay out how much capital you’re looking for, your company’s valuation (if applicable), and the purpose of the funding

Above all, as you’re putting your financials together, be realistic—even conservative. You want to give any potential investors a realistic picture of your business.

Feel like there are other important components but they don't quite fit in any of the other categories (or make them run too long)? That’s what the restaurant business plan appendix section is for. And although in, say, a book, an appendix can feel like an afterthought, don’t ignore it—this is another opportunity for you to include crucial information that can give anyone reading your plan some context. You may include additional data, graphs, marketing collateral (like logo mockups), and more.

LLC Formation

The bottom line

Whether you’re writing a restaurant business plan for investors, lenders, or simply for yourself and your team, the most important thing to do is make sure your document is comprehensive. A good business plan for a restaurant will take time—and maybe a little sweat—to complete fully and correctly.

One other crucial thing to remember: a business plan is not a document set in stone. You should often look to it to make sure you’re keeping your vision and mission on track, but you should also feel prepared to update its components as you learn more about your business and individual restaurant.

This article originally appeared on JustBusiness, a subsidiary of NerdWallet.

On a similar note...

How to Write a Restaurant Business Plan (+ Examples)

Learn how to create a restaurant business plan with the best format that outlines your concept, and financials. Get examples and templates to get started.

10 minute read

helped business professionals at:

Short answer

What is a business plan for a restaurant?

A business plan for a restaurant is a document that outlines the restaurant's concept, strategies, and financial forecasts. It serves as a roadmap for launching and growing the establishment successfully.

Don't just focus on profit margins, ensure your business plan is well-presented

In the competitive world of the restaurant industry, where low-profit margins are a well-known hurdle, there emerges a critical, yet often overlooked, factor pivotal to success: the design of the business plan.

As we enter 2024, it's becoming increasingly clear that the traditional overlook of business plan design can no longer be afforded.

This isn't just about financial projections or market analysis; it's about crafting a blueprint that encapsulates the essence of your restaurant, compellingly communicates its value, and sets a solid foundation for growth.

By focusing on the design of your business plan, you stand to gain not just the attention of potential investors but also a clearer roadmap to navigate the challenges ahead.

What makes an effective business plan?

Embarking on the restaurant business journey requires more than just a passion for food-it demands a comprehensive plan that lays out every aspect of your venture with precision and foresight.

Let's delve into what constitutes an effective restaurant business plan, ensuring it's not just another document, but a roadmap to success.

6 key components of a winning restaurant business plan:

1. Vision and concept clarity

Start with a crystal-clear articulation of your restaurant's concept. Whether it's a cozy vegan cafe or a high-end steakhouse, the essence of your establishment should leap off the page.

This clarity helps potential investors and partners instantly grasp what you're aiming to create.

Beyond the concept, delineate your restaurant's values, mission, and the unique selling points that set you apart in a crowded market.

2. Comprehensive market analysis

A deep dive into market analysis cannot be overstated. Here, you're not just identifying who your customers are but also understanding the competitive landscape.

What are the prevailing trends in the dining sector? Who are your direct and indirect competitors, and how do you plan to differentiate yourself? This section should reflect a meticulous research process, showcasing insights that guide your strategy.

3. Robust financial planning

In any successful business plan, sound financial management is key.

Essential elements include:

Realistic financial projections: Your forecasts should be realistic, and built on data-backed assumptions.

Detailed profit and loss forecasts

Cash flow predictions

Break-even analysis

Contingency planning: Preparing for unforeseen challenges is crucial.

Develop a well-thought-out contingency plan to navigate the industry's unpredictable nature.

Identify potential risks and solutions, including supplier issues, staffing shortages, and changes in consumer behavior, to ensure business resilience.

4. Operational strategies

Operational excellence underpins a restaurant's success. Detail your plans for day-to-day operations, from sourcing ingredients to managing inventory and staffing.

Highlight your commitment to quality and efficiency in every aspect of the operation, from the kitchen to customer service.

Also, outline the technology, such as restaurant POS systems you'll implement to streamline processes and enhance the dining experience.

5. Marketing and branding

In today's digital age, a savvy marketing and branding strategy is crucial.

Describe how you'll create a strong brand identity and the channels you'll use to reach your target audience.

From social media campaigns to community engagement initiatives, your plan should reflect a keen understanding of how to connect with potential customers and build a loyal following.

Discover how to create a marketing deck to align your strategy with your business objectives, target audience needs, and market trends.

6. Customer experience focus

Exceptional customer service is the lifeblood of any successful restaurant. Detail the steps you'll take to ensure every guest feels valued and satisfied.

From the ambiance and menu design to staff training programs, every element should contribute to a memorable dining experience.

Feedback mechanisms and how you'll adapt to customer preferences are also vital components of this section.

What should be included in a restaurant business plan?

Creating a restaurant business plan is a foundational step toward launching a successful dining establishment.

It outlines your vision, strategy, and the specific actions you plan to take to make your restaurant a success.

Below, we break down the essential components that should be included in your restaurant business plan, ensuring clarity, comprehensiveness, and appeal to potential investors.

8 essential sections of a restaurant business plan:

1. Executive summary

A compelling overview of the restaurant, showcasing its unique concept, mission, and strategic objectives that guide its operations.

Overview: Present a succinct snapshot of your restaurant, including its concept, mission, key goals, and ownership structure.

Purpose: Highlight what you aim to achieve with the restaurant and the appeal it has to potential investors or lenders.

2. Business description

An in-depth look at the restaurant's theme, location, and how these elements combine to create a distinctive dining experience.

Concept and theme: Describe the unique aspects of your restaurant's concept, from the cuisine and menu items to the design and ambiance.

Location analysis: Analyze the chosen location, discussing demographics, foot traffic, and how these factors make it an ideal spot for your target market.

3. Market analysis

An insightful examination of dining trends, target demographics, and customer needs to inform strategic positioning.

Trends: Examine current trends in the dining industry and how they influence your restaurant's positioning.

Target demographic: Identify your target customers, detailing their preferences, dining habits, and how your restaurant will meet their needs.

Needs and preferences: Focus on understanding and catering to what your target market seeks in a dining experience.

4. Competitive analysis

A detailed evaluation of competitors, focusing on differentiation and strategies for establishing a market edge.

Competitors: List direct and indirect competitors, analyzing their strengths, weaknesses, and how you'll differentiate your restaurant.

Differentiation: Explain the unique selling points that will set your restaurant apart in the competitive landscape.

5. Menu and product offering

Overview of menu design, ingredient sourcing, and special services that enhance the restaurant's appeal.

Menu design: Discuss the inspiration behind your menu, including how it reflects the theme and caters to your target demographic. Outline your pricing strategy and item selection.

Sourcing and suppliers: Detail your approach to sourcing high-quality ingredients, including partnerships with local suppliers and commitments to sustainability.

Special offerings: Highlight any additional services your restaurant offers, such as catering, special events, or exclusive seasonal menus, to draw in a wider audience and generate extra revenue.

6. Marketing and sales strategy

A summary of branding efforts, promotional tactics, and sales projections designed to attract and retain customers.

Branding: Detail your restaurant's brand identity, including name, logo, and how it communicates your restaurant's values and mission.

Marketing tactics: Outline the strategies you will employ to attract and retain customers, such as social media marketing, local advertising, partnerships, and loyalty programs.

Sales forecasts: Provide realistic sales forecasts, explaining the rationale behind these projections and how you plan to achieve them.

7. Operating plan

Description of daily operations, facility management, and health safety protocols to ensure smooth and compliant restaurant functionality.

Daily operations: Describe the operational flow of the restaurant, including hours of operation, staffing requirements, and customer service policies.

Facility management: Discuss the layout and design of your restaurant, kitchen equipment needs, and any other facility-related details that will ensure efficient operation.

Health and safety: Outline the health and safety measures you will implement to comply with local regulations and ensure the well-being of both employees and guests.

8. Management and organization

An outline of the restaurant's organizational structure, key personnel, and staffing strategies for operational excellence.

Ownership structure: Specify the ownership structure of the restaurant, including key stakeholders and their roles.

Team composition: Introduce the management team, chefs, and other critical staff, highlighting their experience and how it contributes to the restaurant's success.

Staffing plans: Discuss your plans for hiring staff, including numbers, positions, and the qualities you seek in employees to maintain high standards of service.

How to create a business plan for a restaurant?

Creating a standout business plan for your restaurant involves focusing on key components that blend your vision with practical strategies.

6 actionable steps to distill your restaurant business plan:

Define your concept clearly: Begin by articulating your restaurant's concept, ambiance, and what sets it apart. This clarity lays the groundwork for the entire business plan.

Conduct thorough market analysis: Dive deep into your target market and competitors. This research will guide your menu design, pricing strategy, and marketing efforts, ensuring you carve out a unique space in the marketplace.

Craft a compelling menu: Ensure your menu reflects your brand identity and appeals to your target audience, all while considering cost-effectiveness and supply chain realities. Aim for a balance between innovation and simplicity.

Develop realistic financial projections: Detail initial costs, revenue expectations, and a break-even point. Importantly, predict potential hurdles with ready contingency plans.

Outline operational strategies: Describe your daily management approach, including sourcing, staffing, and customer service. Efficient operations are crucial for a seamless experience and streamlined processes.

Implement strategic marketing: Choose the most effective ways to connect with your audience. Building a strong brand narrative and engaging actively with customers can help turn first-time visitors into regulars.

7 restaurant business plan examples for winning partners and investors

When it comes to crafting a business plan for a restaurant, the type of establishment you're planning significantly influences the structure and content of the document.

Each kind of restaurant from fast-casual and fine dining to food trucks and bistros-caters to different market segments and operational models.

Here's a look at how these differences manifest in their respective business plans:

1) Fine dining restaurant business plan

Market focus: Targets higher-income clientele seeking a premium dining experience. The plan should highlight exceptional service, high-quality ingredients, and unique culinary offerings.

Operational model: Detailed attention to the ambiance, chef expertise, and a higher staff-to-guest ratio. Wine lists and bar offerings also play a significant role.

Financial projections: Emphasizes higher check averages with a focus on profitability per guest rather than volume. The cost structure will detail higher initial investment in decor, kitchen equipment, and inventory.

Here’s an example of a fine-dining restaurant business plan:

2) Bar restaurant business plan

Market focus: Targets a diverse clientele, from young professionals to social groups, seeking a blend of dining and socializing.

Operational model: Balances innovative cuisine with an extensive beverage selection in a space designed for both eating and lounging, including live entertainment options.

Financial projections: Outlines dual revenue streams from food and drinks, emphasizing beverage sales' higher profit margins and detailing licensing, entertainment, and insurance costs.

Here’s an example of a bar restaurant pitch deck:

3) Bistro restaurant business plan

Market focus: Caters to locals and tourists seeking a casual yet refined dining experience, positioning itself as a cozy neighborhood spot.

Operational model: Highlights a selective menu that adapts seasonally, emphasizing a warm ambiance and personal service.

Financial projections: Projects moderate earnings with a strong local following, noting initial investments in location and ambiance to create a distinctive setting.

Here’s an example of a bistro restaurant pitch deck:

4) Food truck business plan

Market focus: Appeals to urban professionals, millennials, and foodies looking for unique, high-quality food options on the go.

Operational model: Mobility is key. The plan must address location strategy, permits and regulations, and adaptability to different events and seasons.

Financial projections: Lower startup costs compared to brick-and-mortar establishments but include considerations for vehicle maintenance, fuel, and parking permits.

5) Coffee restaurant business plan

Market focus: Appeals to a varied audience with a unique theme or specialty cuisine, standing out from conventional coffee shops.

Operational model: Details the influence of theme or cuisine on menu design, decor, and guest experience, aiming to make the restaurant a destination.

Financial projections: Anticipates varied financial outcomes based on concept uniqueness, with thorough market research guiding pricing and marketing strategies.

6) Italian, Mexican, Asian, etc., cuisine restaurant business plan

Market focus: Focuses on providing authentic dining experiences to both expatriates and locals interested in specific cuisines.

Operational model: Requires sourcing authentic ingredients and skilled chefs familiar with the cuisine. The business plan should address menu authenticity, culinary training, and potential partnerships for ingredient import.

Financial projections: Depending on the positioning (casual vs. fine dining), financials would reflect the cost of unique ingredients and the expected dining experience level.

Here’s an example of an Italian restaurant business plan proposal:

7) Fast food restaurant business plan

Market focus: These plans emphasize speed, efficiency, and affordability. The target market typically includes busy professionals, families looking for convenient meal options, and younger demographics.

Operational model: The business plan must detail quick service operations, including streamlined kitchen layouts, supply chain logistics for fast-moving inventory, and technology for order taking (e.g., apps, and kiosks).

Financial projections: Focus on volume sales, low to moderate check averages, and strategies for high turnover rates.

How to design a restaurant business plan?

Designing a restaurant business plan is much like crafting a compelling game pitch deck, it's all about presenting your concept in a way that's as irresistible as the dining experience you're proposing.

8 restaurant business plan design tips:

1. Embrace scrollytelling

Use narrative scrolling to take your audience through the journey of your restaurant's concept, from the inspiration behind your dishes to the ambiance you plan to create.

This dynamic presentation style keeps readers engaged, turning your business plan into an immersive experience.

Here's an example of scroll-based design:

2. Incorporate interactivity and multimedia

Go beyond static pages by embedding interactive elements like sample menu walkthroughs, virtual tours of the restaurant layout, or clips from cooking demos.

These elements not only highlight your restaurant's unique offerings but also keep potential investors or partners engaged throughout your presentation.

And here's what a static presentation looks like compared to an interactive one:

Static PowerPoint

Interactive Storydoc

3. Use data visualization

Present market research, target demographics, and financial projections through clear, compelling visuals.

Transform complex data into easy-to-understand graphs, charts, and infographics, making your business strategy both visually appealing and straightforward to grasp.

Here's an example of a presentation with dataviz elements:

4. Personalize your deck

Leverage software that allows for customization, such as incorporating the viewer's name or tailoring content to specific investor interests.

A personalized approach demonstrates meticulous attention to detail and can forge a stronger connection with your audience.

5. Use cohesive branding

Ensure your business plan reflects your restaurant's identity through consistent use of colors, fonts, and imagery that align with your branding.

This not only enhances the visual appeal of your plan but also immerses your audience in the atmosphere you aim to create.

6. Ensure mobile-responsive

Given the variety of devices stakeholders might use to view your plan, ensuring a mobile-responsive design is essential.

This ensures that your business plan is accessible and engaging, whether it's being viewed on a smartphone or a desktop computer.

7. Highlight key information

Design your business plan to draw attention to critical information.

Techniques such as strategic content placement and highlighting can guide the reader's focus, ensuring that essential points stand out without overwhelming the viewer with too much information at once.

8. Segment content in tabs

Organize your business plan into sections or tabs that cater to different aspects of your restaurant concept and business strategy.

This not only makes your plan more navigable but also allows readers to easily find the information most relevant to their interests or concerns.

Here's an example of a tabs slide:

Restaurant business plan templates

Kicking off your restaurant business plan is a daunting task, especially when you aim to capture the essence of your dining concept in a document.

Interactive restaurant business plan templates are designed to simplify this process. They provide a structured framework that incorporates interactive and multimedia elements, essential for presenting your restaurant in a vibrant and dynamic manner.

These templates not only save you precious time but also guarantee that your business plan conveys a polished and compelling story.

Snag one today!

I am a Marketing Specialist at Storydoc, I research, analyze and write on our core topics of business presentations, sales, and fundraising. I love talking to clients about their successes and failures so I can get a rounded understanding of their world.

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How to Write a Small Restaurant Business Plan + Free Sample Plan PDF

Makenna Crocker

10 min. read

Updated March 18, 2024

Free Download:  Sample Restaurant Business Plan Template

From greasy spoon diners to Michelin Star restaurants, food service has captured the hearts and imaginations of countless culinary entrepreneurs.

In the United States, 90% of restaurant owners operate small restaurants with fewer than 50 employees . And 70% operate in just one location.

If you’re passionate about food and dream of opening a restaurant, you have plenty of company. But cooking skills alone won’t cut it. You need a plan.

In this article, we’ll walk you through writing a small restaurant business plan, from conducting market research to developing promotional strategies and creating a financial forecast. 

Need more guidance? Download our free small restaurant business plan template .

Why write a small restaurant business plan?

Starting a restaurant from scratch isn’t cheap.  Startup costs range from $175,000 to $750,000 and include hefty upfront expenses like:

• Building lease
• Kitchen equipment
• Ingredient sourcing

The financials section of a business plan gives you space to compile these costs into an expense budget and compare them to your revenue projections . These will be invaluable in helping you determine if your restaurant concept is financially viable.

And if you need a bank loan or investor to help fund your restaurant , they’ll want to see a plan that includes financial projections (more on that later).

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• How to write a small restaurant business plan

The business plan is not only where you lay out your plan, vision, and goals for the restaurant – it pushes you to thoroughly research and understand your market , competitors , and customers to make informed decisions. It guides you through the intricacies of opening and running a small restaurant and helps you keep your finances in order.

Here are some tips for writing a small restaurant business plan that sets you up for success.

• Start with a company overview

A good place to start is to think about the big picture. What do you want your restaurant to be? Are you envisioning upscale dining in a candlelit, intimate setting? Or maybe you’re going for comfort food in a family-friendly atmosphere?

Capture the essence of your restaurant with a brief, attention-grabbing overview. Think of the start of your overview section as an elevator pitch. You’re introducing your concept and vision to highlight what will make your business unique .

Just keep it succinct. 

You’ll need to include other important information about your business here, such as the legal structure of your business and the qualifications of you and your management team.

If you’re writing a business for an existing restaurant, you should also cover its history – when the restaurant was founded, who was involved, and milestones it has reached.

• Understand your target market

Conducting a thorough market analysis is key to the success of your small restaurant. In an industry as competitive as the restaurant business, you’ll need to have your finger on the pulse of your dining market if you hope to create a unique offering.

Defining your target market is essential when starting your restaurant, helping answer questions like:

• Is there demand in the local market for your food?
• Who are your primary competitors? 
• Is there building space for lease near where your target customers live or work?
• What types of partnerships with food distributors (wholesalers, farmers, butchers, etc.) will be needed to ensure a steady flow of fresh ingredients?

The first step is to identify who your diners will be. 

It’s unrealistic to try to appeal to every single customer. So, ask yourself who you envision walking through your doors. Are they:

• Adults aged 40 and over, with lots of disposable income and exotic culinary tastes.
• Children, young adults, and families looking for quick, convenient food that doesn’t stretch their budgets.

Of course, these aren’t the only two customer demographics for a restaurant. But you should get the sense that these customer segments have very different preferences.

Read more: Target market example

Understanding your target market involves more than just demographics. Consider their:

• Spending habits
• Daily routines

If you plan to operate in a busy city center, your target market might include working professionals seeking quick lunch options or upscale dining options after work. But if you’re opening in a less visible area near residential neighborhoods, you may be more likely to target families.

• Size up your competition

With a target customer in mind, you need to understand who you’ll be competing with for their dining budget.

Analyzing your competitors is about understanding their strengths, weaknesses, and strategies. 

Start by identifying direct competitors (other small restaurants) and indirect competitors (like fast-food chains or food trucks). Observe how they attract customers, the ambiance they create, and the variety and pricing of their menus.

Get a feel for their operational strategies:

• How much staffing do they have?
• How fast (or slow) is their service?
• What kinds of supplier relationships do they seem to have?

And their marketing tactics :

• How do they engage with customers?
• What deals or promotions do they offer?
• What kind of reviews are they getting online?

Finally, think about their long-term position: 

• Have they expanded or downsized recently?
• Have they changed their operating hours?
• Have they changed their menu?

As you observe these competitors and their customers, ask yourself what they are doing right and where they are coming up short. 

This knowledge will help you identify gaps in the market and opportunities to offer a unique experience.

• Create a detailed operations plan

With so many moving pieces to manage as a restaurant owner, writing an operations plan is just as important as creating a market analysis.

The operations section of your business plan details how your restaurant will function daily. 

It should briefly touch on every aspect of running the business–from staffing needs to how often you will need to buy new ingredients, kitchen equipment, or dining utensils.

Your operations plan will reflect the unique needs of your business, but a typical restaurant operations plan might include:

• Staffing and training: Lay out a staffing plan, with the roles and responsibilities of each team member. Include strategies for hiring, training, and employee retention.
• Equipment and technology: Outline your dining, kitchen, and technology needs, from tables and chairs to ovens and point-of-sale systems.
• Supply chain management: Explain your ingredient sourcing and inventory management strategies and your plan to build relationships with suppliers.
• Customer service policies: Describe how you manage customer service needs and feedback to ensure a positive dining experience.
• Health and safety protocols: Detail procedures for maintaining kitchen hygiene practices and food handling standards to ensure food safety and compliance with health regulations.

Without an operations plan, you’ll lack a documented strategy for managing your kitchen workflow, maintaining customer satisfaction, or even basic tasks like inventory or staffing.

And if you’re writing a business plan to get a bank loan or investment , they’ll want to see that you have a plan for successfully managing the restaurant. 

• Actively market your restaurant

Your small restaurant may serve the most mouthwatering dishes in town, but no one will discover it without effective promotional strategies. 

You need to develop a comprehensive marketing plan to showcase your culinary delights and entice customers through your doors.

Consider both traditional and digital marketing channels to reach your target audience. Traditional methods may include:

• Hosting special events
• Participating in local food festivals
• Partnering with complementary businesses in your community

Digital strategies may include:

• Creating an engaging website
• Building a strong presence on social media platforms
• Utilizing online review platforms to build credibility and foster positive word-of-mouth.

When developing your promotional strategies, consider the following tips:

Be smart about your online presence

Build a visually appealing and user-friendly website that showcases your restaurant’s ambiance, menu, and story. 

Leverage social media platforms to engage with your audience, share enticing food photos, and run targeted advertising campaigns.

Consider promotions

Encourage repeat business by implementing a loyalty program that rewards customers for their patronage. Offer incentives such as discounts to certain customer segments, like seniors, veterans, or students.

Engage with the local community

Participate in community events, sponsor local sports teams or charity initiatives, and establish partnerships with neighboring businesses. 

Becoming an active community member will build brand awareness and loyalty.

Don’t ignore your pricing and financial strategy

According to data from the National Restaurant Association , about 60% of restaurants fail in their first year, and 80% close within five years.

You need to understand your startup and ongoing operating expenses to run a successful small restaurant.

Start by estimating your startup costs , including:

• Site acquisition (down payment if owning the space, initial payment if leasing)
• Building improvements
• Equipment purchases
• Licenses and permits
• Initial inventory
• Menu creation

Then, account for ongoing operating expenses, such as:

• Employee wages
• Mortgage or rent payments
• Ingredient costs

Pricing your menu items strategically is essential to ensuring profitability. Analyze ingredient costs, consider portion sizes, and compare prices in your local market to determine competitive yet profitable pricing.

Conduct a break-even analysis to determine the number of customers you need to serve to cover costs and start generating profits. Regularly review your financials and adjust your pricing as needed to maintain a healthy bottom line.

Consider these financial aspects when developing your small restaurant business plan:

Budget Allocation

Determine how you will allocate your budget across different areas of your restaurant, such as kitchen equipment, interior design, marketing, and staff training.

Prioritize investments that will have a direct impact on customer experience and operational efficiency.

Revenue Streams

Identify multiple revenue streams for your restaurant. This may include revenue from food sales, catering services, private events, or partnerships with local businesses.

Diversifying your revenue sources can help stabilize your cash flow.

Cost Control

Develop strategies to control costs without compromising quality. Efficient inventory management, negotiation with suppliers, and staff training on waste reduction can contribute to cost savings.

Sales Forecasting

Create a sales forecast based on your market research, pricing strategy, and seating capacity. Consider seasonal fluctuations and special events that may impact your restaurant’s performance.

Other information to include in your small restaurant business plan

As a restaurant owner, a few components of your business plan are unique to your industry. 

None of these fit neatly into any one section of a business plan. We suggest addressing them in additional sections or within the appendix .

Restaurant location and layout

Include information about your restaurant’s location . 

Some of this information will be included in your market analysis, but once you’ve secured a location, you should go deeper and analyze factors like:

• Rent and utilities
• Foot traffic
• Parking availability
• Nearby businesses

Explaining the layout of your restaurant – especially your kitchen – is also important. Consider adding photos or diagrams of each room to your plan. 

Diagrams can be especially helpful. You can add in-depth details for seating arrangements in the dining room or how staff should move efficiently throughout the kitchen.

What do many people do before deciding whether to eat at a restaurant? 

They look at the menu.

You can gain or lose customers on the strength of your menu. It affects numerous business areas, from marketing to pricing and operations.

For instance, if you’re running a family-friendly restaurant but your prices are too high, people will see that on your menu and may decide to eat somewhere cheaper. 

On the other hand, if you’re running a fine dining restaurant , but your menu fails to describe your dishes in an appealing way, diners may go somewhere they perceive as having higher quality meals.

That makes the business plan a great place to create menu concepts. 

You can experiment with different offerings, price points, and menu designs until you’re confident about sharing them with customers. 

And since business plans are continuously updated as your business changes—you can see how your menu has changed over time and what’s been most successful.

Download your free small restaurant business plan template

If you’re ready to start a restaurant, you can download our free small restaurant business plan template from our library of over 550 sample business plans . 

Get started today, and discover why businesses that plan grow 30% faster than those that don’t .

More restaurant business plan examples:

• Food truck business plan
• Coffee shop business plan
• Bakery business plan
• Brewery business plan

Makenna Crocker is the Marketing Specialist at Richardson Sports. Her work focuses on market and social trends, crafting gripping and authentic content, and enhancing marketing strategy to foster stronger B2B and B2C relationships. With a master’s degree in Advertising and Brand Responsibility from the University of Oregon, she specializes in generating a strong and responsible brand presence through content that positively influences and inspires others.

Table of Contents

• Why you need a plan
• Don’t ignore your pricing and financial strategy
• Additional info to include
• Free business plan template

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Restaurant Business Plan: What To Include, Plus 8 Examples

• Business Growth & Management , Templates & Guides

Do you want to ensure the success of your new foodservice endeavor? Write a restaurant business plan.

In this article, the experts at Sling tell you why a business plan is vital for both new and existing businesses and give you tips on what to include.

Table Of Contents

What Is A Restaurant Business Plan?

Why is a restaurant business plan important, questions to ask first, what to include in an effective restaurant business plan, how to format a restaurant business plan, efficient workforce management is essential for success.

At its most basic, a restaurant business plan is a written document that describes your restaurant’s goals and the steps you will take to make those goals a reality.

This business plan also describes the nature of the business itself, financial projections, background information, and organizational strategies  that govern the day-to-day activity of your restaurant.

A restaurant business plan is vital for the success of your endeavor because, without one, it is very difficult — sometimes even impossible — to obtain funding from an investor or a bank.

Without that all-important starting or operational capital, you may not be able to keep your doors open for long, if at all.

Even if funding isn’t a primary concern, a business plan provides you — the business owner or manager — with clear direction on how to translate general strategies into actionable plans  for reaching your goals.

The plan can help solidify everything from the boots-on-the-ground functional strategy  to the mid-level business strategy  all the way up to the driving-force corporate strategy .

Think of this plan as a roadmap that guides your way when things are going smoothly and, more importantly, when they aren’t.

If you want to give your restaurant the best chance for success, start by writing a business plan.

Sitting down to write a restaurant business plan can be a daunting task.

As you’ll see in the What To Include In An Effective Restaurant Business Plan section below, you’ll need a lot of information and detail to ensure that the final document is both complete and effective.

Instead of starting with word one, it is hugely beneficial to answer a number of general questions first.

These questions will help you narrow down the information to include in your plan so the composition process feels less difficult.

The questions are:

• What problem does the business’s product or service solve?
• What niche will the business fill?
• What is the business’s solution to the problem?
• Who are the business’s customers?
• How will the business market and sell its products to them?
• What is the size of the market for this solution?
• What is the business model for the business?
• How will the business make money?
• Who are the competitors?
• How will the business maintain a competitive advantage?
• How does the business plan to manage growth?
• Who will run the business?
• What makes those individuals qualified to do so?
• What are the risks and threats confronting the business?
• What can you do to mitigate those risks and threats?
• What are the business’s capital and resource requirements?
• What are the business’s historical and projected financial statements?

Depending on your business, some of these questions may not apply or you may not have applicable answers.

Nevertheless, it helps to think about, and try to provide details for, the whole list so your finished restaurant business plan is as complete as possible.

Once you’ve answered the questions for your business, you can transfer a large portion of that information to the business plan itself.

We’ll discuss exactly what to include in the next section.

In this section, we’ll show you what to include in an effective restaurant business plan and provide a brief example of each component.

1) Executive Summary

You should always start any business plan with an executive summary. This gives the reader a brief introduction into common elements, such as:

• Mission statement
• Overhead costs
• Labor costs
• Return on investment (ROI)

This portion of your plan should pique the reader’s interest and make them want to read more.

Fanty & Mingo’s is a 50-seat fine-dining restaurant that will focus on Sweruvian (Swedish/Peruvian) fusion fare.

We will keep overhead and labor costs low thanks to simple but elegant decor , highly skilled food-prep staff, and well-trained servers.

Because of the location and surrounding booming economy, we estimate ROI at 20 percent per annum.

2) Mission Statement

A mission statement is a short description of what your business does for its customers, employees, and owners.

This is in contrast to your business’s vision statement which is a declaration of objectives that guide internal decision-making.

While the two are closely related and can be hard to distinguish, it often helps to think in terms of who, what, why, and where.

The vision statement is the where of your business — where you want your business to be and where you want your customers and community to be as a result.

The mission statement is the who , what , and why of your business — it’s an action plan that makes the vision statement a reality

Here’s an example of a mission statement for our fictional company:

Fanty and Mingo’s takes pride in making the best Sweruvian food, providing fast, friendly, and accurate service. It is our goal to be the employer of choice and offer team members opportunities for growth, advancement, and a rewarding career in a fun and safe working environment.

3) Company Description

In this section of your restaurant business plan, you fully introduce your company to the reader. Every business’s company description will be different and include its own pertinent information.

Useful details to include are:

• Owner’s details
• Brief description of their experience
• Legal standing
• Short-term goals
• Long-term goals
• Brief market study
• An understanding of the trends in your niche
• Why your business will succeed in these market conditions

Again, you don’t have to include all of this information in your company description. Choose the ones that are most relevant to your business and make the most sense to communicate to your readers.

Fanty & Mingo’s will start out as an LLC, owned and operated by founders Malcolm Reynolds and Zoe Washburne. Mr. Reynolds will serve as managing partner and Ms. Washburne as general manager.

We will combine atmosphere, friendly and knowledgeable staff, and menu variety to create a unique experience for our diners and to reach our goal of high value in the fusion food niche.

Our gross margin is higher than industry average, but we plan to spend more on payroll to attract the best team.

We estimate moderate growth for the first two years while word-of-mouth about our restaurant spreads through the area.

4) Market Analysis

A market analysis is a combination of three different views of the niche you want to enter:

• The industry  as a whole
• The competition your restaurant will face
• The marketing  you’ll execute to bring in customers

This section should be a brief introduction to these concepts. You can expand on them in other sections of your restaurant business plan.

The restaurant industry in our chosen location is wide open thanks in large part to the revitalization of the city’s center.

A few restaurants have already staked their claim there, but most are bars and non-family-friendly offerings.

Fanty & Mingo’s will focus on both tourist and local restaurant clientele. We want to bring in people that have a desire for delicious food and an exotic atmosphere.

We break down our market into five distinct categories:

• High-end singles
• Businessmen and businesswomen

We will target those markets to grow our restaurant  by up to 17 percent per year.

Every restaurant needs a good menu, and this is the section within your restaurant business plan that you describe the food you’ll serve in as much detail as possible.

You may not have your menu design complete, but you’ll likely have at least a handful of dishes that serve as the foundation of your offerings.

It’s also essential to discuss pricing and how it reflects your overall goals and operating model. This will give potential investors and partners a better understanding of your business’s target price point and profit strategy.

We don’t have room to describe a sample menu in this article, but for more information on menu engineering, menu pricing, and even a menu template, check out these helpful articles from the Sling blog:

• Menu Engineering: What It Is And How It Can Increase Profits
• Restaurant Menu Pricing: 7 Tips To Maximize Profitability
• How To Design Your Menu | Free Restaurant Menu Template

6) Location

In this section, describe your potential location (or locations) so that you and your investors have a clear image of what the restaurant will look like.

Include plenty of information about the location — square footage, floor plan , design , demographics of the area, parking, etc. — to make it feel as real as possible.

We will locate Fanty & Mingo’s in the booming and rapidly expanding downtown sector of Fort Wayne, Indiana.

Ideally, we will secure at least 2,000 square feet of space with a large, open-plan dining room and rich color scheme near the newly built baseball stadium to capitalize on the pre- and post-game traffic and to appeal to the young urban professionals that live in the area.

Parking will be available along side streets and in the 1,000-vehicle parking garage two blocks away.

7) Marketing

The marketing section of your restaurant business plan is where you should elaborate on the information you introduced in the Market Analysis section.

Go into detail about the plans you have to introduce your restaurant to the public and keep it at the top of their mind.

Fanty & Mingo’s will employ three distinct marketing tactics to increase and maintain customer awareness:

• Word-of-mouth/in-restaurant marketing
• Partnering with other local businesses
• Media exposure

We will direct each tactic at a different segment of our potential clientele in order to maximize coverage.

In the process of marketing to our target audience, we will endeavor to harness the reach of direct mail and broadcast media, the exclusivity of the VIP party, and the elegance of a highly trained sommelier and wait staff.

8) Financials

Even though the Financials section is further down in your restaurant business plan, it is one of the most important components for securing investors and bank funding.

We recommend hiring a trained accountant  to help you prepare this section so that it will be as accurate and informative as possible.

Fanty & Mingo’s needs $250,000 of capital investment over the next year and a half for the following:

• Renovations to leased space
• Dining room furniture
• Kitchen and food-prep equipment
• Liquor license

Projected profit and loss won’t jump drastically in the first year, but, over time, Fanty & Mingo’s will develop its reputation and client base. This will lead to more rapid growth toward the third and fourth years of business.

Most entrepreneurs starting a new business find it valuable to have multiple formats of their business plan.

The information, data, and details remain the same, but the length and how you present them will change to fit a specific set of circumstances.

Below we discuss the four most common business plan formats to cover a multitude of potential situations.

Elevator Pitch

An elevator pitch is a short summary of your restaurant business plan’s executive summary.

Rather than being packed full of details, the elevator pitch is a quick teaser of sorts that you use on a short elevator ride (hence the name) to stimulate interest in potential customers, partners, and investors

As such, an effective elevator pitch is between 30 and 60 seconds and hits the high points of your restaurant business plan.

A pitch deck is a slide show and oral presentation that is designed to stimulate discussion and motivate interested parties to investigate deeper into your stakeholder plan (more on that below).

Most pitch decks are designed to cover the executive summary and include key graphs that illustrate market trends and benchmarks you used (and will use) to make decisions about your business.

Some entrepreneurs even include time and space in their pitch deck to demonstrate new products coming down the pipeline.

This won’t necessarily apply to a restaurant business plan, but, if logistics permit, you could distribute small samples of your current fare or tasting portions of new dishes you’re developing.

Stakeholder Plan (External)

A stakeholder plan is the standard written presentation that business owners use to describe the details of their business model to customers, partners, and potential investors.

The stakeholder plan can be as long as is necessary to communicate the current and future state of your business, but it must be well-written, well-formatted, and targeted at those looking at your business from the outside in.

Think of your stakeholder plan as a tool to convince others that they should get involved in making your business a reality. Write it in such a way that readers will want to partner with you to help your business grow.

Management Plan (Internal)

A management plan is a form of your restaurant business plan that describes the details that the owners and managers need to make the business run smoothly.

While the stakeholder plan is an external document, the management plan is an internal document.

Most of the details in the management plan will be of little or no interest to external stakeholders so you can write it with a higher degree of candor and informality.

After you’ve created your restaurant business plan, it’s time to take steps to make it a reality.

One of the biggest challenges in ensuring that your business runs smoothly and successfully is managing  and optimizing  your team. The Sling  app can help.

Sling not only includes powerful and intuitive artificial-intelligence-based scheduling tools but also many other features to help make your workforce management more efficient, including:

• Time and attendance tracking
• Built-in time clock
• Labor cost  optimization
• Data analysis and reporting
• Messaging and communication
• And much more…

With Sling, you can schedule faster, communicate better, and organize and manage your work from a single, integrated platform. And when you use Sling for all of your scheduling  needs, you’ll have more time to focus on bringing your restaurant business plan to life.

For more free resources to help you manage your business better, organize and schedule your team, and track and calculate labor costs, visit GetSling.com  today.

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This content is for informational purposes and is not intended as legal, tax, HR, or any other professional advice. Please contact an attorney or other professional for specific advice.

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Restaurant Business Plan: Step-by-Step Guide + examples

Dreaming of opening a 🍴 restaurant? Passion, creativity, and delicious food are key. But for long-term success, a business plan is essential too.

Maja Jankowska

Are you dreaming of owning your own restaurant? Picture the sizzle of a hot skillet, the laughter of satisfied guests, and the fulfillment of sharing your culinary creations with the world. But before you dive into this flavorful adventure, there’s a crucial ingredient you can’t overlook: a winning restaurant business plan.

What is a business plan for?

A business plan is a vital document for every restaurant owner. It provides a roadmap for success, helps secure funding, guides financial and operational decisions, mitigates risks, and facilitates effective communication. 

Just like any other business, a restaurant needs a well-crafted business plan to ensure its success and sustainability. Without a business plan, you risk operating in the dark, making decisions on a whim, and facing unexpected challenges that could have been avoided. 

Investing time and effort into creating a solid business plan sets your restaurant on the path to achieving your culinary dreams and exceeding customer expectations.

Create Restaurant’s Business Plan in these 9 steps:

✔️ 1. Start with an executive summary ✔️ 2. Describe your concept ✔️ 3. Conduct Market analysis ✔️ 4. Define your management and organization ✔️ 5. Give a sample “yummy”  Menu ✔️ 6. Create design and branding ✔️ 7. Provide a Location ✔️ 8. Establish Marketing plan ✔️ 9. Define Financial plan

1. Executive summary

The executive summary is like the appetizer of your restaurant business plan – it’s the first bite that leaves a lasting impression. Its purpose is to capture the essence of your entire plan and entice time-crunched reviewers, such as potential investors and lenders, to delve deeper into your vision. It’s worth noting that the executive summary should be the final section you write.

To craft a concise and captivating summary, it’s crucial to highlight key points, including your unique concept, target market, and financial projections. Additionally, bear in mind that the executive summary sets the tone for the rest of your plan, so it’s essential to make it irresistible and leave readers yearning for more.

When it comes to the executive summary of your restaurant business plan, brevity is key . You have only one page to capture the attention of readers, but don’t worry, it’s definitely doable. Here’s what your executive summary should include:

• Restaurant concept : What does your business do?
• Goals and vision : What does your business want to achieve?
• Restaurant differentiation : What makes your menu/concept different, and what sets you apart?
• Projected financial state : What revenue do you anticipate?
• The team : Who is involved in the business?

2. Describe your concept

In the world of restaurant business plans, there’s a section that holds immense importance. It’s the one that answers two fundamental questions: Who are you, and what do you plan to do?

This is the section where you fully introduce your company, and it deserves special attention. Share all the important details that paint a vivid picture of your unique business. Include the restaurant’s name, location, and contact information. Additionally, provide relevant details such as the chef’s background and what makes your restaurant stand out in the market.

Curious about concept creation? Watch our short video featuring a summary of an example restaurant concept below! 👇

Now is your opportunity to showcase your vision and establish a unique identity for your restaurant. Utilize this section to highlight what sets you apart and capture the reader’s imagination.

3. Market analysis

Market analysis helps you understand your potential customers, competition, and overall restaurant market trends. It’s like having a crystal ball to shape your restaurant’s success.

Target audience 

When it comes to your potential market, you want to know how many people are hungry for what you’re serving. Sounds exciting, right? To estimate this, you’ll gather data on your target customers, like their age group or preferences, and combine it with industry trends. It’s like finding the perfect recipe to satisfy their cravings.

Competition

Now, let’s tackle the competition. Every restaurant has rivals, even if they’re serving a unique dish. It’s crucial to identify direct or indirect competitors and understand what makes you stand out. Are you offering affordable prices, a one-of-a-kind experience, or catering to a specific niche? Highlight your “secret sauce” that sets you apart from the rest.

Market analysis for restaurant’s business plan

Market analysis also involves a SWOT analysis. Don’t let the jargon scare you. It simply means evaluating your strengths, weaknesses, opportunities, and threats. Think of it as a superhero assessment for your restaurant. Identify what you excel at, areas for improvement, potential market opportunities, and external factors that could impact your success.

Example of SWOT analysis for a restaurant

Remember, market analysis is like a compass guiding your restaurant’s journey. It helps you make informed decisions, attract investors, and stay ahead of the game. So, embrace the power of market analysis, and let it shape the destiny of your delicious dining destination.

4. Management and organization

Effective management and organization are critical for success in the restaurant sector. This section of your business plan introduces the talented individuals who will lead your restaurant to new heights.

Outline your legal structure, whether it’s an S corporation, limited partnership, or sole proprietorship, providing key information for stakeholders.

Showcase your management team using an organizational chart to highlight their roles, responsibilities, and contributions. Their expertise and guidance are crucial for seamless operations and exceptional customer experiences.

With a strong management team in place, your restaurant is poised for success. They are the driving force behind your journey to greatness. Let’s meet the key players who will make it happen!

Streamline your operations and optimize your financial performance With resOs , you can efficiently manage reservations, track inventory, analyze sales data, and streamline your overall workflow. Get your FREE plan

5. Sample “yummy” Menu 

In the restaurant industry, your menu plays a main role as the core product. Include a section in your business plan that highlights key details about your menu offerings to engage readers.

If you offer a diverse range of dishes, provide a brief overview of each category. Alternatively, if your menu focuses on specific specialties or signature dishes, provide more detailed descriptions for each item.

You can also mention any upcoming menu additions or unique culinary creations that will enhance profitability and attract customers.

6. Design and branding 

When it comes to starting a restaurant, don’t underestimate the power of design and branding. They’re the secret ingredients that can make your establishment truly stand out. Think about it – when customers walk through your front door, what do they see? The right design and branding can instantly captivate their attention and make them feel right at home.

So, take some time to envision the overall aesthetic and mood you want to create.

Do you imagine a cozy and rustic setting or a sleek and modern vibe?

Let your creativity shine through! Include captivating photos of similar restaurants that inspire you and give potential investors a glimpse of your vision.

And don’t forget about your logo! If you’ve already designed one, proudly showcase it in your business plan. It’s the visual representation of your restaurant’s personality and will help establish brand recognition.

resOS’ customizable interface for your booking system

Stand out in the competitive restaurant industry with resOS’ customizable booking management system . Personalize every aspect of the interface to reflect your restaurant’s unique brand identity. Seamlessly integrate your logo, colors, and visual elements, creating a cohesive and immersive experience for your guests. With resOS, you have the power to revolutionize your restaurant’s image and leave a lasting impression.

Details matter too! Share your plans for specific design elements , from the choice of furniture to the color palette that will adorn your space. The more you paint a vivid picture, the more investors and customers will be enticed by your unique ambiance.

7. Location

For a restaurant, location can make or break the business. Occasionally, a restaurant concept is so good that people go out of their way to find it. But, more realistically, your location needs to be convenient for your target market. If it’s hard for your customers to get to you, hard for them to park, and not something they notice as they drive by, they’re unlikely to check your restaurant out.

In your business plan, make sure to discuss the potential locations that you hope to occupy, assuming you haven’t already secured the location. Explain why the location is ideal for your target market and how the location will help attract customers.

Unlock the potential of your restaurant’s location and streamline reservations with resOS. Our platform offers seamless integration with Reserve With Google , allowing customers to easily discover and book tables directly from Google search results and maps. By enabling this feature, you’ll maximize your restaurant’s visibility and attract more diners with just a few clicks. Experience the power of location-based reservations with resOS .

Be sure to explain the complete costs of your location and what kinds of renovations will be necessary to open your restaurant.

8. Marketing plan

In today’s competitive restaurant industry, it’s important to showcase your marketing strategy to investors. They want to know how you’ll create buzz and keep it going before and after your grand opening.

Create a winning business plan with a strong marketing focus. Our Restaurant Business Plan Steps Graphic (👆 see above) is your visual guide, including key marketing strategies. Download or save for later and plan your path to success.

Whether you’ve enlisted a top-notch Marketing company or have a solid ready-to-go marketing plan, highlight your chosen path. Discuss the unique strengths of your selected agency and why they stand out, including their notable clients. Alternatively, showcase your in-house plan, leveraging social media, your website, and valuable media connections.

A well-crafted marketing plan holds the key to differentiating your restaurant and attracting customers. Prepare to tantalize taste buds and offer an exceptional dining experience. Stay in tune with the latest restaurant industry trends, leverage effective marketing tools, and optimize your online presence. 

Lastly, integrate a robust restaurant booking system to streamline reservations and enhance the overall customer experience. With these strategic elements in place, success is within your reach.

9. Financial Plan

Financial analysis is a crucial part of your restaurant’s business plan. It helps investors assess the profitability of your concept and whether it’s a worthwhile investment. In this section, you’ll outline how you plan to allocate your funds in the first year and provide projections for costs and revenues.

Here are the 🔑 key components to include:

Investment Plan: Explain the initial investment costs, such as kitchen equipment, furniture, employee wages, legal fees, marketing expenses, and working capital. This shows how you’ll use your funds effectively.

Profit and Loss Projection: Estimate your restaurant’s costs and sales figures in the profit and loss statement. Consider factors like the size of your establishment, your target market, and the existing competition in your chosen location.

Break-Even Analysis: Show investors the monthly revenue you need to achieve to cover all your expenses and reach profitability. This analysis considers overhead costs, operational expenses, and factors that may affect revenue fluctuations throughout the year.

Claim your FREE plan on resOS today! Ready to revolutionize your business management? Join resos.com for FREE and take control of your operations. ✅ Seamless calendar integration ✅ Customizable booking forms ✅ Automated reminders ✅ Real-time availability updates Don’t miss out! Sign up now at resos.com and experience stress-free scheduling. Your time is valuable, so claim your FREE plan today!

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How to Write a Restaurant Business Plan [Free Template]

Start creating your restaurant’s business plan with BentoBox’s free business plan template.

The restaurant business plan is a crucial first step in turning an idea for a restaurant into an actual business. Without it, investors and lenders will have no way of knowing if the business is feasible or when the restaurant will become profitable. Business plans span dozens (or even hundreds) of pages, and due to the stakes that lie within the document and the work required to write it, the process of writing a restaurant business plan can threaten to overwhelm. 

That’s why BentoBox has created a restaurant business plan template for aspiring restaurant owners. With section prompts for business plan essentials like financial projections, market analysis and a restaurant operations overview, this template makes creating a business plan significantly more manageable. 

Included is a professionally designed, customizable version of the template on Google Docs. Restaurants can download the template below, make a copy and tailor it to their specific concept. For design inspiration,  download here .

Restaurant Business Plan Template

Download the Free Restaurant Business Plan Template from BentoBox

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Restaurant Business Plan Template & PDF Example

• July 23, 2024
• Business Plan

Creating a comprehensive business plan is crucial for launching and running a successful restaurant. This plan serves as your roadmap, detailing your vision, operational strategies, and financial plan. It helps establish your restaurant’s identity, navigate the competitive market, and secure funding for growth.

This article not only breaks down the critical components of a restaurant business plan, but also provides an example of a business plan to help you craft your own.

Whether you’re an experienced entrepreneur or new to the food and beverage industry, this guide, complete with a business plan example, lays the groundwork for turning your restaurant concept into reality. Let’s dive in!

Our restaurant business plan is structured to cover all essential aspects needed for a comprehensive strategy. It outlines the restaurant’s operations, marketing strategy, market environment, competitors, management team, and financial forecasts.

• Executive Summary : Offers an overview of the restaurant’s business concept, market analysis , management, and financial strategy.
• Restaurant & Location: Describes the restaurant’s prime location, size, seating capacity, and distinctive design, emphasizing its appeal to the target demographic.
• Supply & Operations: Outlines the supply chain management, focusing on local sourcing and quality ingredients, and details the operational aspects, including kitchen layout, equipment, and front-of-house operations.
• Key Stats: Shares industry size , growth trends, and relevant statistics for the full-service restaurant market.
• Key Trends: Highlights recent trends affecting the restaurant sector, such as health-conscious dining, sustainability, and technology integration.
• Key Competitors: Analyzes the main competitors in the vicinity, showcasing the restaurant’s unique selling proposition in comparison.
• SWOT : Strengths, weaknesses, opportunities, and threats analysis.
• Marketing Plan : Strategies for promoting the restaurant to maximize visibility and customer engagement.
• Timeline : Key milestones and objectives from the initial setup through the launch and operational optimization.
• Management: Information on who manages the restaurant and their roles.
• Financial Plan: Projects the restaurant’s financial performance, including revenue, profits, and expected expenses, aiming for profitability and sustainable growth.

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Restaurant Business Plan

Fully editable 30+ slides Powerpoint presentation business plan template.

Download an expert-built 30+ slides Powerpoint business plan template

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Executive Summary

The Executive Summary introduces your restaurant’s business plan, offering a concise overview of your establishment and its offerings. It should detail your market positioning, the variety of cuisines and dining experiences you offer, its location, size, and an outline of day-to-day operations. 

This section should also explore how your restaurant will integrate into the local market, including the number of direct competitors within the area, identifying who they are, along with your restaurant’s unique selling points that differentiate it from these competitors. 

Furthermore, you should include information about the management and co-founding team, detailing their roles and contributions to the restaurant’s success. Additionally, a summary of your financial projections, including revenue and profits over the next five years, should be presented here to provide a clear picture of your restaurant’s financial plan.

Restaurant Business Plan Executive Summary Example

Business Overview

The  business overview  should detail the restaurant’s specific features, such as its seating capacity, ambiance, and supply chain practices. It’s important to emphasize how the restaurant caters to its target demographic through its strategic location and operational model.

Example: “[Your Restaurant Name],” located in [specific area or neighborhood], covers [total square footage] sq ft and includes a main dining area, bar, and outdoor patio, offering a total of [number of seats] seats. The restaurant’s commitment to quality is reflected in its locally sourced produce and sustainable supply chain practices, catering to a diverse clientele.

Market Overview

This section involves analyzing the size, growth, and trends of the full-service restaurant market. It should address the industry’s digital transformation, health-conscious dining preferences, and eco-friendly practices, positioning the restaurant within the broader market context.

Example: “[Your Restaurant Name]” enters a U.S. full-service restaurant market valued at $293 billion. The restaurant’s focus on technology, healthier menu options, and sustainability aligns well with current  market trends  and consumer preferences, setting it apart from six main competitors in the area.

Management Team

Detailing the management team’s background and expertise is crucial. This section should highlight how their experience in culinary arts and restaurant management contributes to the success of the restaurant.

Example: The Executive Chef and Co-Owner of “[Your Restaurant Name]” leads menu development and kitchen operations, ensuring high-quality food preparation and presentation. The General Manager and Co-Owner manages daily operations, staff, customer service, and financial aspects, ensuring a seamless dining experience.

Financial Plan

This section should outline the restaurant’s financial goals and projections, including revenue targets and profit margins, providing a clear picture of its financial aspirations and health.

Example: “[Your Restaurant Name]” aims to achieve $2.7 million in annual revenue with an 11%  EBITDA  margin by 2028. This financial goal is supported by a focus on quality dining experiences, strategic marketing, and operational efficiency, positioning the restaurant for growth in the  competitive  full-service restaurant market.

For a Restaurant, the Business Overview section can be concisely divided into 2 main slides:

Restaurant & Location

Briefly describe the restaurant’s physical environment, emphasizing its design, ambiance, and the overall dining experience it offers to guests. Mention the restaurant’s location, highlighting its accessibility and the convenience it offers to diners, such as proximity to entertainment venues or ease of parking. Explain why this location is advantageous in attracting your target clientele.

Supply & Operations

Detail the range of cuisines and dishes offered, from appetizers and main courses to desserts and specialty beverages. Outline your sourcing strategy, ensuring it reflects a commitment to quality and sustainability, and matches the market you’re targeting.

Highlight any unique culinary techniques, exclusive ingredients, or innovative kitchen technologies that set your restaurant apart. Discuss your operational strategies, including inventory management, supplier relationships, and kitchen workflow, to ensure efficiency and consistency in delivering exceptional dining experiences.

Industry size & growth

In the Market Overview of your restaurant business plan, start by examining the size of the restaurant industry and its growth potential. This analysis is crucial for understanding the market’s scope and identifying expansion opportunities.

Key market trends

Proceed to discuss recent market trends , such as the increasing consumer interest in farm-to-table dining, ethnic cuisines, and experiential dining experiences.

For example, highlight the demand for restaurants that offer unique cultural dishes, the growing popularity of health-conscious and dietary-specific menus, and the integration of technology in enhancing the dining experience.

Competitive Landscape

A  competitive analysis  is not just a tool for gauging the position of your restaurant in the market and its key competitors; it’s also a fundamental component of your business plan.

This analysis helps in identifying your restaurant’s unique selling points, essential for differentiating your business in a  competitive  market.

In addition, competitive analysis is integral in laying a solid foundation for your business plan. By examining various operational aspects of your competitors, you gain valuable information that ensures your business plan is robust, informed, and tailored to succeed in the current market environment.

Identifying Competitors in the Restaurant Industry

To comprehensively understand the competitive landscape, start by identifying both direct and indirect competitors in your area. Direct competitors are restaurants offering similar cuisines or targeting a comparable customer base. For instance, if your restaurant specializes in authentic Mexican cuisine, other nearby Mexican restaurants are direct competitors. Indirect competitors may include food trucks, cafes, or even fast-casual eateries offering diverse menus that overlap with your offerings.

Leverage digital tools like Google Maps, Yelp, or food delivery apps to map out the locations of your competitors. Reviews and ratings on platforms like TripAdvisor and social media can offer valuable insights into competitors’  strengths and weaknesses . Positive reviews highlighting exceptional service or a unique dining experience at a competitor’s restaurant can signify an area of focus for differentiation and improvement.

Restaurant Competitors’ Strategies

To conduct a comprehensive analysis, delve into various aspects of your competitors’ operations:

• Menu Offerings:  Assess the breadth and uniqueness of dishes offered by competitors. Take note if any local restaurants are gaining traction by focusing on farm-to-table ingredients, regional specialties, or offering innovative fusion cuisines, as these aspects often indicate emerging  market trends .
• Service and Ambiance:  Evaluate the overall customer experience. Identify if there’s a competitor renowned for its fine dining experience, another known for its trendy and vibrant atmosphere, or one that excels in providing a casual, family-friendly environment. These elements significantly contribute to a restaurant’s success and differentiation.
• Pricing and Positioning:  Compare pricing strategies . Determine whether competitors are positioned as budget-friendly eateries or if they adopt a more upscale approach with premium pricing, highlighting gourmet ingredients, or exclusive dining experiences.
• Marketing Channels :  Analyze how competitors market their restaurants. Do they leverage social media platforms for promotions, engage in collaborations with local influencers, or host special events or themed nights? Understanding their marketing tactics provides insights into effective promotional strategies that resonate with the  target audience .
• Operational Efficiency:  Observe if competitors have adopted technological advancements such as online reservations, mobile apps for ordering, or contactless payment systems. These innovations not only streamline operations but also contribute to an enhanced customer experience.

What’s Your Restaurant’s Value Proposition?

Reflect on what uniquely distinguishes your restaurant from the competition. It could be your innovative fusion of cuisines, a strong emphasis on locally sourced and sustainable ingredients, or perhaps a distinctive ambiance that reflects a particular cultural theme or historical narrative.

Listen attentively to customer feedback and observe emerging industry trends to identify gaps or unmet demands in the market. For instance, if there’s a growing interest in plant-based dining experiences and competitors have not tapped into this niche, it could present an opportunity for your restaurant to cater to this demand and stand out.

Consider how your restaurant’s location influences your strategy. A downtown location might warrant a focus on quick service and catering to office lunch crowds, while a suburban setting could embrace a more relaxed, family-friendly dining environment.

First, conduct a SWOT analysis for the restaurant , highlighting Strengths (such as a unique menu and exceptional customer service), Weaknesses (including potential high operational costs or strong competition in the area), Opportunities (for example, a growing interest in diverse cuisines and healthy eating), and Threats (such as economic downturns that may decrease consumer spending on dining out).

Marketing Plan

Next, develop a marketing strategy that outlines how to attract and retain customers through targeted advertising, promotional discounts, an engaging social media presence, food blogger outreach, and community involvement, such as local events or charity sponsorships.

Marketing Channels

Utilize various marketing channels to engage with your audience and attract new patrons.

Digital Marketing

• Social Media:  Utilize social media platforms such as Instagram, Facebook, Twitter, and TikTok to showcase your restaurant’s ambiance, signature dishes, behind-the-scenes glimpses, chef profiles, and customer testimonials. Regularly engage with your audience by responding to comments, hosting interactive polls, or sharing user-generated content.
• Email Marketing:  I mplement an email marketing strategy to build a loyal customer base. Offer incentives such as exclusive recipes, promotional offers, or early access to special events in exchange for subscribing to your newsletter. Regularly communicate with your subscribers, sharing updates, promotions, and stories that resonate with your brand.
• Website and SEO:  Maintain an  informative website showcasing your menu , chef profiles, reservation options, and reviews. Optimize it for local SEO to ensure visibility in searches related to your cuisine and location.

Local Advertising

• Printed Materials:  Distribute well-designed flyers in nearby neighborhoods, advertise in local magazines, and collaborate with tourism centers or hotels for exposure.
• Community Engagement:  Sponsor local events, collaborate with food bloggers or influencers, and participate in food festivals or charity events to increase brand visibility and community involvement.
• Partnerships:  Forge partnerships with complementary businesses (such as wine shops or local farmers’ markets) for cross-promotions or collaborative events.

Promotional Activities

Engage potential customers through enticing offers and events.

• Special Offers:  Launch promotions like ‘Chef’s Tasting Menu Nights’ or ‘Happy Hour Discounts’ to attract new diners and retain regulars.
• Loyalty Programs:  Implement a loyalty system offering rewards for frequent visits or referrals, such as a free appetizer or dessert after a certain number of visits.
• Events and Special Occasions:  Host themed nights, seasonal menus, or exclusive culinary events to create buzz and attract diverse audiences.

Sales Channels

Efficiently manage  sales channels  to maximize revenue and customer satisfaction.

In-Restaurant Upselling

• Menu Strategies:  Highlight premium dishes or chef’s specials, offer wine pairings or dessert suggestions, and train staff to upsell without being pushy.
• Merchandising:  Display branded merchandise, specialty sauces, or cookbooks for sale to complement the dining experience.

Online Ordering and Delivery

• Online Ordering Platform: I mplement an easy-to-use online ordering system for takeout or delivery orders. Offer exclusive online discounts or bundle deals.
• Delivery Partnerships:  Collaborate with food delivery services or establish in-house delivery for customers’ convenience.

Reservation Management

• Reservation System:  Utilize an efficient reservation platform to manage bookings. Offer incentives for off-peak reservations or special occasions.

Membership and VIP Programs

Developing membership and VIP programs can cultivate a loyal customer base and drive recurring revenue:

• VIP Memberships:  Create exclusive membership tiers offering perks like priority reservations, chef’s table access, or private event invitations.
• Reward Programs:  Develop a digital loyalty system where customers earn points for every dollar spent, redeemable for discounts, exclusive menu items, or special events.

Strategy Timeline

Finally, create a detailed timeline that outlines critical milestones for the restaurant’s opening, marketing campaigns, customer base growth, and expansion objectives, ensuring the business moves forward with clear direction and purpose.

The management section focuses on the restaurant’s management and their direct roles in daily operations and strategic direction. This part is crucial for understanding who is responsible for making key decisions and driving the restaurant towards its financial and operational goals.

For your restaurant business plan, list the core team members, their specific responsibilities, and how their expertise supports the business.

The Financial Plan section is a comprehensive analysis of your financial projections for revenue, expenses, and profitability. It lays out your restaurant’s approach to securing funding, managing cash flow, and achieving breakeven.

This section typically includes detailed forecasts for the first 5 years of operation, highlighting expected revenue, operating costs and capital expenditures.

For your restaurant business plan, provide a snapshot of your financial statement (profit and loss, balance sheet, cash flow statement), as well as your key assumptions (e.g. number of customers and prices, expenses, etc.).

Make sure to cover here _ Profit and Loss _ Cash Flow Statement _ Balance Sheet _ Use of Funds

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Privacy Overview

How to Write a Small Restaurant Business Plan

Start taking your brilliant plan for a small restaurant from a dream to a reality with this restaurant business plan template.

Tyler Martinez Author

Tyler Martinez

Restaurant Business Plan Template

No matter where you’re at in your restaurant ownership journey, a business plan will be your north star. Organize your vision and ensure that nothing is overlooked with this free template., TEST

No matter where you’re at in your restaurant ownership journey, a business plan will be your north star. Organize your vision and ensure that nothing is overlooked with this free template.

Business Plan for Small Restaurants Guide

It's easy to see why people like to start small in the restaurant industry. Small restaurants have flexibility and agility that larger restaurants and corporate chains aren’t afforded, with lower starting costs and lower overhead costs. They require a smaller team, less credit and capital to get off the ground, and are often easier to maintain. And limited space and seating does not limit profit — well-managed small, counter-service restaurants can be valuable assets.

Counter service shops (that serve anything from shawarma to tacos to sandwiches to sushi), sidewalk bistros, high-end, exclusive fine dining restaurants, and sit-down cafes are just a few examples of the small restaurant models that this article can help you to plan. It makes sense to start small! Let's dive in.

Why You Need a Small Restaurant Business Plan

You probably have a solid idea of what you want your small restaurant to look like and spend time imagining everything from the menu design to the daily operations of employees. A business plan helps you to communicate that vision to potential investors and business partners. 

Building a business plan for your small restaurant helps you start making decisions about the location of your restaurant, the equipment you purchase, the staff you hire, and the ingredients you supply your business with which are all crucial to the success of the whole restaurant. Crafting a coherent plan for all the intricate moving parts of a restaurant is the first step.

Taking your inspiration for a neighborhood build-your-own charcuterie board restaurant and wine garden from a vision board to reality starts with a plan. Kick your imagination into high gear while ensuring that your ideas for all the overlapping details stay organized by writing a business plan.

How to Write a Small Restaurant Business Plan (Description, Examples, Proposals)

As with any writing project, it can be difficult to decide how to start describing your vision for a small restaurant. Start with this fully customizable restaurant business plan template that's perfect for any small restaurant. 

This article provides useful writing tips for your small restaurant’s business plan and includes advice on how to structure and present your business plan to attract potential investors or business partners.

Elements of a Small Restaurant Business Plan 

Executive summary.

The executive summary of your small restaurant’s business plan is your prime opportunity to impress potential investors and business partners. As you write this section, consider how you can get your audience interested in your restaurant’s plan and keep them engaged with your ideas.

The executive summary might include information about the specific kind of restaurant you’re planning for, the type of food or chef you’ll feature, the mission of and the core values of your business. This is your first chance to start to set up a coherent vision for your business and brand. 

Company Overview

The company overview is more practical than attention-grabbing. This section of your small restaurant’s business plan will introduce the market you’ll be entering, a summary of financial need and projections, and an intro to the location, supply chain, and marketing strategy you'll use. 

Think of the company overview as a glossary for the rest of the business plan by defining key terms and concepts. Consider using this section to answer any big questions investors might have about your business plan – how will you consistently supply your restaurant with the six rare types of cheeses that are central to your mac-and-cheese-focused menu? 

Team and Management

Staffing for your small restaurant will be unique to the kind of restaurant you’re planning to open and it’s critical that you consider your role in the business and the roles you’ll need to fill. Labor is often the largest cost for restaurants, and the details in this section will inform accurate financial projections and operations later in the business plan.

Whether you and your partner plan to run an elegant, intimate bistro or have big plans for a small smokehouse, it’s crucial that you start to think about who will prepare food, run payroll , and serve guests.

The ownership structure, chain of command for management and staff and the kinds of jobs you’ll be creating (full-time, part-time, benefits, etc.) can also be detailed in the team and management section of your small restaurant’s business plan.

Sample Menu

This is where your small restaurant business idea will really shine. Pull out all the stops when designing sample menus and writing menu descriptions for this section of your business plan. Craft a sensory experience for potential investors and clients through descriptions of your favorite recipes.

Food and beverages are often the heart and soul of any small restaurant, and when they're coupled with outstanding service, they're the key to creating an experience that guests will come back for. Potential business partners will be interested in your passion for this business, and sample menus and item descriptions are an opportunity to convey that passion.

As you design menus, consider how you will source the ingredients for the staple items you will serve and how those supply chains factor into financial projections and market analyses for your small restaurant.

Restaurant Menu Templates

Use these menu templates as a starting point for your menu design or to give your menus a refresh.

Market Analysis

Location, customer base, average restaurant prices in your area, competition in the style and kind of food you sell – all of these factors are important to consider when setting up your small restaurant for success. In this section, let potential business partners that you’ve done the legwork to ensure that your business will succeed.

Consider the other restaurants in your area that serve small plates and craft cocktails with a robust happy hour and the other wood-fired pizza kitchen across town that has 1,000 reviews and a 4.9-star rating. How do you plan to capture the customer base in your area that already buys what you want to serve or, if offering something new in a market, how will you get customers to try it?

Marketing and Publicity

Once you get your guests in the door and provide them a world-class experience, word of mouth marketing will be part of what keeps guests coming back — but it's not enough to rely on just that. Make plans to use the reach of social media and the hype of a grand opening event to spread the word about your new restaurant. Then, once you're up and running and building your customer list, email marketing can be an amazing way to remind one-time guests that yours is the best restaurant to visit on their birthday.

Loyalty and rewards programs for regular customers are another great way to get guests back in the door. It can be valuable to have such programs planned and ready to launch at open so you can sign up new customers who are excited about your new restaurant and brand.

A solid marketing and publicity strategy lets potential investors know that you’re not just interested in quick success. You’re making plans to convince customers to buy what you serve, which will make your business profitable for years to come.

Restaurant Marketing Plan

Create a marketing plan that'll drive repeat business with this customizable marketing playbook template and interactive calendar.

Branded Graphics

Designing graphics or working with a designer to craft typography and logos for your menus and marketing is one of the most exciting aspects of opening a new business. Let your creativity soar and choose graphics that will communicate the ethos of your brand to potential investors and, eventually, loyal customers.

Brand recognition is hugely important, especially if you have plans to expand your small restaurant to additional locations. When designing graphics, think about what key element or logo you might use across your promotions and packaging that will remind your customers of the unique experience you provide in your small restaurant.

Business Operations

This section is where you put the proof in the pudding (one of many food-based idioms that I love but don’t fully understand). The business operations section of your small restaurant’s business plan can never be too detailed – make plans for how your restaurant will run from daily to quarterly to yearly. This section will become a reference point as your restaurant develops and grows.

Imagine that you decide to open a cheese shop that has a small bistro area where your head cheesemonger pairs local bread, harvests, jams, and nuts with the cheese your source from around the world. Who is that cheesemonger – is it you? Make plans for who's going to do what, from running payroll, to selling cheese to customers in the storefront, to handling wholesale orders for cafes around town. Furthermore, write about your expectations for specific employees, roles in the company, and how employees curate the customer experience.

Financing and Loans

The startup costs for your small restaurant will depend on the kind of food you want to prepare and serve, and include the equipment required, hiring and training for staff, renting a space, marketing, and, of course, the time and energy you put into writing this plan and getting everything in order for your first day of business. 

Consider all your financing options when planning to open a small restaurant – some of these include lines of credit, small business administration (SBA) loans, merchant cash advances, crowdfunding, commercial real estate loans, equipment financing, purchase order financing, and bank or alternative loans.

Sales Forecasts and Operating Expenses

Business plans commonly include a break-even analysis , which compares the sales required to break even with the cost of expenses each month. Investors will be interested in the potential for profit and loss in order to assess the risk of contributing to your business, but a profit and loss statement for a business that isn’t open yet requires some educated projections.

A cash flow analysis shows investors that the company can support itself without additional investments by detailing planned spending on labor, supplies, and operations. Be sure to consider how the costs unique to your small restaurant, such as cleaning supplies or seasonal labor costs, balance at the end of each quarter. 

How to Present Your Small Restaurant Business Plan

There are a few ways to prepare to communicate with investors about your business plan and get them interested. As you write and edit your plan, you'll get to know every detail about your small restaurant. Remember that the way you talk about your business should be tailored to the situation you find yourself in. 

First, send your business plan to investors and banks far and wide – put your concept and plan in the hands and minds of as many people as possible. You can’t hear no (or yes!) unless you ask.

Perhaps you’re at a networking event for local small restaurant owners and financers. You might want to have a 30-second elevator pitch prepared so that you can quickly sell them on your small restaurant idea. Be sure to include something memorable and exciting, or make an opportunity for questions to keep people talking.

Once you secure a meeting with a potential investor or partner, you’ll want a more detailed presentation that presents all the key elements of your business plan. And it’s good practice to anticipate potential questions and prepare answers for questions you encounter for the first time. When networking, be honest and genuine, even if you don’t have a ready answer for each question that comes your way. Let them know you'll follow up with the answers soon — and actually do it!

Related Small Restaurant Resources

• Cost to Open a Small Restaurant
• How to Open a Small Restaurant
• Best Small Restaurant Names
• Small Restaurant Ideas and Concepts
• Small Restaurant Floor Plans
• Small Restaurant Design Ideas
• Small Restaurant Marketing Ideas

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DISCLAIMER: This information is provided for general informational purposes only, and publication does not constitute an endorsement. Toast does not warrant the accuracy or completeness of any information, text, graphics, links, or other items contained within this content. Toast does not guarantee you will achieve any specific results if you follow any advice herein. It may be advisable for you to consult with a professional such as a lawyer, accountant, or business advisor for advice specific to your situation.

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The restaurant industry is as dynamic as it is diverse, with various types of restaurants catering to different culinary preferences. For those aspiring to open a new restaurant, understanding this vast landscape is crucial. One of the pivotal steps before diving into this venture is to create a business plan. It not only defines the unique essence of your eatery but also lays out a roadmap for its successful operation. Familiarizing oneself with the different types of restaurants is essential to pinpoint your niche and stand out in a bustling market.

What is A Restaurant Business Plan?

When you’re planning to open a restaurant, a comprehensive restaurant business plan is your blueprint to success. It serves as a strategic guide, outlining your restaurant’s vision, objectives, and operational procedures. But beyond its functional use for the business owner, a well-crafted plan becomes a tool to attract potential investors.

Writing a business plan requires detailing every aspect of your restaurant dream, from the concept and target demographic to the financial projections and marketing strategies. For restaurant owners, this document encapsulates the essence of their establishment, ensuring they remain on the right track. Moreover, presenting this plan to potential investors offers a clear, organized view of your vision, increasing their confidence in the venture.

Ff you want to get your restaurant off the ground and appeal to both patrons and investors, a restaurant business plan is not just a recommendation—it’s a necessity.

Why A Business Plan Is Important For A Successful Restaurant Business?

Making a restaurant a reality isn’t just about great food or an attractive interior; it’s about laying the groundwork for success with a good business plan. A well-crafted restaurant business plan comes with a slew of benefits, not least of which are:

Clear Vision and Objectives: One of the foremost reasons to plan for your restaurant is to articulate a clear vision and set definitive objectives. This process helps you refine your restaurant ideas, making them more viable in the real world. With a concrete vision, you can maintain a consistent direction and avoid being swayed by fleeting trends that don’t align with your brand.

Financial Planning: Money is the lifeline of any venture. A restaurant business plan provides a detailed financial blueprint, determining startup costs, projecting revenues, and outlining budgetary constraints. It anticipates potential financial hurdles, allowing restaurant owners to make informed decisions. By meticulously charting out every financial detail, restaurant owners can ensure they have the necessary funds to sustain the business, even during lean periods.

Operational Efficiency: Operational hiccups can turn even the most promising restaurant ideas into failures. With a comprehensive business plan, you can optimize staffing, inventory management, customer service, and daily operations. A good plan streamlines the restaurant’s workflow, enhancing efficiency and customer satisfaction.

In a world teeming with culinary ventures, a business plan is essential to stand out. It gives clarity to your vision, ensures sound financial footing, and optimizes operations, paving the way for the restaurant needs to thrive.

Step-by-step Guide To Write A Restaurant Business Plan

Starting a restaurant is a dream for many, but to make that restaurant dream into a reality, one needs a structured approach. A winning restaurant business plan provides a comprehensive roadmap to bring your vision to life. Here’s how to craft that perfect plan:

1. Executive Summary

The executive summary is a snapshot of your entire restaurant business plan. Typically, it should be concise, about one to two pages long, capturing the essence of what your restaurant is about and what it aims to achieve.

What should you cover in an Executive Summary?

• Introduce your bakery business : Begin by describing the kind of restaurant you’re opening.
• State your mission and vision : Your mission statement reflects your restaurant’s core purpose, while the vision paints a picture of its future.
• Outline your objective : Define the goals for your new business.
• Provide a financial overview : Offer a brief insight into the financial state of your business.

2. Restaurant Business Description

This section provides an in-depth look into what your restaurant is and what it aims to offer to the diner.

What should you cover in the restaurant description section?

• Talk about your bakery concept : Describe your restaurant, its theme, and its unique approach to serving patrons.
• Explain your unique selling proposition (USP) : What sets your restaurant apart?
• Operational model : Explain how you’ll operate your restaurant before and after opening.

3. Market Analysis

Market analysis provides data-driven insights derived from thorough market research. It helps restaurant owners understand their audience and the market landscape.

• Target market : Delve into the demographics of your potential clientele.
• Location : Describe where your restaurant fits geographically and why it’s an ideal spot.
• Competition : Analyze other restaurants in the area and their offerings.

4. Organization and Management

This section presents the business structure and the key players driving your restaurant’s operations.

What should you cover in the organization and management plan?

• Restaurant ownership information : Detail the type of business entity (e.g., LLC, Partnership) and ownership distribution.
• Profiles of your Restaurant management team : Introduce your core team members, their roles, and their experience in the restaurant industry.

5. Sample Menu

This section is a sneak peek into what diners can expect when they visit.

What should you consider when creating a sample menu?

• Menu items : List down dishes and beverages you’ll offer.
• Unique Selling Proposition (USP) : What makes your menu stand out?
• Menu Pricing : Provide a range or specific prices for your offerings.

6. Marketing Strategy

The restaurant marketing strategy outlines how you plan to market your restaurant and drive sales.

What should you cover in the marketing strategy for your restaurant business?

• Define your brand : Discuss the brand identity – from logo to restaurant design.
• Plan how you’ll attract diners, from online promotions to loyalty programs,  SEO for website, and partnerships with local local businesses
• Considering using an  online food ordering system  in your food truck
• Create a  digital menu with QR code  to make your menu easy for your customers to access online

7. Business Operations

This section delves into the day-to-day operations of running your restaurant.

What operational issues should you address in your business plan?

• Supply chain : Detail how you’ll procure ingredients and manage inventory.
• Operating hours : What days and hours will you operate? Consider peak meal times and special events.
• Staffing : Discuss hiring, training, and staff management plans.
• Equipment : List the equipment needed to run the restaurant.

8. Financial and Loans

Opening a restaurant is an exciting venture, but it comes with its own financial intricacies. Before embarking on this journey, understanding the fiscal requirements is essential.

How Much Does It Cost to Start a Restaurant?

Depending on the type of restaurant you’re opening, costs can vary significantly. Starting a bar business, for instance, can range anywhere from $95,000 to over $2 million. Several factors can influence these numbers. The size of the restaurant, its location, and the culinary offerings play crucial roles in the total investment. Want to delve deeper into the specifics? This comprehensive guide on how much it costs to open a small restaurant breaks down the various expenses you can expect.

How Many Ways to Fund Your Restaurant?

For every restaurant dream, funding is a pivotal aspect. From traditional bank loans to seeking angel investors or crowd-funding, there’s a multitude of avenues available for those considering opening a restaurant.

Important Questions to Consider When You Create Your Funding Request

Beyond just how much you plan to spend, you’ll want to include details on projected ROI, repayment strategies, and how the funds will directly help grow your business. Remember, lenders and investors are most interested in understanding how their contributions will help the restaurant flourish and ensure a return on their investment.

9. Financial Projections

Financial projections are a crucial aspect of the business plan, providing a roadmap for operating the restaurant and giving potential investors a clear picture of your business strategy.

Break-even analysis

This analysis tells you when your restaurant may start to turn a profit, balancing out initial investments and operational costs. It’s essential to understand this when you plan to gain traction and open the restaurant.

To calculate the break-even point, use this formula: Fixed Costs / (Price – Variable Costs) = Break Even Point

Projected profit and loss statement

This section should include estimations of your future revenues, costs, and profits over a specific period, helping you and investors visualize the financial health of your restaurant.

Cash flow analysis

A comprehensive cash flow analysis is part of your business plan, showing the movement of cash in and out of your business. This plan can help identify periods of potential cash shortages and allow for strategic preparations.

Restaurant Business Plan Template

As you embark on the journey to make your restaurant dream come true, using a free template for guidance can be invaluable. This example provides a glimpse into what a business plan can look like. However, always remember to choose your restaurant’s features that align with your vision and market demand. For more insights, consider consulting various restaurant business plan examples and business plan samples to get a holistic view.

• Mission : “To provide an unforgettable dining experience by blending authentic flavors with a modern twist.”
• Vision : “To be the leading global chain offering our signature fusion cuisine.”
• Restaurant Description : “DineFusion, an innovative blend of Italian and Japanese cuisines, located at the heart of downtown.”
• Costs : Initial investment of $150,000.
• Profits : Expected yearly net profit of $75,000 after operating costs.

2. Description of the Restaurant

• Restaurant Concept : A fusion of Italian and Japanese cuisines, bringing together the best of both worlds.
• Restaurant Name : “DineFusion”
• Restaurant Type : Casual dining
• Restaurant Location : 123 Downtown Street, Metropolis
• Order Fulfillment : Dine-in, takeaway, and online delivery through partnering platforms.
• Working Hours : 10 AM – 10 PM daily.
• Type of Cuisine : Italian-Japanese Fusion
• Offer : From sushi rolls with a twist of Italian herbs to pizzas topped with sashimi. Include a sample menu for a detailed look.
• Unique Selling Point : “Where East meets West on a Plate!”

4. Market and Competition Analysis

Market Analysis :

• Target Customer : Young professionals aged 25-40 and tourists.
• Size of the Target Customer : Approximately 150,000 individuals fit our target profile in Metropolis.

Competition Analysis :

• Size of the Competition : Collectively serve an estimated 500 customers daily.
• Competitors’ Offer : Traditional fusion dishes without the unique Italian-Japanese blend.
• Competitors’ Prices : Average meal price is $25.

5. Investment Plan (Detailed Cost Analysis)

• Renovation: $50,000
• Kitchen Equipment: $40,000
• Initial Inventory: $10,000
• Licenses and Permits: $5,000
• Marketing and Promotion: $20,000
• Miscellaneous: $25,000
• Rent: $5,000
• Salaries: $15,000
• Utilities: $1,000
• Inventory Replenishment: $4,000
• Marketing: $2,000
• Miscellaneous: $3,000

Total Cost : Estimated monthly operating cost of $30,000.

6. Financial Forecast

Based on the expected customer footfall and average ticket size, we anticipate monthly revenues of $60,000, with a profit of $30,000 before taxes.

• Owner/Manager : Jane Smith, with 10 years of experience in the restaurant industry.
• Chef : Marco Tanaka, a specialist in both Italian and Japanese cuisines.
• Supporting Staff : 10 members, including servers, cleaners, and kitchen assistants.

8. Marketing Plan

Our marketing strategy involves an initial launch on social media platforms, collaborations with influencers, and partnerships with delivery platforms. Periodic offers, loyalty programs, and events like “fusion food fests” will help in consistent customer engagement.

Tips For Creating A Successful Restaurant Business Plan

Opening your restaurant is exhilarating, but to transform your culinary dreams into business a reality, a well-crafted business plan is paramount. Here are some tips to ensure success:

• Thorough Research : Before you put pen to paper, conduct in-depth research. Understand your target market, competition, and potential challenges. This will not only guide the rest of your plan but also demonstrate your commitment and seriousness to potential restaurant investors.
• Use a Template : If you’re unsure where to begin, use a business plan template to get started. It will offer structure and ensure you cover essential sections of your business plan.
• Clarity is Key : Your business plan should be concise yet comprehensive. Avoid jargon. Remember, you may be presenting this to individuals who might not be familiar with restaurant terminologies.
• Be Realistic with Projections : Overestimating your future success can be as detrimental as underselling it. Ensure your financial forecasts are realistic and achievable.
• Highlight What Sets You Apart : Whether it’s a unique theme, a special dish, or an innovative service model, pinpoint what makes your restaurant stand out.
• Seek Feedback : Before finalizing, seek feedback. Whether from industry peers, potential restaurant investors, or mentors, a fresh set of eyes can offer invaluable insights.

Remember, to make a restaurant business plan truly effective, it should be a living document, revised and updated as you gather more information, make decisions, and choose your restaurant’s path forward. Keep refining and adjusting to ensure the best path to make the business a thriving success.

Frequently Asked Questions

1. what should be included in a restaurant plan.

A comprehensive restaurant business plan should include an executive summary, a clear description of the restaurant’s concept, target market, and location, a detailed menu offer, a market and competition analysis, an organizational and management outline, a marketing strategy, and financial projections. When you choose your restaurant’s theme and style, consider aspects like the restaurant interior, which plays a pivotal role in attracting diners. Leveraging a free restaurant business plan template can streamline this process, ensuring that no critical section of the business plan is overlooked.

2. What is a strategy plan of a restaurant?

The strategy plan of a restaurant defines its path to success. It encompasses the restaurant’s mission, vision, and the tactics it will use to achieve its objectives. This might involve decisions on restaurant technology, like using a particular POS system, adopting a reservation tool, or incorporating a digital feedback system. It also details how the restaurant will stand out in the market, whether through unique culinary offerings, exceptional service, or a distinctive dining environment.

3.  How do I write a business proposal for a food business?

When writing a business proposal for a food business, begin by introducing your business concept and vision. Detail the products or services you intend to offer and your target market. Highlight the operational aspects, such as suppliers, equipment, and location. Delve into financial projections, including startup costs, expected revenue, and profitability. Your proposal should align with the specific needs and interests of the person or entity you’re pitching to.

4. How do you write a marketing plan for a restaurant?

A marketing plan for a restaurant should start with an understanding of your target customers. Identify where they spend their time online and offline and strategize accordingly. Outline your brand voice and how you’ll communicate your unique selling proposition. Factor in promotions, advertising campaigns, and loyalty programs. Also, consider modern restaurant technology tools that can aid in marketing, such as CRM systems or social media analytics tools. Ensure that each marketing initiative has clear objectives, a set budget, and methods to track effectiveness.

Related Restaurant Resources

• How to start a restaurant with no money
• How much do restaurant owners make
• Restaurant profit margin calculator
• Restaurant name ideas

Opening a restaurant is a thrilling yet intricate endeavor. Every section of the restaurant business plan serves as a roadmap, guiding entrepreneurs towards realizing their culinary dreams. As you choose your restaurant’s concept, location, and design, always revert to your business plan to ensure alignment with your vision. In essence, a meticulously crafted plan not only provides clarity and direction but also instills confidence in potential stakeholders. Remember, success in the restaurant industry goes beyond delectable dishes; it lies in foresight, strategy, and relentless execution.

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How to write a comprehensive restaurant business plan

fanWhen opening a new restaurant, having a solid restaurant business plan is key for the success of a a business. The best ones identify, describe and analyse business opportunities while setting a blueprint. Here, we’ve put together a guide for how to write a restaurant business plan so life at your spot starts off on the right foot.  

What your restaurant business plan should cover

The strongest restaurant business plans always include all or most of the components described below. Charles Bililies , founder and CEO of Souvla , advises that first-time restaurateurs read plenty of different business plans for other restaurants, technology and retail companies to get a better sense of layout options, writing styles and clarity of concept. Put the sections that you feel would be most compelling to someone who’s never met you first: the “Management Team” section if you’re coming from high-profile establishments, for example. The goal is for the reader to keep turning the page.

Quick links Branded cover Concept Sample menu Service Management team Design Target market Location Market overview Marketing and publicity Specialists and consultants Business structure Financials

1. Branded cover

Include your logo (even if it’s not finalised), the date, and your name.

Describe your restaurant concept and get the reader excited about your idea. Go into detail about the food you’ll be serving, inspiration behind your concept and an overview of service style. Define clearly what will be unique about your restaurant.

3. Sample menu

The menu is the most important touchpoint of any restaurant’s brand, so this should be more than just a simple list of items. Incorporate your logo and mock up a formatted menu design (tap a designer for help if needed).

Your sample menu should also include prices based on a detailed cost analysis. This will give investors a clear understanding of your targeted price point, provide the first building block to figuring out average bill estimations needed to create financial projections and show investors that you’ve done the homework needed to be confident that you’ll be able to sell these items at these prices and operate within your budget.

This section is most relevant for fine-dining concepts, concepts that have a unique service style or if you have particularly strong feelings about what role service will play in your restaurant. It can be a powerful way of conveying your approach to hospitality to investors by explaining the details of the guest’s service experience.

Will your restaurant have counter service designed to get guests on their way as quickly as possible, or will it look more like theatre, with captains putting plates in front of guests simultaneously? If an extensive wine program is an integral part of what you’re doing, will you have a sommelier? If you don’t feel that service is a noteworthy component of your operation, address it briefly in the concept section.

5. Management team

Write a brief overview of yourself and the team you have established so far. You want to demonstrate that the work experience you’ve acquired over the course of your career has provided you with the necessary skills to run a successful restaurant. Ideally, once you have described the strong suit of every member of your team, you’ll be presenting a full deck. Most independent restaurant investors are in this for more than just money, so giving some indication of what you value and who you are outside of work may also be helpful.

6. Menu Design

Incorporate some visuals. Create a mood board that shows images related to the design and feeling of your restaurant. Planning on cooking in a wood-burning oven? Include that. Photos of materials and snippets of other restaurants that you love that are similar to the brand you’re building are also helpful.

7. Restaurant target market

Who is going to eat at your restaurant? What do they do for a living, how old are they, and what’s their average income? Once you’ve described them in detail, reiterate why your specific concept will be appealing to them.

8. Location

There should be a natural and very clear connection between the information you present in the ‘Target Market’ section and this one. You probably won’t have a specific site identified at this point in the process, but you should talk about viable neighbourhoods. Don’t assume that potential investors will be familiar with the areas you’re discussing and who works or lives there — make the connections clear. You want readers to be confident that your restaurant’s ‘ideal’ diner intersects with the neighbourhood(s) you’re proposing as often as possible.

If you don’t have a site, this is a good place to discuss what you’re looking for in terms of square footage, foot traffic, parking, road accessibility and other important details.

9. Market overview

Address the micro and macro market conditions in your area. At a macro level, what are the local and regional economic conditions? If restaurants are doing poorly, explain why yours won’t; if restaurants are doing well, explain how you’ll be able to compete in an already booming restaurant climate. At a micro level, discuss your direct competitors. Talk about what restaurants share your target market and how you’ll differentiate yourself.

10. Marketing and publicity

The restaurant landscape is only getting more competitive. Talk about your pre- and post-opening marketing plan to show investors how you will gain traction leading up to opening day, as well as how you’ll keep the momentum going. If you’re going to retain a PR/marketing company, introduce them and explain why you’ve chosen them over other companies (including some of their best-known clients helps). If not, convey that you have a solid plan in place to generate attention on your own through social media , your website , and media connections. To help you get started be sure to check out our zero budget marketing checklist .

11. Specialists and consultants

List any outside contractors you plan to retain, such as:

• Main Contractor
• PR & Marketing

Briefly explain the services they’ll be providing for you and why you chose them, along with any notable accomplishments.

12. Business structure

This section should be short and sweet. What type of business structure have you set up and why did you make that specific decision? You will need to work with a lawyer to help you determine what business structure is best for you.

“ Step one : write a restaurant business plan. Step two : hire a good lawyer. In addition to helping me build a smart, sustainable business structure, my lawyer was also a great resource for reviewing my business plan because she’s read thousands of them. She was a very helpful, experienced outside perspective for more than just legal matters”, Charles Bililies explains.

13. Restaurant financials and funding

Let your accountant guide you through this portion of your business plan. It is crucial that whoever you retain to help you with your finances has a wealth of restaurant experience (not just one or two places), as they should be familiar with the specifics of restaurant finances and know what questions to ask you.

Before creating realistic financial projections, your accountant will want to know approximately how many seats you’re planning on having, what your average bill will be, and how many covers you expect per day. Being conservative in these estimations is key as these three data points will be used as the basis for figuring out whether your concept is financially feasible.

Lou Guerrero, Principal at Kross, Baumgarten, Kniss & Guerrero, emphasises that, “You’ll get a lot of accountants that tell you that they’ve done a couple of restaurants, but you have to choose someone that has a deep expertise in what you’re doing. There’s nothing to gain from going with someone that doesn’t have a very restaurant-centric practice.”

A well-vetted accountant with restaurant experience will know exactly what you’ll need to have prepared to show investors. The key projections you can expect to work on are:

• Pro forma profit and loss statement for the first three to five years of operation
• Break even analysis
• Capital requirements budget

Free tools to build a restaurant business plan in Australia:

If design is not your forte, consider using a free online template. There are plenty of templates available on the web that can aid in this process. Whether you’re a seasoned pro or need help getting started, there are some great options

• Canva : Bring your descriptions and its templates will help you do the rest. Canva hosts a library of thousands of free menu templates to choose from.
• Australian Government:   a collection of free tools and templates to help you build your first business plan
• VistaCreate:  The plug-and-play menu templates are easy to use, and the platform has the option for print and delivery.

Get the tools, resources and fresh ideas for running a successful restaurant

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Money blog: Free chicken, pizza and nachos across UK for those getting A-level results

Welcome to the Money blog, a hub of personal finance and consumer news/tips. This morning's posts include a look at the discounts available to students and young people. Leave a comment on any of the stories we're covering in the box below - we round them up every Saturday.

Thursday 15 August 2024 10:23, UK

• Aldi axes click and collect
• Tesco launching 'passports' for its clothing
• UK inflation rises for first time since December - analysis

Essential reads

• Is this the end of the British pub?
• What's gone wrong at Asda?
• Best of the Money blog - an archive of features

Tips and advice

• All the discounts you get as a student or young person
• TV chef picks best cheap eats in London
• Savings Guide : Why you should now be checking T&Cs
• 'I cancelled swimming with weeks of notice - can they keep my money?'

Ask a question or make a comment

Whether or not results day goes to plan today, you can always console yourself with some free chicken, pizza and nachos. 

Major chains like Nando's, Pizza Express and Frankie & Benny's are offering some great freebies for students picking up their A-level results. Most you can get simply by showing a copy of your results to staff. Some have a few extra steps - but we've outlined this below, and most usually just involve signing up for some kind of free app or reward programme.

(And don't worry year 11, many of these offers will also be available when you receive your GCSE results next week).

Nandos: Chicken Bring your ID and results and you will get a free starter or quarter chicken, provided you also spend £7 or more.

Frankie & Benny's: Pizza Each restaurant is giving away 50 free pizzas - you just need to purchase a large soft drink (and show off your results).

Pizza Express: Dough balls You'll get one free portion of dough balls when you purchase a main - for this one you also need to present a valid UNiDAYS offer code.

Wagamama: Free side and drink You need to sign up to the Soul Club app to get this one, but you'll get a free side dish and free soft drink, or cider can, if you order between 11am and 3pm.

Bill's: Dessert To qualify for a free dessert you also need to purchase a main course, or brunch.

Banana Tree: Pad Thai You need to purchase one starter (excluding edamame) and a drink, but you then qualify for a free main meal. Just make sure you sign up  here  first.

Chiquito: Loaded nachos You have two options for this - Chicken & Chorizo or Pibil Pulled Jackfruit, as long as you order at least one large soft drink. There are only 600 available, so you'll want to head down early.

Bird & Blend: Drink Get a magical matcha, refreshing ice tea or a herbal brew if you present your results and your student ID between 11am and 5pm.

Showcase Cinema: Popcorn If you have a ticket for a film today, just show proof you recieved your results and you qualify for a free popcorn.

Starbucks: Cookie Grab a free cookie with any beverage today.

Bella Italia: 30% off Students get a very decent 30% off their food bill - but you will need to sign up here first, as well as showing your server your results.

TGI Fridays: 24% off your bill You need to be a free Stripes Reward member to get this one, and bring a copy of your results.

In a little over a month, hundreds of thousands of young people will once again descend on university towns across the UK - armed with maintenance loans and newly found financial freedoms.

With their arrival comes their business - and retailers and restaurants all fight for the chance to part students with their cash in the form of special discounts. 

It would be a pretty long post were we to list every single student discount, so for this guide we'll go through some of the most notable and our favourites. 

Let's start with the world's most valuable company, which offers various deals to students. 

Buying a new iPad or Mac will land you a gift card worth £120, while you're able to access a cheaper Apple Music plan with Apple TV+ included. 

It's available through discount portal UNiDAYS , or you can read more about the offers here .

Another student essential - bag yourself six months of free Amazon Prime (which offers next-day delivery on thousands of items and Prime Video).

Once that ends, students only need to pay half price for their membership (£4.49 a month). 

Check out the offer here .

If you didn't opt for the Apple Music offer outlined above, then getting 45% off your Spotify subscription might be worth it. 

It's this link to sign up. 

If you want 10% off clothes from one of the world's biggest online fashion retailers, you simply need to fill in this form . 

Another top tip: ASOS often drops prices, starts sales or increases discount when your student maintenance loans hit your account. 

It might be worth waiting for then to use your codes to maximise your savings - you'll get your first loan at the end of September/start of October, one at the start of January and the last will be at the start of April.

YouTube Premium and Music can be yours for £7.99 (plus a free trial month) - allowing you ad-free watching, downloads, background play and unlimited tunes. 

Click here for more. 

An unequivocal student essential. 

Railcards are a must while you're moving around the country visiting friends, family or just making your way home for Christmas. 

They cost just £30 and give you a third off expensive rail fares for the full year. 

More on that here . 

Nike and  Adidas

Two of the big players in sports fashion.

Bag the latest athleisure with 15% from Adidas and 10% off at Nike . 

If you don't like the trainers either Nike or Adidas provide, then take a look at Schuh.

The footwear brand offers 10% off full-price and  sale items - click here to find out how. 

Another top tip: if you like a pair of Nike or Adidas shoes, check out whether you could get them cheaper at Schuh with discounts, and factoring in delivery charges and sales.

Via discount portal StudentBeans, you can grab 15% off at Sephora. 

It's one of the biggest self-care and beauty brands anywhere on the planet, and 15% off will save you a decent chunk. 

Click here to find out more. 

Boots 

Being a student can save you 10% at Boots - sometimes more.

However, you will need to sign up for one of their (free) advantage cars, so maybe one you need to think about.

Check out the steps here .

Burger King

Students can enjoy a free Chicken or Vegan Royale with purchase of a Chicken or Vegan Royale via their StudentBeans portal.

This link has more.

The big night in vendor offers students up to 50% off. 

This is another one you'll need a StudentBeans discount portal login for, but you can get all the details here . 

Through UNiDAYS, you can get £10 off your first two orders (over £15) on Uber Eats.

They're not only offering takeaways, but grocery shopping too, so that's something to bear in mind. 

Details here .

There's 10% off at New Look for students - and you can bag a further 25% if you sign up to their mailing list.

Discount is in-store and online, so there's a bit of flexibility regarding where you shop.

This one is through UNiDAYS, details here .

Grab yourself a free cheeseburger, mayo chicken or McFlurry when you buy selected menu items. 

Read the full list and T&Cs here . 

The delivery giant always offers student deals, but they're yet to make public this year's plans.

You can enter your email address into this link for updates on it. 

Savings on your sex life start at 20%.

This one is via UNiDAYS - more here .

MyProtein 

50% off protein at MyProtein for fitness-hungry students is one of several offers the company has put up. 

Again, via UNiDAYS, which has the full list of deals/offers here .

Sticking with health and fitness, several high-street value gym chains offer discounts, including  The Gym Group  and  PureGym . 

Blackwell's

We've done all the fun stuff like food and clothes - but you do have to study at some stage. 

That's where having 15% off at major book supplier Blackwell's can help. 

All the details are here . 

While we're on the more boring stuff - let's turn to furniture and cutlery. 

Over the years millions of students have descended on the Swedish giant to fill their new rooms and cupboards. 

Offers change every year - and they'll be updated here . 

If you are a regular reader of the Money blog, you will have seen us cover the topic of security tags before. 

We've noticed them on meat, cheese and baby milk , and now some chocolate treats are also getting the yellow security sticker treatment. 

We spotted the tags below at an Asda in Twickenham earlier this week. 

They were placed on a £2.50 box of Celebrations and Lindt Salted Caramel Lindors costing £5.

Also tagged were a £9.30 box of Maltesers Truffles, a £6.55 pack of Raffaello, a £10.50 tray of Ferrero Rocher and an £8.95 Thortons Classic box. 

An Asda spokesperson confirmed to the Money team that "individual stores may tag specific products at their own discretion as a precautionary measure". 

Earlier this year, it was revealed shoplifting had hit its highest level in 20 years. 

The number of offences increased by 37% to 430,104 in the year ending 31 December 2023, compared with 2022, the latest Crime Survey for England and Wales found. 

Several retailers have taken steps to curb the surge, including extra security and body-worn cameras. 

The UK economy grew 0.6% over three months to the end of June, official figures show. 

But there was no growth at all in June, the Office for National Statistics said, as businesses delayed purchases until after the general election.

"In a range of industries across the economy, businesses stated that customers were delaying placing orders until the outcome of the election was known," the ONS said, though added it's difficult to quantify the exact impact.

Gross domestic product (GDP) - the measure of everything produced in the UK - expanded from April to June.

That growth rate was the second highest among the G7 group of industrialised nations, only the United States performed better with 0.7%.

Two G7 countries, however, have yet to publish their GDP data for the period - Japan and Germany.

Follow our breaking story here ...

Aldi is axing its click and collect service within days, according to reports.

Customers will not be able to order groceries online from the supermarket beyond Sunday, said industry magazine The Grocer.

This follows Aldi's withdrawal of its limited home delivery service last year.

The decision was made to keep prices at their lowest possible, a spokesperson said.

"One of the ways we keep our prices low for customers is by running the most efficient supermarket business in Britain," they told The Grocer.

"As a result, we've made the decision to bring our click and collect service to an end so we can focus on doing just that."

Aldi launched the service in September 2020, eventually expanding to more than 200 stores.

Sky News has contacted Aldi for comment.

Tesco is launching "digital passports" across its clothing range ahead of new sustainability rules. 

The digital product passports will allow customers to see information about items in the F&F range, including where its materials were sourced. 

Tesco's Joe Little said the move represented "an important step forward, encouraging and promoting sustainable and circular practices". 

The pilot is being launched with tech company Fabacus, which is run by the founder of Nobody's Child - a sustainable clothing brand that has previously used DPPs on three of its collections. 

CEO and founder Andrew Xeni told the Money team that DPPs provided "a huge opportunity" for retailers to tell their story. 

He said legislation for fashion using DPPs was expected to begin in 2027 so "practical implementation must start immediately". 

What are DPPs and what do they do?  

DPPs show key information about what the product is made from, its origin, history and how to dispose of it properly.

They capture data about the environmental impact of an item and are being introduced across the EU to improve sustainability. 

Mr Xeni compared them to the nutritional information we see on food products, saying they will help people to make more informed decisions about what they are buying. 

It's not clear what form Tesco will present them in, but when Nobody's Child launched theirs, they came as a QR code on the clothing's care label that could be scanned with a smartphone.

By 2030, a range of businesses are expected to be required to provide detailed information on the materials used in their products, and their environmental impact. 

According to a  provisional agreement  from December, products with a high environmental impact will be prioritised as having to comply: 

• Batteries 
• Consumer electronics 
• Electronic devices 
• Construction products

"It's going to hold so many companies accountable," said Mr Xeni. 

Last year, the government's European Scrutiny Committee raised concerns that the scheme could conflict with regulations in Northern Ireland because of the Windsor Framework - the post-Brexit legal agreement between the EU and the UK. 

For Savings Guide this week,  Savings Champion   co-founder Anna Bowes looks at the best easy access accounts on the market.

Although variable-rate accounts like easy-access savings are likely to see rate cuts over the following days, weeks and months further to the base rate cut earlier this month, those who can't lock up their funds still need to seek the best rates.

In a rate-falling environment, it's really important to keep an eye on the interest you are earning and switch if you are no longer getting a competitive rate.

With easy access accounts this should be straightforward because, as the name suggests, you can get access to your money immediately.

But remember that a number of accounts may have restricted access, and if you have one of these, make sure you know what effect a further withdrawal will mean to your savings.

Most will simply allow you to close your account, even if you have made the maximum number of penalty-free withdrawals, but there are some that will not let you have any further access.

That's the case with the current top paying account -  Principality Building Society Online Bonus Triple Access Issue 2.

If you have already made three withdrawals, you will be unable to close the account and have access to your money until the following calendar year.

It's important to read all the terms and conditions when opening a savings account, so that you earn the interest and have the access that you are expecting.

Further to this, there is still some £252bn sitting in current accounts earning no interest at all.

Although inflation has ticked up slightly in the 12 months to July 2024 to 2.2%, there are still plenty of accounts, including easy access, paying an interest rate that is beating the current rising cost of living.

A "major breakthrough" which could signal the end of national rail strikes has been made in the long-running pay row involving drivers, according to the Department for Transport (DfT).

The department said the train drivers' union ASLEF had agreed to recommend a new pay proposal to its members after a series of "positive" talks led by the government. 

"The offer made to ASLEF is a 5% pay rise for 2022/23, 4.75% for 23/24, and 4.5% for 24/25," a spokesperson for the DfT said.

"The offer will now be put to ASLEF members in a referendum."

During the two-year pay dispute, drivers have taken 18 days of strike action, as well as refusing to work non-contractual overtime.

Mars is buying the food company Kellanova in a deal worth nearly $30bn (£23.3bn). 

The deal will see the business, which already owns several brands such as M&M's, Snickers and Skittles, take control of a huge portfolio of products, including Pringles, Pop Tarts and Cheez-Its.

Kellanova was created when the Kellogg Co split into three companies in 2022.

Based in Chicago, it had net sales of more than $13bn (£10bn) last year and has around 23,000 employees.

Mars Inc said it will pay $83.50 dollars (£65.02) per share in cash, putting the total value of the transaction at £35.9bn (£27.9bn).

The deal is expected to close in the first half of next year.

"The Kellanova brands significantly expand our snacking platform, allowing us to even more effectively meet consumer needs and drive profitable business growth," Andrew Clarke, global president of Mars Snacking, said in a statement.

Adverts for nutrition brands Zoe and Huel featuring a Dragons' Den star have been banned for failing to disclose their commercial relationship with the celebrity.

Steven Bartlett is an investor in Zoe and a director at Huel, but the the Advertising Standards Authority (ASA) found ads seen on Facebook in February "omitted material information" about their links to him.

Starbucks has ousted its chief executive Laxman Narasimhan after less than two years at the helm.

The news comes after pressure for management change from hedge fund Elliott Management.

Read more...

Primark is trying to make headway in US markets with an advertising campaign across the pond.

Hoping "That's so Primark" will catch on, the retailer is introducing its budget style via two 30-second videos.

The company aims to open 60 stores in the US by 2026.

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• Business Loans

How To Get A Business Loan In 5 Steps

Updated: Jul 18, 2024, 6:30am

A business loan can provide the funds you need to expand operations, cover day-to-day expenses and purchase equipment or inventory. If you’ve never applied for a business loan, you might be unsure about where to begin or which documents are required.

Here’s a simple guide that walks you through the process of evaluating your options and preparing your business loan application in five easy steps.

Featured Partner Offer

$5,000 to $250,000

Varies by loan

Via Ondeck's Website

1. Decide Why You Need Financing

There’s more than one kind of small business loan. Deciding why you need financing will help you choose the right kind of loan. Here are a few common scenarios:

• Buy new equipment Some lenders offer equipment loans . This type of loan is designed to help you purchase business equipment, like machinery or office furniture. The loan is secured by the equipment, so the lender can seize it if you fail to repay the loan.
• Borrow a small amount of money. If you need to borrow a small amount of money, consider applying for a microloan. The U.S. Small Business Administration (SBA) has a Microloan program that allows qualified applicants to borrow up to $50,000. In addition, there are not-for-profit organizations that offer microloans, such as Kiva and the Women’s Microfinance Initiative.
• Establish a business. Since most lenders have minimum time in business requirements, it can be tough to find one that will issue you a startup loan for a new business . If you’re just starting out, you may have to apply for a microloan or a business credit card . You may find it easier to qualify for a business credit card than other types of business loans since approval is based on your personal credit score.
• Pay for day-to-day operations. A working capital loan —a short-term loan used to cover daily expenses, like rent and payroll—can help you cover temporary cash flow problems.
• Borrow money on an as-needed basis. If you don’t know the exact amount you need to borrow, a business line of credit could be a good option. Once a lender issues you a line of credit, you can withdraw funds up to a certain amount to cover business expenses and only pay interest on the amount you borrow.

Funding Turnaround Time

As you consider different types of financing for your business, consider how quickly you need to receive your funding. Each loan option will have different turnaround times once you submit an application, and if you need your funding quickly, some options may be better than others.

Many loans, including loans from banks and credit unions, can take 30 or more days to be funded. Yet, this can vary based on the lender and your application, including if any asset backing the loan needs to be assessed.

If you need a quick turnaround time for funding, some SBA loans can be funded within 10 days, and there are online lenders that offer fast business loans . These loans, which include both traditional loans and equipment loans, can be funded within a day in some cases.

2. Check Your Eligibility

Although business loan requirements vary, here are four things lenders are likely to consider when reviewing your small business loan application:

• Credit score. When you apply for a business loan, a lender will review your personal and business credit scores . They help the lender assess the likelihood you’ll repay your loan. In general, the higher your credit score, the greater your chances of loan approval and receiving a low interest rate.
• Collateral and/or personal guarantee. Some lenders require you to pledge collateral —something of value, such as equipment or inventory—it can seize if you default on the loan. Some lenders may also require a personal guarantee, meaning you have to secure the loan with personal assets, such as your savings, home or other valuable possessions.
• Time in business. A traditional bank typically requires a business to have been in operation for at least two years, while an online lender usually requires only one year. If you’ve been operating your business for less than one year, don’t get discouraged. Some online lenders will approve qualified applicants who have only been in business for six months.
• Annual revenue. Your total annual sales are also a relevant factor. Before applying, ask a lender what the requirements are and review your business finances to see if you meet them.

3. Compare Business Lending Options

There are several places you can find small business loans. Here are four of the most common types of lenders.

Online Lenders

Online lenders offer a variety of loan products to small business owners, including term loans, merchant cash advances, lines of credit and microloans. Loan approval rates were lower for online lenders than traditional banks as of 2022—71% versus 82%, respectively—according to the 2023 Small Business Credit Survey (SBCS) by the Federal Reserve.

Nonetheless, online lenders often have less stringent requirements than traditional banks. As a result, you may find it easier to get approved for a business loan with an online lender if you have less-than-stellar credit. In addition, online lenders often have much faster turnover—some may issue funds as soon as the same business day.

A major downside of taking out a business loan with an online lender, however, is that it often charges higher interest rates than a traditional bank.

Related:  Average Business Loan Rates: What Will You Be Charged?

Traditional Banks

Traditional banks provide many of the same types of business loans as online lenders. The main advantage of applying for a small business loan with a bank versus an online lender or microlender is that it typically offers lower rates for well-qualified applicants.

One disadvantage of applying for a business loan with a bank is that it often has more stringent eligibility requirements. If you have a bad personal credit score (a FICO score less than 580), you will likely have a hard time qualifying without a co-signer—someone who agrees to repay the loan if you fail to meet your payment obligations.

If you opt for funding from a bank, a small bank may be a better option versus a larger one. A majority of borrowers were satisfied with their experience and few were frustrated by long wait times, according to the 2023 SBCS survey. Fewer borrowers who worked with large banks were satisfied with their experience and more were frustrated by long waits for funding.

Microlenders

Microlenders are typically not-for-profit organizations that issue microloans up to $50,000 to qualified applicants, often designed to provide financing for business owners who don’t qualify for traditional business loans. Microlenders usually have less stringent eligibility requirements.

For example, the microlender Kiva does not have a minimum credit score requirement. Instead, it approves applicants based on “social capital.” To qualify, you have to get a certain number of people to lend money to you through Kiva’s platform before your loan request becomes public on their website.

SBA Lenders

Many lenders offer SBA loans , which the Small Business Administration guarantees. SBA loans have maximum loan amounts of up to $5 million and terms up to 25 years, depending on the loan type and use.

Qualification requirements can vary, but generally, your business must be for-profit, do business in the U.S. and be creditworthy. For businesses that qualify, SBA loans can have competitive interest rates, low fees and high loan amounts.

The most common types of SBA loans include:

• SBA 7(a) loans: 7(a) loans are intended for small businesses to cover business-related expenses, including working capital, buying equipment, acquiring real estate, among other uses. There are multiple types of SBA 7(a) loans , with maximum loan amounts of $5 million with terms up to 25 years. These loans are most often available through banks and other financial institutions.
• SBA 504 loans: The SBA’s 504 loans offer funding for major assets that grow your business and headcount, including building or buying buildings and purchasing long-term equipment. These loans are available through certified development companies (CDCs), with terms as long as 25 years.
• Microloans: Microloans offer businesses up to $50,000 to cover the cost of launching and expanding. These loans are available through nonprofit organizations, and the maximum repayment terms are six years.

Your business can find a lender for an SBA loan using the SBA’s Lender Match  tool.

Comparing Offers

As you shop for loans from various lenders, use a business loan calculator to calculate the costs of each loan. This can help you find the lowest cost financing option.

4. Gather the Required Documents

Once you understand your lending options, gather the required documents. A lender will likely ask for these items:

• Personal and business tax returns
• Business licenses
• Articles of incorporation
• Personal and business bank statements
• Profit and loss statements
• Financial statements
• Business plan
• Building lease

If you’re unsure what documents are needed, contact the lender before applying.

5. Submit Your Application

The final step is to submit your small business loan application. Depending on what lender you’ve decided to work with, you can do this online or in person.

Here’s some information a lender might ask for:

• Business name
• Social Security number (SSN)
• Desired loan amount
• Loan purpose
• Business Tax ID
• Annual revenue

Once you submit your application, you’ll have to wait for an approval decision. If your loan is approved, a lender will send you a loan agreement to sign before issuing your funds or a line of credit you can draw from.

Types of Business Loans

Depending on your business’s needs, one loan type may work better than another. Before accepting any financing, consider various business loans so that your business is best served by the loan.

• SBA loans. SBA loans are small business loans guaranteed by the Small Business Administration. These loans include SBA 7(a) loans, 504 loans, CAPlines, Microloans and others, each of which serve different purposes. SBA loans often come with lower interest rates and down payments than other options, but you’ll often need to be an established business to qualify.
• Term loans. Term loans are traditional installment loans that are repaid over predetermined terms. Banks, credit unions and online lenders all offer these loans and while some have limited uses, many can be used for most business-related expenses. They’re typically available up to $500,000 with APRs starting around 9%.
• Lines of credit. A business line of credit is a form of financing that your business can draw from on an as-needed basis, making it a good option for ongoing cash flow issues. The borrower has access to the line of credit for a set period of time up to a predetermined limit. Once that draw period is over, the borrower has to repay the loan, with interest. APRs are typically anywhere between 10% and 99%.
• Invoice factoring and financing. With invoice factoring , your business sells outstanding invoices to a factoring company at a discount. This can be an effective way to get paid for outstanding invoices quickly, rather than waiting for customers to pay. APRs for invoice factoring are typically between 10% and 79%.
• Merchant cash advance. A merchant cash advance works by giving a lender a portion of your future sales, making this a good option for businesses that have a high volume of sales and need cash quickly. A lender will lend your business money and then that money will be repaid with a percentage of your sales on a daily or weekly basis.
• Equipment financing. Equipment financing funds the purchase of equipment or machinery, with the purchased equipment backing the loan. These loans can be used for anything from office furniture to manufacturing equipment, and terms can be as long as 25 years with limits of up to $1 million.

How To Get Approved for a Business Loan

Business loan eligibility requirements vary by lender, but in general, you and your business must meet these qualifications to get a business loan :

• Credit score. Most lenders will require a personal credit score of at least 670. If your business has been in operation for at least two years, many lenders will also have business credit score requirements.
• Time in business. Lenders will often require your business to have been in operation for at least six months to two years.
• Business revenue. To qualify for a business loan, your business will need $100,000 to $250,000 in annual business revenue.

How To Choose the Best Business Loan

Choosing the best business loan comes down to comparing loans you qualify for and determining which loan is the right fit. Here are loan factors to weigh across many loans.

• Annual percentage rate (APR). A loan’s APR represents what a loan costs on an annualized basis, including interest and fees. Comparing APRs can give you an apples-to-apples idea of which business loans will be the most and least affordable.
• Fees. Lenders may charge upfront fees to process your loan application. Projecting these fees and factoring them into the equation can also help you compare costs.
• Repayment terms. Terms for business loans can range from one year to 25 years. Choosing a long loan term can decrease your monthly payments but increases how much interest you’ll pay over time. The right loan term for you depends on your goals and what installment payments you can afford.
• Funding speed. While business loans from major banks might provide competitive rates for borrowers with strong credit, the application process can be cumbersome. If funding speed is a high priority, online lenders may offer faster funding.

Frequently Asked Questions (FAQs)

How hard is it to get a business loan.

It can be difficult to get a business loan, but qualification requirements vary by lender. To find a lender where your business is eligible for a loan, consider shopping around for lenders and prequalifying where possible.

What credit score is needed for a business loan?

Since lenders have different eligibility requirements, the personal credit score you need to qualify for a business loan varies. That said, minimum credit score requirements may range from 500 to 680.

The business credit score needed to qualify also varies from lender to lender. Plus, it depends on the type of loan you’re applying for and what business credit score a lender uses. For example, when it comes to SBA loans, you’ll typically need a minimum business credit score of 155 to pass the SBA’s pre-screen process. However, most lenders set their minimum score requirements between 160 and 165.

How can I get a business loan with no money?

Although most lenders have annual revenue requirements, it’s possible to get a business loan if your business doesn’t have any money. Some lenders offer no doc business loans—loans that don’t require verification of business income. To qualify, you’ll likely need to have excellent credit and provide a personal guarantee.

Can I get a business loan with bad credit?

Although you’ll likely find it tougher to get approved for a small business loan with bad credit, it’s possible. Some lenders specialize in offering business loans to borrowers who have bad personal credit scores . However, If approved, a lender will most likely charge you a higher interest rate.

To receive a lower interest rate and boost your approval odds, consider applying with a co-signer who has a good credit score (at least 670, according to FICO) and decent income, if possible. A co-signer is someone who agrees to repay your loan if you default. Before you ask someone to co-sign for you, make sure they understand that a missed payment can cause damage to their credit.

How can I get approved for a business loan without collateral?

Certain lenders may be willing to approve you for a business loan without collateral if you sign a personal guarantee. Providing a personal guarantee means that you legally agree to be personally responsible for paying back the loan with your own assets or savings if the business cannot.

Since eligibility conditions vary by lender, shopping around can help you find a loan with application criteria that fits your situation. You may have the best shot at qualifying for a no-collateral loan through an online lender that has flexible application requirements.

How can I get a business loan from a bank?

The process for taking out a business loan from a bank can vary by financial institution. Some major banks have online applications where you input information about yourself and your business to apply. In other cases, you’ll have to visit a branch to apply.

Information you must provide to start an application could include your business name, the date you started the business, gross annual revenue and annual household income for all owners. Brick-and-mortar banks tend to have more stringent eligibility requirements compared to online lenders; having strong credit and financials may be necessary to qualify.

Looking for a business loan?

Get Forbes Advisor’s ratings of the best lending platforms and helpful information on how to find the best loan based on your credit score.

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Jerry Brown is a personal finance writer based in Baton Rouge, La. He's been writing about personal finance for three years. Financial products he enjoys covering include credit cards, personal loans, and mortgages.

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19 Facts About Tim Walz, Harris’s Pick for Vice President

Mr. Walz, the governor of Minnesota, worked as a high school social studies teacher and football coach, served in the Army National Guard and chooses Diet Mountain Dew over alcohol.

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By Simon J. Levien and Maggie Astor

• Published Aug. 6, 2024 Updated Aug. 9, 2024

Until recently, Gov. Tim Walz of Minnesota was a virtual unknown outside of the Midwest, even among Democrats. But his stock rose fast in the days after President Biden withdrew from the race, clearing a path for Ms. Harris to replace him and pick Mr. Walz as her No. 2.

Here’s a closer look at the Democrats’ new choice for vice president.

1. He is a (very recent) social media darling . Mr. Walz has enjoyed a groundswell of support online from users commenting on his Midwestern “dad vibes” and appealing ordinariness.

2. He started the whole “weird” thing. It was Mr. Walz who labeled former President Donald J. Trump and his running mate, Senator JD Vance of Ohio, “weird” on cable television just a couple of weeks ago. The description soon became a Democratic talking point.

3. He named a highway after Prince and signed the bill in purple ink. “I think we can lay to rest that this is the coolest bill signing we’ll ever do,” he said as he put his name on legislation declaring a stretch of Highway 5 the “Prince Rogers Nelson Memorial Highway” after the musician who had lived in Minnesota.

4. He reminds you of your high school history teacher for a reason. Mr. Walz taught high school social studies and geography — first in Alliance, Neb., and then in Mankato, Minn. — before entering politics.

5. He taught in China in 1989 and speaks some Mandarin. He went to China for a year after graduating from college and taught English there through a program affiliated with Harvard University.

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THE 10 BEST Restaurants in Omsk

Restaurants in omsk, establishment type, traveler rating, dietary restrictions, restaurant features, neighborhood.

• Skuratov Coffee
• Kolchak Restaurant
• Lapshichnaya with Little Flower in Big Window
• Cafe Berlin
• Mesto Pro Testo
• Sushi Master

1 Senkevich

2 Berlin Kaffee

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4 Lapshichnaya S Tsvetkom V Bol'shom Okne

6 u shveyka, 7 mesto pro testo, 10 birliman, 12 il patio, 13 traveler's coffee, 14 khottabovich, 15 kantanello, 16 pelican restaurant.