A restaurant business is challenging to manage. No matter how you try, you can't possibly capture 100 percent of the market. According to Entrepreneur Asia Pacific, many restaurants fail in their first year due to a lack of planning. Hence, it's crucial to know how to draft a comprehensive restaurant plan. Find the most comprehensive plan from our wide array of ready-made Restaurant Plan Templates in Word. They have suitable designs and suggestive content. Get ideas in writing your operational plan, restaurant marketing plan, or strategic plan. It's editable, printable, and downloadable, so get one now and draft a workable restaurant plan!
How to Create a Restaurant Plan in Word
According to the National Statistics, the projected sales of the restaurant industry in 2020 amounted to 899 billion U.S. dollars. But no matter how lucrative this is, there’s no guarantee in this business because the restaurant industry has a competitive market. Paul Mangiamele, CEO of Bennigan’s, said that running a restaurant is very difficult; however, it’s a satisfying and lucrative business. There are many things you have to consider.
Planning is one thing you should be knowledgeable about. Here are a few helpful guides to get you started in drafting your restaurant plan.
1. Choose Your Target Market
Your restaurant business will not get the interest in all markets. It’s vital to choose your target market so you can focus on that specific audience you need to please. Your marketing strategy will also arise from your chosen target market.
2. Find Your Niche
Choose what type of restaurant you want to build. Decide your service style, specific cuisine, menu, and environment that you want your customer to experience. If you have experience in working at a restaurant, this is the right time to apply what you’ve learned and find out the niche you want to hold in the market.
3. Draft a Business Plan
A business plan is the most important aspect of your business. It should contain an executive summary, company information, market analysis, management, and costing. It’s your roadmap in creating an action plan that fits your business needs.
4. Include Funding Requests
Aside from utilizing your resources, you also need to create partnerships with investors, clients, and other potential business partners. Starting a restaurant business might use up all your resources so you need to start building your network.
5. Add Financial Projections
A financial projection is an estimate of the financial performance of your restaurant business. This will help you assess what aspects of your finances will affect your profitability.
