Business plan to set up a restaurant

If you are determined to set up a place, be it a restaurant, bar, cafeteria, or join the fashion of Street food, you must be very clear about how the business should be created, for this and to help you, we have prepared this guide to help you prepare the business plan for your business, bar, restaurant or cafeteria.

Before starting, you must be clear that setting up your restaurant or premises will be very demanding but equally comforting and satisfying. To do it with certain security, you have to prepare yourself. It is not only about choosing a good place and location. You must also be clear about the concept of cooking and be able to guarantee the project’s success, at least to a certain extent, and prepare a business plan. For the restaurant, it will be one of the key aspects of success.

What are the key elements that the business plan should contain?

Summary: It must contain the concept of the business. It must be the paragraph of the idea of ​​the concept that you are going to transmit to those who present it.

Definition and presentation

This point is important since, in it, you will summarize the key points of the business, what the initial idea is, what advantages and differentiation you have over the competition, who is part of the business, if you have other investors, and who they are and why they support the business.

In addition, the business plan must demonstrate the capabilities to:

• Operation of the business: For example, renting or buying the premises.
• Kitchen skills: Time control, Shopping, organization.
• Management skills: Human resources, leadership, marketing tools.

Market study

We cannot embark on opening a restaurant business without having studies that allow us to know the level of competition, attraction, public, and their profiles.

To do this, you must carry out a market study on the competition and the clientele:

1. About the competition
2. Know where and with whom you compete: find out about your competition, who they are, what their audience is, and what type of venue they have. Look at how they work, and you can move on to the next point. Attention, prices, and styles.
3. Identify business opportunities: If you have analyzed your competition, this will give you an overview of what they are doing well and what they are doing wrong and will allow you to identify where you can position yourself.
4. Differentiation: Offer something that no one else is offering or is doing wrong.
5. Pay attention to your competition: When you open your business, and if you communicate well, your restaurant, bar, or cafeteria will surely attract customers, and surely this will be from your competitors, that is, always stay alert, since they will surely not stay motionless.
6. About customers: 

You must know everything you can about them (not on a personal level) but on a general level, that is, what motivates them, their consumption habits, age, sex, cultural level, and economic level.

To get to know this data, you must study your competition and take note of its customers.

Strategy

Surely one of the points you have thought about the most is the type of cuisine I offer and the appropriate prices.

First, what kind of food do I offer?

You must be very clear about what you know how to do best or what your chefs know how to do best, in the case of a restaurant. Or, in the case of a bar, what music do customers like the most, what drinks should I serve, or what deal should I offer?

Study your competition again. The key is to know the competition well and do it better. Then, differentiate yourself by what you know how to do, and you have half a guaranteed success.

Watch the price

Although this can be a double-edged sword, the price strategy, the first thing is to know your costs, purchases, personnel, and time for preparing dishes.

Try to optimize resources as much as possible and offer a profitable price. However, keep in mind that it must be profitable but allows you to be at least at the same level as your closest competition, and when we talk about close, we talk about close in quality, and concept, not location).

Finally, make yourself known

• For this, you can use marketing and advertising techniques:
• Flyers
• Radio
• Social media campaigns
• internet advertising
• Tripadvisor-style companies.
• Direct marketing, emailing, telemarketing, mailing, coupons.

Human Resources

Once we have reached this point in our business plan for bars and restaurants, we must focus on the human resources necessary to start our business.

You must explain what staff will be necessary to open.

And define salaries and schedules. As well as define the responsibilities of each one.

Resources tied up

In this part of our business plan for restaurants, bars, or cafeterias, we must reflect on what hospitality machinery we need and the furniture, tableware, and other tools or decoration for bars and restaurants.

To do this, review the plan of the premises. If not, create it and work in detail on each part of the premises, listing the necessary elements that will make it up.

With this list, later, at the point of our restaurant business plan, we can make the financial assessment and determine what financial resources we will need.

Financial plan 

Perhaps the most difficult point of the entire business plan for your premises, bar, restaurant, or cafeteria, in this section, you must thoroughly detail all the elements to have an idea of ​​the investment necessary to start the business.

For this, we will separate the financial plan into several parts:

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SWOT Analysis 

Finally, and so that we always keep it in mind and can from time to time reevaluate and modify it. We must create a SWOT analysis (weaknesses, threats, strengths, and opportunities).

This point will help both the investors and the managers themselves to have a clear vision of the situation. And to be able to make decisions to keep the business activities at all times.

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