A well-framed business plan will not only help in smooth running of the business but will also fetch customers, clients and most importantly financial loan and needs provided by the bank. This restaurant business plan will stand tall alongside your ideas and will help you in winning the trust of the investors.
NRAI IFSR 2016, estimates that the total contribution of the restaurant industry alone will contribute 2.1% to the GDP of India by the year 2021.
Riyaaz Amlani, President, NRAI has said, "The total food services market today stands at INR 3, 09, 110 crores and has grown at 7.7% since our last report in 2013. This is projected to grow to INR 4, 98, 130 crores at a CAGR of 10% by 2021."
Here is how to write a restaurant business plan:
Never over explain things like the uniqueness of your company or service. Keep it simple yet complicated.
No company displays their core business plan to others, for example, the restaurant might allow you to see the kitchen, might let you talk to the chef, but it would never ever let the secret recipe out to the customers, and that is the baseline of a restaurant business.
The objective of the business:
This is required to put forth the idea and intention of opening a restaurant in front of the bank or the investor, who is going to show you the green flag for the restaurant.
Investors and banks are people, who need to trust that their money is not going in some black hole; they need assurance that the objective is clear and they are not being fooled or given false hopes.
One needs to keep transparency with the investors when it comes to financial distribution. It also will help in keeping the focus on the business rather than beating around the bush.
While writing the restaurant business plan, it is very important to study the market and analyze it thoroughly before jumping into the line.
Market analysis will clear the clouds from the surface by addressing some very important questions, like what are you going to serve to your customers, where does your restaurant stand in the market, is there any demand for any particular cuisines or food type in the market now or in future, who all are your competitors in the market, how can you attract the customers and what are your expectations from the market?
Some things one has to be very clear with self and the audience is: What is the idea behind your service or your product?
The brainchild of the idea should be to provide the best food and best customer service, before calculating or estimating the profit percentage.
Only a happy customer and a happy staff can make you earn a profit. So, there is no space for quality compromise.
Thus, hiring smart and skillful staff is as important as deciding the menu, only then one can expect the quality of service is being justified.
The basic of restaurant business or any business is to earn the profit and that is fair enough only if you work in the finance or hire a trustworthy accountant.
The financial plan should reflect the details of how much needs to be invested, how much should be asked from the investors, what is the expected profit, how can more profit be earned and overall financial projection.
Keeping details of profits and loss along with that of expenditure, paying the staff well, and distribution of profits will show your devotion and dedication towards the business.