RESTAURANT FEASIBILITY STUDIES AND RESTAURANT BUSINESS PLANS
Step One: THE RESTAURANT FEASIBILITY STUDY
All restaurant operators agree that the location of their business is the #1 most important thing. You’ve heard the saying; location, location, location, and it’s true. The fist step is a restaurant feasibility study because of the requirements of your business such as, general location, square footage, will it be a ground-up or re-branding of an existing space – commonly referred to as a “second generation” space, and more. You’ve done the restaurant concept development work already, so now, what are the particulars of the space you’ll need? When we do restaurant feasibility studies, we commonly include the following items:
- Profile of the trade area
- Issues related to traffic including in/out access, traffic patterns, intersections and time of day
- Photographs of the trade area
- Affordable space requirements available in your desired area
- Employment issues that will impact your business
- Rent structures for the immediate area
- Marketing availability and recommendations
- Creation of high-level financial projections to help you make good decisions
- Our final recommendations
Step Two: THE RESTAURANT BUSINESS PLAN
When it comes to writing a restaurant business plan, you have to decide who will write it for you. Whoever does it needs to know the details about the concept, have a good working knowledge of accepted industry standards/benchmarks and most importantly, who is the plan being written for? An investor? The ownership group? Maybe it’s just you as the stakeholder. Regardless of who will be reading the plan, the bottom line is that a poorly written restaurant business plan will not get you funded nor will it result in a good project. Poorly written means that the financial projections don’t match the narrative resulting in a disconnect for the reader. Poorly written means that the writer did not know about industry standards, industry terminology, or lacked the ability to convey this information. At the end of the day, it’s not about the company that writes your plan, it’s about the PERSON that writes your plan. If your plan looks like the illustration to the right, we would respectfully encourage you to give us a call and let’s discuss it! Our process of creating a business plan has been proven over the years to yield superior funding and project results for our clients.
The contents of your restaurant business plan will include, at a minimum, the following:
- Confidentiality Agreement
- Executive Summary
- Mission Statement
- Background of the project
- Highly detailed business overview
- Restaurant systems plan
- Operations plan
- High-level menu
- Project assumptions
- Full set of financial projections including year one (by month) to year five, year one P&L’s by month, break even, and much more.
In all, our restaurant business plans contain no less than 10 major sections and will provide all of the information you (and your investors) will need to make a “go or no-go” decision.
In addition to receiving an outstanding business plan, you’ll also receive a FREE 10-slide PowerPoint presentation that you can send to investors and other interested parties. This complimentary presentation is yours at no additional cost and it will help you present your business plan in the most professional way possible.
Our restaurant business plans commonly take 3-4 weeks to complete from start to finish and we’ll work closely with you to insure that all of the important details are included. CONTACT US today to discuss how Restaurant Consulting Services can make your restaurant business plan the best it can possibly be.
“For my new restaurant venture, I hired Restaurant Consulting Services to create my business plan for me. They took my concept, ideas and rough projections and turned it into an OUTSTANDING plan! I now have a document and a complete set of financials (and a free PowerPoint presentation!) that I can be proud to show to banks and to prospective investors. I couldn’t be happier and really appreciate the time they took to craft a top notch plan. I heartily recommend their services and look forward to working with them to help get my new restaurant open in the near future!”
Call Restaurant Consulting Services today at 720-363-0164 to find out why a restaurant feasibility study and a high quality restaurant business plan are worth considering for your project. You only get one chance to get it right.