FREE BUSINESS EXAMPLE FOR STUDENTS: RESTAURANT AS A CASE STUDY
In recent times, the restaurant business is one of the surest businesses in Nigeria; this is a result of fast growth in the food industry. In preparing your restaurant business plan, you must understand that restaurant business is more of services than product, so more work to do in terms of taking caution and amount of care need to be applied in starting a restaurant business. With this report, you can be sure of starting a restaurant business that will fetch you more money. You need a practical plan that you can access anytime, however, before you have a restaurant business, you need to know the components of a restaurant business plan.
Background and business concept
In business, stakeholders need to be sure if they can trust you or not. Your business plan must contain the overall goal of your restaurant, a description of your target people, your marketing and advertising plan. Moreover, in your background, you need to state the skills you possessed, your experience in food industries, who are your team members? And what experience have they got? However, you need to understand these three key concepts; a great environment, a good chef, and a fantastic concept.
Your restaurant menu is another important thing to consider under your background, ensure you have a draft of your menu list. That is, what you can afford or present even if they ask you to start you today without any external fund. In addition to menu your menu lists; your menu list should only contain dishes that your chefs and kitchen personnel can prepare for your potential customers. Also, ensure that your menu is in relation to the concept. After stating your menu, revisit your restaurant business plan to ensure the menu is attractive to your business plan.
Also, accessibility is important when it comes to the restaurant business because for your restaurant business to be successful, people must be able to access it as many times as they want and the cost of accessing your restaurant business must be minimal. In the restaurant business, you also have your own style of delivering your services to customers and this style must be unique and everybody must know you with it. Thus, in writing your business plan, the following keywords must be considered and perfectly understood for your restaurant business to stand a chance, even among your competitions.
Recognize your suppliers
As it is important for you to identify your potential customers, so also it is for you to identify your suppliers. When developing your restaurant business plan, make a list of your suppliers, their location, the price they sell, and the discount they are ready to offer you. Also included in this section, the names, and locations of suppliers of the restaurant’s furniture and equipment.
Under this section, you need to define your market. Your market is the food industry; the industry is crucial to every economy in the world, and Nigeria is included. In analyzing your market define the category of the market you belong to. This is necessary for proper planning and it will tell the reader that you’ve done your process business plan quit well, even before documenting it.
- Segmentation of your customers: This is another step in your market analysis, that deals with dividing your customers into groups that reflect among them. In your restaurant business plan, you should segment your customers into groups, so that you can deal with individuals in a unique way, thereby increasing your value for your customers. With this, customers will always come back, because of the great customer service that you possess.
- Project your market share: Another thing you need to consider under this section is a projection of your market share in terms of the percentage of people you are expecting to patronize you for a start. For your restaurant to be successful, you need to make a visible projection for your restaurant.
- Position your products and services; position yourself in terms of service, because restaurant is more service than product. Your business plan must contain those unique services you wish to provide.
- Discuss pricing and promotion: In this section of your business plan, you must discuss your pricing policy; the minimum price you want to charge per plate for each of the dishes you are making. Also, doing promotion deals with means of communicating to people to patronize you. Hence, you might decide to provide a discount for every two plates bought at a go or offer an extra soft drink for every two plates bought at a go.
- Identify Communication, sales, and contribution channels: in the restaurant business, you need to be on many social media platforms to tell people what you offer and how you offer them. You can also, create a software application solely for your restaurant and for convenience in ordering food. Also, have several social media handles where people can reach for feedback and any adjustment in what you offer. All these must present in your restaurant business plan, it will make it appealing to investors, potential customer,s and general readers.
IDENTIFY YOUR MANAGEMENT TEAM
In this phase, you need to identify people that you want to work with. It is an essential aspect of your restaurant business plan, in that it gives investors and people that are reading your business plan hints what they should expect from you, in terms of quality services. You need to explain to your management team and how you intend to relate with them. The management team section outlines the following:
- Organization Structure: here, you have to tell us the hierarchy of your management team and outlines of responsibilities each of them will carry out, as well as decision-making powers. The hierarchy of responsibilities and positions from the top to the bottom. In here, you tell investors the duties of the senior chef, down to the lowest employee.
- Management team: in this phase, you highlight the past records of your management team, their experience, their qualification, and additional things they are bringing into your restaurant.
- Personnel Plan: Here, highlights the current and future staffing requirements and related costs. This is applicable in case of the future expansion of your restaurant; you will need additional people to work with and the related cost of employing additional personnel.
The Marketing Plan
This section contains the details of what you aim at achieving and the required funding for the process.
- Explain the impacts and results of past marketing decisions: in the marketing section of your business plan, ensure to report the last marketing decision you took and the outcome of that decision. One thing that is popular in the restaurant business is selling per plate of your dish with equal amount as somebody who also sells exactly what you sell, but neglecting the fact that you used more ingredients and recipes and the costs you incurred was obviously more. But because you want to enter into the market, you lower your price, and this really affects you. All this need to be stated in your restaurant business plan.
- Sets goals to direct future marketing efforts: in your business plan, you need to set realizable goals to favour your marketing efforts. Most often, the result of this is to have many outlets across the country. You restaurant goals must set to give future marketing shape.
- Provide Budget for all marketing activities: your restaurant business plan must also highlight the budget for the marketing activities you intend carrying out. This could be on a regular basis, maybe after each year.
THE FINANCIAL PLAN
The financial plan translates your restaurant business goal into the specific financial target. Your financial plan section must contain;
- Clearly defines what successful outcome entails: here, state clearly your expected profit. Be definite! In this regard, the investors and anybody reading your restaurant business plan will know that you actually know what you are doing.
The financial plan is the most essential part of your business plan. It shows investors the timeframes you have scheduled to make profits. Thus, for your restaurant business plan, you need to put this into consideration:
- Your projected profit and loss
- Projected cash flow
- Projected balance sheet
- Your business ratio
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