Executive Summary By an
A good restaurant business plan or any other plan should have two basic goals: It should describe the fundamentals of your business idea and provide financial data to show that you will make good money. Beyond that, the content of your business plan depends on how you intend to use it. Depending on whether you're trying to attract investors or are creating a blueprint for your own use, a business plan can take somewhat different forms.Instructions
• Step 1
Evaluate and develop your business idea. Use a break-even analysis to determine if your idea can make money. Write a business plan, including a profit/loss forecast and a cash flow analysis. (see things you need section)
• Step 2
Decide on a legal structure for your business by identifying the number of owners of your business. Decide how much protection from personal liability you'll need, which depends on your business's risks and how you'd like the business to be taxed. Consider whether your business would benefit from being able to sell stock.
• Step 3
Choose a name for your business. There is more to naming your business than just coming up with something that sounds good and you happen to like. Thought must be given to state and local requirements for using "assumed" trade names, and making sure you don't infringe upon the rights of someone else's business name. Your business' name will frame the company's identity. The significance of choosing a name can sometimes be a tricky undertaking. You may find it helpful to keep alternatives in mind during your selection process. If you're having some trouble selecting a business name, here are some tips to consider. Imagine how the potential name will, look (on business cards, advertisements, with a logo). Say the name, to hear how it will sound for ease of pronunciation. Take note and remember connotations the name may incite. Distinguish the name from competitors to avoid trademark infringements. Once you've decided on the perfect business name, you'll want to ensure that it's secure and protected. Be aware laws may vary from state to state, so check with your state Secretary of State to comply with regional policies.
• Step 4
Find a business location. Regardless of the nature of your business, before you start shopping for space, you need to have a clear picture of what you must have, what you'd like to have, what you absolutely won't tolerate and how much you're able to pay. Developing that picture can be a time-consuming process that is both exciting and tedious, but it's essential that you give it the attention it deserves. While many start-up mistakes can be corrected later on, a poor choice of location is difficult-and sometimes impossible-to repair.
• Step 5
Obtain insurance. Determine what business property requires coverage. Contact an insurance agent or broker to answer questions and give you policy quotes. Obtain liability insurance on vehicles used in your business, including personal cars of employees used for business. Obtain liability insurance for your premises if customers or clients will be visiting. Obtain product liability insurance if you will manufacture hazardous products.
• Step 6
File for licenses and permits. Obtain a federal employment identification number by filing IRS Form SS-4 (not necessary for a sole proprietorship or single-member limited liability company without employees). Obtain a seller's permit from your state if you will sell retail goods. Obtain state licenses, such as specialized vocation-related licenses or environmental permits, if necessary. Obtain a local tax registration certificate, a.k.a. business license. Obtain local permits, if required, such as a conditional use permit or zoning variance.
• Step 7
Obtain business insurance. This task is difficult enough without having to be concerned about suffering significant financial loss, or worse, due to unforeseen events occurring. Insurance is to protect against loss of your investment and financial impairment to your business. Determine what business property requires coverage. Contact an insurance agent or broker to answer questions and give you policy quotes. Obtain liability insurance on vehicles used in your business, including personal cars of employees used for business. Obtain liability insurance for your premises if customers or clients will be visiting. Obtain product liability insurance if you will manufacture hazardous products. And don't forget to consider health & disability insurance for yourself and your employees.
• Step 8
Hire a competent restaurant staff For the most part, the restaurant business is hierarchical. Like the army, everyone has a title and a role to play. Busboys and dishwashers are at the bottom, while managers and Executive Chefs are at the top. Hire your chefs, employees and a manager to run the restaurant if necessary. Provide the employees with thorough training in business and customer service. It would be a good idea to hire employees who have previous restaurant experience until your business has been operating for a while and they can train on the job. The staffing structure will depend on the concept of your restaurant. A coffee shop will not have an Executive Chef nor a Sommelier (wine manager.)
• Step 9
Order the furniture and the decorations that are related to the restaurant's theme you choose. If you're unfamiliar with decorating or feel that you aren't efficient at it then hire an interior decorator. Plan an open house for local dignitaries only for feedback and a grand opening for the public.
• Step 10
Together, all the parts of your plan should reveal the beauty of your business idea. You want to show potential lenders, investors, or people you want to work with that you've hit upon as a restaurant owner and that customers really want what you have to offer. In addition, you should prove that you are exactly the right person to make your fine idea a roaring success.
Tips & Warnings
• Avoid embarrassing spellings, abbreviations, profanities, potentially offensive undertones Implied with associations organizations/people when naming your business.
• Be forewarned -- staffing your restaurant and keeping it staffed will be one of your most difficult and time consuming tasks.
• Turnover is notorious in the restaurant industry.
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