If the success of your new restaurant business is your top priority, then get a good business plan. Running your own restaurant business can be exciting and rewarding, but you will need more than an idea to get your dreams running, you will need a plan. With this article, you will be exposed to the importance of a plan and how to write a business plan for your restaurant business. You will also get access to our UK example template which will serve as a guide on how you can start a restaurant business plan.
Does the process seem too overwhelming already? Then stick with our pre-made restaurant business plan and if not, let’s get down to business.
What is a Restaurant Business Plan?
A restaurant business plan is a living document that describes your restaurant goals and maps out clear steps you can take to achieve those goals. A business plan is a document that also contains some important sections of your business that can help describe the nature of your business. With this much information about your restaurant business, you will be able to handle it effectively.
Why is a Restaurant Business Plan Important?
Having a business plan can help you solidify every inch of your business, from the boots on the ground to the highest pitch of your company. If you have made plans on how you want to start a restaurant business without including a plan, you may not be able to keep your doors open for long, if at all.
What about not having enough capital? Do you know that without the presence of a professional business plan, you will find it difficult to obtain funding from an investor or a bank? Even if funding isn’t a primary concern, a business plan provides you with clear direction on how to create actionable plans that can help you attain your goals.
Having known the essence of a restaurant business plan, let’s look at how to write a business plan for your restaurant, with or without a UK example template.
How to Write a Business Plan for a Restaurant
To own a professional business plan that can serve its full purpose, you will need to learn some unique tweaks on how to write a business plan for your restaurant. In this section, you will get to see what to include in your plan and a brief explanation of each component.
#1. Table of Contents
A proper business plan is usually a long document and to save your readers from the stress of looking for a particular section, you need to have a table of content. Your business plan can contain 10 to 50 pages, but a table of content will make it easier to access. While doing this, also ensure that the page numbers are accurate.
#2. Executive Summary
The executive summary of your business plan should contain a brief snapshot of some key information the reader needs to know about your restaurant business. Give a clear description of your restaurant and also include your mission statement in this section. You can add your company’s objectives and values as well. While doing this, endeavor to keep your language clear and concise.
#3. Company Overview
This section should contain an in-depth analysis of your business. You can start with your legal name, type of business you offer, website, or social media handles. This section can also serve as an area of interest when seeking a bank loan or investors. You can also describe what your business will look like and the kind of vibe it will have. You can include your goals and the structure of your business.
#4. Business Concept
Your business concept should be your idea. Tell your readers why your business is different from other vendors. Talk about your uniqueness in the industry and why people should choose your restaurant over others.
#5. Menu and Services
In this section of your restaurant business plan, you will need to include a sample menu of the product you will offer. Would you offer catering and delivery services? What about canned foods, pre-packaged foods, or bottled drinks? Make sure to include any of the options that apply to you.
#6. Market Analysis
Your market analysis is where you will get to discuss the current status of your business in the marketplace. Do not try to over-exaggerate the information you give out. You must be clear and accurate while writing this section. Before you start this section of your restaurant business plan, you also need to know how your target market works. Give a brief overview of the market segment, your customers, market trends, competition, opportunities, and challenges.
#7. Sales and Marketing
Sales are an important sector of every business because, without customers and sales, your business won’t grow. For this section, you will need to have a marketing strategy. Tell your readers how you will appeal to your customers, promote your business and create awareness for your business. You can also include your pricing. Remember that your method of promotion can either be traditional or online. Describe which method you would be using and how.
#8. Business Operations
This section on how to write or start a restaurant business plan mainly covers how you will execute your business plans. Who will be responsible for the day-to-day operation of your business? In addition to that, you will also need to introduce everyone on your management team to their different roles. Mention your licensing, insurance, and suppliers.
#9. Financial Plan
If you intend on aging an outside investment or loan, then you should pay special attention to this financial plan section of your restaurant business plan. You must provide your sales forecast, income statement, cash flow statement, and balance sheet.
Factors to Consider When Writing a Restaurant Business Plan
#1. Keep it Short
While composing your business plan, remember that you need to keep it short, clear, and concise. This action will enable your reader to access your information easily.
#2. Know your Audience
Before you start, it is best to understand who your readers are and their purpose in your business. Are you writing for the bank or an investor, a potential business partner, or for personal use? This should help you know how best to tone your language so that your readers can easily comprehend it. Different audiences will be interested in different sections, so know which section to dedicate more time to composing.
#3. Keep your Plan Unique
Writing a business plan can be easy for some people and hard for others. But either of these reasons should not stop you from composing a good business plan. Either you write a winning business plan yourself or you get help from a professional.
Restaurant Business Plan UK Example Template
It is important to note that aside from having a business plan, there are more crucial steps on how you can start a restaurant business. The essence of this UK restaurant business plan example template is to ensure that you observe all those necessary steps that can help you start your business. The checklist below will serve as a reminder.
- Create a concept
- Select a name
- Compose a business plan
- Have financial projections
- Approved legal aspects
- Employ your management team
- Promote your business
- Provide delicious meals
Wish to Know an Easier way to Get a Restaurant Business Plan?
When it comes down to creating a business plan, not everyone has the patience and understanding to compose one. If you find yourself in this situation, you can curtail this issue by getting our professional pre-made restaurant business plan.
At Businessyield Consult, we have a specialization in helping entrepreneurs like you get a business plan. With our team of experts, we have succeeded in enhancing the growth of multiple businesses through our business plans. You can save yourself the whole stress and get a good plan now!
Final Thoughts
Once you are ready to start or develop your new or existing restaurant business, don’t think twice about getting a plan. A plan shows how much dedication and milestones you can cross. Most entrepreneurs run from owning a business plan because of the stress of creating one. That is why we have also provided a ready-made plan that will suit you. Now that you have new excuses, go get a plan and curb most of those loopholes in your business.
FAQs
How much investment is required to open a restaurant UK?
Opening a new restaurant business in the UK should cover a total estimated cost of £42,000. This fee covers an initial housing fee, your setup cost, and legal advice. Most times it can be higher or lower depending on the environment you are starting off. As a starter, it is safe to set up a small restaurant and grow from there.
What food has the highest profit margin?
If you are still deciding on the type of restaurant to open, a coffee store would not be a bad investment. The highest profit margin for food is coffee. The coffee industry keeps booming every minute.
How much do restaurant owners make in UK?
A restaurant owner can make a total of £92, 240 per year and as a low earner, you can also make up to £18, 562 per year.
What license do I need to open a restaurant UK?
You need a premises license, which covers your business premises, and also a personal license, which can identify that you are the owner of the business.
