Sample Restaurant Business Plan guidelines for Starting up a Restaurant Business in Nigeria. This Sample Template covers Fast Food Business and Proposal - Do you want to start a restaurant business? Do you enjoy cooking or you want to be in the food business? Then here is a detailed sample restaurant business plan template that will teach you how to start and successfully run a restaurant business.
In our current dispensation, the restaurant business is one of the surest business ventures, which is as a result of the fast growth occurring in the food industry generally. But however attractive it may seem, a great amount of care and caution needs to be applied in starting a restaurant business, because good things always don’t come easy you need a restaurant business plan.
Table of content
- Executive Summary
- Business Description
- Products and services
- Market Analysis
- Competitor Analysis
- Sales and Marketing Plan
- Operational Plan
- Management plan
- Financial Plan and Projections
Nevertheless, with this article, you can be sure of starting a restaurant business that of will give you a good run for your money.
Sample Restaurant Business Plan in Nigeria – Starting A Restaurant Business (Feasibility)
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Below is a step by step guide to starting your own restaurant business.
Have the right mindset.
An undeniable fact about the restaurant business is that it is more of a service business than product based business satisfying customers is your utmost priority and ultimate task. Dealing with humans can be very challenging and demanding and this is a crucial part of the business, so you must be adequately prepared to take up this duty. If you really want to make it in this business, this is a hurdle you have to jump in order to be successful. Get as much information/knowledge as possible about the food industry. The saying that Knowledge is power is true, even in business. And having the knowledge is not just enough but the right usage can be of great help. Hence, to be successful in the business, you need to know everything about what you are going into, so as not to be dealt with by surprises.
Prepare a professional business plan for your restaurant business.
As the saying goes, failing to plan is planning to fail, therefore to obtain success, in the restaurant business, you need a practical plan that you can consult from time to time. And of course, to get your investors to give you ago signal, the plan you will present must be logical, practical and realistic. However, you cannot create an excellent professional proposal without knowing the components of a restaurant business plan first.
YOUR BUSINESS BACKGROUND
In order for your BUSINESS PLAN to be convincing enough to it’s readers or investors, your professional experience has to be included, which is necessary because it goes a long way in determining whether you can be trusted in the business or not.
What skills do you possess? Who are your team mates? What experience do you have in the food industry? If you got an excellent background related to restaurants, you might get lucky.
This your business plan also has to do with the overall goal of your restaurant; a description of your target and pincing. Then the last but not the least is your advertising and marketing plan.
Start with the big three
The big 3 includes, a great location, a great chef and a great concept.
No restaurant can succeed without a the big three mentioned alone. Accessibility is very important, because the more accessible your restaurant is, the more success you stand to achieve. Speaking of concept, you also have to select your food concept and your service style, as they are what will distinguish you, make you unique and place your business in demand.
Select primary location
A restaurant business plan has to contain the prospective location where you will build your business establishment. The location should be void of competitors, and filled with people who usually visit other areas just to eat. The perfect sources of information you can use to find the excellent spot for your business are restaurant review websites and local newspapers.
ALTERNATIVE PROSPECT LOCATION
On the other hand, it is also advised to have more than one location in view when starting a restaurant business. This will help you cross clock the advantages and disadvantages of each location and help you avoid carrying all your eggs in one basket, after all one can never be too smart. However, you must not forget to include a photo and a brief description on every location you take account of in your proposal. In addition, you must also take not of the things you believe that will contribute to the success of the restaurant you will build.
Draft the restaurant menu
Of course you have to remember to write down the menu of your restaurant, while writing your business plan. It is recommended that you should create a menu that you can surely serve once you launch your business.
In addition, the menu should include the special dishes you chefs and kitchen personnel can provide to your potential consumer. Together with the specialty dishes, you must include some national or local dishes in your menu to attract customers immediately.
Now, you must have if in mind that the menu of restaurant can either make or man the restaurant. The menu of a restaurant should be in line with the overall concept of the restaurant. After creating your restaurant menu, revisit, your restaurant business plan to make sure the menu is attractive to your business plan.
Have a list of Restaurant Suppliers.
When developing your restaurant business plan, a list of ingredient or food suppliers must be added. You must compile the name and location of those suppliers together with the prices of their supplies, and discounts that they can offer. On the hand, you can include the potential supplier of your restaurant’s furniture sets and equipment on the list.
Do your financial estimates and projections
You must never forget to include the project of the possible profit of your venture in your restaurant business plan. In your estimates, you must state the operation cost, anticipated income and overhead costs that your restaurant will have quarterly in the next five years. Moreover, it is advice-able that you use line charts to display your data, for your audience to have a clear view of your projection.
Raise the needed capital for the Restaurant Business.
In the course of writing your restaurant business plan, you will notice how much you will be needing to start up your restaurant business. If you are not really sure of the cost of selfing up a restaurant business, It is suggested that you visit other restaurant owners. Talking to them can help you project your expected start – up cost. There are so many ways restaurant owners raise capitals to start up their restaurant business. It can be either by liquidating assets or using them for loans, taking advantage of government programs that concerns small business owners, etc.
Lack of qualified or experienced work personnel is one of the greatest challenge restaurants face. When advertising for employees, make sure your advert clearly states the exact character, qualities or skills you are cooking for in an employee. Don’t make do with anyone who just shows up. This strategy will help you to get and retain qualified employee. Specifically state the job duties and responsibilities of an employee when caring out your adverts. Also, try to find out what other restaurant are paying their employees.
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THE CREATIVE IDEAS FOR MARKETING A RESTAURANT BUSINESS
You may ask, what are the best creative marketing ideas for a restaurant business? How do I promote my restaurant or fast food business? How do I find customers and increase my brand awareness? For your answers, read on. As technology, and trends varies and changes, your marketing tactics should adapt to it too, otherwise you’ ll be left behind. While many of the traditional techniques still stick true today, new strategies, like environmental and internet marketing are coming up as key components of any successful restaurant marketing campaign. So without wasting time, below are the top ten ideas or tips for marketing your restaurant business. However, I want you to bear in mind that preparing a marketing plan for your restaurant is important to the successful execution and of implementation of your marketing strategies.
- Get Good Press Publicity
- Develop a website to promote your restaurant
- Re – design your restaurant menu
- Implement frequency marketing
- Host events
- Try up – selling your customers
- Market your take-out and delivery services
- Commit to going green.
- Promote your restaurant through email.
- Dress your employees in smart uniforms.
- Get testimonials from your loyal customers.
- Start a Google Adword Campaign
- Promote your business on social media
- Network with other restaurant owners and customers.
- Involve customers in a competition.
For more marketing ideas and tactics, it is recommended that you check out the more in depth. Creative marketing ideas for your restaurant. But have that the back of your mind, that just reading this article will have no effect in your business, implementation will make the big difference and improve your restaurant business.
CHALLENGES OF RUNNING A RESTAURANT BUSINESS.
Are you interested in starting and running a restaurant business? Or you want to buy a restaurant franchise? Do you want to know the challenges of running a restaurant business? So as not to be hit with surprises. Then read on.
If you are thinking of owning a restaurant, there are quite a number of challenges and obstacle that you have to overcome before you can be a successful restaurant owner. Those who are already into the business know that it requires a lot of hard work and commitment to get a restaurant up and running smoothly.
So as a novice venturing into the food industry, you have to be conversant with the challenges to expect and also how to avoid them or counter them. So without beating about the bush: below are ten challenges of running a successful restaurant business.
Hiring good employees for your restaurant business.
One of the challenges of managing a restaurant business successfully is wiring capable and dedicated staff. As expected to employ skilled and experienced staffs, especially in the area of cooks and services, because employees have a great capability to either make or mar your business.
When employing a server, you have to go for individuals that are not highly temperamental, an individual who is always smiling, because first impression really matters. The appearance of a server mattes a lot because they send a message to the customer. Now how do you know a person with good character? The answer is quite simple: put them to test.
Retaining skilled staff
The next challenge most businesses face is retaining skilled and experienced staff. Skilled and experienced workers are great assets to any business venture. When a staff works must have grown in skill and job experience. Now when that individual leaves, the experience gained over the years is not left behind. Thereby, leaving a huge vacuum in your firm. Well, it is not their fault. Big companies are always in the habit of poaching experience staff from smaller companies. Therefore as a restaurant owner, you are expected to offer certain benefits to your staffs to keep them loyal to time, health insurance etc.
When it concerns running a restaurant business, you need to maintain an eagle eye on your cost and finances because your expenses can skyrocket without warning: as prince of food stuffs change constantly. To be not just in good restauranteur but a good business person, you must learn to control costs. This implies you have to be wise in spending with money and time.
To achieve effective cost control, you have to ensure that you examine every business related expenses and look for how you can sure. Avoid waste in the kitchen, avoid serving spiled food or pour preparation of food, etc because these things bring about unnecessary cost and reduced earnings.
Lack of experienced employees in your restaurant
Employees in the quick service restaurant business are often young and mostly inexperienced. When you hire a new employee. Not only does the employee need to learn all about the restaurant skills, but also needs to adapt to a restaurant work environment in general. Hence, it is your duty to give sufficient time, energy and orientation to the employee and this cost money, time, effort and resources.
Maintaining good customer service
It takes the need for food to bring customers into you restaurant, but it takes good food and excellent customer service to keep them coming back at all times. How you deal with your customers complaints and how you appreciate your customers matters a lot. If you want to build a good clientele in your restaurant, then you must ensure you create a very good customer service and be prepared to handle bad or rude customers effectively.
The food industry is strictly regulated and saturated. It is more of the survival for the fittest as there must be other restaurants that exist in the same location where your own restaurant is located. So it is always important that you maintain strong, distinguishing characteristics that will separate your restaurant from every other restaurant within your area.
Maintaining a strong management team in your restaurant business
Management is a very crucial ingredient in a restaurant’s success. Constant change in management can lead to change in vision and leadership method and this can lead to disorientation of employees. Having a committed, experienced and passionate manager will go a long way to bring success to your restaurant.
Risk management in Restaurant Business
Most good things don’t come easily and the same applies with restaurant business. running a restaurant has to do with dealing with all sorts of potential hazards, sterting from miner employee training issues to major liabilities. Even little problems can be of disastrous financial repercussion. Risks can be managed by incorporating safety procedures into all operational tasks and processes, as well as by security your establishment with insurance against injuries, damages and accidents.
Constant menu change in Restaurant Business.
If you want to run a restaurant, you have to always be on board with constant menu change. As a restaurant owner, you have to take a periodical review of which items are selling very well and which aren’t ; and always update your menu with new, afterall variety is the spice of life. This can pose quite a challenge especially when your business is still young and you lacks adequate manpower.
Marketing in Restaurant Business
The last but not the least challenge is marketing your restarant business. Marketing is always a challenge to every business and not just the restaurant business alone. The way your business is marketed and the style and strategy employed will greatly determine the number of customers you will get and how popular your restaurant will be. Internet marketing is the most easier way of marketing. You can get a good web designer to design your business online.
But you have to understand that the best form of marketing for a restaurant business is word – of – mouth marketing. It is the cheapest and most effective form of marketing but you need to be creative, innovative and customer service oriented to be able to generate and maintain it.
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