If you’re a start-up restaurant owner, you may be wondering whether you need a business plan, and what it should cover. The answer is a resounding yes – a business plan is the blueprint from which your restaurant will develop and a safety net to keep you on track. More importantly, a business plan proves the viability of your concept to potential investors and shows that you’ve done your homework.
Setting down a detailed business plan allows you to set out goals of where you envisage your restaurant business being in six months or a years time and will serve as a guideline when things go off track. But what should a business plan for Restaurant Owners in Dubai cover? For starters, consider who’ll be reading the plan – is it intended for investors or for the managers of the business? Let’s take a look at some of the most important points to cover.
This should be an informative overview of the restaurant, including the name and location, a summary of the concept and the team that will operate the business. Your executive summary should contain highlights from the other sections of your business plan and encourage investors to read on.
This section should define the unique features of your restaurant, the inspiration behind it, and some details about the food you will serve. You could include a sample menu and some eye-catching visuals of the décor and layout you envisage. You should also include the location of the restaurant and your target market.
In this section you should give an overview of local and regional economic conditions, your direct competitors and your plan for standing out from them. Try to give a realistic analysis of your restaurant’s position in the industry, including its strengths and weaknesses, and any unique opportunities or threats. Include any relevant consumer trends and statistics as well as your strategy for marketing and publicity, how you will promote your business and whether you will use a PR or marketing company to help you accomplish this.
Here you should delineate your operating hours, your day-to-day operating procedures and customer service. List any licenses you will need such as a liquor license or Halal certification, specialised tools you will need, for example a POS system and the vendors you plan to use. Introduce your management team, describe their strengths and experience and which areas they will be responsible for.
Set out your projected financial projections in this section, and try to be as realistic and conservative as possible. You should include projected financial statements for the first three years, a break-even analysis, and an analysis of estimated profit margins. Including a list of start-up costs is also recommended.
Book a discussion session with Xcel Accounting and we’ll help you and let us assist you in creating a custom business plan for your restaurant.