Well, if you guys remember what was posted here on the One Fat Frog blog, then you know that we recently started up a nice little post series about creating a business plan for your future restaurant business. Now, we’re moving on to Round 2: what will be in your restaurant’s business plan.
First off, you should know that every business has a different plan. It might be a page or it could be a huge book. Either way, a good way to start is by getting a simple outline put together. Once you have that down, you can begin building up from there. That’s actually not dissimilar to writing an essay (which I have tons and tons of personal experience doing). It doesn’t have to be a deeply detailed document, but you have to put quite a bit of effort into it.
So what are the simple things you need? They go like this:
-You’re going to have your financial projections, so you need your numbers ready to go, which includes your expense forecasts, cash flow estimates, a balance sheet, and any other numbers-related point you should know.
-Along with that, you’ll need to know how you’re going to fund your business. This means how you’re going to get the money to start up your business and how you plan on making your money.
-Your business plan will also include an action plan. This is the breakdown of how you plan to make your money. This includes your marketing plan, how you will run your business from day to day, and (since we’re talking about restaurants) your menu.
-Lastly, you’re going to have a breakdown of how you will distribute your profits. This includes paying back investors, paying yourself, and reinvesting in your business. All important.
So, once you have all of that figured out, you’re on the right path to a hopefully-successful business. Next time, we’ll be really digging into the content of your business plan. And once we do that, we’ll be ready for you to get your business plan put together, and once you do that, you’ll be able to decide what kind of equipment you’ll need, and you’ll be swinging by our warehouse very soon. We’ll see you very soon!
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