As a rule of thumb, before starting any business you should always have a non-tangible or, preferably, a tangible business plan. The business plan is basically the framework of strategies and the map of the physical outlook. Just like another business, a food business demands planning prior to idea execution because without which the business will be doomed for failure.
The planning includes upholding some main components and elements. The five main sections of a business plan include:
Executive Summary
The executive summary provides a gist of the whole business. It is the complete extract encapsulated in an abridged form that presents the complete view of the whole idea. Composing a precise and accurate executive is very important as provides the first impression to the reader. For someone who reviewed the business report to provide financial assistance for the business, the executive summary provides an imperative dimension to understand the whole plan without thoroughly going through all other elements. It may include a table of contents and should always comprise a mission statement, the concept, execution strategies, the financial outlook, and expectations.
Business Description
This marks the opening of the business plan. To put it simply, the business description introduces itself to the reader, it describes and explains every aspect related to it. In this section, you will define the products of your business, target audience, and the selling point. It contains the name of the business, its location, and contact information. It may also include a brief description of the owner(s) and their experience. It also contains an explanation of your short and long term goals and legal standing.
Market Overview
In this section, you provide an overview of the market by doing industry and competitive analysis. Here you discuss the forecasting sales potential, milestones, and strategies to compete with the competitor. Define how your restaurant will be different from all the competitors residing in your area. Compare from the menu to theme, service to the interior, and everything they possess and describe how you will be different. Furthermore, you can add the other edge points you have in terms of equipment, for example, stating that you will have a bakery deck oven in the kitchen to bolster efficient services.
Marketing Strategies
Based on the marketing overview, you will define your strategies. The marketing plan derives from the industry and competition analysis. In this section, you will explain the marketing actions that you will take to compete with the adversaries and attract the customers towards you. It may include social media marketing strategies, advertising, and public relations. Explain what will you do, how will you do it, the costs required for that, etc.
Financial Plan
It is the most important part when it comes to especially when it is aimed at investors. It usually contains a graphical and statistical explanation. This section provides an overview of financial forecasts3 from sales to the projected return of investment. It includes a projection of capital requirements, profits and loss, and cash flow.
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