6 Important Aspects to Include in A Successful Restaurant Business Plan




Having your own restaurant is one of the most fulfilling and enjoyable business ventures. Food is a renewable commodity. This means that people won’t stop looking for different sources of food because dining out is entertaining as well as functional.

Every business needs a business plan. Business plans are meant to lay down the different conditions and characteristics that should be inherent in the business. The availability of a good business plan which has been carefully formulated is a step towards success. You will find information about creating a business plan in an upcoming chapter, however, some points to consider are:

• Crystal clear description of the concept of the restaurant
The objective and the general description of the concept of the restaurant need to be specific. This will give a general overview of what the restaurant intends to do and for whom it intends to do it. The concept of the restaurant needs to be established because it is the core idea by which everything else will follow.

There are many things to be considered in designing the overall concept of the restaurant (excluding food) such as:
– What type of restaurant do you want?
– What special features would it have which would set it aside from all the other similar restaurants in town?
– What’s the overall selling factor of the restaurant?

• Ownership
An enthusiast may consider creating a small corporation or a partnership or a single proprietorship to be able to give the restaurant a legal entity. You should check the local requirements for creating such institutions

• Target market
The restaurant’s target market needs to be identified. No single restaurant should try to aim at targeting all kinds of people. Even fast food restaurants have a specific target market, even though it may seem at first that it caters to people of all walks of life.

The concept of the restaurant needs to be aligned with the target market. The target market will depend on the owner of the restaurant, and the selection can be based on the type of food or even the personal preference of the owner.

• Food category, food items and their prices
Before starting a restaurant or even before entertaining the thought of opening up a restaurant, the kind of food to be served is usually identified first.

Most owners put up restaurants according to their favorite kind of food. There are also restaurants which are inspired by one-time experiences such as eating excellent foreign foods.

There are many choices that are available for aspiring restaurant owners. The details of the food category should be identified next. The specific items in the menu should also be identified. Of course, the pricing of these items is very important for it will determine the feasibility of the business.

• Financial evaluation
After the prices of the food items have been determined, it’s time to develop the financials of the project. You can hire a professional consultant in determining the financial viability of the restaurant. All the project costs and risks should be included in the business plan.

• Marketing plan
Include a marketing plan because it is integral to the success of the restaurant.

************************************************************
Ray Freeman is the author of “How To Start A Restaurant Business Following A Profitable System”. If you would like to learn more about this topic, please visit: www.how-to-start-a-restaurant.com

Share

Low Cost Restaurant Marketing Ideas

Low Cost Restaurant Marketing Ideas

by David Archer


Sales are down, you’re short on cash, and now you want to do some marketing to build guest counts. The problem is that sales are down, and you’re short on cash. What’s a restaurant owner to do? It’s time to visit the list of low cost restaurant marketing ideas.

The following are some low cost restaurant marketing ideas that can help get your guest counts moving in the right direction.

Crowd Marketing

– Sit down and make a list of where crowds gather in your town. When you stop to think about it, the list can become large… Professional Sporting Events, Concerts, Parades, High School Games, Political Rallies, Parks on Sunny Days, Shopping Malls, etc. The front door approach to market to these crowds is to approach the organization that plans the event and become an official sponsor. This often requires an investment of hundreds or thousands of dollars. With limited funds, you’re looking for the back door method to reach these crowds. Put together a street team of employees or hire the local church youth group who are trying to raise funds. Place your marketers on the sidewalks outside the event as it ends. They pass out flyers, brochures, menus, or coupons that will direct the people to come to your restaurant. It’s a personal contact with potential customers, less expensive than official sponsorships, and often far more effective.

Social Marketing

– Tap into the power of the internet with social marketing. Everyone says ‘word of mouth’ marketing is the most powerful kind, and ‘word of mouth’ is now digital. With Facebook, Twitter, and other social networks, people are connected now in ways they never have been before. It’s not unusual to see friends lists of 500 to 1000 other people. Then they join groups that can number up into a million users. Find a reason for these people to start talking about your restaurant, and you’ll get massive exposure for very little or no investment.

Fund Raiser Nights – Drive traffic by holding a ‘percentage of the sales’ nights at your restaurant. For example, the high school band is raising money for a trip. You offer a certain percentage of the sales on a Tuesday night for their fund raising. They in turn distribute flyers to the whole school plus family, friends and relatives to drive traffic on Tuesday so they can raise more money for their cause. It works best to do this on your slower nights, so you have plenty of capacity and aren’t turning away customers or missing sales you would have had anyway.

Bounce Back Coupons – Your current customers are a great target group to try to increase sales. Just give them a reason to come back sooner than they normally would. Maybe it’s a coupon that’s only valid for the next seven days. Or if you are open in multiple dayparts, at dinner you give away a coupon valid for breakfast, and at breakfast give away coupons valid for dinner. Not only can this increase your guest’s frequency, it may open them up to visit you at a whole different daypart than they ever had before.

For more marketing ideas by David Archer, download the step-by-step marketing manual, Restaurant Marketing Secrets
David Archer has 15 years experience in the restaurant marketing industry, directing marketing for chains of 100+ units, both within the pizza industry and the family dining/casual dining categories. His experience includes stints in the broadcast industry as well as the print industry, making for well-rounded knowledge of all aspects of day to day marketing.

Share