It’s also important to give the reader an overall glance at the current state of the restaurant industry, as well as how your restaurant fits in with up and coming trends.Additionally, you will want to provide a good overview of the financials involved in the project; its startup and some longer-term projections.
But, it will also produce answers to those important questions — which will help you have a better chance of success down the road.
This is how it’s supposed to evolve, so don’t be afraid to challenge long-held beliefs and ideas.
You can use this section to expand some of the philosophies included in your brand positioning statement.
Here you will develop out your methods to communicate your brand’s most important attributes to the marketplace and effectively illustrate this strategy to the reader of your step-by-step business plan.
Formulating this section of your business plan will force you to do the proper research to ensure this is indeed the case.
In this section, you will research and compile an overview of your competitive landscape in the market area you have chosen.
You will want to look at both specific direct competitors that have similar offerings, and competitors in your same segment that have different offerings.
From this research, you should build a profile on your most important competitors so you can, in turn, formulate ways to distinguish your concept from theirs.
Doing this due diligence will not only help you to build your concept to compete well, but will also show potential investors and/or lenders that you have investigated a very important aspect of opening a restaurant.
This part of your step-by-step business plan will describe your potential restaurant concept in specific detail.