Are you contemplating opening a new restaurant? The first item on your checklist should be writing a foolproof business plan. A business plan is primarily a written document that describes a startup’s objectives and strategies for achieving them. New businesses leverage business plans to hit the ground running and attract outside investors. Furthermore, no venture capital firm would be willing to raise capital for your business without seeing a viable business plan.
While there’s no one-size-fits-all approach to writing a business plan, keep in mind that you should include some fundamental elements. From learning essential marketing tips to financial planning to consulting restaurant equipment leasing companies, continue reading to learn what to include in your restaurant business plan.
Payment Strategy
Today, many successful restaurants outsource their payment processing for better efficiency. We’ve seen the emergence of several innovative tools that facilitate and accelerate payment processes.
Take, for example, SmartPayables. This company offers a wide range of payment solutions regardless of the business size. You can use this innovative technology for your online check writing, invoicing and mailing, and payment processing. This solution saves you the time and hassle of opening a bank account or checking account.
Essentially, all you have to do is select your vendor on the portal and send the check. What’s more, the system features electronic payment that allows clients to pay with their credit cards. The bottom line is that conducting a competitive analysis can make a world of difference for your business.
Startup Costs and Projections
The most significant financial risk to your foodservice startup is underestimating the necessary startup costs required to commence operations and keep the doors open. Your business plan should outline the initial costs of starting the restaurant and where the financing will come from. This is especially important to prevent financial losses and other potential risks.
Opening a restaurant can be capital-intensive; make no mistake. You’ll need to purchase restaurant equipment and supplies and buying new restaurant equipment requires substantial financial investment. If you’re operating on a tight budget or can’t afford the full purchase price of new restaurant equipment, consider restaurant equipment leasing.
This is a critical aspect of restaurant equipment financing that offers potential cost-saving benefits. One significant benefit of a restaurant equipment lease is that it can bring in a positive cash flow and help the business thrive. Nine times out of ten, the profits generated from optimizing equipment purchase exceed the lease payments.
Thankfully, many leasing companies for restaurant equipment allow business owners to lease kitchen equipment at an affordable rental fee. A notable example is QuickSpark—a reputable company that provides restaurant leasing services. The company has made commercial restaurant equipment leasing a walk in the park.
With QuickSpark, you can acquire any commercial kitchen equipment without any collateral or down payment. The company strives to provide flexible financing options for equipment purchases. Do you have a poor credit score? Not to worry, QuickSpark has equipment financing options for every situation. The company has an automated system that gives you an instant credit decision within a few hours of submitting your application. Before signing on the dotted line of the lease agreement, have your lawyer go through it to ensure your interests are protected.
Beyond equipment purchase, your business plan should include projections for future expenses and revenues, operational costs, and expected profit margins.
Marketing Plan
A business plan is not complete without a viable marketing plan. A marketing plan describes how the implementation of an advertising strategy can impact lead generation and conversion. Specifically, the operational document outlines the method that you’ll use to market your products to your target audience. Also, remember to make necessary adjustments to your marketing plan to suit changing market trends and consumer demands.
