An interesting, but lengthy exercise, that I truly believe each and every new restaurateur should engage in, and that is, writing a business plan and financial projections for your business.
How I can help!
A business plan will include an executive summary,existing problem and potential solution, target market, competition, the team, financial summary, funding requirements, milestones and traction, opportunity, TAM, SAM, and SOM and Sales and Marketing.
The financial projections will cover capital expenditure, working capital and opening expenses, monthly and yearly trading expenses, predicted customer spending and visitation, salaries based on trial rosters, delivering a profit and loss statement and cash flow projection for five years of trading.
Both business plan and financial projections can be used as a guide tool along the life journey of the restaurant.
“If I have no Honour or Integrity, then I have nothing”