Business & Marketing Plans
Business Plan
Cover Sheet
◦ ◦ ◦ ◦ Executive summary Statement of purpose Table of contents Name and legal structure
Business Plan
Description of the business
◦ ◦ ◦ ◦ Management philosophy: vision, mission, goals, objectives Type of organization Management qualifications, experience, and capabilities Business insurance
Business Plan
Description of the concept licenses and lease
◦ ◦ ◦ ◦ ◦ ◦ The concept The menu Menu pricing Liquor license, health and fire permits Business license Lease
Business Plan
Market Analysis and Strategy
◦ Description of target market
Demographics, psychographics, lifestyles Market potential (size, rate of growth)
◦ Competitive analysis
Number of competitors Strengths, weaknesses, opportunities, threats (SWOT analysis) Location, ease of access, parking Sales and market share Nature of competition Potential new restaurant competition
◦ ◦ ◦ ◦ ◦ ◦ ◦
Pricing strategy Menu and beverage pricing Location analysis Description of the area Commercial/residential profile Traffic flows accessibility
Business Plan
Market Analysis and Strategy (cont.)
◦ Advertising and promotional campaign
Objectives Techniques Target audience, means of communication Schedule
◦ Other information
Schedule for growth Financing schedule Schedule for return on investment
Business Plan
Financial data
◦ Sources of funding ◦ Capital equipment ◦ Proposed restaurant balance sheet
Pro Forma income statements First year – detail by month Second year – detail by quarter Third year – detail by quarter
◦ Breakeven analysis ◦ Appendices
Marketing Plan
Marketing, sales, advertising, promotion, merchandising? Marketing encompasses all the others Marketing focuses on the needs of the buyer Marketing is about solving customer problems
Marketing Plan – The Planning Sequence
Marketing Assessment and Situation Analysis Market characteristics
• The environment • Determine your market segment • Competition analysis (the supply) • Quantify the demand
Evaluate and Monitor Budget versus actual performance
• Investigate variance • Take corrective action
Set Objectives
• Concept, menu, décor • Customer satisfaction • Number of guests • Average check
The Marketing Mix Develop the action plan and strategy based on the four Ps
• Place • Product • Price • promotion