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Restaurant Business Plan

 

Starting A Restaurant Business

There may be no better road to financial independence than starting your own business.  Being your own boss can give you a sense of freedom and put you in total control of your future.  This article will give you some insights into starting your own restaurant business.

There are naturally many things to consider when starting a restaurant business.  Naturally no one source can tell you everything you need to know or answer all your questions about the restaurant business.  This article discusses some of the most important things to consider when starting a restaurant business.

To Franchise or Not To Franchise

One of the biggest decisions to make when starting a restaurant business is whether to open a franchise or an independent restaurant business.  There are advantages and disadvantages to both approaches. 

On the one hand, if you decide to open a franchise, the name recognition of the established restaurant chain can help drive customers to your business.  You will also benefit from the established supply chain and business support the franchise owner can provide.

There are of course downsides to this approach as well.  You will have to pay a hefty franchise fee up front as well as quarterly or annual payments to the franchise owner.  You will also likely be locked in to buying your supplies from the franchise owner, even though you may be able to obtain lower prices elsewhere. 

One other major pitfall of the franchise restaurant business has to do with the reputation of the restaurant chain. 

The reputation a restaurant chain has established can work to your advantage when everything is going well.  However, a negative event or news item at one of the restaurant's branches can negatively impact your business. 

Even though you have no control over the situation, you could still be hurt by negative news regarding the franchise restaurant business. 

An incident of food borne illness at one branch of a franchise restaurant will have a negative impact on all branches of the franchise restaurant business, even those totally unaffected by the original event.

The alternative to opening a franchise restaurant business is to open an independent restaurant business.  Again there are both advantages and drawbacks to this approach. 

A major is advantage is that you have total control over the direction of your restaurant business.  You will not have a franchise owner telling you where to locate, where to buy your supplies or what hours to keep. 

You will also not need to pay the franchise fees associated with a franchise restaurant business.

The flip side of this is that you will not have the support or name recognition associated with a national brand franchise restaurant business.  You will have to determine for yourself which approach makes the most sense.

If you decide to open an independent restaurant business, you will need to determine the best type of restaurant for your area.  What works well in one market may not work so well in another market. 

Study your local restaurant market carefully to determine what works and what doesn't in your particular area.  Scout around for a busy location in which to establish your restaurant business.  Locating in an area rich in office buildings can be a big plus, especially for the lunchtime business. 

Advertise In The Local Market

Once you have opened your restaurant business you will need to advertise in the local market.  Print up colorful fliers and take them to local businesses and office parks.  

Advertise in your local newspaper.  Try to get the food section of your local magazine or newspaper to do a feature on your new restaurant business.  Making a new restaurant business successful will be a lot of hard work and long hours, but in the long run, the restaurant business can be a good, profitable business for you.

Creating A Detailed Business Plan

Creating a business plan will ultimately help your business with the direction you plan on taking it to.

It is vital to start planning your restaurant business by creating a detailed business plan.  Take some time, sit down and write up a business plan. 

Having such a plan is essential to tax planning, business startup and obtaining financial backing for your new business.

How To Write A Business Plan… Made Easy

Planning… Planning will help you to keep everything in proper perspective, because without a step by step business plan, there is no way you can keep your business running successfully.

The Help You Need With Writing Your Business Plan that is broken down so that anyone can do it. Find Out More...


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