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Writing a business plan for your food establishment should be the first step on your way to owning a restaurant. Even though, we have already covered a similar topic before, this time we would like to concentrate on an executive summary of a restaurant business plan. This summary is a highly important piece of document, that is going to be written for business purposes. What is more, in case you will be looking for investors, sometimes the executive summary is the very first section that everyone reads at the beginning, before anything else. So, you might want to create a restaurant business plan summary, that will definitely stand out and get the attention of anyone who reads it.
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Executive Summary of a Restaurant Business Plan
Since the summary is often said to be the most important paragraph from the entire business plan, you need to write it well. An executive summary is often described as a condensed version of a restaurant business plan, but the tricky part is that it should not be too long. A perfect summary has the ability to stand on its own and capture reader’s attention. Try to summarize the key points of your business plan and back it up with some research. Executive summary might seem to be the hardest part to write, but remember that if you are looking for those investors, the summary might be the first thing they read before moving on to other pages of your business plan. A summary works as an indicator of a good business plan, so make sure to include all the essential information there as well as the reason why is your business plan the best.
Elements of a Restaurant Business Plan Summary
There are few key elements that should be included in your executive summary of a restaurant business plan. Things like: name, location, a brief history and a description of your company and service you are about to offer are essential. You can also describe how your restaurant will differ from other food establishments in the industry. Do not forget about your target and financial highlights. A proper summary should not exceed the length of one to two pages. Make sure to keep it informative. The potential investor would like to learn how you see the business and how do you want to gain those profits. You want to assure them that you know how to manage a business and you have everything planned out well, so there is no room for mistakes.
Why a Good Business Plan is Essential?
If you are looking for a sample executive summary for a restaurant business plan, then internet is the right place to do so! Writing a business plan can be quite a challenge, so you can search for different templates and customize them any way you want it. A business plan will help you realize the different aspects of starting your own business. There are so many things that have to be taken into account, and a good restaurant business plan will definitely guide you through it all. And it is was not designed to discourage you with all the health regulations and financial requirements, but to prepare you for everything that has to be done in order to run your own food establishment. And a well-written summary will definitely emphasize all your amazing business ideas that will lead you to success.
Let Your Goals Shine Bright
While writing an executive summary of a restaurant business plan, you should also include your goals. Your visions are important. If you see your business expanding in first 5 years from the grand opening, then let your investors know about it. Write down your expectations and make a strong statement, that you will do your best to achieve your goals. Your strategy is important as well. If you really want those potential investors choose your business plan above others, then make sure to outline your strategies there too. An executive summary is the right place to do it. Your investor has to believe that your well-thought-through strategy will grant you income and success. The food industry is a highly competitive industry, so you need to brace yourself for a lot of hard work. Not everyone has the financial status that allows them to open up a restaurant on their own, so that is when a business plan comes in handy and you can present it to your potential investors.
Market Analysis is Important!
Before you even start writing down ideas for your restaurant business, we encourage you to conduct a research and make a market analysis. It is essential to know what is brewing in the food industry, which you are about to join! Before you choose the location of your eatery, learn something about the area and demographics. If your future restaurant wants to focus on take-outs, then you do not need a lot of seating area. But if you wish to offer your customers a possibility to throw parties at your eatery, then you might want to search for a bigger venue – preferably with a parking lot.
Location is Crucial, so Make Sure You Know the Area
Anyone who will read your executive summary will definitely be curious about the location you chose for your restaurant. Everyone knows how important a good location is, right? Make sure to include a brief description of the venue in your summary. You can add few words about the décor, the neighborhood and the residents of the area. It will show that you did your research, and you are perfectly sure about your target customers. Or there might be a plan for an apartment building in the area – that would also increase the potential rate of customers in the future!
A Structure of An Executive Summary of a Restaurant Business Plan
An executive summary is usually the first thing to be read, but the last one to be written. It usually consists of two paragraphs and should not be longer than 2 pages, well, ideally – one page long. Once you put your company’s main information, like name, location and a brief description of what food or services you want to provide, then you can move on to another paragraph, where you can write about your visions and possible forecasts for the business. If you type “executive summary restaurant sample” the internet will take you to the whole list of different websites that offer free samples and templates. This will definitely help you get the idea of a well written summary. Most templates are customizable, so you will be able to insert your information. Be advised that a good executive summary for a restaurant should not consist of copy-and-paste phrases and raw sentences taken from the rest of your business plan. Try to make it your own, try to make it unique.
How To Repeat Yourself Properly?
Even though a summary is the portion of a business plan that summarizes the entire thing, and you kind of repeat yourself – you should try to write it slightly different. Use synonyms. Thesaurus might become your writing buddy for the time being! An executive summary of a restaurant business report or a plan might seem like a hard thing to write, but once you are done with the entire plan, then you will have an idea of what you want to include in your summary. Make notes, so you will not forget about anything that is important. Be sure to make a strong statement that will show your readers that you are positive about your restaurant’s success.
What to Avoid While Writing an Executive Summary for a Restaurant Business Plan?
Summary is all about the essentials. So, if your business plan contains the exact process of the future renovation of the venue, try to avoid that in your conclusion. Your summary should be precise, not dull. Try to emphasize your ideas and how you want to achieve your goals. Do not go over all the hard work that has to be done in order to remove the old wall paper in the main seating area. Avoid mentioning things that can be omitted. Focus on the financial aspects of your plan and the forecast of the profits. The executive summary has a very clear purpose – make the future investor choose your business plan above all the other ones.
How to Achieve Your Goals as a Restaurant Owner?
Running a restaurant can be quite an adventure. Competitors are everywhere, so how can you possibly achieve your goals? Stay updated. Know what is going on in the food business. Make sure to attend any culinary shows and trainings. Actually, sign up for the management courses as well. Invest in special restaurant software, which will help you run your business more efficiently. Remember that there are three main reasons why a customer chooses a particular restaurant: food, customer service and location. Prices are also important, but they depend on many different aspects. But food is crucial. Make sure to include that in your executive summary. Show that you are confident about your goals and you know how to achieve them. If you keep improving your culinary and management skills, your restaurant will flourish!
How to Attract New Customers?
An executive summary may also include a little bit on how to bring those new customers in. You have to sound pretty sure about your ideas, so your potential investor knows that you are the right person to run a restaurant. Discounts and sales work like magic. Throwing a huge grand opening party might also attract a lot of newcomers to your eatery. Paid ads might do some good work there as well, but try to be creative. Use the power of social media to advertise your business. You may also take part in a food festival, so that your business can gain the local recognition and your exquisite food can be introduced to the public.
Do Not Underestimate Your Staff
A lot of businesses fail because of bad team work and poor management. Make sure your executive summary emphasizes the importance of having a proper and qualified staff as well as good management. Once you find those devoted employees, make sure to create a safe and friendly work environment for them. A huge portion of a successful business depends on the people who make it all work. A satisfied customer is as important as a satisfied employee. Trust us – this equation will bring you all the profits you need!
How to Stand Out from a Crowd?
If you really want to stand out from the crowd, you need to come up with an idea that will make your business unique. There are restaurants with different themes, so perhaps you want to introduce a totally new theme to your eatery? You can include that information in your summary. The food industry is very competitive, and there are many ideas and themes that are already taken. Do not get discouraged though! You do not necessarily have to come up with a theme or a special effect to stand out. We know we keep saying this, but we truly believe that good food and nice customer service in a key to every restaurant’s success!
Let us Talk About Money for a Moment
Even though it is highly inappropriate to talk about money during a party or any other social gathering, we had to mention that topic here. A restaurant business plan has to include your financial abilities and plans. That is why, it is also quite important to mention the financial matter in your executive summary as well. Be brief. Focus mainly on future incomes. Show your potential investors that you are well aware of the recent market situation and food prices. Let them know that you will compromise the prices of your dishes to attract the customers, but you will still be able to see the profits. What is more, if you happen to have savings that you wish to invest in your future business – you can also let them know about it! This will portray you as someone who is willing to take the risk!
Who Will Read the Executive Summary of a Restaurant Business Plan?
Potential investors will definitely take a closer look at your executive summary. What is more, it might be the first thing they want to read before proceeding to further pages. Remember that an investor is usually a person with a sharp mind. Someone who calculates everything. They will calculate their risks and profits, so make sure to put your financial forecast in there. You cannot show them that you hesitate! Make a strong statement that you are one hundred percent sure about your business.
Do Some Research
We have already mentioned that including some research data, to back up your goals and expectations, will look good in your executive summary. Make sure to get to know the area of your future restaurant well. Check the percentage of potential customers. Perhaps conduct a survey? See if there are any similar restaurant nearby. Are there many residential buildings around? You can mention geo-targeted ads in your summary. Show that you are aware of the surrounding and the fact that you will definitely get those new customers in!
What Else Should Be Included in an Executive Summary?
Another thing that can be written in your summary is the description of how to overcome any possible risks and failures. Do not write an essay about it, but simply add few sentences on how to deal with any unpleasant situations that may occur at any time. This portion of summary is not essential, but it might show your creativity and ability to solve problems instantly. Afterall, we know that running your business might bring you a lot of stress and unexpected situations, right? So, being able to find a proper solution is an asset that might impress the investor.
Writing a proper restaurant business plan takes some time. But writing a good executive summary might be even harder. You have to fit all the essential information into one or two pages, without sounding too dull. It is like writing an essay! There is no need to panic though. We encourage you to write your business plan first, then to take notes and write down what you wish to include in your summary. Think of all the things that are important and traits that will definitely work in your favor. Keep it simple but explanatory. Take advantage of any templets that are available online. They might give you some interesting insights as well. Do not worry about the structure too much, because the more important thing is what you want to include there. Your ideas are what counts the most!