how do you write a financial plan for a restaurant?
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I mean this in the nicest way possible. If you have to ask these questions, you are NO WHERE near ready to open a restaurant. Operating a restaurant successfully is one of the most difficult tasks demanded of any business owner. Restaurants are warehouses, manufacturers, retailers, deliverers and services. They incorporate every facet of every industry, all into one high traffic, low ticket businesses.\n\nUntil someone else is willing to pay you to open restaurants for them, you're not ready to open one.\n\nOnce again, not trying to be mean, I just thought I'd toss a little reality at you.\n\nBrandon O'Dell\nO'Dell Consulting\nRestaurants/Retail/Bars\nhttp://www.bodellconsulting.com\nbodell1@cox.net\n(316) 390-6598\n\nFree initial consultations
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well you think you are ready and have it all worked out, well I'm afraid you haven't, if you had you wouldn't need to ask the question as you would already know. It is the first thing you should plan, not the last.\nSorry to burst your bubble but backers want assurities and a complicated detailed plan of your experience in the Catering industry before they even think of saying yes....then they ask you to do a business plan.\nThe best backers are always BANKS...why!.. because they dont want a share of the profits, just the loan repaid.
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Following are free information on how to start a restaurant business:\n\nNational Restaurant Association http://www.restaurant.org/\nEntrepreneur.com Marketing and Promotions of a Restaurant http://www.entrepreneur.com/article/0,4621,317716-8,00.html\nStarting a Restaurant Business http://www.awib.org/content_frames/articles/restaurant.html\nRestaurantOwner.com http://www.restaurantowner.com/\nAllFoodBusiness.com How to Start a Restaurant http://www.allfoodbusiness.com/starting_your_own_business.php\n6 Ways to Attract New Customers to Your Restaurant http://www.homebusinesscenter.com/how_to_start/restaurant.html\nCanada Business Starting a restaurant http://www.cbsc.org/servlet/ContentServer?pagename=CBSC_FE%2Fdisplay&lang=en&cid=1099483437553&c=GuideHowto\nSample Restaurant Business Plan (steakhouse)  http://www.bplans.com/spv/3228/2.cfm\nSample Restaurant Business Plan (organic restaurant) http://www.bplans.com/spv/3259/index.cfm?affiliate=pas\n\nYou may consider the following resources (not free):\n\nPalo Alto's Restaurant Business Plans http://www.bplans.com/st/restaurant.cfm\nFabJob.com's Starting a Restaurant Business http://www.fabjob.com/restaurantowner.asp\nEntrepreneur.com http://www.smallbizbooks.com/cgi-bin/SmallBizBooks/00047.html
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If you're using software, there is often a 'canned' chart of accounts included.\n\nIf you do a search for 'sample chart of accounts', you'll find many examples - you should look for one that best fits your type of company\n\nWhat many people do, if your biz is not complicated, is just use say 1xxxx for assets, 2xxxx for liabilities, 3xxxx for equity, 4xxxx for revenues, 5xxxx for cost of goods sold, 6xxxx for expenses, 7xxxx for taxes, 8xxxx for other income/expense.\n\nIf you more or less follow the order in which things will appear on the financial statements, you can't go too far wrong
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I just did an economic study on this one...outside of general good service...\n\nIntroduce yourself BY NAME.\n\nWrite "Thanks, [your name]" on the check near the total of the bill.  In casual dining, a happy face helps!\n\nListen to your customers.  For some, be the life of the party.  For others, be calm, efficient, and polite.\n\n"Sell up".  Get the extra salad, drink, glass of wine, appetizer.\n\nExpensive restaurants will result in larger tips.  But sometimes that will be offset by fewer hours.  However, fine dining is still pays the most overall.
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You should hire a construction consultant, general contractor, someone who has done bars/restaurants before.  It always costs more than you planned.  Be prepared!
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You just need to see a restaurant profit and loss statement or a budget. Follow this link to a Yearly P&L budgeting tool on the Samples page of my website. Look toward the bottom of the spreadsheet under "Expenses" and you'll find a complete list as recommended by the National Restaurant Association.\n\nhttp://www.bodellconsulting.com/Samples/Spreadsheets/Profit%20&%20Loss%20Budget%20Blank%20-%20Year.xls\n\nBrandon O'Dell\nO'Dell Consulting\n(316) 361-0675\nbodell1@cox.net\nhttp://www.bodellconsulting.com
1056735
Begin with an business plan with an 3 to 5 year projection that covers your forseeable expenses of total operation cost of your desired business for example wages, rent or lease of property, insurance ,legal fees, advertisment cost , etc and it helps to either have some prior experience or education but sort after an mentor who can be a spiritual / business guide for you because you can expect some bumpy roads ahead!
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the vision, the drive and the hunger.\n\na business plan, business needs to be registered, name needs to be trademarked.depending on " tax ID " you also need you friend or family behind you support will help you go a far way and most importantly Money!!!!\n\n\ngood luck!
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When I started a business I went tot he library and checked out a ton fo books. I talked to freinds and the city I lived in and found out the licences and certificates I needed. \n\nMake sure your personal financial house is in order. You are going to want to ask banks to loan you money if you want to expand and they are more likely to do that if you have good credit. \n\nMaybe have a look at a Martha Stewart biography. She began her "empire" with catering. \n\nRealize the restaurant business is very difficult. That doesnt' mean you can't be a big success, just be aware of all the failures that came before you. \n\nHave fun and GOOD LUCK!
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Below is a FREE sample business plan for an Internet cafe\n\nhttp://www.bplan.com/spv/3142/index.cfm?affiliate=sba\n\nHere are some resources that can help you write your business plan:\n\n- SBA Business Plan Basics http://www.sba.gov/starting_business/planning/basic.html\n- PowerHomeBiz.com Creating a Business Plan section http://www.powerhomebiz.com/startup/businessplan.htm\n- Entrepreneur.com Writing a Business Plan section http://www.entrepreneur.com/bizplan/0,7253,,00.html\n\nYou may also want to review some sample business plans to see how it actually looks like:\n\n- Bplans.com http://www.bplans.com/sp/businessplans.cfm\n- MOOT Corp Business Plan competition winners\nhttp://www.businessplans.org/businessplans.html\n- VFinance - View hundreds of real business plans in pdf format. http://www.vfinance.com/home.asp?bps=1&ToolPage=bps_main.asp\n- Business Owners Toolkit Sample business plans and information on how to create a plan. http://www.toolkit.cch.com/tools/buspln_m.asp\n- PlanWare Planning software and information. http://www.planware.org/\n- Virtual Business Plan Walk through the design of a business plan. http://www.bizplanit.com/vplan.html \n-SBA Business Planning Guide http://www.sba.gov/starting_business/planning/basic.html\n- Small Business Advancement Center http://www.sbaer.uca.edu/business_plan/businessPlan.pdf\n- Sample Business Plan General planning guide created by the Canadian Business Service Center. http://www.cbsc.org/servlet/ContentServer?pagename=CBSC_FE/display&c=GuideFactSheet&cid\n- Business Plans Index - A subject guide to sample business plans and profiles for specific business types from Carnegie Library of Pittsburgh. http://216.183.184.20/subject/business/bplansindex.html\n-\nSome recommended books are :\n\n- Business Plans Kit for Dummies \n- The Complete Book of Business Plans : Simple Steps to Writing a Powerful Business Plan \n- Writing Business Plans That Get Results : A Step-By-Step Guide \n- Business Plans For Dummies® \n- Your First Business Plan : A Simple Question and Answer Format Designed to Help You Write Your Own Plan \n\nHope that the above resources help
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Guessing that you need this for a bank? In which case really what you want is a simple Business Plan. In which case the statement should include:\nMission statement\nOverview\nNeeds for the product/service\nThe product/service\nMarket Sector and size\nMarketing strategy\nAbout the business (legal & Resumes)\nFinancial forecasts
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Subscribe to Restaurant Startup & Growth magazine. There are several other food service industry magazines such as Restaurant News, but Restaurant Startup & Growth publishes the best and most informative article by a huge margin. They don't beat around the bush and guide you to purchasing some sponsor's services like most the magazines, they lay out advice, in layman's terms that anyone can understand on real issues that restaurant owners and food service managers face every day.\n\nBrandon O'Dell\nO'Dell Consulting\nRestaurants/Retail/Bars\nbodell1@cox.net\nhttp://www.bodellconsulting.com
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you need a cash flow forecast outlining all your expenditures putting them onto a spreadsheet. you will also need to know your budget to know what decisions are good or bad. this all depends on what the project is tho. you should seek advice from the business gateway they have been great with me when i was setting up business. they helped me with all my budgets x
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Here are some websites offering free sample business plan for a catering business. Simply adopt them to fit your particular circumstances and business goals/objectives:\n\nhttp://www.allbusiness.com/Business_Advice/MarketingPlan.asp?ID=3383.xml\nhttp://www.ecitycleveland.com/pdf_ppt/BizPlan/Fall2004/LincolnWest/JUANNATAL.mht\n\nI suggest you read the free article "How to Start Your Own Highly Profitable Home Based Catering Business" http://www.powerhomebiz.com/vol25/catering.htm . The article can give you an introduction on how to start your own catering business. It covers information on the demand for catering, startup costs, income potential, and marketing your catering business.\n\nFor detailed information, I suggest you check out the following books:\n\n- How to Start a Home-Based Catering Business \n- How to Run a Catering Business from Home \n- The Complete Caterer: A Practical Guide to the Craft and Business of Catering \n- How to Manage a Successful Catering Business \n- Catering Management \n- Successful Catering \n- Start Your Own Catering Business \n\nYou can also learn a lot from the following associations of the catering industry:\n\nNational Association of Catering Executives http://www.nace.net/\nNational Restaurant Association http://www.restaurant.org
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Here are some resources that can help you write your business plan:\n\n- SBA Business Plan Basics http://www.powerhomebiz.com/startup/businessplan.htm\n- PowerHomeBiz.com Creating a Business Plan section http://www.powerhomebiz.com/startup/businessplan.htm\n- Entrepreneur.com Writing a Business Plan section http://www.entrepreneur.com/bizplan/0,7253,,00.html\n\nYou may also want to review some sample business plans to see how it actually looks like:\n\n- Bplans.com http://www.bplans.com/sp/businessplans.cfm\n- MOOT Corp Business Plan competition winners\nhttp://www.businessplans.org/businessplans.html\n\nSome recommended books are (linked to Amazon so you can easily learn more about the books):\n\n- Business Plans Kit for Dummies \n- The Complete Book of Business Plans : Simple Steps to Writing a Powerful Business Plan \n- Writing Business Plans That Get Results : A Step-By-Step Guide \n- Business Plans For Dummies® \n- Your First Business Plan : A Simple Question and Answer Format Designed to Help You Write Your Own Plan \n\nHope that the above resources help
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You can purchase an actual restaurant business plan at http://www.BusinessPlanWorld.com/restaurant.  The business plan is based on a plan from a real business owner who opened a restaurant and obtained funding from a financial institution.  Also on the site, you can hear an interview with the owner giving advice from his experiences as a restaurant owner.  \n\nWhile you will have to customize the business plan to suit your own needs, I think a plan that has actually been used in real life is better than a generic one.