You’ll want to include who has the biggest market share, how close your competitors’ restaurants are to yours, and what advantages you’ll have over the competition.
If you can test the menu ahead of time and provide that information in the business plan, all the better.
“Doing a little bit of testing and making sure that your recipes are on and that people are in the market for what you’re wanting to provide can save you a lot of money and headache, and maybe help your business survive in the long run,” says Tim.
Having this information thought out will help instill confidence in you from investors.
Using all of this information, you can round out this section with a SWOT analysis.
Include where you’ll be doing your product sourcing and what vendors and suppliers will be used to source materials.
Determine if your restaurant will only source local or organic products — this choice could be another marketing tool to draw in customers who care about where their food is from.Talk about how you can combat those geographic difficulties as well.For example, if the area doesn’t get a lot of foot traffic, think about how you can draw people to your space and keep them returning.Determine what sets you apart from other restaurants and expand on that.Include an analysis of insights, trends, and what part of the industry you’ll be fitting into.Food descriptions factor into customer-purchasing decisions at a restaurant and can be a marketing tactic for business.Think of it as “feeding the imagination,” with descriptions that help the customer visualize how how the meal will look and taste.Conducting this research will show you local industry dynamics and help you discover upcoming restaurant trends.Provide a competitive analysis of your market and location.Some of the fastest growing concepts in the market are family-style restaurants, food trucks, and pop-ups.A market analysis should include analyses of your industry, competition, and geography: An industry analysis is a qualitative and quantitative assessment of the market.