Lenders examine restaurant loan applications closely, and first-time owners usually confront skeptical lenders when presenting their business plans. If the restaurant business does go under, the owner is still responsible for repaying the loan. Bank loans are risky for restaurant owners as well.
Commercial banks typically find start-up restaurants extremely risky to finance, since more than 25% of new restaurants fail within the first year of opening. However, securing a loan from a bank as a first-time restaurant owner has its challenges: Commercial bank loans are the most common form of start-up funding for aspiring businesses. X Research sourceĪsk for business loans from the bank. Some towns prohibit the sale of alcohol in certain zones. If you intend on having a bar in your restaurant, be sure to ask about serving alcohol in that particular area as well.government agency focused on supporting small businesses Go to source Zoning laws also regulate how you intend to use the space within your property, along with any renovations or improvements you plan on making, so it is important to understand all of the ins-and-outs of the zoning laws regarding that specific property before you commit to a lease.Therefore, you should contact the town manager to find out if your potential property is properly zoned for a restaurant, before contacting the landlord about lease options. Zoning ordinances deem that a commercial property, such as a restaurant, cannot be located in a residential zone. It is vital that you research local zoning ordinances and regulations before deciding on a location for your restaurant. X Research sourceĬhoose a location with proper zoning. Working out a possible exit strategy in your business plan may also be helpful.
You should also include a section which addresses how you plan to cope with the pressures and problems that you, as a restaurateur, will have to face on a daily basis.Details of your plan to hire and train employees, as well as an outline of any employee retention programs.Information on how you plan to market your restaurant.Include details on your start-up capital (how much money you have and where its coming from), as well an estimate of your long-term income and expenditure. As much financial information as possible.An outline of your menu and potential pricing.A description of your target customers.A comprehensive description of your concept.When you're writing a business plan you should include: In fact, the success or failure of your restaurant can hinge on the strength of your business plan, so make sure to do it right. A comprehensive, accurate business plan is the most critical component of opening a new restaurant. Some things to consider when planning a menu include: what potential competitors are offering, where you will source the required ingredients, special equipment or layout requirements for the preparation of menu items and whether any special personnel skills will be required.Ĭraft a business plan. Don't worry about pricing or exact recipes to begin with, just try to get a sense of how your menu can best reflect your chosen food concept. Once you have decided on a food concept, you can begin crafting your menu.Some potential food concepts include: seafood, steakhouse, family-style restaurant, casual-dining restaurant, ethnic restaurant, pizzeria, sandwich shop, coffeehouse, bakery.Determining a food concept from the get-go will also help you to structure and organize other aspects of your business. Are you aiming for a family-style steakhouse, upscale French cuisine or a quick-service ethnic restaurant? Having a food concept will give your potential customers some idea of what they can expect from your restaurant. A food concept is the first thing to consider when planning on opening a restaurant.
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