Opening a restaurant is not a walk in the park. Not just because you know how to cook (even if you are the best chef in town) means that you can run a restaurant profitably. Some restaurant owners fail to take into account the costs in opening one and the working capital needed to ensure the restaurant runs smoothly. A realistic financial projection is a crucial part of a restaurant’s business plan and this needs to be prepared prior to opening the restaurant business.
EPRG helps you prepare accurate and unbiased financial projections for your business. Our business plan and financial projections services include guidelines on industry averages and the benchmarking standards for different operating costs and ratios. Part of our business plan packages also include a deep understanding and best practices on how to prepare the financial aspect of your restaurant business plan. If you’re looking to raise money and manage expectations, your first step is getting yourself, your concept, and your ideas organized. Wethe6and9 specializes in business plans that will allow you to pitch your ideas and impress your prospective investors. Our business plans clearly define your goals, concepts, and projections, that will allow you to follow a plan in efforts to run your successful business.
The development of a number of financial documents during the planning stage and even on the actual operational stages plays a vital role in planning and managing your restaurant business. These financial documents and projections will help you analyze the feasibility and sustainability of your business. The goal of these financial documents and projections also is to attract investors and partners who will help you finance your working capital. And what’s equally important is the significance of these documents and projections in benchmarking your business activities on an ongoing basis.
The following are the financial considerations when putting up a restaurant business:
– Start-Up Costs
– Key Assumptions for Planning Forecasts
– Key Assumptions for Cost of Production and Sales
– Key Assumptions for Pricing your Product or Service
– Key Assumptions for General and Administration Expenses
– Key Assumptions for Sales Forecast
– Key Assumptions for Cash Flow Planning
– Balance Sheet
– Income Statement (Profit and Loss Statement)
– Cash Flow Projections
– Financial Ratios
– Financial Plan Monitoring
Take note that prior to finalizing your decision in starting your restaurant business, you have to ensure that financial justification is ideal, noting the capability of the business to expand in the target market. Investing significant time and capital on a restaurant business is indeed a big move. Wethe6and9 would be with you every step of the way in developing a good financial plan that will be invaluable in guaranteeing that you are making only the good decisions for your start-up.