When it comes to food, Italy is a culinary empire. Italian food has conquered more nations than any other cuisine. Italian restaurants are found all over the world from Tokyo to Toronto. Opening your own Italian restaurant, like any other business, involves a good deal of research and preparation. This business plan is a guide for every aspect you need to consider in order to make your business succeed.
Italian Restaurant Business Plan
This section of the business plan describes where the Italian Restaurant will be located. A well set Italian gourmet restaurant usually experience rapid growth and a growing customer loyalty. It offers a signature line of innovative and premium Italian dishes and also serves distinctive salads, desserts, and beverages. This sections highlights the strengths of the restaurant, along with identifying the way it makes money including in-house servings and take-out food.
Italian restaurants are usually positioned among families and take-away customers with discretionary income by selling high-quality, innovative products at an affordable price also providing a comfortable place and a good customer service. Positioning an Italian restaurant also requires intensive research of the competition, as they are many places where similar dishes are offered. Therefore, the business plan will outline the basic competitive advantages that will set the business apart from others.
This section of the business plan provides look at how all of the different elements of the Italian Restaurant fit together, including information about the nature of your business and the success factors that you feel will make your restaurant stand out from the rest. It explains what would be the menu offered to customers, prices, staff and kitchen processes.
In this item of the business plan you will have a clear idea of the path you should take to acquire customers and retain them. Through the marketing plan the business plan will outline the strategies you will employ to effectively position yourself in the area the restaurant is located.
Market segmentation is a marketing strategy that involves dividing a broad target market into subsets of consumers, businesses, or countries that have common needs and priorities, and then designing and implementing strategies to target them. The target consumers identified for this business plan includes individuals, families and take-away consumers, usually defined as sophisticated families who live nearby, young professionals who work close to the location. Researching and estimating the size of these segments will be key to determine the potential profitability of the Italian restaurant.
Essentially, this section outlines the plan to reach the restaurant’s intended customers. It takes into account consumer preferences, and the restaurants response to that demand along with its courses of action. For example, offering discount coupons for loyal customers and promotions through local newspapers, along with engaging in both print media & digital media to promote the establishment.
In this section the plan will outline the basics of the restaurant’s finances, including revenue sources, costs and expenses. It will also estimate the cost of setting up the restaurant and the potential sources of funding.
The business plan assumes that most of the revenues come from the sale of dishes, beverages and deserts both for in-house consumption and take-out. On the other hand, other sources can be identified such as leasing space for parties and gathering along with catering services.
This section includes startup-related expenses such as accountant’s fees, legal fees, registration charges, as well as advertising, promotional activities, and employee training and later on it forecasts the business’ main expenses such as rent, employees and the purchase of equipment.