Known as Hawaii’s original street food, poke restaurants are suddenly everywhere. The dish consists of a fresh, healthy, high-protein bowl, relatively inexpensive for a lunch or late-night dinner. A poke bowl takes the efficiency and do-it-yourself satisfaction of a street salad and gives the deluxe sheen of sushi. The business has resulted very attractive for new entrepreneurs and investors, so if you are planning to start a poke restaurant this business plan is the perfect choice.
Poke Restaurant Business Plan
Poke restaurants have a clear business objective to open a brick and mortar restaurant serving Poke Bowls. Poke is a mix of raw cubes of seafood in a soy sauce-based marinade. It's often seasoned with cucumber, avocado and seaweed, served over rice or greens. Ubiquitous in Hawaii poke is a deconstructed, flavorful version of sushi. It's also very healthy, endlessly customizable and looks really tasty. The business model will explain every component of the restaurant and where it gets its money from.
In this section of the business plan there is a market research of the industry and a description of the way the poke restaurant will position itself within the pre-established segmentation. The strategies presented focus on increasing brand awareness to attract new customers, exalting the business competitive advantages in relation to competitors.
In the past two years, hundreds of Hawaiian restaurants have opened, the majority of them featuring poke, and for one exquisitely simple reason: to open a poke place, all you need is an electrical outlet to cook the rice and a refrigeration unit for the fish. This also makes it easier to get landlords to approve. In this section of the business plan there is a description of the operational plan to run the restaurant, focusing in the quality of customer service and the dishes, in order to become successful in the market. It includes training programs for employees and the menu.
The marketing plan section of the business plan explains how the poke restaurant is planning to get its customers. This section of the plan describes in detail all the business selling proposition, pricing strategy and advertising and promotional strategies in order to make the restaurant grow and become well-known.
The most essential part of the marketing plan is the segmentation. In this section of the plan the target market for the poke restaurant business is defined and described. The product brands and categories, the entire population of customers, and the actual potential customer base are all considered individually to define strategies to reach each of the promising segments.
This section details how the poke restaurant plans to communicate with its customers. You will also find a measure on how much the promotional strategy will cost and how many sales they are expected to deliver. Remember, promotional programs that aren’t profitable are hard to maintain in the long term. These strategies include strong social media presence, coupon issuing, word of mouth and billboards or magazine ads.
In the financial projections chapter, a balance sheet will be forecasted to define the company’s financial set up. Income statements and cash flow statements are also provided to show the business profits in a given period along with its capacity to produce cash. The revenues and major expenses are projected in this part of the business plan.
This section gives an outline of the main sources of revenue for the poke restaurant, which are mainly selling poke bowls to customers, and a complete explanation of the important assumptions the business plan is taking to reach such conclusions. The income statement is constructed on a month-to-month basis for the first year and then annually for the next five years.
The business plan for a poke restaurant brings a detailed list of all the major expenses associated with running the business. You will find staff salaries, research and development expenses, marketing and promotional expenses, rent, maintenance and cleaning expenses, utilities, and others.