| The first key to getting a restaurant up and running | | | | A plan is also important for planning purposes, as it |
| when you are starting with just a dream is to put | | | | turns out. Your plan will tell you how much you can |
| together a solid plan. There are certainly some | | | | afford to spend on decorations, furniture fixtures, etc. |
| businesses where you can simply "wing it" when you | | | | and also how much to set aside to buy inventory, hire |
| launch the business but a restaurant is definitely not | | | | workers and cover deposits on leases, utilities and so |
| one of them! | | | | on. Without a plan new business owners often end up |
| There are several reasons you need to put together a | | | | coming up short and put the entire project in jeopardy. |
| written plan along with financial projections in order to | | | | The final consideration in putting a plan together is to |
| get your restaurant funded and started. The first is | | | | make sure the concept and idea actually makes |
| that you will need to show a lot of people a written | | | | sense. You want to be sure there are enough people |
| plan before you can move forward. | | | | in the area who will be interested in the business and |
| Not only will you need to show it to the bank | | | | able and willing to come in and pay what you are going |
| (particularly an SBA lender) but many times a landlord | | | | to ask for the types of things you are going to offer. |
| will also request to see your business plan. You will | | | | Make sure the area can support what you want to do |
| also definitely need a written plan if you intend to raise | | | | and having a well researched plan is your proof to |
| money from an investor or if you are going to bring a | | | | yourself and your financial backers that the business |
| partner who will contribute cash to the business. In | | | | can actually work. |
| short, your written plan will be requested a dozen or | | | | It is much easier to get someone to invest in cold hard |
| more times at the minimum between when you start | | | | data that it is in wishy-washy ideas and vague |
| and when you launch so having the best plan possible | | | | statements about what "might" work. |
| is critically important. | | | | While it is true that some businesses will fail even if |
| A plan is important to have beyond just the money | | | | they have a plan it is also true and much more likely |
| raising aspect however. Your plan should be able to | | | | that a business will never even get started if it has no |
| demonstrate that opening the business is going to | | | | plan at all. Therefore, if you are serious about starting |
| make financial sense- that it will produce enough in | | | | your business the first step is to build a plan that will |
| profit to warrant the investment of time and money | | | | allow that dream to come true. |
| you will put into the venture. | | | | |