The business plan for a Korean restaurant demonstrates that you have a serviceable market, explains what meals you will serve, and puts your price points and expected sales into a revenue and P&L forecast that projects the ultimate net profit you can make. The financial model should show your ability to repay any loans you get for the restaurant, using the prevailing interest rates that you will get from the bank. It should include, ultimately, a start-up summary and use of funds table, revenue forecast with the break-even identified, a profit and loss, cash flow statement, and balance sheet along with a breakdown of your meal sales and expenses by month for the first year. Also, make sure your business plan for a Korean restaurant answers these questions:
• Where are the closest competing Korean restaurants?
• Are there other ethnic eateries that will pose a competitive threat?
• What permits or licensing issues do you need to address?
• How many employees (full-time) will the restaurant have, and at what rates?
• What does your menu look like?
Give as much information as you can about the likely menu items and, if you are already in operation or have developed a working prototype of the menu, show it in full in the plan (appendix is fine). Also give data about your market and the opportunity you foresee. How many potential customers are there living or working nearby? What is their average spending on restaurants, per year? What trends in the industry should be disclosed? You'll also want to fit in a marketing strategy showing how you will promote the restaurant and a bio section detailing your ownership team. Need professional writing or modeling assistance with this plan? Call MasterPlans today. We have written more than 10,000 business plans including hundreds of restaurants. (877) 453-2011.
