Need a business plan for Fridays restaurant? This wildly popular drinking and dining establishment has made its mark from coast to coast, but getting approval for your own franchise location is no simple task. In order to submit an application to the corporate parent, you need good credit and collateral, strong standing in the business community, and a sound business plan that fulfills all of the criteria set forth by the franchise. The plan needs to demonstrate that there is a sufficient base of potential target customers in the immediate area and a manageable amount of comparable businesses that could compete. The plan needs these questions answered in full:
• What is the demographic profile of your target patron?
• How many people fitting the Fridays profile live within 5-15 miles?
• Where is the nearest comparable restaurant?
• How far away from your proposed location is the next Fridays?
• How stable is the restaurant industry in your state/region?
• What costs will there be associated with start-up?
You should check with representatives from the franchise, but most business plans successfully submitted to Fridays have a five-year forecast of financial projections. You need to model your revenues and expenses using figures derived from industry research and supported by reasonable (and openly stated) assumptions. Also, make sure that the unit prices you use in the spreadsheets line up with the values assigned to the meals by Fridays (i.e., depending on the region, prices are likely to be set by the franchise). Your business should factor in a sufficient marketing budget and also describe how you will use your own promotions to complement the corporate efforts. Want to get a great Fridays plan with less work? Call MasterPlans now. We have been in business since 2002 and we have written for hundreds of different restaurant concepts, independent and franchise alike. The call is free: (877) 453-2011.
