Taverns business plans explain an ages-old business model: the local corner bar. Frequented by people looking for a pint of beer, some quick food, and a good relaxing time, the tavern is a place of comfort and socialization in the U.S. and abroad. But what does a good business plan for a tavern need to show in order to get the attention of a funding source? There are several factors it will need to cover, but none are as important as a sustainable, profitable financial forecast and a compelling market analysis that goes with it. Your plan needs to give details about each of the following:
• What is the target market for the tavern?
• How many people live within walking distance that fit this profile?
• What is the average price point for a drink, and what are your profit margins, on average?
• How will you deploy the funding you're seeking?
• What marketing components might you use?
• Are there are permitting and regulatory issues you will face?
The business plan should also explore the market need you fulfill and the major competitors nearest to your intended location. How far away are they, what products do they offer that are most comparable to yours, and how can you pry away customers who might be loyal to these pubs and bars? The tavern plan will also need a complete pro forma financial model showing 3 years (at minimum) of expected revenues, staffing levels, and expenses across all categories. Show that you know how the funding will be used and when you can break-even. Need assistance with the research of the market opportunity, or help crunching the numbers for start-up? Call MasterPlans today to learn how our team of trained consultants can assist you! 877-453-2011.
