Having a thorough and all inclusive restaurant business plan is the first step toward increasing your chances of success in this rather competitive industry. As soon as you’ve decided to open a new restaurant, your next course of action should be writing a restaurant business plan, which is basically a document that you compile based on research you’ve done regarding the restaurant industry.

The first section of any professional restaurant business plan is the “Executive Summary” which should describe your personal background as well as the reasons you have for starting your own company.

Next is the “Mission Statement” where you will list what it is you hope to achieve with your restaurant and your vision for success. You should also mention your company’s values and basic philosophies regarding customer service as well as employee matters. Brand yourself as a part of the community and also as a business that has the potential to be an asset to the surrounding merchants.

The third section of your restaurant business plan should be entitled “Goals” in which you would list in greater detail than in the mission statement about how you plan on progressing and succeeding in the business.

The goals don’t have to be grandiose or even long term but specific enough so that the reader is able to discern how successful you see the restaurant in a set time frame. For instance, write if you intend on doubling the number of customers in six months, or maybe the number of employees, or even your revenue over all, and be sure to cover the next three years.

After the goals you have outlined for your restaurant, your business plan should have a section devoted to “Ownership and Management” where you will describe who owns the business and at what percentage, if applicable, and list a basic structure for hiring new employees as the restaurant, hopefully, gets busier and busier.

“Start-up Costs” are another vital section of a restaurant business plan and this section should list all of the expenses you need to get the restaurant fully running and able to accommodate paying customers. Remember to allow for the inevitable unexpected costs that are sure to arise for a startup restaurant.

Next you should discuss “Funding,” detailing how you plan on funding the start-up phase of business, followed by “Location,” giving reasons as to why one particular area may be more profitable than another.

Other sections to consider putting in your restaurant business plan include “Competitive Analysis,” listing information about all of the other restaurants in the surrounding areas and how you plan on staying competitive, and “Marketing Plan” where you will outline how you intend on advertising and growing the business, and a “Financial Analysis” section with a spreadsheet detailing your expected monthly income as well as expenses.

An effective restaurant business plan can definitely help you to open a restaurant on the right foot and keep you on the path to success, allowing you to possibly achieve your goals even sooner than anticipated.