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Opening a Rooftop Bar: The Ins and Outs of Expanding Up
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While a patio bar or dining area can drive revenue and draw diners to your restaurant, sometimes—especially in urban settings—there's simply no space for expansion. If you're set on growing your service area, but you have no horizontal space at your disposal, you should consider opening a rooftop bar. This is a more complicated process than simply setting out chairs on a sidewalk patio, so make sure you understand what you're getting into. Here's what you should keep in mind.
Knowing the Physical Challenges
You may think of your building's rooftop as an untapped, potentially profitable space, but first and foremost, it's a physical structure with sharply defined limitations you'll need to address. Here are some physical challenges to be aware of:
Bearing the Load
In most cases, a roof is designed to only hold up under its own weight, and that of the building's heating and ventilation systems. Before you can think seriously about adding a bar to your roof and setting up tables, you'll need to reinforce the roof to support the additional weight of those fixtures, as well as the weight of your staff and diners.
Providing access to the roof can also be problematic. You may need to extend existing stairways and elevators, or install new ones, to allow easy access for guests and service staff.
Managing Your Climate
Your rooftop only generates revenue when it's open, so carefully plan how you'll use it. An enclosed or semi-enclosed space keeps out rain, snow, and frigid winds, and can make your rooftop an attractive option for most of the year. On the other hand, this addition will drive up your construction costs (and heating can be a significant factor in the colder months). While opting for an open space is less costly, it's also potentially less rewarding.
Getting the Permissions
Aside from the physical issues involved in opening a rooftop bar, there are many administrative and regulatory factors as well. Here are a few things to know:
Leasing vs. Owning
Unless you own your building, you'll need to negotiate with your landlord before you start planning. This includes getting permission to carry out the construction, and renegotiating your lease to reflect the changes in your space. You might even be able to work out a cost-sharing agreement to help with the expense of the upgrades, which can benefit your landlord directly.
Permits and Inspections
You'll typically need to get one or more permits before you can move forward with construction. Specialized installations, such as gas, elevators, or kitchen equipment, may require separate permits and inspections before your new space can be opened to the public.
Your Liquor License
Depending on your jurisdiction, you might need to purchase an additional or upgraded liquor license for the rooftop bar. If you don't currently have a liquor license, but plan to add one in conjunction with the rooftop bar, be aware that this is a major process in itself.
Visualizing the Space
A final set of decisions revolves around how you'll design and use the area on your rooftop. These decisions can be affected by both your physical location and your regulatory environment, so be prepared to work through the planning stages. Here are some things to consider when designing your new rooftop space:
Accentuate the Positive
Does your roof overlook any scenic vistas or points of interest? Are there any striking architectural features about your building (or those nearby), or funky old-school signage? You can use these positives to make your rooftop space stand out and feel inviting.
Define Your Usage
Your rooftop can function as an extra dining room, a roomier bar, a dance-centric club, or as a space for events that are too large to fit indoors. Your intended use will dictate some of your construction decisions, and it may also have an impact on the approval process. You can expect more pushback from residential neighbors if your plans include a hefty sound system.
Define Your Demographic and Style
Your outdoor space can either complement or extend your brand, depending on how you use it. If your restaurant's theme is casual elegance, for example, you could opt for a lighter, airier version of the same style to reinforce your appeal. You could also try creating a brighter, more casual theme to help draw in a younger demographic. Be sure to consider your market and existing clientele when deciding on an approach.
If you're thinking about opening a rooftop bar, take all of these considerations seriously. With the right planning and execution, your business could benefit greatly from this new space.
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How to write a business plan for a rooftop bar?
Creating a business plan for a rooftop bar is an essential process for any entrepreneur. It serves as a roadmap that outlines the necessary steps to be taken to start or grow the business, the resources required, and the anticipated financial outcomes. It should be crafted with method and confidence.
This guide is designed to provide you with the tools and knowledge necessary for creating a rooftop bar business plan, covering why it is so important both when starting up and running an established business, what should be included in your plan, how it should be structured, what tools should be used to save time and avoid errors, and other helpful tips.
We have a lot to cover, so let's get to it!
In this guide:
Why write a business plan for a rooftop bar?
- What information is needed to create a business plan for a rooftop bar?
- What goes in the financial forecast for a rooftop bar?
- What goes in the written part of a rooftop bar business plan?
- What tool can I use to write my rooftop bar business plan?
Understanding the document's scope and goals will help you easily grasp its structure and content. Before diving into the specifics of the plan, let's take a moment to explore the key reasons why having a rooftop bar business plan is so crucial.
To have a clear roadmap to grow the business
Small businesses rarely experience a constant and predictable environment. Economic cycles go up and down, while the business landscape is mutating constantly with new regulations, technologies, competitors, and consumer behaviours emerging when we least expect it.
In this dynamic context, it's essential to have a clear roadmap for your rooftop bar. Otherwise, you are navigating in the dark which is dangerous given that - as a business owner - your capital is at risk.
That's why crafting a well-thought-out business plan is crucial to ensure the long-term success and sustainability of your venture.
To create an effective business plan, you'll need to take a step-by-step approach. First, you'll have to assess your current position (if you're already in business), and then identify where you'd like your rooftop bar to be in the next three to five years.
Once you have a clear destination for your rooftop bar, you'll focus on three key areas:
- Resources: you'll determine the human, equipment, and capital resources needed to reach your goals successfully.
- Speed: you'll establish the optimal pace at which your business needs to grow if it is to meet its objectives within the desired timeframe.
- Risks: you'll identify and address potential risks you might encounter along the way.
By going through this process regularly, you'll be able to make informed decisions about resource allocation, paving the way for the long-term success of your business.
To maintain visibility on future cash flows
Businesses can go for years without making a profit, but they go bust as soon as they run out of cash. That's why "cash is king", and maintaining visibility on your rooftop bar's future cash flows is critical.
How do I do that? That's simple: you need an up-to-date financial forecast.
The good news is that your rooftop bar business plan already contains a financial forecast (more on that later in this guide), so all you have to do is to keep it up-to-date.
To do this, you need to regularly compare the actual financial performance of your business to what was planned in your financial forecast, and adjust the forecast based on the current trajectory of your business.
Monitoring your rooftop bar's financial health will enable you to identify potential financial problems (such as an unexpected cash shortfall) early and to put in place corrective measures. It will also allow you to detect and capitalize on potential growth opportunities (higher demand from a given segment of customers for example).
To secure financing
Crafting a comprehensive business plan for your rooftop bar, whether you're starting up or already established, is paramount when you're seeking financing from banks or investors.
Given how fragile small businesses are, financiers will want to ensure that you have a clear roadmap in place as well as command and control of your future cash flows before entertaining the idea of funding you.
For banks, the information in your business plan will be used to assess your borrowing capacity - which is defined as the maximum amount of debt your business can afford alongside your ability to repay the loan. This evaluation helps them decide whether to extend credit to your business and under what terms (interest rate, duration, repayment options, collateral, etc.).
Similarly, investors will thoroughly review your plan to determine if their investment can yield an attractive return. They'll be looking for evidence that your rooftop bar has the potential for healthy growth, profitability, and consistent cash flow generation over time.
Now that you understand the importance of creating a business plan for your rooftop bar, let's delve into the necessary information needed to craft an effective plan.
Information needed to create a business plan for a rooftop bar
You need the right data in order to project sales, investments and costs accurately in the financial forecast of your rooftop bar business plan.
Below, we'll cover three key pieces of information you should gather before drafting your business plan.
Carrying out market research for a rooftop bar
As you consider writing your business plan for a rooftop bar, conducting market research becomes a vital step to ensure accurate and realistic financial projections.
Market research provides valuable insights into your target customer base, competitors, pricing strategies, and other key factors that can significantly impact the commercial success of your business.
Through this research, you may uncover trends that could influence your rooftop bar.
You may discover that people are increasingly interested in rooftop bars, as they offer a unique and memorable experience. Likewise, you might observe that people are looking for more creative and interesting cocktails, which could mean an opportunity for you to develop a signature menu.
Such market trends play a significant role in forecasting revenue, as they offer valuable data about potential customers' spending habits and preferences.
By incorporating these findings into your financial projections, you can present investors with more accurate information, helping them make informed decisions about investing in your rooftop bar.
Developing the sales and marketing plan for a rooftop bar
As you embark on creating your rooftop bar business plan, it is crucial to budget sales and marketing expenses beforehand.
A well-defined sales and marketing plan should include precise projections of the actions required to acquire and retain customers. It will also outline the necessary workforce to execute these initiatives and the budget required for promotions, advertising, and other marketing efforts.
This approach ensures that the appropriate amount of resources is allocated to these activities, aligning with the sales and growth objectives outlined in your business plan.
The staffing and capital expenditure requirements of a rooftop bar
Whether you are starting or expanding a rooftop bar, it is important to have a clear plan for recruitment and capital expenditures (investment in equipment and real estate) in order to ensure the success of the business.
Both the recruitment and investment plans need to be coherent with the timing and level of growth planned in your forecast, and require appropriate funding.
Examples of the possible staffing and equipment costs that a rooftop bar might incur would include the cost of hiring a full-time bartender as well as the cost of purchasing furniture and equipment such as bar stools, coolers, and glassware.
In order to create a realistic financial forecast, you will also need to consider the other operating expenses associated with running the business on a day-to-day basis (insurance, bookkeeping, etc.).
Once you have all the necessary information to create a business plan for your rooftop bar, it is time to start creating your financial forecast.
What goes into your rooftop bar's financial forecast?
The financial forecast of your rooftop bar's business plan will enable you to assess the growth, profitability, funding requirements, and cash generation potential of your business in the coming years.
The four key outputs of a financial forecast for a rooftop bar are:
- The profit and loss (P&L) statement ,
- The projected balance sheet ,
- The cash flow forecast ,
- And the sources and uses table .
Let's look at each of these in a bit more detail.
The projected P&L statement
The projected P&L statement for a rooftop bar shows how much revenue and profit your business is expected to make in the future.
A healthy rooftop bar's P&L statement should show:
- Sales growing at (minimum) or above (better) inflation
- Stable (minimum) or expanding (better) profit margins
- A healthy level of net profitability
This will of course depend on the stage of your business: numbers for a startup will look different than for an established rooftop bar.
The forecasted balance sheet of your rooftop bar
The projected balance sheet of your rooftop bar will enable the reader of your business plan to assess the overall financial health of your business.
It shows three elements: assets, liabilities and equity:
- Assets: are productive resources owned by the business, such as equipment, cash, and accounts receivable (money owed by clients).
- Liabilities: are debts owed to creditors, lenders, and other entities, such as accounts payable (money owed to suppliers).
- Equity: includes the sums invested by the shareholders or business owners and the profits and losses accumulated by the business to date (which are called retained earnings). It is a proxy for the value of the owner's stake in the business.
Analysing your rooftop bar projected balance sheet provides an understanding of your rooftop bar's working capital structure, investment and financing policies.
In particular, the readers of your plan can compare the level of financial debt on the balance sheet to the equity value to measure the level of financial risk (equity doesn't need to be reimbursed, while financial debt must be repaid, making it riskier).
They can also use your balance sheet to assess your rooftop bar's liquidity and solvency:
- A liquidity analysis: focuses on whether or not your business has sufficient cash and short-term assets to cover its liabilities due in the next 12 months.
- A solvency analysis: takes and longer view to assess whether or not your business has the capacity to repay its debts over the medium-term.
The cash flow forecast
A projected cash flow statement for a rooftop bar is used to show how much cash the business is generating or consuming.
The cash flow forecast is usually organized by nature to show three key metrics:
- The operating cash flow: do the core business activities generate or consume cash?
- The investing cash flow: how much is the business investing in long-term assets (this is usually compared to the level of fixed assets on the balance sheet to assess whether the business is regularly maintaining and renewing its equipment)?
- The financing cash flow: is the business raising new financing or repaying financiers (debt repayment, dividends)?
As we discussed earlier, cash is king and keeping an eye on future cash flows an imperative for running a successful business. Therefore, you can expect the reader of your rooftop bar business plan to pay close attention to your cash flow forecast.
Also, note that it is customary to provide both yearly and monthly cash flow forecasts in a business plan - so that the reader can analyze seasonal variation and ensure the rooftop bar is appropriately funded.
The initial financing plan
The initial financing plan - also called a sources and uses table - is an important tool when starting a rooftop bar.
It shows where the money needed to set up the business will come from (sources) and how it will be allocated (uses).
Having this table helps understand what costs are involved in setting up the rooftop bar, how the risks are distributed between the shareholders and the lenders, and what will be the starting cash position (which needs to be sufficient to sustain operations until the business breaks even).
Now that the financial forecast of a rooftop bar business plan is understood, let's focus on what goes into the written part of the plan.
The written part of a rooftop bar business plan
The written part of a rooftop bar business plan is composed of 7 main sections:
- The executive summary
- The presentation of the company
- The products and services
- The market analysis
- The strategy
- The operations
- The financial plan
Throughout these sections, you will seek to provide the reader with the details and context needed for them to form a view on whether or not your business plan is achievable and your forecast a realistic possibility.
Let's go through the content of each section in more detail!
1. The executive summary
The executive summary, the first section of your rooftop bar's business plan, serves as an inviting snapshot of your entire plan, leaving readers eager to know more about your business.
To compose an effective executive summary, start with a concise introduction of your business, covering its name, concept, location, history, and unique aspects. Share insights about the services or products you intend to offer and your target customer base.
Subsequently, provide an overview of your rooftop bar's addressable market, highlighting current trends and potential growth opportunities.
Then, present a summary of critical financial figures, such as projected revenues, profits, and cash flows.
You should then include a summary of your key financial figures such as projected revenues, profits, and cash flows.
Lastly, address any funding needs in the "ask" section of your executive summary.
2. The presentation of the company
As you build your rooftop bar business plan, the second section deserves attention as it delves into the structure and ownership, location, and management team of your company.
In the structure and ownership part, you'll provide valuable insights into the legal structure of the business, the identities of the owners, and their respective investments and ownership stakes. This level of transparency is vital, particularly if you're seeking financing, as it clarifies which legal entity will receive the funds and who holds the reins of the business.
Moving to the location part, you'll offer a comprehensive view of the company's premises and articulate why this specific location is strategic for the business, emphasizing factors like catchment area, accessibility, and nearby amenities.
When describing the location of your rooftop bar, you may emphasize its potential to draw in customers. You could point out that the area has a high population density, meaning a large number of potential customers.
You might explain that the area is known for its vibrant nightlife and culture, making it an attractive destination.
You could mention that the area is accessible to a variety of public transportation options, making it easy for customers to get to your rooftop bar. Finally, you could highlight the potential of the surrounding area for future growth and development.
Lastly, you should introduce your esteemed management team. Provide a thorough explanation of each member's role, background, and extensive experience.
It's equally important to highlight any past successes the management team has achieved and underscore the duration they've been working together. This information will instil trust in potential lenders or investors, showcasing the strength and expertise of your leadership team and their ability to deliver the business plan.
3. The products and services section
The products and services section of your business plan should include a detailed description of what your company offers, who are the target customers, and what distribution channels are part of your go-to-market.
For example, your rooftop bar could offer a wide variety of drinks such as creative cocktails, craft beers, and specialty wines. It could provide unique small plates and appetizers to pair with drinks.
Additionally, your rooftop bar could offer live entertainment such as a DJ, acoustic music, or stand-up comedy to create a great atmosphere for customers. These services will help to differentiate your rooftop bar from other establishments in the area and make it an attractive destination for customers.
4. The market analysis
When presenting your market analysis in your rooftop bar business plan, you should detail the customers' demographics and segmentation, target market, competition, barriers to entry, and any regulations that may apply.
The goal of this section is to help the reader understand how big and attractive your market is, and demonstrate that you have a solid understanding of the industry.
You should start with the demographics and segmentation subsection, which gives an overview of the addressable market for your rooftop bar, the main trends in the marketplace, and introduces the different customer segments and their preferences in terms of purchasing habits and budgets.
The target market section should follow and zoom on the customer segments your rooftop bar is targeting, and explain how your products and services meet the specific needs of these customers.
For example, your target market might include young professionals in their 20s and 30s who live in the area. They are likely to be looking for a place to socialize and network with their peers. This demographic is also likely to have disposable income to spend on drinks and food.
Then comes the competition subsection, where you should introduce your main competitors and explain what differentiates you from them.
Finally, you should finish your market analysis by giving an overview of the main regulations applicable to your rooftop bar.
5. The strategy section
When you write the strategy section of your rooftop bar business plan, remember to cover key elements such as your competitive edge, pricing strategy, sales & marketing plan, milestones, and risks and mitigants.
In the competitive edge subsection, elaborate on what makes your company stand out from competitors. This becomes especially important if you're a startup, aiming to carve a place for yourself amidst established players in the marketplace.
The pricing strategy subsection should demonstrate how you plan to maintain profitability while offering competitive prices to attract customers.
Outline your sales & marketing plan, detailing how you'll reach out to new customers and retain existing ones through loyalty programs or special offers.
For the milestones subsection, outline your company's achievements to date and your main objectives for the future, complete with specific dates to set clear expectations for progress.
Lastly, the risks and mitigants subsection should address the main risks that could affect your plan's execution. Explain the measures you've put in place to minimize these risks, assuring potential investors or lenders.
Your rooftop bar could face many different risks. For example, it may face a risk of liability if customers were to slip and fall due to a faulty railing or wet surface. Additionally, your bar could face a risk of damage due to inclement weather. Heavy winds and rain could damage furniture, decorations, and other equipment, resulting in costly repairs.
6. The operations section
The operations of your rooftop bar must be presented in detail in your business plan.
The first thing you should cover in this section is your staffing team, the main roles, and the overall recruitment plan to support the growth expected in your business plan. You should also outline the qualifications and experience necessary to fulfil each role, and how you intend to recruit (using job boards, referrals, or headhunters).
You should then state the operating hours of your rooftop bar - so that the reader can check the adequacy of your staffing levels - and any plans for varying opening times during peak season. Additionally, the plan should include details on how you will handle customer queries outside of normal operating hours.
The next part of this section should focus on the key assets and IP required to operate your business. If you depend on any licenses or trademarks, physical structures (equipment or property) or lease agreements, these should all go in there.
You may have key assets that are unique to your rooftop bar, such as the view of the city skyline or a custom drinks menu. Additionally, you could have intellectual property such as a trademarked logo or slogan that may separate your bar from the competition.
Finally, you should include a list of suppliers that you plan to work with and a breakdown of their services and main commercial terms (price, payment terms, contract duration, etc.). Investors are always keen to know if there is a particular reason why you have chosen to work with a specific supplier (higher-quality products or past relationships for example).
7. The presentation of the financial plan
The financial plan section is where we will present the financial forecast we talked about earlier in this guide.
Now that you have a clear idea of what goes in your rooftop bar business plan, let's look at the solutions you can use to draft yours.
What tool should I use to write my rooftop bar's business plan?
There are two main ways of creating your rooftop bar business plan:
- Using specialized business planning software,
- Hiring a business plan writer.
Using an online business plan software for your rooftop bar's business plan
Using online business planning software is the most efficient and modern way to write a rooftop bar business plan.
There are several advantages to using specialized software:
- You can easily create your financial forecast by letting the software take care of the financial calculations for you without errors
- You are guided through the writing process by detailed instructions and examples for each part of the plan
- You can access a library of dozens of complete business plan samples and templates for inspiration
- You get a professional business plan, formatted and ready to be sent to your bank or investors
- You can easily track your actual financial performance against your financial forecast
- You can create scenarios to stress test your forecast's main assumptions
- You can easily update your forecast as time goes by to maintain visibility on future cash flows
- You have a friendly support team on standby to assist you when you are stuck
If you're interested in using this type of solution, you can try The Business Plan Shop for free by signing up here .
Hiring a business plan writer to write your rooftop bar's business plan
Outsourcing your rooftop bar business plan to a business plan writer can also be a viable option.
Business plan writers are skilled in creating error-free business plans and accurate financial forecasts. Moreover, hiring a consultant can save you valuable time, allowing you to focus on day-to-day business operations.
However, it's essential to be aware that hiring business plan writers will be expensive, as you're not only paying for their time but also the software they use and their profit margin.
Based on experience, you should budget at least £1.5k ($2.0k) excluding tax for a comprehensive business plan, and more if you require changes after initial discussions with lenders or investors.
Also, exercise caution when seeking investment. Investors prefer their funds to be directed towards business growth rather than spent on consulting fees. Therefore, the amount you spend on business plan writing services and other consulting services should be insignificant compared to the amount raised.
Keep in mind that one drawback is that you usually don't own the business plan itself; you only receive the output, while the actual document is saved in the consultant's business planning software. This can make it challenging to update the document without retaining the consultant's services.
For these reasons, carefully consider outsourcing your rooftop bar business plan to a business plan writer, weighing the advantages and disadvantages of seeking outside assistance.
Why not create your rooftop bar's business plan using Word or Excel?
Using Microsoft Excel and Word (or their Google, Apple, or open-source equivalents) to write a rooftop bar business plan is a terrible idea.
For starters, creating an accurate and error-free financial forecast on Excel (or any spreadsheet) is very technical and requires both a strong grasp of accounting principles and solid skills in financial modelling.
As a result, it is unlikely anyone will trust your numbers unless - like us at The Business Plan Shop - you hold a degree in finance and accounting and have significant financial modelling experience in your past.
The second reason is that it is inefficient. Building forecasts on spreadsheets was the only option in the 1990s and early 2000s, nowadays technology has advanced and software can do it much faster and much more accurately.
And with the rise of AI, software is also becoming smarter at helping us detect mistakes in our forecasts and helping us analyse the numbers to make better decisions.
Also, using software makes it easy to compare actuals vs. forecasts and maintain our forecasts up to date to maintain visibility on future cash flows - as we discussed earlier in this guide - whereas this is a pain to do with a spreadsheet.
That's for the forecast, but what about the written part of my rooftop bar business plan?
This part is less error-prone, but here also software brings tremendous gains in productivity:
- Word processors don't include instructions and examples for each part of your business plan
- Word processors don't update your numbers automatically when they change in your forecast
- Word processors don't handle the formatting for you
Overall, while Word or Excel may be viable options for creating a rooftop bar business plan for some entrepreneurs, it is by far not the best or most efficient solution.
- A business plan has 2 complementary parts: a financial forecast showcasing the expected growth, profits and cash flows of the business; and a written part which provides the context needed to judge if the forecast is realistic and relevant.
- Having an up-to-date business plan is the only way to keep visibility on your rooftop bar's future cash flows.
- Using business plan software is the modern way of writing and maintaining business plans.
We hope that this practical guide gave you insights on how to write the business plan for your rooftop bar. Do not hesitate to get in touch with our team if you still have questions.
Also on The Business Plan Shop
- In-depth business plan structure
- Key steps to write a business plan?
- Free business plan template
Know someone who owns or wants to start a rooftop bar? Share this article with them!
Founder & CEO at The Business Plan Shop Ltd
Guillaume Le Brouster is a seasoned entrepreneur and financier.
Guillaume has been an entrepreneur for more than a decade and has first-hand experience of starting, running, and growing a successful business.
Prior to being a business owner, Guillaume worked in investment banking and private equity, where he spent most of his time creating complex financial forecasts, writing business plans, and analysing financial statements to make financing and investment decisions.
Guillaume holds a Master's Degree in Finance from ESCP Business School and a Bachelor of Science in Business & Management from Paris Dauphine University.
Published on 01 Aug 2023 , last update on 05 Aug 2023 , as per our editorial standards .
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When starting a business—no matter what type of business that may be—a business plan is essential to map out your intentions and direction. That’s the same for a restaurant business plan, which will help you figure out where you fit in the landscape, how you’re going to differ from other establishments around you, how you’ll market your business, and even what you’re going to serve. A business plan for your restaurant can also help you later if you choose to apply for a business loan .
While opening a restaurant isn’t as risky as you’ve likely heard, you still want to ensure that you’re putting thought and research into your business venture to set it up for success. And that’s where a restaurant business plan comes in.
We’ll go through how to create a business plan for a restaurant and a few reasons why it’s so important. After you review the categories and the restaurant business plan examples, you can use the categories to make a restaurant business plan template and start your journey.
Why you shouldn’t skip a restaurant business plan
First-time restaurateurs and industry veterans alike all need to create a business plan when opening a new restaurant . That’s because, even if you deeply understand your business and its nuances (say, seasonal menu planning or how to order correct quantities), a restaurant is more than its operations. There’s marketing, financing, the competitive landscape, and more—and each of these things is unique to each door you open.
That’s why it’s so crucial to understand how to create a business plan for a restaurant. All of these things and more will be addressed in the document—which should run about 20 or 30 pages—so you’ll not only have a go-to-market strategy, but you’ll also likely figure out some things about your business that you haven’t even thought of yet.
Additionally, if you’re planning to apply for business funding down the line, some loans—including the highly desirable SBA loan —actually require you to submit your business plan to gain approval. In other words: Don’t skip this step!
How to write a restaurant business plan: Step by step
There’s no absolute format for a restaurant business plan that you can’t stray from—some of these sections might be more important than others, for example, or you might find that there’s a logical order that makes more sense than the one in the restaurant business plan example below. However, this business plan outline will serve as a good foundation, and you can use it as a restaurant business plan template for when you write your own.
Your executive summary is one to two pages that kick off your business plan and explain your vision. Even though this might seem like an introduction that no one will read, that isn’t the case. In fact, some investors only ask for the executive summary. So, you’ll want to spend a lot of time perfecting it.
Your restaurant business plan executive summary should include information on:
Mission statement: Your goals and objectives
General company information: Include your founding date, team roles (i.e. executive chef, sous chefs, sommeliers), and locations
Category and offerings: What category your restaurant fits into, what you’re planning to serve (i.e. farm-to-table or Korean), and why
Context for success: Any past success you’ve had, or any current financial data that’ll support that you are on the path to success
Financial requests: If you’re searching for investment or financing, include your plans and goals here and any financing you’ve raised or borrowed thus far
Future plans: Your vision for where you’re going in the next year, three years, and five years
When you’re done with your executive summary, you should feel like you’ve provided a bird’s eye view of your entire business plan. In fact, even though this section is first, you will likely write it last so you can take the highlights from each of the subsequent sections.
And once you’re done, read it on its own: Does it give a comprehensive, high-level overview of your restaurant, its current state, and your vision for the future? Remember, this may be the only part of your business plan potential investors or partners will read, so it should be able to stand on its own and be interesting enough to make them want to read the rest of your plan.
This is where you’ll dive into the specifics of your company, detailing the kind of restaurant you’re looking to create, who’s helping you do it, and how you’re prepared to accomplish it.
Your restaurant business plan company overview should include:
Purpose: The type of restaurant you’re opening (fine dining, fast-casual, pop-up, etc.), type of food you’re serving, goals you have, and the niche you hope to fill in the market
Area: Information on the area in which you’re opening
Customers: Whom you’re hoping to target, their demographic information
Legal structure: Your business entity (i.e. LLC, LLP, etc.) and how many owners you have
Similar to your executive summary, you won’t be going into major detail here as the sections below will get into the nitty-gritty. You’ll want to look at this as an extended tear sheet that gives someone a good grip on your restaurant or concept, where it fits into the market, and why you’re starting it.
Team and management
Barely anything is as important for a restaurant as the team that runs it. You’ll want to create a section dedicated to the members of your staff—even the ones that aren’t yet hired. This will provide a sense of who is taking care of what, and how you need to structure and build out the team to get your restaurant operating at full steam.
Your restaurant business plan team and management section should have:
Management overview: Who is running the restaurant, what their experience and qualifications are, and what duties they’ll be responsible for
Staff: Other employees you’ve brought on and their bios, as well as other spots you anticipate needing to hire for
Ownership percentage: Which individuals own what percentage of the restaurant, or if you are an employee-owned establishment
Be sure to update this section with more information as your business changes and you continue to share this business plan—especially because who is on your team will change both your business and the way people look at it.
You’ll also want to include a sample menu in your restaurant business plan so readers have a sense of what they can expect from your operations, as well as what your diners can expect from you when they sit down. This will also force you to consider exactly what you want to serve your diners and how your menu will stand out from similar restaurants in the area. Although a sample menu is in some ways self-explanatory, consider the following:
Service : If your brunch is as important as your dinner, provide both menus; you also might want to consider including both a-la-carte and prix fixe menus if you plan to offer them.
Beverage/wine service: If you’ll have an emphasis on specialty beverages or wine, a separate drinks list could be important.
Seasonality: If you’re a highly seasonal restaurant, you might want to consider providing menus for multiple seasons to demonstrate how your dishes (and subsequent purchasing) will change.
This is where you’ll begin to dive deeper. Although you’ve likely mentioned your market and the whitespace you hope to address, the market analysis section will enable you to prove your hypotheses.
Your restaurant business plan market analysis should include:
Industry information: Include a description of the restaurant industry, its size, growth trends, and other trends regarding things such as tastes, trends, demographics, structures, etc.
Target market: Zoom in on the area and neighborhood in which you’re opening your restaurant as well as the type of cuisine you’re serving.
Target market characteristics: Describe your customers and their needs, how/if their needs are currently being served, other important pieces about your specific location and customers.
Target market size and growth: Include a data-driven section on the size of your market, trends in its growth, how your target market fits into the industry as a whole, projected growth of your market, etc.
Market share potential: Share how much potential there is in the market, how much your presence will change the market, and how much your specific restaurant or restaurant locations can own of the open market; also touch on any barriers to growth or entry you might see.
Market pricing: Explain how you’ll be pricing your menu and where you’ll fall relative to your competitors or other restaurants in the market.
Competitive research: Include research on your closest competitors, how they are both succeeding and failing, how customers view them, etc.
If this section seems like it might be long, it should—it’s going to outline one of the most important parts of your strategy, and should feel comprehensive. Lack of demand is the number one reason why new businesses fail, so the goal of this section should be to prove that there is demand for your restaurant and show how you’ll capitalize on it.
Additionally, if market research isn’t your forte, don’t be shy to reach out to market research experts to help you compile the data, or at least read deeply on how to conduct effective research.
Marketing and sales
Your marketing and sales section should feel like a logical extension of your market analysis section, since all of the decisions you’ll make in this section should follow the data of the prior section.
The marketing and sales sections of your restaurant business plan should include:
Positioning: How you’ll describe your restaurant to potential customers, the brand identity and visuals you’ll use to do it, and how you’ll stand out in the market based on the brand you’re building
Promotion: The tools, tactics, and platforms you’ll use to market your business
Sales: How you’ll convert on certain items, and who/how you will facilitate any additional revenue streams (i.e. catering)
It’s likely that you’ll only have concepts for some of these elements, especially if you’re not yet open. Still, get to paper all of the ideas you have, and you can (and should) always update them later as your restaurant business becomes more fully formed.
The business operations section should get to the heart of how you plan to run your business. It will highlight both internal factors as well as external forces that will dictate how you run the ship.
The business operations section should include:
Management team: Your management structure and hierarchy, and who is responsible for what
Hours: Your hours and days of operation
Location: What’s special about your location that will get people through the door
Relationships: Any advantageous relationships you have with fellow restaurateurs, places for sourcing and buying, business organizations, or consultants on your team
Add here anything you think could be helpful for illustrating how you’re going to do business and what will affect it.
Here, you’ll detail the current state of your business finances and project where you hope to be in a year, three years, and five years. You’ll want to detail what you’ve spent, what you will spend, where you’ll get the money, costs you might incur, and returns you’ll hope to see—including when you can expect to break even and turn a profit.
Financial statements: If you’ve been in business for any amount of time, include existing financial statements (i.e. profit and loss, balance sheet, cash flow, etc.)
Budget: Your current budget or a general startup budget
Projections: Include revenue, cash flow, projected profit and loss, and other costs
Debt: Include liabilities if the business has any outstanding debt or loans
Funding request: If you’re requesting a loan or an investment, lay out how much capital you’re looking for, your company’s valuation (if applicable), and the purpose of the funding
Above all, as you’re putting your financials together, be realistic—even conservative. You want to give any potential investors a realistic picture of your business.
Feel like there are other important components but they don't quite fit in any of the other categories (or make them run too long)? That’s what the restaurant business plan appendix section is for. And although in, say, a book, an appendix can feel like an afterthought, don’t ignore it—this is another opportunity for you to include crucial information that can give anyone reading your plan some context. You may include additional data, graphs, marketing collateral (like logo mockups), and more.
The bottom line
Whether you’re writing a restaurant business plan for investors, lenders, or simply for yourself and your team, the most important thing to do is make sure your document is comprehensive. A good business plan for a restaurant will take time—and maybe a little sweat—to complete fully and correctly.
One other crucial thing to remember: a business plan is not a document set in stone. You should often look to it to make sure you’re keeping your vision and mission on track, but you should also feel prepared to update its components as you learn more about your business and individual restaurant.
This article originally appeared on JustBusiness, a subsidiary of NerdWallet.
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After the Covid-19 setback, restaurant business owners are bouncing back with improved services.
The National Restaurant Association reveals that in 2021, restaurants and the food service industry witnessed a 20% (to $789 billion) rise in sales.
As people have begun to dine out, the demand for hygienic and spacious restaurants is rising.
Now, this brings us to the topic of discussion.
“Are you planning on expanding the restaurant but don’t know where to begin?”
If that’s the case, you’ve come to the right place! In the blog post, we’ll share a checklist for building a “Rooftop” restaurant. Though, before we begin, let’s learn about its perks.
Why Should You Open A Rooftop Venue?
After staying indoors for over a year, people crave open spaces- with fresh air and a soothing environment. It helps them take a break from the chaos of everyday life. They want to enjoy the aesthetics and calmness that nature has to offer. That’s why most rooftop venues pay extra attention to improving their curb appeal.
The clean and fresh air with the blend of flavorful cuisines relieves their stress . It eventually leads to a great customer experience and escalating profits.
Things To Consider During Set-Up
As thrilling as this idea may sound, you need to consider the following things for a successful setup.
#1 Get A License
Some cities have zoning and licensing laws that may restrict restaurants from operating on the roof. That means you’d have to avail necessary permits (or even special ones). Your best option would be to consult legal counsel to navigate through the complicated processes. They can further guide you about the rules and responsibilities you must abide by.
#2 Focus On Decor And Design
When it comes to decorating and designing, there is an ocean of ideas that you can incorporate. However, you must focus on the functionality of the space when shortlisting any idea.
Let’s suppose you plan to separate the kitchen from the sitting area. In that case, you can use Marine Vinyl Fabric’s clear vinyl on kitchen windows and doors to serve this purpose. Moreover, it will make the venue look aesthetically pleasing. As the vinyl is UV treated, waterproof, and durable, its cleaning and maintenance will be effortless and cost-effective.
#3 Create A Plan For The Weather
Uncertain weather conditions are among the challenges that rooftop restaurants often face. As you cannot always be sure how the weather may turn out, it would be wise to have a backup plan.
For instance, during the rainy season, rooftop venues experience interruptions in their business operations. If you prepare the same by installing umbrellas or awning the seating, the business will continue to operate regardless of weather conditions. You can read more about vital restaurant statistics and how you can better prepare your restaurant on The Small Business Blog.
#4 Add An Element Of Entertainment
Aesthetics and entertainment provide a competitive lead to restaurants. It adds to the overall customer experience and encourages prior reservations for parties.
For entertainment, you can include DJs, live performances, laugh clubs, salsa dance and much more. The options are endless. Just make sure the equipment and systems are properly set up.
The Bottom Line
Every business, regardless of its industry, experiences some hiccups. However, with proper planning and guidance, the potential issues can be easily resolved. It allows you to attain your goals and generate revenues.
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How to write a restaurant business plan.
Listen to this article
A small restaurant business plan is the roadmap you use to open a successful spot. As a first step to creating yours, ask your friends and colleagues to share restaurant business plan examples. Their restaurant business plan samples can inspire yours.
Once you’ve studied those examples, it’s time to start writing your own. No matter how much thought you’ve put into your concept or how many trusted colleagues have assured you of its greatness, you must write a restaurant business plan. It will prove the viability of your concept to potential investors and provide them with a clear and engaging answer to the question: “Why does the world need this restaurant?”
“The point of a business plan is to show that you’ve done your homework,” says Charles Bililies, owner of Souvla , a fine casual Greek restaurant in San Francisco that has received national acclaim since opening in the spring of 2014.
“You have to show any potential investor that you have an actual plan, you know what you’re talking about, it looks professional, and you’re not just screwing around.”
Quick links Branded cover Table of contents Concept Sample menu Service Management team Design Target market Location Market overview Marketing and publicity Specialists and consultants Business structure Financials
1. Branded cover
Include your logo (even if it’s not finalized), the date, and your name.
2. Table of contents
A table of contents in a restaurant business plan provides an organized overview of the document’s structure and content. It typically appears at the beginning of the plan and lists the major sections and subsections with their corresponding page numbers.
The table of contents is important for several reasons. Firstly, it allows readers to quickly navigate through the plan, enabling easy access to specific sections of interest. Secondly, it helps in presenting a professional and well-structured document, showing that you have carefully organized your thoughts and ideas. It also improves readability and comprehension, as readers can easily locate and refer back to relevant information
A restaurant owner contemplates the design of a new space as part of their business plan. | Credit: Getty Images
3. Restaurant concept
Describe your restaurant concept and get the reader excited about your idea. Specify whether the restaurant will be fine dining or more casual. Include an executive summary and go into detail about the food you’ll be serving, inspiration behind your concept, and an overview of service style.
Define clearly what will be unique about your restaurant and include your mission statement. This section should include a market analysis that shows how your restaurant will be similar and different from competing restaurants.
4. Sample menu
The menu is the most important touchpoint of any restaurant’s brand, so this should be more than just a simple list of items. Incorporate your logo and mock up a formatted menu design (tap a designer for help if needed).
Your sample menu should also include prices that are based on a detailed cost analysis. This will:
- Give investors a clear understanding of your targeted price point
- Provide the info needed to estimate check averages
- Show the numbers used create financial projections for starting costs
- Show investors that you’ve done the homework
- Prove you can stay within a budget
This section is most relevant for:
- Fine-dining concepts
- Concepts that have a unique service style
- Owners who have particularly strong feelings about what role service will play in their restaurant.
It can be a powerful way of conveying your approach to hospitality to investors by explaining the details of the guest’s service experience.
Will your restaurant have counter service and restaurant hostess software designed to get guests on their way as quickly as possible, or will it look more like a theater, with captains putting plates in front of guests simultaneously?
If an extensive wine program is an integral part of what you’re doing, will you have a sommelier? If you don’t feel that service is a noteworthy component of your operation, address it briefly in the concept section.
Two restaurant workers review finances for a new restaurant as part of their business plan. | Credit: Getty Images
6. Management team
Write a brief overview of yourself and the team you have established so far. You want to show that your experience has provided you with the necessary skills to run a successful restaurant and act as a restaurant business owner.
Ideally, once you have described the strong suit of every member of your team, you’ll be presenting a full pitch deck. Most independent restaurant investors are in this for more than just money, so giving some indication of what you value and who you are outside of work may also be helpful.
Incorporate some visuals. Create a mood board that shows images related to the design and feeling of your restaurant.
Whether you’re planning to cook in a wood-burning oven or are designing an eclectic front-of-house, be sure to include those ideas. Photos of materials and snippets of other restaurants that you love that are similar to the brand you’re building are also helpful.
8. Target market
Who is going to eat at your restaurant? What do they do for a living, how old are they, and what’s their average income? Once you’ve described them in detail, reiterate why your specific concept will appeal to them.
Two restaurant workers discuss a business plan. | Credit: Getty Images
There should be a natural and very clear connection between the information you present in the “Target Market” section and this one. You probably won’t have a specific site identified at this point in the process, but you should talk about viable neighborhoods.
Don’t assume that potential investors will be familiar with the areas you’re discussing and who works or lives there—make the connections clear. You want readers to be confident that your restaurant’s “ideal” diner intersects with the neighborhood(s) you’re proposing as often as possible.
If you don’t have a site , this is a good place to discuss what you’re looking for in terms of square footage, foot traffic, parking, freeway accessibility, outdoor seating , and other important details.
10. Market overview
Address the micro and macro market conditions in your area and how they relate to licenses and permits. At a macro level, what are the local and regional economic conditions?
If restaurants are doing poorly, explain why yours won’t; if restaurants are doing well, explain how you’ll be able to compete in an already booming restaurant climate. At a micro level, discuss who your direct competitors are. Talk about what types of restaurants share your target market and how you’ll differentiate yourself.
11. Marketing and publicity
The restaurant landscape is only getting more competitive. Discuss your pre- and post-opening marketing plans to show investors how you plan to gain traction leading up to opening day, as well as how you’ll keep the momentum going.
If you’re going to retain a PR/marketing company, introduce them and explain why you’ve chosen them over other companies (including some of their best-known clients helps). If not, convey that you have a solid plan in place to generate attention on your own through social media, your website , and media connections.
Using technology, like these two restaurant workers, can streamline discussions about a business plan. | Credit: Getty Images
12. Specialists and consultants
List any outside contractors you plan to retain, such as:
- General contractor
- PR and marketing
Briefly explain the services they’ll be providing for you, why you chose them, and any notable accomplishments.
13. Business structure
This section should be short and sweet. What type of business structure have you set up and why did you make that specific decision? You will need to work with an attorney to help you determine what business structure is best for you.
“Step one: write a business plan. Step two: hire a good attorney. In addition to helping me build a smart, sustainable business structure, my attorney was also a great resource for reviewing my business plan because she’s read thousands of them. She was a very helpful, experienced outside perspective for more than just legal matters,” says Charles Bililies.
14. Financial projections
Let your accountant guide you through this portion of your business plan. It is crucial that whoever you hire to help you with your finances has a wealth of restaurant experience (not just one or two places). They should be familiar with the financial specifics of starting a restaurant and know what questions to ask you.
Before creating realistic financial projections, your accountant will want to know:
- How many seats the restaurant will have
- What your average check will be
- How many covers per day you plan to do
Being conservative in these estimations is key. These three data points will be used as the basis for figuring out whether your concept is financially feasible.
Lou Guerrero, Principal at Kross, Baumgarten, Kniss & Guerrero, emphasizes, “You’ll get a lot of accountants that tell you that they’ve done a couple of restaurants, but you have to choose someone that has a deep expertise in what you’re doing. There’s nothing to gain from going with someone that doesn’t have a very restaurant-centric practice.”
A well-vetted accountant with restaurant experience will know exactly what you’ll need to have prepared to show investors.
The key projections you can expect to work on are:
- Pro forma profit and loss statement for the first three to five years of operation
- Break even analysis
- Capital requirements budget
Writing a comprehensive restaurant business plan is a crucial step towards opening a successful establishment. By seeking inspiration from examples, demonstrating your expertise, and addressing all the essential components, you can prove the viability of your concept to potential investors.
Remember, a well-prepared business plan demonstrates professionalism and a clear understanding of your goals, increasing your chances of achieving long-term success in the competitive restaurant industry.
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How to Write a Restaurant Business Plan in 2023 (Step by Step Guide with Templates)
A comprehensive restaurant business plan is a framework that guides you to plan and forecast every element of restaurant management and operations.
This includes anything from your restaurant's menu design, location, financials, employee training, and a lot more.
Crafting a solid business plan is important, as it helps:
- Transform your restaurant ideas into reality.
- Boosts entrepreneurial success by 16% (Harvard Business Study) .
- Equips you to navigate challenges before they arise.
- Attracts potential investors.
“You have to show any potential investor that you have an actual plan, you know what you’re talking about, it looks professional, and you’re not just screwing around.” - Charles Bililies, owner of Souvla
Planning is key to restaurant success. Without a plan, you're more likely to join the 26% of restaurants that fail within a year.
Create a business plan to set yourself up for success.
Here's how to get started.
A step-by-step guide to writing a restaurant business plan
Embarking on a restaurant venture is an exciting prospect filled with endless possibilities.
However, the key to transforming your culinary dreams into reality lies in the foundation of a well-crafted restaurant business plan.
This guide will walk you through creating a winning restaurant business plan , from defining your niche to seeking expert advice.
So, are you ready to cook up some success? Let's get started.
- How to write a business plan for a fine dining restaurant
Essential components of a restaurant business plan
A well-structured restaurant business plan typically consists of the following key components:
- Executive Summary
- Market Analysis
- Restaurant Design
- Market Overview
- External help
- Financial Analysis
Delving into each section
Now, let's take a closer look at each section of your restaurant business plan and explore the key elements to consider:
1. Executive summary
A restaurant business plan should always begin with an executive summary. Why?
- 80% of venture capitalists say they read the executive summary first.
- 62% of investors say they would not continue reading a business plan if the executive summary did not capture their interest.
- A strong executive summary can increase the likelihood of securing funding by up to 40%.
An executive summary not only acts as the introduction to your restaurant business plan samples but also as a summary of the entire idea.
The main aim of an executive summary is to draw the reader (oftentimes an investor) into the rest of your business plan.
The executive summary also helps you envision the identity of your restaurant which essentially shapes the customer experience and sets you apart from competitors.
To establish a distinct identity, you need to focus on c ommon elements of an executive summary, including:
- A mission statement
- Proposed concept development
- Cuisine selection
- The overall execution
- The potential costs
- Expected return on investments (ROI)
Let's take a more in-depth look at the concept development, cuisine selection, and mission statement.
- How to write a restaurant executive summary
Selecting the type of restaurant, service style, and atmosphere is the first step towards creating a unique dining experience. Whether you envision a sample menu for a:
- cozy, intimate bistro
- bustling quick-service deli
- fast-casual restaurant
- fine dining establishment
Your concept should reflect your passion and expertise in the industry.
With a broad range of options, it’s critical to scrutinize your target market and pinpoint the most suitable choice considering their preferences and your capabilities.
When planning your restaurant design, keep in mind that it should effectively complement your chosen theme and cuisine.
Additionally, consider the potential for patio seating and the involvement of your management team in making these critical decisions.
A well-thought-out concept will not only set the stage for an unforgettable dining experience but also pique the interest of potential investors.
The cuisine you select for your restaurant can significantly influence its success.
Choosing the appropriate cuisine is vital for distinguishing your establishment from competitors and attracting your target market.
To make an informed decision, consider factors such as:
- Market demand
- Expertise and passion
- Ingredient availability
- Cultural fit
Dietary restrictions and trends
In the highly competitive restaurant industry, keeping track of current and emerging cuisine trends can be a significant advantage.
From regional delicacies to innovative fusion dishes, understanding what’s popular and in demand can help you tailor your offerings to the desires of your target audience.
By thoroughly analyzing the market and adapting to evolving tastes, your restaurant can remain relevant and successful in the long run.
Crafting a mission statement
A well-constructed mission statement communicates the purpose, values, and goals of your restaurant to potential investors and customers alike.
A mission statement serves as a guiding light for decision-makers and employees, fueling their efforts to achieve your restaurant’s objectives.
To create an impactful mission statement, consider the following steps:
- Identify the purpose of the restaurant.
- Contemplate the brand’s image.
- Account for the target audience.
- Incorporate company values.
- Ensure brevity and comprehensiveness.
Related content: How to Write a Restaurant Mission Statement
Remember, your mission statement should not only differentiate your restaurant from competitors but also resonate with your target market.
By articulating your restaurant’s unique values and vision, you’ll create a strong foundation upon which to build a thriving and successful business.
2. Company description
This is the part of the restaurant business plan where you fully introduce the company.
Start this section with the name of the restaurant you are opening along with the location, contacts, and other relevant information.
Also, include the owner’s details and a brief overview or description of their experience.
The second part of the company description should highlight the legal standing of the restaurant and outline the restaurant’s short and long-term goals.
Provide a brief market study showing that you understand the trends in the regional food industry and why the most independent restaurant investors will succeed in this market.
Here's an example of the page layout:
Restaurant Name: [Restaurant Name]
Location: [Restaurant Address]
Contact: [Restaurant Phone Number] | [Restaurant Email Address]
Owner: [Owner Name]
Experience: [Owner Name] has over [Number] years of experience in the restaurant industry. They have worked in various roles, including [List of Roles]. They are passionate about food and creating a memorable dining experience for their guests.
Legal Standing: [Restaurant Name] is a [Type of Legal Entity] registered in [State/Province].
- Generate [Amount] in revenue within the first year of operation.
- Achieve a [Percentage] customer satisfaction rating within the first six months of operation.
- Expand to a second location within five years.
- Become a recognized leader in the regional food industry.
The regional food industry is experiencing a number of trends, including:
- An increasing demand for fresh, local ingredients.
- A growing interest in ethnic cuisine.
- A preference for casual dining experiences.
3. Market analysis
The market analysis portion of the restaurant business plan is typically divided into three parts.
3.1 Industry analysis
What is your target market? What demographics will your restaurant cater to?
This section aims to explain your target market to investors and why you believe guests will choose your restaurant over others.
Comprehending your target market is key to customizing your restaurant offerings to their preferences and needs.
By diving into demographics, preferences, dining habits, and trends, you can fine-tune your concept and marketing strategy to reach and appeal to your target audience effectively.
An example of analyzing your target market
Comprehending your target market is key to customizing your restaurant offerings to their preferences and needs.
Demographics and preferences
Identifying your primary target market involves considering factors such as:
For example, a neighborhood with a high concentration of families might prefer a family-friendly restaurant with a diverse menu catering to various age groups and dietary preferences.
Conversely, a trendy urban area with a predominantly young and affluent population may gravitate towards upscale dining experiences and innovative cuisine.
Cultural and ethnic backgrounds also have a significant impact on restaurant preferences, with people from different backgrounds having distinctive tastes and customs that influence their dining choices.
By thoroughly understanding the demographics and preferences of your target market, you’ll be better equipped to create a restaurant concept that resonates with them and ultimately drives success.
Dining habits and trends
As the restaurant industry continues to evolve, staying informed about dining habits and trends is crucial for adapting your offerings and attracting customers.
For example, the rise of online ordering and delivery services has significantly influenced dining habits, with many consumers seeking the convenience of having their meals delivered to their doorstep.
Health trends have also had an impact on dining habits, with an increasing number of individuals seeking healthier options when dining out.
By staying abreast of current habits and trends, you can anticipate the needs and desires of your target market and tailor your restaurant’s offerings accordingly.
This forward-thinking approach will not only help you stay competitive but also foster long-term success in the ever-changing restaurant landscape.
- How to find your restaurant's target market
3.2 Competition analysis
It's easy to assume that everyone will visit your new restaurant first, so it is important to research your competition to make this a reality.
What restaurants have already established a customer base in the area?
Take note of everything from their prices, hours, and service style to menu design to the restaurant interior.
Then explain to your investors how your restaurant will be different.
3.3 Marketing analysis
Your investors are going to want to know how you plan to market your restaurant. How will your marketing campaigns differ from what is already being done by others in the restaurant industry?
How do you plan on securing your target market? What kind of offers will you provide your guests? Make sure to list everything.
The most important element to launching a successful restaurant is the menu . Without it, your restaurant has nothing to serve.
At this point, you probably don’t have a final version, but for a restaurant business plan, you should at least try to have a mock-up.
Add your logo to the mock-up and choose a design that you can see yourself actually using. If you are having trouble coming up with a menu design or don’t want to pay a designer, there are plenty of resources online to help.
The key element of your sample menu though should be pricing. Your prices should reflect the cost analysis you’ve done for investors. This will give them a better understanding of your restaurant’s target price point. You'll quickly see how important menu engineering can be, even early on.
The company description section of the restaurant business plan briefly introduces the owners of the restaurant with some information about each. This section should fully flesh out the restaurant's business plan and management team.
The investors don’t expect you to have your entire team selected at this point, but you should at least have a couple of people on board. Use the talent you have chosen thus far to highlight the combined work experience everyone is bringing to the table.
6. Restaurant design
The design portion of your restaurant business plan is where you can really show off your thoughts and ideas to the investors. If you don’t have professional mock-ups of your restaurant rendered, that’s fine.
Instead, put together a mood board to get your vision across. Find pictures of a similar aesthetic to what you are looking for in your restaurant.
The restaurant design extends beyond aesthetics alone and should include everything from restaurant software to kitchen equipment.
The location you end up choosing for your restaurant should definitely be in line with your business plans and target market.
At this point, you might not have a precise location set aside, but you should have a few to choose from.
When describing potential locations to your investors, you want to include as much information as possible about each one and why it would be perfect for your own restaurant concept.
Mention everything from square footage to typical demographics.
Example for choosing an ideal location
Choosing the ideal location for your restaurant is a pivotal decision that can greatly influence your success.
To make the best choice, consider factors such as foot traffic, accessibility, and neighborhood demographics.
By carefully evaluating these factors, you’ll be better equipped to maximize visibility and attract your target market.
Foot traffic and accessibility
Foot traffic and accessibility are essential factors in selecting a location that will attract customers and ensure convenience.
A high-traffic area with ample parking and public transportation options can greatly increase the likelihood of drawing in potential customers.
Additionally, making your restaurant accessible to individuals with disabilities can further broaden your customer base and promote inclusivity.
It’s also important to consider the competition in the area and assess whether your restaurant can stand out among existing establishments.
By choosing a location with strong foot traffic and accessibility, you’ll be well on your way to creating a thriving restaurant that appeals to your target market.
Analyzing neighborhood demographics can help you determine if your restaurant’s concept and cuisine will appeal to the local population.
Factors such as income levels, family structures, and cultural diversity can all influence dining preferences and habits.
By understanding the unique characteristics of the neighborhood, you can tailor your offerings and marketing efforts to resonate with the local community.
Conducting a market analysis can be a valuable step in this process.
To gather demographic data for a particular neighborhood, you can utilize resources such as the U.S. Census Bureau’s American Community Survey and reference maps.
Armed with this information, you can make informed decisions about your restaurant’s concept, menu, and pricing, ensuring that your establishment is well-positioned for success within the community.
Conducting market research will further strengthen your understanding of the local demographic.
8. Market overview
The market overview section is heavily related to the market research and analysis portion of the restaurant business plan. In this section, go into detail about both the micro and macro conditions in the area you want to set up your restaurant.
Discuss the current economic conditions that could make opening a restaurant difficult, and how you aim to counteract that. Mention all the other restaurants that could prove to be competition and what your strategy is to set yourself apart.
With restaurants opening left and ride nowadays, investors are going to want to know how you will get word of your restaurant to the world.
The next marketing strategy and publicity section should go into detail on how you plan to market your restaurant before and after opening. As well as any plans you may have to bring a PR company on board to help spread the word.
Read more: How to write a restaurant marketing plan from scratch
10. External help
To make your restaurant a reality, you are going to need a lot of help. List any external companies or software you plan on hiring to get your restaurant up and running.
This includes everything from accountants and designers to suppliers that help your restaurant perform better, like POS systems and restaurant reservation systems .
Explain to your other potential investors about the importance of each and what they will be doing for your restaurant.
11. Financial analysis
The most important part of your restaurant business plan is the financial section . We would recommend hiring professional help for this given its importance.
Hiring a trained accountant will not only help you get your own financial projections and estimates in order but also give you a realistic insight into owning a restaurant.
You should have some information prepared to make this step easier for the accountant.
He/she will want to know how many seats your restaurant has, what the check average per table will be, and how many guests you plan on seating per day.
In addition to this, doing rough food cost calculations for various menu items can help estimate your profit margin per dish. This can be achieved easily with a free food cost calculator.
- Important restaurant metrics to track
A well-crafted restaurant business plan serves as a roadmap to success, guiding every aspect of the venture from menu design to employee training.
By carefully considering each component of the plan, aspiring restaurateurs can increase their chances of securing funding, attracting customers, and achieving their long-term goals.
Remember, a restaurant business plan is not just a document to satisfy investors; it is a living tool that should be revisited and updated regularly as the business grows and evolves.
By staying committed to the plan and adapting it as needed, restaurateurs can ensure that their culinary dreams have a solid foundation for success.
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Saif Alnasur used to work in his family restaurant, but now he is a food influencer and writes about the restaurant industry for Eat App.
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Restaurant Business Plan Template
Written by Dave Lavinsky
If you want to start a restaurant or expand your current one, you need a business plan.
Over the past 20+ years, we have helped over 5,000 entrepreneurs and business owners create business plans to start and grow their restaurants. On this page, we will first give you some background information with regards to the importance of business planning. We will then go through a restaurant business plan step-by-step so you can create your restaurant’s business plan today.
Download our Restaurant Business Plan Template here >
What Is a Restaurant Business Plan?
A restaurant business plan provides a snapshot of your restaurant business as it stands today, and lays out your projected growth plan for the next five years. It explains your business goals and your strategy for reaching them. It also includes market research, information about your target market, and a sample menu to support your winning restaurant business plan.
Why You Need a Restaurant Business Plan
If you’re looking to start a restaurant or grow the existing restaurant you need a business plan. A restaurant business plan will help you secure funding, if needed, and plan out the growth of your restaurant in order to improve your chances of success. Your restaurant business plan is a living document that should be updated annually as your company grows and changes.
Sources of Funding for Restaurants
With regards to funding, the main sources of funding for a restaurant are bank loans and angel investors. With regards to bank loans, banks will want to review your restaurant business plan and gain confidence that you will be able to repay your loan and interest.
To acquire this confidence, the loan officer will not only want to confirm that your financials are reasonable. But they will want to see a professional restaurant business plan. Such a plan will give them the confidence that you can successfully and professionally operate a business.
The second most common form of funding for a restaurant is angel investors. Angel investors are wealthy individuals who will write you a check. They will either take equity in return for their funding or, like a bank, they will give you a loan. Private equity groups are also a good source of funding for restaurant chains looking to expand further.
Finish Your Business Plan Today!
How to write a restaurant business plan.
Use the following restaurant business plan template which includes the 10 key elements for how to write a restaurant business plan that will help you start, grow, and/or secure funding for your business.
Your executive summary provides an introduction to your restaurant business plan, but it is normally the last section you write because it provides a summary of each key section of your business plan.
The goal of your Executive Summary is to quickly engage the reader. Explain to them the type of restaurant business you are operating and the status; for example, are you a startup, do you have a restaurant that you would like to grow, or are you operating a chain of restaurants?
Next, provide an overview of each of the subsequent sections of your business plan. For example, give a brief overview of the restaurant industry. Discuss the type of restaurant you are operating. Detail your direct competitors. Give an overview of your target customers. Provide a snapshot of your marketing plan. Identify the key members of your team. And offer a financial analysis of your business.
In your company analysis, you will provide a brief description of the type of restaurant you are operating.
For example, are you writing a small restaurant business plan or a business plan for a restaurant franchise. Further, you might operate one of the following types:
- Fine Dining : characterized by the fancy decor, a dress code, and high prices
- Casual Dining : offers waiter/waitress service in a nice (but not overly fancy) atmosphere with moderate prices
- Fast Casual : characterized by quality food (close to the quality of casual dining) but no waiter/waitress service in an accessible atmosphere
- Fast Food : quick service style provided at the counter or via a drive-through. Lowest quality food and lowest prices
- Steak Restaurant : focuses on steak entrees and is usually a higher priced and fancier restaurant
- Buffet Restaurant : may or may not offer waiter/waitress service. Patrons serve themselves from buffet food selection
- Ethnic Restaurant : focuses on a specific ethnic cuisine such as Indian food, Mexican food, or Moroccan cuisine.
Within these types of restaurants, there are also ethnic food specialties such as American, Italian, Japanese, Chinese, Indian, etc.
In addition to explaining the type of restaurant you operate, the Company Analysis section of your restaurant business plan needs to provide background on the business.
Include answers to questions such as:
- When and why did you start the business?
- Your mission statement and how it connects to your restaurant’s brand.
- What milestones have you achieved to date? Milestones could include sales goals you’ve reached, new restaurant openings, etc.
- Your legal business structure. Are you incorporated as an S-Corp? An LLC? A sole proprietorship? Explain your legal structure here.
In your industry analysis, also called a Market Analysis, you need to provide a market overview and an overview of the industry.
While this may seem unnecessary, it serves multiple purposes.
First, researching the restaurant industry educates you. It helps you understand the target market in which you are operating.
Secondly, research can improve your strategy particularly if your research identifies market trends. For example, if there was a trend towards speedy restaurant services, it would be helpful to ensure your business plan calls for take-out or other quick-service options.
The third reason for market research is to prove to readers that you are an expert in your industry. By conducting the research and presenting it in your business plan, you achieve just that.
The following questions should be answered in the industry analysis section of your restaurant business plan:
- How big is the restaurant business (in dollars)?
- Is the market declining or increasing?
- Who are the key competitors in the market?
- Who are the key suppliers in the market?
- What trends are affecting the industry?
- What is the industry’s growth forecast over the next 5 – 10 years?
- What is the relevant market size? That is, how big is the potential market for your restaurant? You can extrapolate such a figure by assessing the size of the market in the entire country and then applying that figure to your local population.
The customer analysis section of your restaurant business plan must detail the customer base or target market you serve and/or expect to serve.
The following are examples of customer segments: business executives, college students, sports enthusiasts, soccer moms, techies, teens, baby boomers, etc.
As you can imagine, the customer segment(s) you choose will have a great impact on the type of restaurant you operate. Clearly, baby boomers would want a different atmosphere, pricing and sample menu options, and would respond to different marketing promotions than teens.
Try to break out your customers in terms of their demographic and psychographic profiles. With regards to diner demographics, include a discussion of the ages, genders, locations, and average income levels of the new customers you seek to serve. Because most restaurants primarily serve customers living in the same city or town, such demographic information is easy to find on government websites.
Psychographic profiles explain the wants and needs of your target customers. This should also include how your customers choose where they should eat, their dining habits, and how much they are willing to spend on a meal.
The answers to the following questions should be included in your customer analysis:
- Who is your target market?
- What are their needs and wants?
- How do they make dining decisions?
- What motivates them to choose one restaurant over another?
The more you can understand and define these needs, the better you will do in attracting and building customer loyalty.
This competitive research should help you identify the direct and indirect competitors that your business faces and then focus on the latter.
Direct competitors are other restaurants.
Indirect competitors are other options that customers have to purchase from you that aren’t directly competing. This includes restaurants, supermarkets, and customers preparing dishes for themselves at home. You need to mention such competition to show you understand that not everyone frequents a restaurant each day.
With regards to direct competition, you want to detail the other restaurants with which you compete. Your greatest competitors will be restaurants located very close to your specific location, who are of the same type (e.g., fine dining, casual dining, etc.) and who offer the same cuisine (Japanese, Italian, etc.).
For each such competitor, provide an overview of the other businesses and document their strengths and weaknesses. Unless you once worked at your competitors’ businesses, it will be impossible to know everything about them. But you should be able to find out key things about them such as:
- What types of repeat customers do they serve?
- What menu items do they offer?
- What is their pricing (premium, low, etc.)?
- What are they good at?
- What are their weaknesses?
With regards to the last two questions, think about your answers from the existing customers’ perspective. And don’t hesitate to find out this information from customers by reviewing your competitors’ Yelp listings and other review pages.
The final part of this section is to document your areas of competitive advantage. For example:
- Will you provide superior food items?
- Will you provide menu items that your competitors don’t offer?
- Will you make it easier or faster for customers to acquire your meals?
- Will you provide better customer service?
- Will you offer better pricing?
Think about your unique selling points that will help you outperform your competition and document them in this section of your business plan.
Traditionally, a marketing plan includes the four P’s: Product, Price, Place, and Promotion. For a restaurant business plan, your marketing plan should include the following:
Product : in the product section you should reiterate the type of restaurant that you documented in your Company Analysis. Then, detail the specific menu items you offer/will offer.
Price : Document the prices. Essentially in the product and price sub-sections of your marketing plan, you are presenting the menu items you offer and their prices.
Place : Place refers to the location of your restaurant. Perform a location analysis and mention how the location will impact your success. For example, is your restaurant located next to a heavily populated office building, or gym? Discuss how your location might provide a steady stream of customers. Also, if you operate or plan to operate food trucks, detail the locations where the trucks will operate.
Promotions : the final part of your restaurant marketing plan is the promotions section. Here you will document how you will drive customers to your location(s). The following are some promotional methods you might consider:
- Making your restaurant’s front store extra appealing to attract passing customers
- Search engine marketing and optimization
- Social media posting/advertising
- Advertising in local papers and magazines
- Reaching out to local bloggers and websites
- Local radio advertising
- Banner ads at local venues
While the earlier sections of your restaurant business plan explained your goals, your operational plan describes how you will meet them.
This section of your restaurant business plan should have two key elements as follows:
- Everyday short-term processes include all of the tasks involved in running your restaurant such as serving customers, procuring supplies, keeping the restaurant clean, etc.
- Long-term goals are the milestones you hope to achieve. These could include the dates when you expect to serve your 1,000th customer, or when you hope to reach $X in sales. It could also be when you expect to hire your Xth employee or launch a new location.
To demonstrate your restaurant’s ability to succeed as a business, a strong management team is essential. Highlight your key players’ backgrounds, emphasizing those skills and experiences that prove their ability to grow a company.
Ideally, you and/or your team members have direct experience in the restaurant business. If so, highlight this experience and expertise. But also highlight any experience that you think will help your business succeed.
If your team is lacking, consider assembling an advisory board. An advisory board would include 2 to 8 individuals who would act like mentors to your business. They would help answer questions and provide strategic guidance. If needed, look for advisory board members with experience operating restaurants and/or successfully running small businesses.
Your financial plan should include your 5-year financial statement broken out both monthly or quarterly for the first year and then annually. Your financial statements include your income statement, balance sheet, and cash flow statements.
Pro-Forma Profit & Loss Statement / Income Statement
An income statement is more commonly called a Profit and Loss statement or P&L. It shows how much revenue you expect to earn or have earned, and then subtracts your costs to show your actual or projected profit.
In developing your income statement, you need to devise assumptions. For example, will you serve 100 customers per day or 200? And will sales grow by 2% or 10% per year? As you can imagine, your choice of assumptions will greatly impact the financial forecasts for your business. As much as possible, conduct research to try to root your assumptions in reality.
Pro-Forma Balance Sheets
While balance sheets include much information, to simplify them to the key items you need to know about, balance sheets show your assets and liabilities.
For instance, if you spend $250,000 on building out your restaurant, that will not give you immediate profits. Rather it is an asset that will hopefully help you generate profits for years to come. Likewise, if a bank writes you a check for $100.000, you don’t need to pay it back immediately. Rather, that is a liability you will pay back over time.
Pro-Forma Cash Flow Statement
Your cash flow statement will help determine how much money you need to start or grow your business and make sure you never run out of money. What most entrepreneurs and business owners don’t realize is that you can turn a profit but run out of money and go bankrupt.
For example, let’s say a company approached you with a massive $100,000 catering contract, that would cost you $50,000 to fulfill. Well, in most cases, you would have to pay that $50,000 now for ingredients, supplies, equipment rentals, employee salaries, etc. But let’s say the company didn’t pay you for 180 days. During that 180-day period, you could run out of money.
In developing your Income Statement and Balance Sheets be sure to include several of the key costs needed in starting or growing a restaurant:
- Location build-out including design fees, construction, etc.
- Cost of equipment like stoves, refrigerators, blenders
- Cost of ingredients and maintaining an adequate amount of supplies
- Payroll or salaries paid to staff
- Business insurance
- Taxes and permits
- Legal expenses
Attach your full financial projections, detailed cost analysis and/or break-even analysis in the appendix of your business plan along with any supporting documents that make your plan more compelling. For example, you might include your store design blueprint, location lease, or initial menu design.
Taking the time to write your own restaurant business plan for your business is a worthwhile endeavor. It will help you communicate your ideas and provide potential investors with the information they need to make an informed decision about investing in your restaurant.
A well-crafted business plan will also give you a road map for growing your business and achieving your long-term goals. So, while it may take some time to put together, it will be well worth the effort in the end.
If you follow the restaurant business plan template above, by the time you are done, you will truly be an expert. You will really understand the restaurant business, your competition, and your existing customers. You will have developed a marketing plan and will really understand what it takes to launch and grow a successful restaurant concept.
Want more tips? Check out our related articles:
- How to Start a Restaurant
- Restaurant Startup Costs: How Much Does It Cost To Start a Restaurant?
- How To Write a Restaurant Marketing Plan + Template & Examples
- How To Get Funding To Start and/or Grow Your Restaurant
Finish Your Restaurant Business Plan in 1 Day!
Don’t you wish there was a faster, easier way to write your restaurant business plan?
With Growthink’s Ultimate Restaurant Business Plan Template you can finish your plan in just 8 hours or less!
Click here to finish your restaurant business plan today.
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Restaurant Business Plan Template FAQs
What is the easiest way to complete my restaurant business plan.
Growthink’s Ultimate Restaurant Business Plan Template allows you to quickly and easily complete your restaurant business plan.
Where Can I Download a Free Restaurant Business Plan PDF?
You can download our restaurant business plan PDF template here . This is a restaurant business plan template you can use in PDF format.
Where Can I Find a Small Restaurant Business Plan PDF?
Our small restaurant business plan PDF is a free resource to to help you get started on your own small restaurant business plan.
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Rooftop Bars Restaurants Design
By Alyssa Wolfe
Venezuelan architect and interior designer Alejandro Barrios-Carrero’s scheme for this 10,000-square-foot restaurant, which is named after the Brazil-nut tree, recently received the James Beard Award for design. Occupying the penthouse level of a sculptural concrete-and-glass mixed-use complex by Herzog & de Meuron , the space offers expansive scenes of Miami Beach and is outfitted with furniture and lighting by Patricia Urquiola , Piero Lissoni , and Thomas Patterson. The terrace features a retractable roof and a fountain surrounded by banquette seating, as well a 22-foot-tall living wall by French botanist Patrick Blank that creates a vibrant focal point.
GB Roof Garden, Athens, Greece
The restaurant and bar that tops the Hotel Grande Bretagne boasts nothing less than the Acropolis as its backdrop. Still not impressed? Turn your gaze to Kalimarmaro Stadium, the site of the first modern Olympic Games in 1896. Michelin-star chef Asterios Koustoudis serves an inspired Mediterranean menu in a covered open-air dining room and terrace.
Luna Rooftop Tapas Bar, San Miguel de Allende, Mexico
There’s no better place to unwind after a day of exploring this magical colonial Mexican city than the tapas bar crowning the luxurious Rosewood San Miguel de Allende hotel. The view of the town’s historic district and the magnificent neo-Gothic church, La Parroquia de San Miguel Arcángel, designed by self-taught architect Zeferino Gutiérrez, is unrivaled.
Le Georges, Paris
Set on the rooftop of the Centre Pompidou, Le Georges provides sweeping vistas of the surrounding Beaubourg neighborhood and beyond. Parisian designers Dominique Jakob and Brendan MacFarlane chose a spare, contemporary look to complement the art center’s iconic modern architecture by Renzo Piano and Sir Richard Rogers .
Skylite Lounge, Abu Dhabi
Its position above a Formula 1 racetrack makes this bar at the Yas Viceroy hotel a highly sought after locale on race days, especially with the view of the desert landscape and Persian Gulf beyond. Designed by New York architecture firm Asymptote , the lounge is enveloped in a striking steel-and-glass structure that creates a unique canopy space on the roof. Asymptote partnered with design firm Jestico + Whiles to devise a sleek lounge area next to the rooftop pool.
By Phillip Denny
By Dana Thomas
By Gay Gassmann
Le Bain, New York City
The penthouse discotheque and rooftop bar at the first New York outpost of André Balazs’s Standard hotel is quite possibly the hippest place to take in panoramas of the Hudson River and downtown Manhattan. Set atop the 18-story concrete-and-glass tower designed by New York’s Ennead Architects that straddles the High Line park, the turf-covered roof boasts a plunge pool and a crêperie.
Sirocco and Sky Bar, Bangkok
From your perch on the 63rd floor of the Lebua hotel, dine on chef Clément Pellerin’s Mediterranean fare at the Sirocco restaurant or enjoy a cocktail at the adjoining Sky Bar. The elegant spaces, fashioned by architecture firm DWP , are finished with sandstone, timber veneers, gold-leaf touches, and Thai silks.
Ristorante Bramante, Rome
Just steps away from the Piazza Navona, chef Jean-Luc Fruneau reimagines traditional Mediterranean cuisine at the multilevel rooftop garden at the Raphaël Hotel’s restaurant, which faces the Bramante cloister in the church of Santa Maria della Pace. The terrace also overlooks many of the Eternal City’s architectural wonders, from the Pantheon and St. Peter’s Basilica to Castel Sant’Angelo and Giuseppe Sacconi’s 1885 war memorial.
The Roof, Madrid
British interior architect Keith Hobbs seamlessly blends the classic with the contemporary on the rooftop terrace at the ME Madrid Reina Victoria hotel. The bar itself is built into a stone wall, and sofas add to the relaxed atmosphere. Located in the Plaza de Santa Ana, the hotel looks onto the heart of the city.
The Ides, Brooklyn
A factory turned hotel on the waterfront of Brooklyn’s Williamsburg neighborhood proves the ideal setting for taking in the Manhattan skyline across the East River. Located on the sixth-floor roof terrace at the buzzy Wythe Hotel, the bar offers seasonal cocktails with an emphasis on locally made spirits.
Architect Mahmut Anlar of the Istanbul firm Geomim employed furnishings from the 1950s and ’70s to infuse this restaurant with a cool retro vibe. Its prime position atop the Marmara Pera hotel in the Turkish city’s historic Pera district affords wide-ranging perspectives of the Hagia Sophia and the Topkapi Palace below.
Le Panoramique, Chamonix, France
Mont Blanc provides a dramatic backdrop for this seasonal—it’s open from June 15 through September 15—casual eatery adjacent to the Le Brévent cable-car station, a short distance from Chamonix in the Rhône-Alpes region. Mulled wine, local cheeses, and a plate of pasta add up to the perfect lunch after a morning of hiking.
Rooftop Outdoor Lounge & Restaurant, Jerusalem
From high atop the Mamilla Hotel you can see the Old City walls and the Tower of David. The hotel’s contemporary design, by Israeli architect Moshe Safdie and Italian designer and architect Piero Lissoni, is carried up through the rooftop’s casual brasserie and lounge.
La Terrazza, Florence
Recently refurbished by Florentine architect Michele Bönan , the rooftop bar at the Ferragamo-owned Continentale hotel is a chic spot to sip Italian-style aperitifs while gazing at the Ponte Vecchio and Brunelleschi’s Duomo. The polished new scheme was inspired by the Italian film-and-fashion scene during the 1950s and includes a fireplace and heated benches for cool summer nights and year-round use.
Aer, Mumbai, India
Unobstructed prospects of the bustling Indian metropolis are yours at this high-energy restaurant and lounge occupying the entire roof of the Four Seasons Hotel Mumbai. Snack on international tapas—think goat-cheese-and-pistachio truffles and whiskey-smoked salmon—while a DJ spins jazz, funk, and house music. Located on the hotel’s 34th floor, the bar is the city’s highest.
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- Rooftop Restaurant - Business Model
Rooftop Restaurant - Business Model - Example
- Subject: Business
- Level: Business School
- Pages: 47 (11750 words)
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Extract of sample "Rooftop Restaurant - Business Model"
The paper “Rooftop Restaurant - Business Model” is a cogent example of a business plan. Rooftop restaurants present business opportunities for restaurateurs who want to give their customers a unique restaurant experience. The evolution of rooftop usage for a restaurant business is one that saw rooftops initially being used to hang laundry and storage equipment. With time, rooftops became valuable and started being used to create garden theaters. Later when technology changed from static theaters to moving pictures, rooftops came to be used for bars, restaurants, and even apartments.
This study sets out to conduct research on the viability of the rooftop restaurant business in London. The study involves a random probability sampling technique with respondents selected from 5 rooftop restaurants in London. Questionnaires were used to collect primary data while academic and non-academic internet sources were used to collect secondary data. The validity of the test instruments was determined through hospitality industry experts’ opinions, other research studies on hospitality business, past trends, benchmarking with best performers, studies by international organizations as well as official policy documents.
A pilot study was carried out, and the data subjected to Cronbach alpha to ensure the reliability of the test instruments before the actual research could be carried out. Descriptive statistics were used to analyze the data, which was presented in frequency tables and later summarized through frequency counts, mean- scores, and percentages.CHAPTER ONEIntroduction1.0 IntroductionVisiting a rooftop restaurant is a luxury that city residents enjoy. The desire of men to climb on top of things and hang out there has created the opportunity for bars, restaurants, hotels, and apartment buildings to carve out a niche to serve by securing spaces on rooftops of high buildings.
However, this was not the case about 2 decades ago. Rooftops were used for hanging wet laundry and reserved for industrial equipment as well as domestic servants.
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Opening a Bar & Restaurant?
How to write a bar & restaurant business plan (fast), step by step (actionable) case study.
Opening a bar and restaurant is an amazing adventure for any up-and-coming entrepreneur – and writing a business plan is one of the very first (and most important!) steps.
Wondering how to go about it? No need to look any further.
Our Bar & Restaurant business plan sample will help you map out your journey, as well as identifying and addressing any potential pitfalls that could cause problems for your business.
So whether you need funding or would simply like a track to run on…
Be sure to check out this example to improve your chances of Business Success!
Ready? Let’s go.
#1 Executive Summary for a Restaurant Business Plan
Are you looking to write a restaurant business plan? If so, let’s firstly look at The Executive Summary section.
The Executive Summary of your business plan outlines what your business does. It’s an overview of your business and summarizes all its key points, as well as being an introduction for the rest of your plan.
The example in this section can be suitable for the following:
- Small Restaurant business plan
- Bar business plan
- Cocktail Bar business plan
- Fast Food Restaurant business plan
Please check it out and feel free to lift any content.
The #Executive #Summary outlines what your business does, summarizes your key points, and prepares investors for the rest of your #businessplan. It’s vital you provide a solid case for your business idea, which is why your #executive #summary is so important! Tweet
We are John and Mary Smith, a father and daughter team, offering years of experience in both business ownership and management, and the hospitality trade.
John Smith is currently a Director of an electrical contractors in Washington, and has been in the industry for 30 years. Currently working in the aerospace sector, John delivers the highest standard of workmanship for his clients, and offers a wide range of transferable skills including staff management, decision making, building strong business partnerships, and negotiation skills.
John will be supported by his eldest daughter Mary, a confident and outgoing people-persons with years of experience in the bar and restaurant industry. She offers a wealth of knowledge in hospitality and bar management, and would be very much at home running her own bar and restaurant.
What We Sell
We will be selling a wide range of soft drinks and alcoholic beverages in partnership with ABC PLC. The wet list will be based on the current ABC listings, and we would also like to expand the wine list in accordance with ABC Code of Practice.
The dry menu, which is currently of a very high standard, will be based on local and seasonal produce and created in direct association with the Head Chef.
We will also run a number of promotions to push more from our wet and dry menus, and these promotions will also run in accordance with ABC Code of Practice.
Who We Sell To
We will sell to local residents and also people visiting the area. We want to create a warm and friendly atmosphere, and to leave our customers feeling totally satisfied with our service whether they pop in for a pint or a coffee, or stay with us all evening for a meal and drinks. We can only achieve this by employing and developing the right team, and we will focus our efforts on hiring experienced, friendly, professional and enthusiastic staff. From our Head Chef down to our team of waiting staff and bar staff, we will ensure we only hire the best the local area has to offer.
In addition to retaining existing regular customers, we recognize the importance of attracting new customers, and we will look into what is currently working for the business, and what isn’t working so well. With this knowledge and information, we can look into promotions and improvements that will encourage more visitors, whether they are locals or passing trade.
Please see financial plan for further information.
#2 Restaurant Business Plan Company Profile Section
The Company Profile in this restaurant business plan sample is also known as the Company Description. If written well, your potential investors will find it easy to understand your business model, your mission and goals and how it’s going to meet the needs of your target market.
For the purpose of this bar business plan, we’ve included the following in the Company Profile Section:
- Company Overview & Management Team
- Location and Facilities
The Hugo’s Bar and Restaurant has been in business for years, and is an established bar and restaurant offering a wide range of beverages and a fine selection of hot and cold meals.
The main company address is Main Road, Washington USA
This is not a new business, but we would be taking over as new managers of the establishment. The bar and restaurant is owned by ABC PLC and would be offered to us under a five year tenancy, with the opportunity to renew this lease after expiry.
Under such an agreement we – the tenants – will pay the rent and be responsible for the day-to-day management of the bar and restaurant. This will include such things as:
- Bookkeeping and accounting
- Managing stock
- Taking responsibility for minor repairs
- Maintaining fixtures and fittings
The management team consists of John Smith and Mary Smith, a father and daughter team. John Smith has years of experience as a Director for an electrical contractor, and is very experienced in staff management, business management, key decision making, negotiations with suppliers and partners and achieving results.
Mary Smith brings a wealth of bar and restaurant and bar management experience, and is keen to continue with the success the bar and restaurant has experienced already, whilst also making significant improvements where necessary.
We will look to recruit where required. It is essential that we have a first class Head Chef employed at all times to oversee our menu, and ensure that meals are produced to the very highest standard and that all ingredients are sourced locally where possible. We will employ a mixture of full-time and part-time staff.
Locations and Facilities
The Hugo’s Bar and Restaurant is situated at Main Road Washington USA
Our mission is to sell delicious and remarkable food and drinks to our customers. We will ensure that the food and drink we sell meets the highest possible standards of quality, freshness and seasonality and that it is sourced from local producers where possible. We want our customers to experience impeccable service at all times, and we will ensure that our staff demonstrate warmth, efficiency, integrity and knowledge at all times, and that every customer leaves happy.
A #mission #statement is a short statement of an organization's purpose and shows the goal of its operations: what kind of product or service it provides, its primary customers or market, and its geographical region of operation. Tweet
The bar and restaurant has been trading in the same location for a number of years, and offers a wide range of beverages and hot and cold foods to its clientele. Now run by ABC PLC, the establishment has been leased by a number of landlords, and now commands good reviews and a good following in the local region.
#3 Restaurant Business Plan Products & Services Section
The Products and Services section in this restaurant business plan example is showcasing the value and quality of their products and services.
For any start up bar business plan, it’s important to write down what it is that sets you apart from your competitors and the benefits of your business.
- What sets you apart from your competitors?
- How does your pricing compare?
- Why would people buy from you as opposed to your competitors?
Here’s the example.
Products and Services
The Hugo’s Bar and Restaurant is a family bar and restaurant offering a warm welcome, a wide selection of beverages, and an excellent menu. It is very popular with locals and has received very good reviews on TripAdvisor. The wet list features ABC fine cask beers, wines, spirits, cocktails, soft drinks and a coffee menu. We would also be interested in adding more wines to the menu, perhaps featuring a wine of the month, or wines from a particular region each month to keep the menu interesting.
In addition to the usual bar and restaurant fayre, we would also look to introduce the following services and events:
- A lunch club once a week for elderly people within the region.
- A dedicated kids menu. We could offer discounted kids meals one afternoon a week to encourage parents to visit us with their children after school.
- A dedicated gluten-free menu. There were a few comments on TripAdvisor about there not being a good gluten free selection. This is becoming more important to clientele.
- More theme nights such as steak & wine nights. We would also look into doing beer & cheese nights. This is something that has just started to take off, and would be a great way to introduce people to the cask beers on offer alongside local cheeses.
- Events such as coffee mornings welcoming people from the community, especially new people looking for a place to meet with locals, or get to know us better.
We would also look into adding or updating fruit machines and a jukebox, as well as increasing food service hours, and perhaps looking into serving a small breakfast menu.
There are a number of bar and restaurants in the region we would be competing directly with. Some of the most popular bar and restaurants in the area include:
- Happy Restaurant
- Washington Arms
These bar and restaurants have good reviews. Happy Restaurant is famed for its real ales and homemade pork pies. The Arms is popular with sports crowds and offers good beer and a welcoming, busy atmosphere. Washington Arms offers a good selection of beers, and cheap homestyle food.
We want to be able to cater to more families looking for excellent food in a warm and welcoming atmosphere. We want to offer a busy and lively atmosphere in the evenings and to attract locals and passing trade. We also feel our dry menu offers so much more than other offerings in the local area, and we really want to focus on increasing profits in this area, and to look into ways to attract our customers to have a meal with us.
Product & Service Development
We would love to develop the products, services and events on offer, and to do this in line with the ABC Code of Practice. As the saying goes ‘if it ain’t broke don’t fix it’ and so we would look at the aspects of the business that are working well, and only make improvements where necessary. We also want to stay away from adding too many gimmicks as this can be a bar and restaurant’s downfall. We believe clientele like regular events so they know what is happening and when, and this works very well with the XYZ brand which offers Curry Clubs, Lunch Clubs and other options on set days of the week.
We also want to appeal more to families during the day. One idea we have is to add a marquee outside, and to build a pizza oven so that we can hold kids’ pizza parties and other events outside. Parents are always looking for something different for their kids to do, and this could be a very lucrative revenue stream for the bar and restaurant. Parents may also stay to have a meal or drinks while the little ones enjoy the party.
We may also look into offer a set kids menu as seen in other establishments. Children could choose a main meal, dessert and a drink for around $4.95, and also be given coloring pencils and a picture to color in. This not only keeps the kids entertained, but also encourages adults to stay longer and purchase more items from wet and dry menus. We would also promote our birthday parties on the back of the coloring in page.
Sourcing and Fulfillment
All wet products will be sourced and supplied by ABC PLC as per our agreement with the brewery. Equipment such as cellar cooling and drinks dispensers are maintained by ABC. We would look to secure good deals for local produce for our dry menu, and will leave this responsibility to our Head Chef.
Pathway and Lease Agreements are fully tied for all beers, ciders, stout, wines, spirits, soft drinks, packaged alcoholic drinks and gaming machines, including Amusement with Prize Machines (AWP), Skill with Prize Machines (SWP), pool tables and video/LCD based non-payout leisure machines.
Not applicable to this business.
Not applicable to this business. The products we sell will already have the relevant trademarks and licenses in place.
#4 Opening a Restaurant Business Plan Situation & Market Analysis Section
This section of a business plan is very often glossed over because more often than not, the business owner is so involved within their business, that it doesn’t occur to them that they can learn something by writing this down!
This section is one of the most important aspects of your Bar & Restaurant marketing plan.
In fact, it defines where you are currently in terms of your market, product, customer, and competition. It also allows you to look at both internal and external factors and to review and document the strengths and weaknesses of your business, as well as identifying any opportunities and threats within your marketplace.
- Market Analysis & Trends
Industry analysis, key customers, target market, market overview.
Our target market will consist of local customers already regulars at the establishment, new local customers, people visiting the area, and passing trade. The Hugo’s Bar and Restaurant already has a good reputation in the area for a good atmosphere and great food, and we certainly would not want to change that!
However, we do believe there is room for improvement and that these improvements would attract new customer streams to the bar and restaurant. If we could extend the restaurant opening hours for example, we could improve profits across the wet and dry menus, and also upsell items such as good wines. We would also want to welcome more children and parents to the bar and restaurant, and will look into ways we can do this.
The Hugo’s Bar and Restaurant offers some amazing attributes to the area. Its warm and welcoming atmosphere and good food are very well documented on TripAdvisor.
We will offer a wide range of products under one roof including alcohol, soft drinks, coffee and good food. People can come to us in the afternoon for drinks and stay with us through dinner and up until closing time if they wish. We want to encourage this kind of home from home experience and encourage people to enjoy as many of our products and services as possible.
The Hugo’s Bar and Restaurant always serves good food and drink and is our favorite place to eat in the local area. If you haven’t tried the Hugo’s Bar and Restaurant, it’s a must for 2016. – Vivien S (TripAdvisor)
For most of the evening, we had the dining room to ourselves which was lovely. The staff were friendly and left us alone unless we needed them. I really liked the fact that there was a limited menu. This way I know all the food prepared is fresh. – Emily C (TripAdvisor)
However, there is room for improvement. There are a number of negative comments on TripAdvisor regarding the limited range of food on offer for children, and there have also been misunderstandings in the past about gluten-free options. We would do more to ensure our customers are catered to and made to feel totally comfortable in our surroundings and with our menu.
We would also look at adding services that cannot be found elsewhere. For example, our plan is to offer kids’ parties outside in a marquee. By adding a pizza oven outdoors, we can capture a section of the market that is growing with a relatively cost-effective idea. This will also attract more wet menu sales from parents and carers who want to stay with us while the party is going on.
The great American night out has always featured the bar and restaurant. Whether it is at the start of the night for a few drinks before dinner or going on to a nightclub, or patrons spend their entire night in the same establishment, this timeless trend shows no sign in stopping or even slowing down. However, with more bar and restaurants springing up, and more bar and restaurants using innovative ways to attract patrons, we would need to stay on our toes. By offering a mix of traditional bar and restaurant fayre and services, and also looking at new ways of attracting customers, we will remain competitive and maintain the already good reputation.
Craft beers and cask ales are becoming more and more popular. People are open to trying new experiences, and would look at ways we can promote beer sales with special events. Beer and cheese evenings are starting to gain popularity with patrons being offered a cheeseboard and smaller taster glasses of beer. This is just one idea, but an example of how important it is to keep up to date with market needs and trends.
We may also look into ways in which we could encourage people to have their “big night in” at the bar and restaurant instead of at home. People settle down at home for shows such as X-Factor, Americas Got Talent, and other big TV events. We could possibly create a living room atmosphere and encourage people to come to us instead. This sort of event could get people talking to each other, enjoying themselves in our establishment, and ultimately ordering more drinks.
During the past decade, a series of legislative, social and economic trends have conspired to squeeze industry revenue and profit margins, forcing many bar and restaurants out of business. Already reeling from the ban on smoking in bar and restaurant places, patronage and industry revenue have been battered by rising beer duty, declining alcohol consumption, competition from low supermarket alcohol prices and the prolonged economic downturn.
Whilst it can be difficult for new bar and restaurants to enter the market, established bar and restaurants with regular visitors, a good reputation and willing to keep up with the latest trends and customer demands, can continue to thrive. This is why it is so important for us to review where the Hugo’s Bar and Restaurant is doing well, and to focus our efforts on areas that need improving or to introduce new events or services that would bring in new sustainable revenue streams.
We will be working in the hospitality industry, offering good food and drinks to our customers in a warm, friendly and welcoming atmosphere. Our services and products will be sold directly to customers within our establishment, and promoted across a number of different channels.
Customers often make their buying decisions based on price and personal preference. In addition to drinks purchased direct from the bar, we will also offer drinks within our restaurant, and this is where we may have the best opportunity to push some of our higher priced items such as wines and also pre-dinner cocktails. Reputation is also important, and the ABC name is well known amongst cask ale lovers.
Our key customers will consist of people of all age groups, from 0-100 years old. We want to promote a real family-friendly atmosphere, and to encourage people of all ages, all walks of life, and all areas to come to our bar and restaurant. We want to promote a real community spirit that unites people, starts conversations, offers customers a great day out or a memorable night out, and which also encourages customers to share their experience with others.
#5 Small Restaurant Business Plan Marketing Strategy Section
The marketing strategy section of your business plan describes who your customers are going to be and how you plan to communicate to them the services or goods you are offering.
If your potential customers are not made aware of your business, you are not going to stay in business for very long!
Defining a marketing strategy in your business plan highlights your understanding and knowledge and emphasizes what makes your business concept compelling. It also outlines how you plan to attract and maintain a customer/client base.
- How are you planning to advertise to your market?
- What is your competitive edge?
- What is your sales strategy?
- SWOT analysis.
Let’s look at this example for a restaurant business plan.
Define a marketing strategy within your business plan to highlight your expertise and emphasize what makes your business concept compelling. Tweet
Strategy and Implementation
There is a need for a good local bar and restaurant in every town, somewhere people can come together to share good times, celebrate, relax at the end of a long day and generally socialize with friends, family and other locals. The Hugo’s Bar and Restaurant is a small bar and restaurant, but is very big on character and reputation, and we would want to keep it that way.
We believe there is room in the market for many different establishments, but we do need to ensure that we stand out. Through good advertising locally and nationally, we can ensure our name stays on the map, and that we maintain the reputation the bar and restaurant has achieved already.
Good quality cask beers, a wide range of beverages, excellent food, a welcoming atmosphere, exciting promotions, regular events and a family feel are all qualities we feel are important to the bar and restaurant and its customers.
Our marketing plan would include improving the website, using social media channels more effectively, using print advertising for our promotions and events and also encouraging word of mouth recommendations and online reviews. We feel there is a lot of room for improvement where marketing is concerned. For example, the Twitter feed has not been updated since February 2nd.
Please see the latest ABC wet list pricing. The bar and restaurant currently offers a set menu for its guests at lunchtime, and an à la carte menu during the evening. These are all priced at very competitive rates.
We would like to offer our customers discounts, especially regular customers. We will offer these discounts through a discount card, and also through fun promotions on our social media channels.
We intend to use digital marketing and print marketing to its full potential. Through regular updates to Twitter, Facebook and our website, we can start to attract more attention, and ultimately attract more people through the door.
There is currently a website, but we feel it is very lacking in terms of up to date information. For example, there is a sample food menu listed, but we feel there could be more details here and some good quality photos to show potential customers how good our food is. There are also no event listings or any information about promotions or other messages that could attract customers. We would also like to attract more customers celebrating a special event. For example, we could give the birthday boy or girl a free pint or glass of prosecco, or a free dessert. We want the Hugo’s Bar and Restaurant to be their first choice whenever they have something special to celebrate.
We would like to use social media to advertise promotions. There will be regular quiet times during the week, and we would like to encourage more footfall by offering discounts through Twitter and Facebook. For example, we can give a 10-15% discount to any customer that quotes a phrase we have posted on our social media channels.
We also want to promote the Hugo’s Bar and Restaurant as a true community bar and restaurant, and we will look into charity promotions and other events where we can put something good back into the community. Whether it is giving a local charity somewhere to hold an event, or holding a special lunch club for elderly local residents, we want to portray a caring and welcoming image.
We will sell directly through the bar and restaurant. We will also offer birthday party packages.
We would be taking over an already established business. Before taking over, we would want to have a set plan of action in place for any improvements we would like to make. For example, we would like to have seasonal lunch and dinner menus devised in advance so that we can publish these on our website and through our social media channels. We would also like to have set out our regular events and promotions and to have advertising arranged for each of these events so that we can get the word out in advance of each event taking place.
It is also important that we are accepted as the new management team, and therefore any changes we make will need to be handled carefully and in a sympathetic way. We want to listen to our customers, and through face to face conversation and activity on our social media accounts, we can obtain feedback on what our customers would like to see. This feedback will also have an impact on our milestones.
Training of key members of staff is also essential and we would work closely with ABC to establish a training schedule in accordance with their Code of Practice. Both John and Mary already have a Personal License in place.
In summary, we would look at employng good quality staff including a Head Chef, increasing food availability times, improving sales and profits and establishing ourselves as one of the leading bar and restaurants in the community.
The Hugo’s Bar and Restaurant is in a very strong position as a popular bar and restaurant in the heart of the community, and is well established. It is especially well known for its excellent food and drink menus, and for its large garden during the summer months. The exterior of the bar and restaurant is attractive and welcoming, and offers a clean and modern look and good kerb appeal. There are also good parking facilities.
The bar and restaurant is also known for its excellent staff and service, and this is apparent on TripAdvisor and other review sites. We would work hard to maintain this level of service, and to make improvements where possible.
As with any business, there is always room for improvement. We feel there are a number of areas that we could work on immediately, and which would take minimal focused effort to achieve and improve.
We would first turn our attention to the food menus, offering a good set price kids menu, and also gluten-free options on a separate menu. We would also review gluten-free food prep in the kitchen, ensuring we have a separate fryer for chips and other foods that need to be cooked separately.
Food service times are currently too short, and we feel the bar and restaurant is missing out on profits during these times.
The bar and restaurant is currently closed on Monday, and this is an entire day where the bar and restaurant is missing out on local trade and trade from people visiting the area.
The patio area is not currently used to its full potential, and we would like to improve this area to make it more appealing and more suitable for a range of uses.
Social media channels are not being updated. The last Twitter update was almost six months ago, and this is a big area we would like to address. The website also needs attention.
There are many opportunities for improvement. In addition to the improvements we have already listed, we would like to focus on seasonal opportunities such as Christmas, New Year and Mother’s Day and advertise these events and promotions well so that we achieve maximum covers in the restaurant and excellent profits from our wet menu.
There is a real opportunity for us to appeal to more groups of customers, and to open up new revenue streams. For example, our aim is to have at least one kid’s birthday party booked every weekend, and to have more parents popping with their kids after school. There are also opportunities for us to improve our food menu, to make it more available during the week, and to publicise our menu and any special offers across our website and social media.
We also want to welcome our more elderly residents, and give them somewhere to visit on a weekly or monthly basis for a warm meal and a friendly atmosphere.
It is essential that we maintain the Hugo’s Bar and Restaurant’s already excellent reputation, and that we make improvements carefully and in the right way. One bad TripAdvisor review could be very damaging, so we will do everything in our power to attract the best reviews and word of mouth recommendations. Any failures in service will be dealt with immediately, and any poor reviews replied to and addressed in the best way possible, offering compensation where necessary.
We also need to ensure we keep an eye on our competition and what they are doing. Our tie-in with ABC is also critical to our operations, and so we would ensure that we work in accordance with the Code of Practice at all times.
Staff retention is extremely important to the establishment, especially in terms of more skilled staff such as the Head Chef. We would ensure we offer an attractive remuneration package, and that we keep our team motivated to the point where they wouldn’t want to work anywhere else.
We are competing against a number of similar establishments in the local area. The most popular bar and restaurants in the region offer excellent services, but we are in a very strong position to compete. For example, some are more well known for a lively sports crowd, and well-placed near to public transport links where there is good footfall from visitors.
We want to be the warm, friendly and inviting bar and restaurant where everybody is welcome. We offer a range of good quality beverages backed by the outstanding ABC brand, and we offer a fresh, seasonal and local menu cooked and presented to perfection. Customer service will also be extremely high, and customers will want to come back to us time and time again.
We believe we can stand out with our reputation, our promotional activities and also our innovative options such as kids’ pizza parties, beer and cheese nights and other events that are not available elsewhere.
In addition to our website and social media channels, we will also advertise in local newspapers, outside the bar and restaurant, at point of sale and on our restaurant and bar tables. We will track the success of our promotional activity through social media promotions, and also through print promotions. For example, some promotions may require a special code to be announced at the time of ordering, or for a leaflet to be presented to gain a discount.
Our restaurant bookings will be taken in person, over the phone and through our website. All other products and services will be sold directly.
Whilst all sales will be largely led by what the customer wants to order at the time, we will encourage more sales through our promotions and also through clever upselling by our staff. For example, asking customers if they would like to see the wine list over lunch, or asking them if they would like any bar snacks with their order are all ways we can gently make suggestions. We may look into financial rewards for our staff depending on which products we can upsell and how.
Our greatest strategic alliance will be with ABC PLC, and we would ensure we work closely with the company at all times to ensure we are complying with their Code of Practice, and to raise any concerns we may have early on.
#6 Restaurant Business Plan Financials Section
Ensuring that you have a COMPLETE financial plan within your business plan will DOUBLE your chances of investment as well as the future growth of your business.
A lot of small businesses don’t have a financial plan and it’s essential to your long-term success and business growth.
We’ve listed here the key elements you need to have in a successful financial section:
- Initial Start Up Expenses – Especially if this is a start-up idea, it’s essential that you have a description of what you need for investment purposes.
- Sales Forecast – It’s essential to have an estimate of your monthly sales revenue as well as annual. This helps you understand your business and plan out any marketing and growth strategies.
- Direct cost of sales – Measures the amount of cash the company will have to spend to produce the goods or services sold by the company. The direct cost of sales only includes the expenses directly associated to production.
- Profit and Loss Forecast – This is a statement summarizing the revenues, costs and expenses incurred during a specific period.
- Balance Sheet – This is the financial position of the company and states its assets, liabilities and owners’ equity at a particular point in time. It illustrates the business’s net worth.
- Loan Repayment – This shows the lender or potential investor the act of paying back any monies.
So… Are you ready to look at some figures?
Profit & Loss
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Now, over to you...
Now I’d love to hear from you:
Are you going to start up your own bar & restaurant or have you recently written a business plan?
We’d love to know what you thought about our bar & restaurant business plan example.
Feel free to leave any comments below and I will be sure to answer them as soon as they come in.
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How To Write a Business Plan for Urban Rooftop Hotel in 9 Steps: Checklist
Resources on urban rooftop hotel.
- Financial Model
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Welcome to our blog post on how to write a business plan for an urban rooftop hotel! Did you know that the rooftop hotel industry is experiencing impressive growth in the US? According to recent statistics, the market is projected to reach a value of $9.48 billion by 2027, with a compound annual growth rate of 6.8% . This presents a lucrative opportunity for aspiring hoteliers looking to combine luxury and sustainability in a unique and eco-friendly setting.
Now that you're aware of the industry's growth potential, let's dive into the nine essential steps you need to take in order to create a comprehensive business plan for your urban rooftop hotel.
- Step 1: Research the market and identify potential target customers
- Step 2: Conduct a feasibility study to assess profitability and sustainability
- Step 3: Analyze the competitive landscape and unique selling propositions
- Step 4: Determine location and evaluate its suitability
- Step 5: Assess available funds and create a preliminary budget
- Step 6: Conduct a risk assessment and develop a risk management plan
- Step 7: Define the hotel's brand identity and positioning
- Step 8: Outline core services and amenities to be offered
- Step 9: Identify necessary permits, licenses, and legal requirements
Each of these steps plays a crucial role in ensuring the success and profitability of your rooftop hotel venture. By taking the time to thoroughly research and plan, you'll be well on your way to creating an exceptional hotel experience that combines luxury, sustainability, and collaboration with local businesses.
Are you ready to embark on the journey of creating your own urban rooftop hotel? Let's get started!
Research The Market And Identify Potential Target Customers
Researching the market and identifying potential target customers is a critical step in developing a successful business plan for an urban rooftop hotel. By understanding the market demand and customer preferences, you can tailor your hotel offerings to meet their specific needs and aspirations.
Here are some steps to guide your market research:
- Identify the target demographic: Begin by determining the characteristics of your ideal customers. Consider factors such as age, income level, occupation, and lifestyle preferences. This will help you create marketing strategies that effectively reach and engage your target audience.
- Study consumer trends: Keeping up with the latest trends in the hospitality industry will give you insights into what potential customers are looking for in a hotel experience. Monitor industry reports, travel blogs, and social media platforms to identify emerging trends and incorporate them into your service offerings.
- Analyze competitor strategies: Research other rooftop hotels and luxury accommodations in your chosen market. Study their pricing, amenities, and branding strategies to identify gaps in the market that you can leverage. Differentiating yourself from competitors is crucial for attracting customers and creating a unique selling proposition.
- Conduct surveys and focus groups: Gathering direct feedback from potential customers can provide valuable insights into their preferences and expectations. Conduct surveys or organize focus groups to understand their pain points, desired amenities, and pricing preferences. This firsthand information will help you tailor your hotel's offerings to maximize customer satisfaction.
Tips for researching the market and identifying target customers:
- Stay updated with industry reports and trends to anticipate changing customer preferences.
- Engage with potential customers through social media platforms to understand their desires and expectations.
- Consider partnering with local tourism boards or associations to access market research resources.
- Attend trade shows and conferences to network with industry professionals and gain insights into market trends.
Conduct A Feasibility Study To Assess The Profitability And Sustainability Of The Business Idea
Conducting a feasibility study is an essential step in determining the viability of your urban rooftop hotel business idea. This study will help you assess the potential profitability and sustainability of the venture, allowing you to make informed decisions moving forward.
The feasibility study should begin with a thorough analysis of the market and industry trends. This research will help you understand the demand for luxury and eco-friendly accommodations in urban areas, as well as the expectations and preferences of your target customers.
Next, you should analyze the financial aspects of the business idea. This includes calculating the initial investment required to set up the rooftop hotel, as well as the ongoing operating costs and potential revenue streams. Consider factors such as construction and renovation costs, utility expenses, staff salaries, and expected room rates.
Additionally, it is important to assess the sustainability of the business model. This includes evaluating the environmental impact of the rooftop hotel and ensuring that it aligns with your target customers' eco-friendly values. Determine the feasibility of implementing sustainable technologies, such as solar panels and rainwater harvesting systems, and evaluate the cost savings and benefits they can provide in the long run.
Tips for conducting a feasibility study:
- Gather data from reliable sources, such as market research reports and industry associations, to support your findings.
- Consider hiring a professional consultant or researcher to assist with the feasibility study if you lack the expertise or resources.
- Include a thorough analysis of potential risks and challenges that may impact the success of your rooftop hotel.
- Engage with potential customers and stakeholders through surveys or focus groups to gather valuable insights and feedback.
- Regularly review and update your feasibility study throughout the planning process to ensure it remains relevant and accurate.
By conducting a comprehensive feasibility study, you will gain valuable insights into the potential profitability and sustainability of your urban rooftop hotel business idea. This analysis will inform your decision-making process and enable you to develop a well-informed and successful business plan.
Analyze The Competitive Landscape And Identify The Unique Selling Propositions Of The Rooftop Hotel
An essential step in creating a successful business plan for an urban rooftop hotel is to analyze the competitive landscape and identify the unique selling propositions that will set your hotel apart from others in the market.
Firstly, it is crucial to research and analyze existing rooftop hotels in the target market. Understand their offerings, pricing strategies, target customers, and overall brand positioning. Identify any gaps or areas where your hotel can differentiate itself.
List out the unique selling propositions (USPs) of your rooftop hotel:
- Consider the luxury and sustainability aspects that differentiate your hotel from traditional hotels. Focus on eco-friendly practices such as rooftop gardens, solar panels, and rainwater harvesting systems.
- Highlight the exclusive experience that your rooftop hotel offers. Emphasize the breathtaking views, rooftop pool, bar, and restaurant, which can provide a unique and memorable experience for guests.
- Collaboration opportunities with local businesses can be a significant selling point. Showcase the value of partnerships that allow guests to experience local products and services, enhancing their overall stay.
- Conduct thorough market research to identify any gaps or unexplored aspects in the rooftop hotel industry.
- Stay updated with trends and consumer preferences to ensure your unique selling propositions are aligned with the market demands.
- Regularly monitor the competition and adapt your USPs accordingly to maintain a competitive edge.
By thoroughly analyzing the competitive landscape and identifying the unique selling propositions of your rooftop hotel, you can effectively position and differentiate your business in the market. This step is crucial for capturing the attention of potential customers and attracting them to choose your hotel over competitors.
Determine The Location And Evaluate Its Suitability For A Rooftop Hotel
When it comes to establishing a rooftop hotel, the location plays a crucial role in determining its success. The first step in this process is to thoroughly research potential locations and evaluate their suitability. Here are some factors to consider when determining the location for your rooftop hotel:
- Accessibility: Consider the accessibility of the location in terms of transportation links and proximity to key attractions or business districts. A centrally located rooftop hotel will attract more guests and provide convenience for both business and leisure travelers.
- Building Structure: Assess the structural integrity of the building to ensure it can support the additional weight of a rooftop hotel. Consult with engineers and architects to evaluate if any modifications or reinforcements are needed.
- Permits and Zoning: Check local regulations and zoning requirements to ensure that constructing a rooftop hotel is permitted in the chosen location. Obtain the necessary permits and licenses to ensure compliance with local laws.
- Views and Surroundings: Consider the views and surroundings offered by the location. A rooftop hotel with scenic views of the city skyline or nearby attractions will greatly enhance the guest experience and attract more customers.
- Noise and Disturbance: Evaluate the potential noise levels and disturbances in the area. Avoid locations near busy roads, construction sites, or other sources of noise that may disrupt the tranquility and comfort of the hotel.
- Legal and Safety Considerations: Ensure that the location meets all safety requirements and regulations. Assess potential risks such as exposure to extreme weather conditions, fire hazards, or environmental factors that may impact the safety of guests and employees.
- Collaborate with local urban planning authorities to gather insights on upcoming development projects or future changes that may impact the chosen location.
- Consider choosing a location that aligns with the target market and its preferences. For example, if you are targeting eco-conscious travelers, select a place with a strong commitment to sustainability and green initiatives.
- Engage with experts in the hospitality industry, such as hotel consultants or market analysts, to gain valuable insights and guidance on selecting a suitable location for your rooftop hotel.
Assess The Available Funds And Create A Preliminary Budget
One of the crucial steps in starting a rooftop hotel is assessing the available funds and creating a preliminary budget. This will help you understand the financial feasibility of your business idea and determine how much investment is required to bring it to life.
Start by evaluating your available funds, including personal savings, potential investors, or loans. Determine the initial capital you have on hand to start the business.
- Make a list of all the expenses involved in setting up and running the rooftop hotel, including construction costs, permits, licenses, furnishings, equipment, marketing, and staff salaries.
- Research and obtain quotes for construction or renovation costs, taking into account any special requirements for building on a rooftop.
- Consider the ongoing operating expenses, including utilities, maintenance, insurance, and marketing.
- Estimate the revenue you expect to generate from room bookings, events, collaborations with local businesses, and other potential income streams.
- Calculate your potential return on investment (ROI) and determine the time it will take to recoup your initial investment.
Consider the following tips while assessing available funds and creating a preliminary budget:
- Be realistic in your financial projections: It is vital to have a realistic understanding of the potential revenue and expenses to avoid overestimating or underestimating your financial situation.
- Include a contingency fund: Set aside a portion of your budget as a contingency fund to cover any unexpected expenses or emergencies.
- Explore financing options: If your available funds fall short of your budget requirements, consider exploring financing options such as loans, crowdfunding, or seeking additional investors.
- Consult with financial experts: If needed, seek the assistance of financial professionals, such as accountants or financial advisors, to ensure accuracy and a thorough assessment of your available funds and budget.
By thoroughly assessing the available funds and creating a preliminary budget, you will have a clearer understanding of the financial requirements of your rooftop hotel. This will provide you with the foundation to make informed business decisions and secure the necessary funding to turn your business idea into a reality.
Conduct A Risk Assessment And Develop A Risk Management Plan
Conducting a comprehensive risk assessment is crucial for the success and sustainability of any business, including an urban rooftop hotel. By identifying potential risks and developing a risk management plan, you can minimize the impact of unforeseen events and ensure the smooth operation of your hotel. Here are the key steps to conduct a risk assessment and develop an effective risk management plan:
- Identify potential risks: Begin by identifying the potential risks and hazards that could affect your rooftop hotel. These risks can include natural disasters, equipment failures, security breaches, regulatory changes, or even reputational risks. Take into account the specific characteristics of your location and the operational aspects of running a rooftop hotel.
- Assess the likelihood and impact: Once you have identified the risks, assess their likelihood and potential impact on your business. Consider the probability of each risk occurring and evaluate the potential consequences it may have on your hotel's operations, finances, and reputation.
- Develop risk mitigation strategies: Based on the identified risks, develop risk mitigation strategies to minimize their impact. This may involve implementing safety measures, incorporating redundancy systems, or establishing contingency plans. It is also important to consider insurance coverage options that can provide financial protection in case of unforeseen events.
- Establish risk monitoring mechanisms: Regularly monitor and review the identified risks to ensure that your risk management strategies remain effective. This can involve implementing monitoring systems, conducting regular inspections, and staying updated on industry trends and best practices.
- Train and educate staff: Ensure that your team is well-trained and prepared to handle potential risks and emergencies. Conduct regular training sessions to equip them with the necessary skills and knowledge to respond effectively to various scenarios. Encourage a culture of risk awareness and emphasize the importance of following established protocols.
- Create a dedicated risk management team or appoint a risk officer within your organization to oversee the implementation of risk management strategies.
- Stay informed about local building codes, safety regulations, and environmental guidelines to ensure compliance and mitigate potential risks.
- Regularly review and update your risk management plan to address any new potential risks or changes in your business operations.
Define The Hotel's Brand Identity And Positioning
Defining the brand identity and positioning of your urban rooftop hotel is crucial for attracting the right target customers and differentiating yourself from competitors. Here are some key steps to help you establish a strong brand presence:
- Identify your target market: Conduct thorough market research to determine the demographics, preferences, and needs of your potential customers. This will help you tailor your brand messaging and offerings accordingly.
- Create a unique selling proposition (USP): Stand out from the competition by identifying what makes your rooftop hotel special. This could be your eco-friendly initiatives, luxurious amenities, exclusive partnerships with local businesses, or a combination of factors.
- Develop a brand story: Craft a compelling narrative around your hotel's origins, values, and vision. This story should resonate with your target audience and establish an emotional connection with them.
- Design a visually appealing brand: Choose a visually consistent and aesthetically pleasing brand identity that aligns with your target market's preferences. This includes creating a logo, selecting color schemes, and designing website and promotional materials.
- Define your brand's tone and voice: Determine the personality and communication style that best represents your rooftop hotel. Are you an upscale and sophisticated establishment or a trendy and vibrant hotspot? Your tone and voice should be consistent across all customer touchpoints.
- Create a mission and values statement: Clearly articulate your hotel's mission and core values. Emphasize your commitment to sustainability, luxury, and exceptional guest experiences. This will help set expectations and attract customers who align with your values.
- Ensure your brand identity and positioning align with your overall business strategy and target market.
- Consistently reinforce your brand message in all marketing and communication channels.
- Regularly evaluate and adapt your brand identity to stay relevant in a dynamic market.
- Seek feedback from your target customers to continuously refine and improve your brand positioning.
Outline The Core Services And Amenities To Be Offered To Guests
When creating the business plan for an urban rooftop hotel, it is crucial to outline the core services and amenities that will be offered to guests. These offerings will be the cornerstone of the hotel's unique selling proposition and will ultimately determine its success in attracting and satisfying customers. Here are some key considerations when outlining the core services and amenities:
- Luxurious Accommodations: The hotel should provide well-designed and comfortable rooms that cater to the needs of modern travelers. Consider offering a range of room types, such as standard rooms, suites, and penthouses, to accommodate different customer preferences.
- Unique Rooftop Experience: Differentiate your hotel by offering an extraordinary rooftop experience. Consider providing a rooftop pool with stunning views of the city, a rooftop bar serving signature cocktails, and a rooftop restaurant offering a diverse menu of exceptional cuisine. These amenities will attract guests seeking a luxurious and memorable experience.
- Eco-Friendly Initiatives: Emphasize the hotel's commitment to sustainability by implementing eco-friendly initiatives. Potential amenities could include rooftop gardens, solar panels, and rainwater harvesting systems. These initiatives will not only attract environmentally conscious guests but also contribute to the hotel's self-sufficiency and sustainability.
- Wellness Facilities: Consider offering wellness facilities such as a spa, fitness center, or yoga studio to cater to guests' health and wellness needs. These amenities will enhance the overall guest experience and further differentiate your hotel from competitors.
- Collaborations with Local Businesses: Foster collaborations with local businesses to offer guests a unique and authentic experience. Consider partnering with local boutiques, artists, and food vendors to showcase their products and services to guests. These partnerships will not only provide guests with exclusive offerings but also contribute to the local economy and community.
- Conduct market research to identify the most desirable amenities for your target customer segment.
- Regularly review and update your amenities based on customer feedback and evolving market trends.
- Ensure that your amenities align with the hotel's brand identity and positioning.
- Consider offering personalized services or unique experiences to create a memorable and customized stay for your guests.
Identify Any Necessary Permits, Licenses, Or Legal Requirements For Operating A Rooftop Hotel
When planning to operate a rooftop hotel, it is crucial to familiarize yourself with the permits, licenses, and legal requirements that are necessary for the smooth and legal functioning of your business. Ensuring compliance with all the necessary regulations will not only prevent potential legal issues but also establish your credibility and trustworthiness in the industry.
Here are a few important considerations when identifying the permits, licenses, and legal requirements for operating a rooftop hotel:
- Building permits: Before commencing any construction or renovations on the rooftop, it is essential to obtain the required building permits from the local authorities. These permits ensure that your rooftop hotel meets all safety and structural requirements.
- Zoning and land use permissions: Verify that your intended rooftop hotel location is zoned for commercial use and that there are no restrictions on building a hotel in that specific area. Some cities have specific regulations regarding the use of rooftops; therefore, it is crucial to research and comply with any zoning and land use requirements.
- Business licenses and permits: Obtain the necessary business license or permits required by your local government or municipality to legally operate a hotel. These licenses often include health and safety inspections and compliance with regulations specific to the hotel industry.
- Alcohol and food service licenses: If your rooftop hotel plans to serve alcoholic beverages or provide food services, you will likely need to obtain additional permits and licenses. Check the local laws and regulations regarding liquor licensing and food handling to ensure compliance.
- Employment laws and permits: Familiarize yourself with the labor laws and regulations in your area, including obtaining permits to hire and employ staff. Ensure that you adhere to minimum wage laws, provide proper employee benefits, and comply with any specific regulations related to the hospitality industry.
- Insurance requirements: Seek advice from an insurance professional to determine the appropriate insurance coverage for your rooftop hotel. This may include liability insurance, property insurance, and workers' compensation insurance to protect your business, guests, and employees.
- Consult with a legal professional or business consultant who specializes in the hospitality industry to ensure you have identified and obtained all the necessary permits and licenses.
- Check for any ongoing documentation or permit renewal requirements to maintain compliance with regulations.
- Be proactive in monitoring any changes or updates in the legal requirements for your rooftop hotel to avoid any compliance issues in the future.
- Maintain accurate records and documentation of all permits and licenses obtained to provide proof of compliance if required.
Writing a business plan for an urban rooftop hotel requires thorough research, planning, and consideration of various factors. By following the nine steps outlined in this checklist, you can create a comprehensive and effective business plan that encompasses market analysis, financial assessment, risk management, branding, and service offerings.
Remember to prioritize luxury and sustainability in your business model, as this is a popular and highly sought-after concept among modern consumers. Utilizing the available rooftop space to create a unique and eco-friendly experience, while also generating income through collaborations and events, will help attract premium customers and create a self-sufficient and green environment.
Additionally, partnering with local businesses can provide a platform for them to showcase their products and services, creating mutually beneficial relationships and added value for your guests. Finally, ensure that you have obtained all necessary permits, licenses, and legal requirements to operate a rooftop hotel in your chosen location.
By following these steps and incorporating them into your business plan, you will be well-equipped to launch and operate a successful urban rooftop hotel. Good luck!
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Moscow Restaurants and Bars for Business and Pastime
Concept: the restaurant has an impeccable view of the capital, which mesmerises those lucky enough to see it from the 62nd floor of the Federation Tower on Krasnopresnensky. The design of the highest restaurant in Europe can be characterized as ultramodern, cosmic, and eco-friendly.
Who should go: those who would like to see an amazing view of the city.
Dishes worthy of attention: the most important thing at Sixty is by no means the food, but the company with whom you will find yourself in the “society column.” The Italian Chef Carlo Grecu’s team is responsible for the kitchen. You absolutely must order the beef borsht; the Italian promises to prepare it better than the locals.
Average bill: over US $145
Location and hours: 12 Presnenskaya Quay, 60th floor of the Federation Tower, Moscow City.
Hours of operation: from 12:00 to the last guest.
Restaurant Russian Seasons
Concept: the concept of the newly opened restaurant corresponds completely to its name with its exclusive use of seasonal products of Russian natural agriculture. The restaurant’s suppliers make selections from the best farmers in the country.
Who should go: admirers of the most famous Russian restaurateur abroad – Anatoly Komm – and Mark Kaufman, the creators of the Russian water brand.
Dishes worthy of attention: it is, of course, worth ordering the kholodets (meat in aspic), Olivier salad, or dressed herring (herring under a fur coat) – all of the seasonal offerings are extremely delicious.
Average bill: $116
Location and hours: Strastny Blvd., bldg. 8a; hours: 12:00 – midnight.
Concept: the actor Robert De Niro and guru of Japanese cuisine, Chef Nobu Matsuhisa, opened a location of this cult restaurant in Moscow. The French Chef Damien Duviau is responsible for the Moscow kitchen. The interior, dishes, and personnel have all been very carefully chosen.
Who should go: those who love seafood and red king crab. The restaurant is good for business negotiations as well as for late romantic evenings. The tables are situated somewhat apart from each other, which makes it possible to have private conversations of a business or personal nature.
Dishes worthy of attention: as the portions are quite small, you can try everything in one visit: the swordfish, sashimi, and two or three desserts.
Location and hours: 20/1 Bolshaya Dmitrovka. http://www.noburestaurants.ru/
The establishment is open from 13:00 to midnight.
Restaurant Sky lounge
Concept: a restaurant “on the heights” (on the roof of the RAS building): haute cuisine, a stylish interior, and a menu for any taste.
Who should go: those who are accustomed to conducting business negotiations in exclusive settings. For the sake of these settings, you are even offered a separate room.
Dishes worthy of attention: as with many restaurants in the capital, the menu offers guests a “solyanka” of world culinary achievements: there is Italian, Russian, and Mediterranean cuisine, as well as, of course, the Japanese cuisine that Muscovites hold in such high esteem.
Average bill: US $116-145
Location and hours: 32a Leninsky Prospekt, 22nd floor
The building of the Russian Academy of Sciences (RAS).
Hours of operation: from 13:00 to 00:00, on Thursday, Friday, and Saturday from 13:00 to 01:00
Concept: the restaurant is situated on the 29th and 30th floors of the Hotel Ukraine. The restaurant is nearly empty during the day but is popular among gourmets in the evening.
Who should go: whoever wants everything at once: a panoramic view of the city, an ideal interior, and Italian cuisine beyond all praise.
Dishes worthy of attention: the young Executive Chef Kristian Lorentsini is a Tuscany native. In Kristian’s words, he is “just preparing the family’s recipes,” sharing the taste and charm of culinary traditions.
Average bill: US $130
Location and hours: 2/1 Kutuzovsky Ave., bldg. 1, Hotel Ukraine, Radisson Royal Hotel, 29th floor.
Hours of operation: from 12:00 to 1:00 for the kitchen, until 2:00 for the bar.
Concept: a 1930’s style American bar. If you come alone, you can easily find new acquaintances on the road to the bar and join one of their loud groups.
Who should go: those who love crowded places, smiles, and a relaxed atmosphere of noise, smoke, music, and the vapors of alcohol.
Dishes worthy of attention: evening is the time for cocktail parties and you can make use of an inexpensive (US $11) business lunch that enjoys great success with all of the office workers of White Square near the Belorusskaya station.
Average bill: US $72, book a week in advance for a table on Friday or Saturday.
Location and hours: 10 Butyrsky Val St.
Concept: a merry “drinking” establishment. This is not a restaurant or a bar, but something in-between. In the evening young guys and gals run to Karabas in search of a good place for a pre-party – and many remain till morning.
Who should go: those who wander alone, roving from bar to bar in the capital
Dishes worthy of attention: cocktails made by the unhurried Karabas bartenders are only good if they’re alcoholic; therefore do not experiment with the healthy option.
Average bill: US $43-58, book in advance for weekends.
Location and hours: 18Ð± Lev Tolstoy St., http://www.carabasbar.ru ; hours of operation – from 12:00 to 06:00.
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Silver Sevens to rebrand, bring back popular Vegas taco restaurant
An off-Strip property is refreshing its brand by going back to an old name.
Silver Sevens hotel-casino will return to its original name, the Continental hotel-casino, in 2025, operators Affinity Interactive announced Thursday.
“The vision for the renovation is really to elevate the property while embracing its history,” CEO Andrei Scrivens said in an interview. “It’s always been known for fun, being exciting and approachable.”
Central to the renovation is a plan to build a roughly 10,000-square-foot rooftop bar and lounge on the porte cochere, bringing the Mexican restaurant Pink Taco back to the Las Vegas market.
The locally founded restaurant was in the Hard Rock, now Virgin, hotel-casino until 2017 and now has five locations, including a Times Square location that opened in April.
Scrivens said they sought out the restaurant because they wanted to bring back a favorite happy hour spot for locals.
“We think whatever fond memories of that Pink Taco experience – after having survived a couple of margaritas – whatever memories remain are very fond and we think that brand will resonate with a new crowd drawn in by an authentic, unfiltered vibe,” he said.
Other property improvements will include a new bar, upgrades on the gaming floor, additional food outlets and enhancing the building facade. Scrivens declined to share how much the company expects to spend.
The property at 4100 Paradise Road opened in 1981 as the Continental hotel-casino. A bankruptcy forced it to close its doors in 1999 and the Herbst family bought it that year. It opened in 2000 as the remodeled Terrible’s hotel-casino and was a popular locals spot.
More than a decade later, the property received $7 million in renovation upgrades, Review-Journal archives show. In 2013, it was rebranded to Silver Sevens.
The 328-room hotel-casino will remain open during the renovations. Work is expected to begin in 2024 and with a target opening before the 2025 Formula One Las Vegas Grand Prix, Scrivens said.
Affinity Interactive is a subsidiary of Z Capital Group, a team partner of the Scuderia Ferrari F1 team.
McKenna Ross is a corps member with Report for America, a national service program that places journalists into local newsrooms. Contact her at [email protected]. Follow @mckenna_ross_ on X.
The upgraded rooms are in the Strip property’s Colosseum Tower.
Observers say historic conditions, including COVID-19 and inflation, influenced discussion and the terms of Culinary Local 226’s contracts with Strip employers.
The new hotel project that will be placed in the Inspirada community of Henderson and is set to go before the city for approval again.
Before the Las Vegas Grand Prix, there was the Caesars Palace Grand Prix in 1981.
The deal averts a strike of the company’s roughly 5,000 union members just before the area hosts the inaugural Formula One Las Vegas Grand Prix.
Investigators first received a report in May 2022 of possible cheating between baccarat players and dealers at a Summerlin casino.
Wynn Resorts Ltd. expects to generate the most revenue for a three-day period in its history next week when the Formula One Las Vegas Grand Prix rolls into town.
The company has made a change to its self-parking policy for local residents after observing how it was being utilized.
The company’s roughly 20,000 union members will not walk off the job six days before the market hosts its inaugural Las Vegas Grand Prix.
The win was one of several recently across the Las Vegas Valley.
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Two Top Moscow Bars for Views
There’s no way around it, Moscow is pricey, and its nightlife scene is no exception – if you’re intent on painting the town red (you are just steps from the Red Square after all!), you might as well get something more than a cheap vodka buzz for the cost of your drink.
While you might not be able to dole out the big bucks for the pricey digs at these two swank Moscow hotels, there’s nothing keeping you from sampling their crowning glories. Each boasts a rooftop bar with prime panoramic perches, where, for the cost of a splurge-worthy cocktail, more budget-friendly brew, or simply a stiff drink, you can rub elbows with a motley mix of moneyed Muscovites (business tycoons, Kremlin bigwigs, celebs and pseudo-celebs – which, while I was there, came in the form of members of the Russian national soccer team), and lap up mesmerizing Moscow views that are even more intoxicating than your drink.
Mix Moscow Cityscapes with Cocktail Creations by a Master Mixologist
High above the distinctive glass-and-steel tower that houses the city’s top-rated Swissôtel Krasnye Holmy hotel, the stylish, 34th-floor City Space Bar mixes sweeping 360-degree city views (courtesy of wraparound floor-to-ceiling windows) and masterfully crafted cocktails. Helmed by renowned mixologist Bek Narzi (who brings world-class bartender skills from his past gigs at top London watering holes), the menu spans a variety of unique cocktails (classic, molecular, mocktails). Try the Moscow Spring Punch, a lip-smacking blend of vodka, fresh raspberries, honey, homemade ginger ale, and lime. Each month, the bar also hosts special appearances by celebrity guest bartenders from around the globe (like NYC mixologist Brian Miller, headlining this month), and DJs spinning nightly (except Sundays). Opens 5pm daily; no cost for entry or minimums required for table reservations; beer and spirits from $10, cocktails from $23.
Put on the Ritz and Nab Killer Kremlin Views
Set just a stone’s throw from the Kremlin, the lavish Ritz-Carlton Moscow ’s 12th-floor rooftop O2 Lounge boasts breathtaking views over the Red Square, Kremlin towers, and the city's signature onion-shaped cathedral domes. Capped by a glass-and-steel dome, which lets the light in (and keeps the cold out during chillier weather), the space-age, design-savvy space is accented by dangling Fabergé egg-inspired chairs, mod white leather chairs, and Bohemian crystal hookah pipes; during warmer months, the spacious outdoor terrace beckons with a grill and dance floor, too.
The colorful cocktail list sources natural ingredients (i.e., freshly squeezed juices, berries, etc.). Try the Red Square, a blend of vodka, rosemary, raspberry, lime juice, and vanilla syrup. If you’re prepared to splurge, pair your drink with selections from one of Moscow’s top sushi joints (fish are flown in from the Tsukiji Fish Market in Tokyo). An extensive champagne list might be worth reviewing for the free show: buy any bottle of champagne (starting from a whopping $259), and be treated to a complimentary “sabrage,” a ceremonial sword-opening spectacle. The hotel can also arrange a private vodka tasting led by the in-house “vodka sommelier” to help guide you through a small sampling of Russia's favorite liquid pastime ($113 per person). Open daily from noon; no cost for entry or minimums required for table reservations; beer and spirits from $11; cocktails from $27 .
Incurable travel addict, longtime travel scribe, and mindful money-saver Elissa Richard is currently indulging her insatiable wanderlust on an epic 14-month journey around the globe – intent on making it every step of the way without busting her modest budget. Follow her along the way as she reports back with budget-savvy travel tips from the mountains of Transylvania to the wilds of Tasmania, and from the little-trodden temples of Burma to the bustling bars and clubs of Buenos Aires. A vagabond in search of value, just for ShermansTravel!
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Chip and Joanna Gaines Turned a 100-Year-Old Building Into a Boutique Hotel in Waco. Take a Look Inside. The Art Deco-inspired decor is a big change from the couple's signature shiplap.
By Samantha Grindell • Nov 10, 2023
- Chip and Joanna Gaines just opened Hotel 1928 in Waco, Texas.
- They turned the 100-year-old building into a boutique hotel with a restaurant, café, and rooftop lounge.
- The couple documented the renovation process for their new show "Fixer Upper: The Hotel."
This article originally appeared on Business Insider .
Chip and Joanna Gaines just completed their biggest renovation project to date.
The Gaineses turned a 100-year-old building in their hometown of Waco, Texas, into a boutique hotel called Hotel 1928 in partnership with AJ Capital Partners. Today, the hotel has three floors and 33 bedrooms, as well as two restaurants and a café.
It officially opened on Friday, and a series about the renovation, "Fixer Upper: The Hotel," premieres on Wednesday.
Take a look inside the hotel that Chip called their "largest, most complicated sized project" to date.
Chip and Joanna Gaines opened Hotel 1928 on Friday.
Hotel 1928 sits in downtown Waco, and it's just a 10-minute walk from Chip and Joanna's Silos shopping complex.
The hotel's exterior features large windows on the ground floor, which are accented by striped awnings.
An ornate archway welcomes guests into the front door, and a simple, vertical sign that says "1928" hangs on the wall.
The hotel has a markedly different look than the homes Chip and Joanna typically renovate.
The couple is known for their farmhouse-chic aesthetic, and they popularized design features like shiplap and barn doors .
But Joanna told Architectural Digest's Juliet Izon she wanted to take a different approach to the hotel.
"I just kept thinking of 1920s glam," she told the outlet of her vision for the hotel, adding that she wanted it to have an "art deco, more saturated feel."
The luxurious, retro approach to Hotel 1928 becomes clear from the space's lobby, which has its name carved into a wood island that serves as the welcome desk.
Ornate chandeliers and dark trimming on the doorways add to the moody aesthetic.
A library serves as a focal point of the building.
The library has dark walls. Courtesy of Magnolia via BI
The massive library has charcoal walls and dark wood floors, and it features a statement curved staircase.
An angular chandelier, a white fireplace, and a large mirror above the fireplace brighten up the space, as do the array of colorful books sitting on the built-in shelves along the walls.
Meanwhile, armchairs, low couches, and a rug give the room a comfortable, inviting feel.
Joanna told Architectural Digest that the library is among her favorite rooms in the house.
"It feels like a place I could just settle in and read a book, or have a cup of coffee with a friend," she said.
The main floor features a restaurant called The Brasserie.
The restaurant is called The Brasserie. Courtesy of Magnolia via BI
The Brasserie sits on the main floor of the hotel alongside the massive windows, flooding the space with natural light. Its exposed beams make the room feel larger.
The restaurant is filled with plush booths, elegant marble tables, and nods to the art-deco age, including rounded art fixtures.
According to the Hotel 1928 website , The Brasserie's menu has "the warmth of the classics with just the right dash of culinary adventure."
There's a second restaurant on Hotel 1928's rooftop.
The hotel has a rooftop lounge called Bertie's. Courtesy of Magnolia via BI
Chip and Joanna added Bertie's to the rooftop, another dining spot that offers seasonal foods, according to the hotel's website.
Joanna took a more playful approach to its design than she did with The Brasserie, though it feels connected to the other eatery because it also has green walls.
Cushioned chairs surround the restaurant's bistro tables, and there are coffee tables around pink couches for more relaxed dining. The throw pillows on the couches have a blue, floral pattern that matches the siding on an accent wall in the space, tying it all together.
The hotel also features a café.
The hotel also has a cafe. Courtesy of Magnolia via BI
The café, which sits just off the lobby, has a similar look to the library, with its dark walls, built-in bookshelves, and even a white fireplace.
According to Hotel 1928's website, the café has light food in addition to coffee. If its menu is anything like the one at Chip and Joanna's coffee shop at the Silos, Magnolia Press, it's likely full of delicious treats.
Each room in the hotel has a unique design.
The bedrooms are more neutral. Courtesy of Magnolia via BI
Hotel 1928 has 33 rooms available for guests to stay in, and no two rooms look alike, though they do all have a neutral aesthetic, as Joanna told Architectural Digest.
According to the hotel's website , Hotel 1928 has four varieties of rooms.
Its standard room is the Franklin, which has two queen beds or one king. The Austin rooms have the same bed options, though they're slightly bigger than the Franklin.
Hotel 1928's suites are called Columbus rooms, and they come in one or two-bedroom varieties. It also features a luxury suite called the Washington, which can house up to 12 guests.
Joanna paid attention to the details of the decor throughout the hotel.
The hotel is full of unique details. Courtesy of Magnolia via BI
For instance, the bathrooms have green subway tile on the walls and "1928" engraved into the floor to make them stand out, and Joanna used backsplashes as pops of color throughout the hotel.
Joanna also told Architectural Digest that the majority of the furniture and fixtures featured in the hotel are custom-made.
"They look like antique pieces, so that's really fun," she said. "But they're new, so they'll stand the test of time."
The hotel is open for bookings, as are the restaurants for reservations.
The hotel is open. Courtesy of Magnolia via BI
The hotel opened Friday, and bookings can be made online, though rooms are already selling out. The lowest price Insider saw for a booking in November as of Wednesday was $375 per night.
You can also make reservations for The Brasserie and Bertie's through Resy .
"Fixer Upper: The Hotel" premieres on the Magnolia Network and MAX at 9 p.m. ET.
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