Plan? What Plan???

(06 /09 /2013)

You wouldn’t bake a chocolate cake without a recipe?  The same goes with starting a restaurant. You have to take the time and look at all the aspects of the business before you set up. Unfortunately, the hospitality industry has a large failure rate so it is imperative to plan. “Failure to plan is planning for failure” I was told by a business planning company.

You are able to find a lot of information on how to put a business plan together via the internet and small business forums, asking your accountant for assistance or seek out a business advisor.  Make sure the plan is designed for the hospitality industry as this industry is quite unique. Even though you may have been in the industry as a waiter, chef or manager it is important to take a step back and look at it with ‘business eyes’.

The business plan will highlight many aspects you otherwise would not have discovered until it is too late.

With a plan you are not guaranteeing success but it is a blueprint or a road map of what you want to do and where you want to go. It is also a vital tool in the search for funding and will assist potential investors in making that important decision on whether to invest or not.

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