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9 Replies Last post: Jul 2, 2009 4:04 PM by jeff2766

Realistic Numbers - Restaurant Business Plan

Jul 1, 2009 3:32 PM

jeff2766 5 posts since
Jun 30, 2009

Im looking to open a new bar/restaurant in the West Palm Beach Area. I have a strong business model that would be first to market in this area. I have 15 years restaurant management experience, however I have been out of the game for a few years and it was in a different state. I need help finding accurate figures for my business plan to ensure I am not over/underestimating. What is the best way to obtain accurate data? I have attepmted to contact other owners in the area, but I am weary to detail my business plan with them as they may take my concept.

Additionally, I am looking to obtain about $250K in start up funds. So far I have one investor interested in putting up $50k. What is best way to acquire additional $200K. I have no equity to use as collateral.

Thanks,

Jeff

Tags: business_start_up, restaurant, new, new_business, start, starting, starting_a_new_business, startup Report as inappropriate

LUCKIEST 7,935 posts since
Aug 6, 2007

1. Re: Realistic Numbers - Restaurant Business Plan Jul 1, 2009 4:01 PM

Realistic Numbers - Restaurant Business Plan

The best place to find accurate figures for your business is SCORE. SCORE is FREE and your local chapter should be helpfull.

Once you have a business plan, then you can talk to investors and or lenders.

Good luck

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jeff2766 5 posts since
Jun 30, 2009

2. Re: Realistic Numbers - Restaurant Business Plan Jul 1, 2009 10:20 PM

in response to: LUCKIEST

I reached out to a SCORE counselor in the local area. While his answers have been returned quickly, they were pretty much unrelated and non informical. I will have a business plan complete in about a week, but I want realistic estimates on things like permits, licenses. etc to ensure I get my funding. I asked the SCORE counselor about information regarding a liquer licenses, and what he came back with was utter rubble and useless. I am more than interested to work with SCORE, but if this is the best counselor I can find in the South Florida area, well its not doing anything but wasting time.

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Lighthouse24 2,396 posts since
Oct 10, 2007

3. Re: Realistic Numbers - Restaurant Business Plan Jul 1, 2009 5:43 PM

If your establishment will bring new jobs and improve/enhance the area in which it is located, then your local economic development entities should be a good source for reliable data, and connections to people who may be able to provide firsthand knowledge (as well as an introduction to potential financial partners).

Your commercial banker should be another good source for information, and/or connections to people who have the type of information you need.

Finally, you have a number of colleges and universities in that area, so the odds are good that a business professor, grad student, or undergraduate team has done a recent study, paper, or project that researched and documented at least a portion of the data you need.

Those are the places I'd begin. Good luck with your endeavor.

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Lighthouse24 2,396 posts since
Oct 10, 2007

4. Re: Realistic Numbers - Restaurant Business Plan Jul 1, 2009 5:46 PM

P.S. Two other good sources might be your local restaurant/tavern owners association and your local restaurant/bar suppliers (especially food/beverage suppliers).

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jeff2766 5 posts since
Jun 30, 2009

5. Re: Realistic Numbers - Restaurant Business Plan Jul 1, 2009 10:17 PM

in response to: Lighthouse24

Thanks Lighthouse. I actually am meeting with the local development authority, so it appears I am on the right track. I have inquired of other owners in the area, but I am hesistant to share my plan with them as they could easily run with my idea. The local hotspots are owned by the same person. He would have no problem taking my theme and being up in running before I could find funding.

Luckiest - I also have requested a face to face appointment with the West Palm Beach SCORE office. Maybe I will get better results than emailing.

Thanks to you both!

Jeff

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odgrell 20 posts since
Apr 10, 2009

6. Re: Realistic Numbers - Restaurant Business Plan Jul 1, 2009 11:11 PM

I was in your same position a couple weeks ago. The advice I got is, do the most research you can and make the best guess possible. I have also been told that overstating a little bit is not the worst thing you can do.

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jeff2766 5 posts since
Jun 30, 2009

7. Re: Realistic Numbers - Restaurant Business Plan Jul 2, 2009 2:38 PM

in response to: odgrell

Were you able to complete your business plan?

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odgrell 20 posts since
Apr 10, 2009

8. Re: Realistic Numbers - Restaurant Business Plan Jul 2, 2009 2:46 PM

in response to: jeff2766

Yes, its complete. I'm not going to execute until next year though. I used business plan pro 2007 to finish it up. Benefits of that program are that it compares your figures with industry averages and lets you know if it is realistic or not. If you need help with it let me know.

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jeff2766 5 posts since
Jun 30, 2009

9. Re: Realistic Numbers - Restaurant Business Plan Jul 2, 2009 4:04 PM

in response to: odgrell

Thanks odgrell - I have Business Plan Pro v11 coming from Amazon tomorrow. I tried doing it in word/excel and figured why bang my head. I will be in touch

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Realistic Numbers - Restaurant Business Plan

Jul 1, 2009 3:32 PM

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