To create your bar, or even take over one, you must
arm yourself with a business plan if you want to obtain funds to launch your
activity. Investors have special expectations with essential parts to discuss.
What are the golden rules for writing a good business plan for a bar? How to do
it ? The purpose of this practical sheet is to enlighten you on the steps to
follow to write a quality document in the eyes of funders.
Similar
models in business plans
Now we have to get to the heart of the matter. Afraid
of the white sheet? First step, take inspiration from pre-established bar
business plan models. They are a significant source in the development of it.
Investors have specific expectations and essential parts must be included:
Market research, competitive analysis, business model, financial forecasts,
etc.
In the context of a bar, the catchment area is
important and funders have a keen eye on the subject. The establishment is one
of the key success factors of a bar. Not only must you have the ideal location,
but also justify it and argue your choice in your business plan.
Meet
customers to guide your business plan
Having understood how a business plan was written and
the parts that must be found, it is now time to complete it. For this, nothing
better than going directly to meet the households in your catchment area .
Through questionnaires or even interviews, the objective is to learn more about
the needs and desires of households, whether they are drink consumers, or even
to understand why some people do not go to bars.
This information will allow you to make the market
and demand known to investors but also to you. Following these studies, you
will know what need (s) it seems important to meet and the rest of your
business plan will be oriented according to this.
Your
business plan needs an outside look
Once the passers-by in your catchment area have
been analyzed, your concept, your business model and your financial forecasts
will flow from the conclusions drawn from these meetings. Nevertheless, despite
a job accomplished on your part and the drafting of a document of which you are
proud, a critical and external look at your business seems necessary and
relevant to allow you to correct yourself and draw conclusions on the
understanding of your business. plan. In the best case, someone who has never
worked in the bar sector. Indeed, if your friend Valentine doesn't quickly
understand your concept, you have to question your writing. This friend, or
even coach, will correct your possible misspellings, criticize your
assumptions, challenge certain parts. In short, this external person will have
the necessary perspective that you do not necessarily have.
Business
plan competitions to train
Now that your business plan is ready, you need to
practice. Indeed, you will not have second chances with an investor. For this,
participating in competitions remains the best way to be able to confront the
reality of outside eyes. These contests will allow you to get feedback, but
also to gain notoriety and why not to obtain funds.
A business
plan adapted to each contact
That's it, after all these steps, you can present
your business plan to people likely to provide funds. A business plan must be written
for each interlocutor met, even if the major part of your business plan will be
found on each occasion. Among them, you have the investors, but also the
bankers, or even for yourselves. For the first two, the requirements are not
the same.
An investor could attach more importance to the
concept of the bar license, and to the personality
of the founders who may have entrepreneurial qualities according to them, while
the banker will expect consistent financial results and in line with the bar
sector. The banks' databases include the key financial ratios for bars in Indian,
and they will not hesitate to refuse loans if yours are well below average.
These ratios can be the gross margins on each type of drink sold, the WCR, the
return on investment, the break-even point, etc. If your forecasts are clearly
advantageous, this is an asset to highlight in your business plan.
