Restaurant Business Plan Template

Restaurant Business Plan

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Executive Summary

Business Overview

Bluehorn Restaurant & Steakhouse is a new restaurant and steakhouse located in Oklahoma City, Oklahoma. The menu of Bluehorn Restaurant & Steakhouse will include bistro-type dishes that are authentically created and crafted by acclaimed Chef Peter Logan. It will be located in the trendy part of town, known as the Plaza District. The restaurant will be surrounded by classy art galleries, live theater, high-end restaurants and bars, and expensive shopping.

Owned by emerging restaurant operators Chef Peter Logan and Anastasia Gillette, Bluehorn Restaurant & Steakhouse will become Oklahoma City’s newest, trendiest restaurant for patrons to celebrate their next big event, have a nice date night, or gather with friends or family for a fun evening while dining over finely crafted entrees, desserts, and cocktails.

Products Served

The following are the menu items to be offered by Bluehorn Restaurant & Steakhouse:

  • Shareables
  • Soups & Salads
  • Entrees
  • Steaks
  • Gourmet sides
  • Wine, Beer & Spirits
  • Assorted non-alcoholic beverages

Customer Focus

Bluehorn Restaurant & Steakhouse will target adult men and women between the ages of 21 – 65 with disposable income in Oklahoma City, Oklahoma. Within this demographic are millennials, young professionals, newlyweds, young families, more established families, and retirees. Because of the pricing structure of the menu, the patrons will likely be upper middle class to the wealthy population of Oklahoma City.

Management Team

Bluehorn Restaurant & Steakhouse is owned and operated by fellow Oklahoma City natives and culinary enthusiasts, Chef Peter Logan and Anastasia Gillette. Both come with a unique skill set and complement each other perfectly. They formerly worked together at another OKC fine dining establishment and made a great team for serving guests delectable food and wine while ensuring the highest level of customer service.

Chef Peter will manage the kitchen operations of Bluehorn Restaurant & Steakhouse. He will train and oversee the sous chefs, manage inventory, place food inventory orders, deal with the local food vendors, and ensure the highest customer satisfaction with the food.

Anastasia will oversee front of the house operations, maintain and ensure customer service, and manage all reservations. She will also be in charge of the bar and wine ordering, training of front of the house staff, and will manage the restaurant’s social media accounts once they are set up.

Success Factors

The following success factors will set Bluehorn Restaurant & Steakhouse apart from the competition:

  • Gourmet dishes elegantly prepared to the finest standard.
  • Selection of steaks sourced from local Oklahoma farms.
  • An exclusive and unique wine menu that includes a wine selection of all price points.
  • Highly sought after location: Bluehorn Restaurant & Steakhouse will be located in the trendy and attractive neighborhood known as The Plaza District.
  • Trendy, welcoming, and energetic ambiance that will be perfect for a night out or a celebration.

Financial Highlights

Bluehorn Restaurant & Steakhouse is seeking $300,000 in debt financing to open its start-up restaurant. The funding will be dedicated for the build-out and design of the restaurant, kitchen, bar and lounge, as well as cooking supplies and equipment, working capital, three months worth of payroll expenses and opening inventory. The breakout of the funding is below:

  • Restaurant Build-Out and Design – $100,000
  • Kitchen supplies and equipment – $100,000
  • Opening inventory – $25,000
  • Working capital (to include 3 months of overhead expenses) – $25,000
  • Marketing (advertising agency) – $25,000
  • Accounting firm (3 months worth and establishment/permitting of business) – $25,000

The following graph outlines the pro forma financial projections for Bluehorn Restaurant & Steakhouse:


Company Overview

Who is Bluehorn Restaurant & Steakhouse?

Bluehorn Restaurant & Steakhouse is a new restaurant and steakhouse located in Oklahoma City, Oklahoma. Bluehorn Restaurant & Steakhouse will serve a wide variety of dishes and beverages and will cater to the upper middle class to wealthier population of Oklahoma City. The menu of Bluehorn Restaurant & Steakhouse will include bistro-type dishes that are authentically created and crafted by acclaimed Chef Peter Logan. It will be located in the trendy part of town, known as the Plaza District. The Plaza District is one of Oklahoma’s trendy neighborhoods and is considered the “it” area for newlyweds, millennials, professionals, and young singles. The restaurant will be surrounded by classy art galleries, live theater, high-end restaurants and bars, and expensive shopping.

Owned by emerging restaurant operators Chef Peter Logan and Anastasia Gillette, Bluehorn Restaurant & Steakhouse will become Oklahoma City’s newest, trendiest restaurant for patrons to celebrate their next big event, have a nice date night, or gather with friends or family for a fun evening while dining over finely crafted entrees, desserts, and cocktails. Bluehorn Restaurant & Steakhouse is scheduled to open within the next six months.

Bluehorn Restaurant & Steakhouse History

Bluehorn Restaurant & Steakhouse is owned by two Oklahoma City natives, Chef Peter Logan and Anastasia Gillette. They have both worked around the country in fine dining establishments and have a combined twenty years in the restaurant industry. Upon working alongside each other at another fine dining establishment in Oklahoma City, the two of them became good friends and decided to venture into owning their own restaurant.

Chef Peter is the kitchen guru and critically acclaimed chef, while Anastasia manages the front of the house and is a certified Sommelier. Together, with both of their expertise and knowledge, Bluehorn Restaurant & Steakhouse is destined to become Oklahoma City’s next big restaurant.

Since incorporation, Bluehorn Restaurant & Steakhouse has achieved the following milestones:

  • Developed the restaurant’s branding image, social media, and website.
  • Has a soft hold on a prime restaurant location in the Plaza District.
  • Met with the architect to begin the design of the restaurant.
  • Developed and finalized the menu of the food and drink, and alcohol selection.
  • Obtained a food permit license to be able to prepare and sell food and drinks in Oklahoma County.
  • Obtained a sales and use tax permit for use in Oklahoma County.

Bluehorn Restaurant & Steakhouse Menu Items

The following are the types of menu items Bluehorn Restaurant & Steakhouse will serve:

  • Shareables
  • Soups & Salads
  • Entrees
  • Steaks
  • Gourmet sides
  • Wine, Beer & Spirits
  • Assorted non-alcoholic beverages

Industry Analysis

The Restaurants industry is expected to grow to over $220 billion in the next five years.

Consumer spending is projected to grow. The Consumer Confidence Index, a leading indicator of spending patterns, is expected to also grow strongly, which will boost industry growth over the next five years. The growth in consumer confidence also suggests that more consumers may opt to segment their disposable income to eating outside the home.

Additionally, an increase in the number of households earning more than $100,000 annually further contributes to the industry growth, supporting industry operators that offer more niche, higher-end products.  This group is expected to continue to grow in size over the next five years.

The urban population represents a large market for the industry. Specifically, time-strapped individuals living in urban areas will likely frequent industry establishments to save time on cooking. The urban population is expected to increase, representing a potential opportunity for the industry.

Customer Analysis

Demographic Profile of Target Market

Bluehorn Restaurant & Steakhouse will target adult men and women between the ages of 21 – 65 with disposable income in Oklahoma City, Oklahoma. Within this demographic are millennials, young professionals, newlyweds, young families, more established families, and retirees. Because of the pricing structure of the menu, the patrons will likely be upper middle class to the wealthy population of Oklahoma City.

The precise demographics for Oklahoma City, Oklahoma are:

 TotalPercent
    Total population300,576100%
        Male145,26948.30%
        Female155,30751.70%
        Sex ratio (males per 100 females)93.5(X)
        Under 5 years18,1516.00%
        5 to 9 years14,9165.00%
        10 to 14 years14,4644.80%
        15 to 19 years14,1724.70%
        20 to 24 years20,8696.90%
        25 to 34 years61,32920.40%
        35 to 44 years39,96313.30%
        45 to 54 years34,22411.40%
        55 to 59 years19,5526.50%
        60 to 64 years19,6686.50%
        65 to 74 years26,8298.90%
        75 to 84 years11,7283.90%
        85 years and over4,7111.60%

 

Customer Segmentation

Bluehorn Restaurant & Steakhouse will primarily target the following customer profile:

  • Upper middle class to wealthier population
  • Millennials
  • Young professionals
  • Households with an average income of at least $75k
  • Foodies and culture enthusiasts

Competitive Analysis

Direct and Indirect Competitors

Bluehorn Restaurant & Steakhouse will be competing with other restaurants in Oklahoma City. Because Bluehorn Restaurant & Steakhouse is a local startup, the competitors will be local restaurants as well. A profile of each competitor is below.

The Press

Located in the trendy area known as the Plaza District, The Press has reimagined our favorite foods of the surrounding regions through the lens of home. By combining the comfort food of the deep south with that of the southwest, and then filtering it all through Oklahoma roots, The Press seeks out to bring something familiar, yet unique.

The menu consists of appetizers, soups, burgers and sandwiches, bowls, main dishes, sides, desserts, and a large selection of alcoholic beverages. The Press serves craft beer, domestic beer, wine spritzers, house cocktails, wine, and mimosas. They also offer brunch that is served daily until 4:00 pm. The menu of The Press is affordable with the most expensive dish being $16 (chicken fried ribeye). The wine menu is also not pretentious as the wine is sold either by the glass or bottle, with the most expensive bottle being $52 for the Gruet Sparkling Brut Rose.

Oak & Ore

Oak & Ore is a craft beer and restaurant in OKC’s Plaza District. They have a 36-tap beer selection and offer vegetarian, vegan, and gluten free dining options. Oak & Ore offers a rotating, 36-tap selection of their favorite brews from Oklahoma and around the world. Each beer is thoughtfully paired with a craft beer-inspired dining experience.

Oak & Ore is passionate about the art of beer, and strives to present it in its optimal form, precisely as the brew masters intended. They use temperature controlled taps and beer-specific glassware. Their knowledgeable staff is ready to assist with any questions regarding the menu selection and will allow patrons to sample the beer before they select one.

The food menu of Oak & Ore offers starters, salads, wings, fried chicken, sandwiches, tacos, banh mi, and sides. They also have a selection of kids dishes so the whole family can enjoy comfort food while sampling one of their delectable beers.

The Mule OKC

The Mule is a casual, hip restaurant offering a large beer and cocktail menu plus sandwiches and more. In the fall of 2012, three local restaurant industry dudes combined forces to create The Mule. Located in the constantly growing and buzzing hub that is the Plaza District, The Mule takes the timeless favorite and contorts it into a whole menu of wild offerings.

The goal was and still is to provide cuisine that is both approachable and familiar, but still creative. The Mule’s best seller is the Macaroni Pony, which is a hunk of jalapeno cornbread split in half and hugging mac and cheese, BBQ pulled pork, and a pickle. There is also a fantastic assortment of soups offered and The Mule shakes up a seasonal list of cocktails designed by their bar staff. During the winter months, patrons can stave off the cold with their versions of hot toddies and buttered rum. For the beer drinkers, they always have a reliable line-up of fresh cold brews on draft, as well as a wide selection of can.

Competitive Advantage

Bluehorn Restaurant & Steakhouse offers several advantages over its competition. Those advantages are:

  • Gourmet dishes elegantly prepared to the finest standard.
  • Selection of steaks sourced from local Oklahoma farms.
  • An exclusive and unique wine menu that includes a wine selection of all price points.
  • Highly sought after location: Bluehorn Restaurant & Steakhouse will be located in the trendy and attractive neighborhood known as The Plaza District.
  • Trendy, welcoming, and energetic ambiance that will be perfect for a night out or a celebration.

Marketing Plan

Bluehorn Restaurant & Steakhouse will offer the unique value proposition to its clientele:

  • Gourmet dishes elegantly prepared to the finest standard.
  • Selection of steaks sourced from local Oklahoma farms.
  • Wine selection that is suitable for all price points.
  • Highly sought after location.
  • Trendy, welcoming, and energetic ambiance.

Promotions Strategy

The promotions strategy for Bluehorn Restaurant & Steakhouse are as follows:

Location

Bluehorn Restaurant & Steakhouse’s location is a promotion strategy in itself. The Plaza District is a destination spot for locals, tourists, and anyone looking for the trendiest food fare in Oklahoma City. The Plaza District is home to OKC’s most popular bars and restaurants, art galleries, theaters, and boutique shopping. The millennials, young professionals, and foodies will frequent Bluehorn Restaurant & Steakhouse for the location itself.

Social Media

Bluehorn Restaurant & Steakhouse will use social media to cater to the millennials and social media obsessed portion of Oklahoma City. Chef Peter and Anastasia plan to hire an advertising agency to take professional photographs of the menu items and location to create appealing posts to reach a greater audience. The posts will include pictures of the menu items, as well as upcoming featured options.

SEO Website Marketing

Bluehorn Restaurant & Steakhouse plans to invest funds into maintaining a strong SEO presence on search engines like Google and Bing. When a person types in “local fine dining restaurant” or “Oklahoma City restaurant”, Bluehorn Restaurant & Steakhouse will appear in the top three choices. The website will include the full menu, location, hours, and lots of pictures of the food, drinks, and steaks.

Third Party Delivery Sites

Bluehorn Restaurant & Steakhouse will maintain a presence on sites like GrubHub, Uber Eats, Doordash, and Postmates so that people looking for local food to be delivered will see Bluehorn Restaurant & Steakhouse listed near the top.

Pricing

The pricing of Bluehorn Restaurant & Steakhouse will be moderate and on par with competitors so customers feel they receive value when purchasing their menu items.

Operations Plan

The operations plan for Bluehorn Restaurant & Steakhouse is as follows:

Operation Functions:

  • Chef Peter Logan is the chef and kitchen manager in charge that will develop the menu, source the ingredients and train the kitchen staff. Chef Peter will also oversee a team of 3-4 sous chefs that will be working in the kitchen. He will also be in charge of inventory, weekly food ordering, and ensuring customer satisfaction with the quality of the food.
  • Anastasia Gillette is the other on-site manager that will oversee all administrative and front of the house responsibilities for the restaurant. Anastasia will be in charge of training the servers and bussers for proper fine dining service. She will also be in charge of cultivating a premier wine list and ordering and sourcing the wine. Anastasia will also work to ensure customer satisfaction with the quality of the service.
  • Three – four part-time sous chefs will alternate helping Chef Peter during the hours of operation.
  • Five – six servers that will provide exceptional fine dining service.
  • 1 – 2 bartenders.
  • 1 -2 hostesses.
  • Chef Peter and Anastasia will hire an advertising agency to develop the website, social media accounts, and execute all of their marketing efforts.
  • They will also work with an outside accounting firm to handle all necessary licensing and permitting, accounting, budgeting, forecasting, and tax payments.

Milestones:

Bluehorn Restaurant & Steakhouse aims to open in the next 6 months. The following are the milestones needed in order to obtain this goal.

7/1/202X – Execute lease for prime location in the Plaza District.

7/2/202X – Begin construction of restaurant build-out.

7/10/202X – Finalize menu.

7/17/202X – Hire advertising company to begin developing marketing efforts.

8/15/202X – Start of marketing campaign with social media.

8/22/202X – Final walk-thru of completed restaurant build-out.

8/25/202X – Hire team of sous chefs, servers, and bussers.

8/27/202X – Employee training begins.

9/1/202X – Decoration and set up of restaurant.

9/15/202X – Grand Opening of Bluehorn Restaurant & Steakhouse

Management Team

Bluehorn Restaurant & Steakhouse will be owned and operated by Chef Peter Logan and Anastasia Gillette. Each will have a 50% ownership stake in the restaurant.

Chef Peter Logan, Co-Owner

Chef Peter Logan is an Oklahoma City native and has been in the restaurant industry for over ten years. He was trained in a prestigious Le Cordon Bleu Culinary Academy in San Francisco and has worked in some of the nation’s most prestigious fine dining restaurants. His tenure has took him from the west coast to the east coast, and now he’s back doing what he loves in his hometown of Oklahoma City.

Chef Peter will manage the kitchen operations of Bluehorn Restaurant & Steakhouse. He will train and oversee the sous chefs, manage inventory, place food inventory orders, deal with the local food vendors, and ensure the highest customer satisfaction with the food.

Anastasia Gillette, Co-Owner

Anastasia Gillette was born and raised in Oklahoma City and has garnered over ten years in the restaurant industry as well. While in college, Anastasia worked as a hostess at one of the area’s most prestigious restaurant establishments. While there, she was eventually promoted to Front of the House Manager where she oversaw the hostesses, servers, bussers, bartenders, and reservations. Her passion always led to the beverage portion of the restaurant so she obtained her Sommelier certificate in 2019. With her wine education, Anastasia is able to cultivate an interesting and elegant wine selection for the restaurant.

Anastasia will oversee front of the house operations, maintain and ensure customer service, and manage all reservations. She will also be in charge of the bar and wine ordering, training of front of the house staff, and will manage the restaurant’s social media accounts once they are set up.

Chef Peter and Anastasia each have a unique skill set that will make them an instant success in Oklahoma City. They are a perfect partnership and remain committed to serving unique and delicious food accompanied with a delectable and appetizing bar menu to the community that has served them well.

Financial Plan

Key Revenue & Costs

The revenue drivers for Bluehorn Restaurant & Steakhouse will come from the food and drink menu items being offered daily.

The cost drivers will be the ingredients and products needed to make the menu items (oil, meat, vegetables, chicken, fish, drinks) as well as the cooking materials (pots, pans, bowls, plates, utensils, etc.). A significant cost driver is the fine dining equipment, serving dishes, and beer and wine glasses. Other cost drivers will be the overhead expenses of payroll for the employees, accounting firm, and cost of the advertising agency.

Funding Requirements and Use of Funds

Bluehorn Restaurant & Steakhouse is seeking $300,000 in debt financing to open its start-up restaurant. The funding will be dedicated for the build-out and design of the restaurant, kitchen, bar and lounge, as well as  cooking supplies and equipment, working capital, three months worth of payroll expenses and opening inventory. The breakout of the funding is below:

  • Restaurant Build-Out and Design – $100,000
  • Kitchen supplies and equipment – $100,000
  • Opening inventory – $25,000
  • Working capital (to include 3 months of overhead expenses) – $25,000
  • Marketing (advertising agency) – $25,000
  • Accounting firm (3 months worth and establishment/permitting of business) – $25,000

Key Assumptions

The following table outlines the key assumptions required in order to achieve the revenue and cost numbers in the financials and in order to pay off the business loan.

Initial Number of Customers Per Day: 200

Annual Lease: $300,000

Financial Projections

Income Statement

  FY 1FY 2FY 3FY 4FY 5
Revenues
Total Revenues$360,000$793,728$875,006$964,606$1,063,382
Expenses & Costs
Cost of goods sold$64,800$142,871$157,501$173,629$191,409
Lease$50,000$51,250$52,531$53,845$55,191
Marketing$10,000$8,000$8,000$8,000$8,000
Salaries$157,015$214,030$235,968$247,766$260,155
Initial expenditure$10,000$0$0$0$0
Total Expenses & Costs$291,815$416,151$454,000$483,240$514,754
EBITDA$68,185 $377,577 $421,005 $481,366 $548,628
Depreciation$27,160$27,160 $27,160 $27,160 $27,160
EBIT$41,025 $350,417 $393,845$454,206$521,468
Interest$23,462$20,529 $17,596 $14,664 $11,731
PRETAX INCOME$17,563 $329,888 $376,249 $439,543 $509,737
Net Operating Loss$0$0$0$0$0
Use of Net Operating Loss$0$0$0$0$0
Taxable Income$17,563$329,888$376,249$439,543$509,737
Income Tax Expense$6,147$115,461$131,687$153,840$178,408
NET INCOME$11,416 $214,427 $244,562 $285,703 $331,329

 

Balance Sheet

  FY 1FY 2FY 3FY 4FY 5
ASSETS
Cash$154,257$348,760$573,195$838,550$1,149,286
Accounts receivable$0$0$0$0$0
Inventory$30,000$33,072$36,459$40,192$44,308
Total Current Assets$184,257$381,832$609,654$878,742$1,193,594
Fixed assets$180,950$180,950$180,950$180,950$180,950
Depreciation$27,160$54,320$81,480$108,640 $135,800
Net fixed assets$153,790 $126,630 $99,470 $72,310 $45,150
TOTAL ASSETS$338,047$508,462$709,124$951,052$1,238,744
LIABILITIES & EQUITY
Debt$315,831$270,713$225,594$180,475 $135,356
Accounts payable$10,800$11,906$13,125$14,469 $15,951
Total Liability$326,631 $282,618 $238,719 $194,944 $151,307
Share Capital$0$0$0$0$0
Retained earnings$11,416 $225,843 $470,405 $756,108$1,087,437
Total Equity$11,416$225,843$470,405$756,108$1,087,437
TOTAL LIABILITIES & EQUITY$338,047$508,462$709,124$951,052$1,238,744

 

Cash Flow Statement

  FY 1FY 2FY 3FY 4FY 5
CASH FLOW FROM OPERATIONS
Net Income (Loss)$11,416 $214,427 $244,562 $285,703$331,329
Change in working capital($19,200)($1,966)($2,167)($2,389)($2,634)
Depreciation$27,160 $27,160 $27,160 $27,160 $27,160
Net Cash Flow from Operations$19,376 $239,621 $269,554 $310,473 $355,855
CASH FLOW FROM INVESTMENTS
Investment($180,950)$0$0$0$0
Net Cash Flow from Investments($180,950)$0$0$0$0
CASH FLOW FROM FINANCING
Cash from equity$0$0$0$0$0
Cash from debt$315,831 ($45,119)($45,119)($45,119)($45,119)
Net Cash Flow from Financing$315,831 ($45,119)($45,119)($45,119)($45,119)
Net Cash Flow$154,257$194,502 $224,436 $265,355$310,736
Cash at Beginning of Period$0$154,257$348,760$573,195$838,550
Cash at End of Period$154,257$348,760$573,195$838,550$1,149,286

 

Restaurant Business Plan FAQs

A restaurant business plan is a plan to start and/or grow your restaurant business. Among other things, it outlines your business concept, identifies your target customers, presents your marketing plan and details your financial projections.

You can easily complete your restaurant business plan using our Restaurant Business Plan Template here.

There are many types of restaurant businesses. Restaurants can range in type from fast food, fast casual, moderate casual, fine dining, and bar and restaurant types. Restaurants also come in a variety of different ethnic or themed categories, such as Mexican restaurants, Asian restaurants, American, etc.

The primary source of revenue for a restaurant are the food and drink items sold at the establishment.

The key expenses for a restaurant are the costs to source the ingredients for the menu items, kitchen equipment and supplies, overhead expenses for the staff and rent, and any marketing costs the restaurant chooses to partake in.

Restaurant businesses are most likely to receive funding from banks. Typically you will find a local bank and present your business plan to them. Another option for a restaurant business is to obtain a small business loan. SBA loans are a popular option as they offer longer loan terms with lower interest rates. Outside investors, crowdfunding, and/or friends or family are other typical funding options.