Restaurant Business Plan Design – Executive Summary Any Lender Will Love – Top 5 Tips
When writing the Executive Summary for a restaurant business plan, it is important to remember these key points:
Be Preemptive: “Did you know that 8 out of every 10 new businesses fail?” This is a wonderful opening line to an Executive Summary. You wouldn’t think you would want to reinforce this fact into your potential lender or investor’s mind ever, much less in the first line. However, if you’re going to a lender or investor, I can guarantee you that they know what the restaurant industry is like. If you let them know upfront that you are fully aware of the potential obstacles you are facing, they will immediately have much more respect for you and will take you and your business much more seriously.
NoBS: Get straight to the point. This is your hook; this is the ‘salesperson’ on the front-line of your plan. In short, don’t fill this with a lot of fluff and B.S. You need to catch this person’s attention now if you want them to read one more page. Tell the prospective lender or investor exactly who you are, what you are proposing, and why.
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Person-to-Person: Your lender or investor is a person. When writing your restaurant’s business plan, you should always remember that there is a place for the hardcore facts, and there is a place for you. In the world of small business, you are the business. This means that ultimately the lender or investor is investing in you. Use a template or a restaurant business plan sample, but make sure you are actually writing your plan and not just filling in the blanks.
Call-To-Action: If you’ve ever even blinked in the direction of a marketing plan, you’ve heard the term ‘call-to-action’. Because your Executive Summary is the ‘salesperson’ for your business plan, you must include a call-to-action. Preferably, this should be the last sentence of your Executive Summary. It should literally tell your lender or investor to keep reading your plan. The ideal call-to-action also contains a slight teaser that will further entice the reader to want to read further.
Save the Best for Last: Most people make the mistake of trying to write the Executive Summary first. Most business plan software programs have you go this route, as well. If you write the Executive Summary first, it will force you to mentally compose the rest of the business plan to fit the Executive Summary, instead of doing things properly and composing the Executive Summary to fit the business plan.