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[Music] [Music] it is Damien I'm here in our shop getting ready to close up the day and I wanted to cover really quick and get into the different sections of the business plan and how to effectively write one or if you're going to have someone write one for you understand the different sections and the bits of information that will create a really successful business plan if you plan on going to a bank to get a loan if you're looking to have someone invest in your business or if you're just looking to sit down and kind of create a vision for your food business no matter the type of food business that it is I highly recommend that you take the time to do this it's not something to be honest with you that you're going to sit down in about an hour and brainstorm and have it completely done it'll take some time for you to really effectively come up with all of the information that will definitely give you an advantage if you sit down in front of a bank or inside in front of an investor and you're looking for money to grow the business now really quick tidbit of information the video I posted beforehand I heard from quite a few of you that you were looking for some more information about the business plan the outline what is the content not necessarily having someone just write one for you but what would it what does the business plan really include so for any of you that saw that and you get that comment thank you for letting me know I've actually turned around and wanted to do this video to kind of clarify the information that goes into the business plan and then you could take a step forward to get some assistance in writing it okay now number one when I first started my business to be a hundred percent frank and honest with you my wife and I we did not create a business plan because I didn't understand the importance of it at the time I had just simply wanted to open up a business and jump right into it would I have written one and kind of thought about it beforehand probably but I've never been the person to actually double guess or second-guess my decision making I'm pretty much make a decision of what I do when I do it and if it pans out well that's great if it doesn't the way I think it should then I kind of learn from those and then just move on so I'm not really going to I don't really dwell on that or anything but I've since then I've written law and have come up with some great information and it helps me guide the vision and the goals that I have for our business and it's been a huge help so if it's not necessarily a document that you're going to make to get a loan or get some type of investor it's still going to be a good document for you to have for yourself and of course for your business now business plans I'm going to get into the different sections and I'm going to break it down and explain what they are business plans the way they're structured are relatively the same for any type of business but the content inside of it is going to be probably completely different for instance if you're starting a food truck your information is obviously going to be in your goals and maybe even the amount of money you're looking for all of that content inside of the business plan obviously will be different if you're opening a bakery or of a cafe so when I say that the structure of it there is a certain organization that comes to laying out the business plan itself but then again once you get into those different categories the information specific information it's going to be different okay so I'll give you an outline I've got some notes here that I just pulled up from my computer from the one that I did so I'm going to cover them I actually have eight sections eight different parts to the business plan there'll be a lot of people who will tell you hey I know I have the one page there's this thing going around about a one-page business plan you know what if that works for you that's fine everybody has a different viewpoint and everybody has a different take on their own business plan some people may omit or keep out some of the information I'm going to cover with you now from my notes here on my laptop but then some people may say you know in eight sections these eight specific topics are not enough you have to have this so I'm gonna give you my opinion about what would be that make up the best of tidbits of information that you need to have and of course you need to basically fine-tune that to whatever time it [ __ ] you have so if you're starting from home and you have a home-based business obviously your goals and the things that you're going to have set in front of you are going to be different if you're looking to start an a retail candy shop okay if you're going to have a food truck or maybe you're just going to have a vending service where you're gonna have a portable vending machines that you go to different events and you have maybe a hot dog maybe it's a free-standing hamburger or maybe you're just serving the ice cream all of those things are going to be different but the types of information you need to put together are going to be relatively the same so number one it's the executive summary now the executive summary is going to go in the opening the beginning of your business plan what it's going to encompass is a general overview of what you're looking to do for your business where are you looking to take it let me show you some of the notes that I've got here so for instance I'm going to use as an example when we open our cafe as a kind of a restaurant I'm going to use some of this information as a sampling for what you may put in yours okay so if you're looking to have like let's say you have a restaurant now you're going to go into a certain neighborhood you're gonna go to a certain area probably preferably where you are where you live and what you want to do is you want to encompass in this executive summary who is your competition okay have you checked around in the area for the type of food you have do you understand the clientele that you have in your area who are going to be your customers we give a basic understanding of how are you going to attract them what is some of the marketing ideas that you've got in place how are you going to advertise what is your objective as far as starting it and growing it if you open let's say there's like you're gonna open a Mexican restaurant and you have a fantastic lineup of Mexican food that you want but there's like seven or eight other Mexican restaurants in your area would it make sense for you to open up yours if you do then have you identified what's gonna separate your restaurant from the other six or seven that are selling very similar foods in your in your area okay if you wanted to set up a bakery well then you would do that too you would research the bakeries that are in your area what type of baked goods are they selling maybe you want to open a baked good that had a bakery that has specific types of baked goods and breads and pastries and cookies and there's four or five other bakeries but they don't sell the type of food that you're looking that you want to sell that would be an advantage for you because you're selling and creating something that's not already there okay so the clientele would be there because they're probably looking for something new okay so you want to do a little bit of research you want to check into it and you want to encompass this information you want to have about two to three pages on average I probably wouldn't go more than three pages but two to three pages of information kind of covering the gist of all of what you plan on doing who's going to be doing it everything that you can to bring together the information about what it is you really want to do knowing that knowing the demographics knowing the people in the area knowing the area that you're in if it even would merit having that type of a business so you got to do just a little bit of research of course and look into some of these things prior to even establishing your vision or your goal because if you're opening a brick-and-mortar location again that is a different type of information if you wanted to sell baked goods online well then you would want to research online businesses that are selling baked goods similar to yours okay but if you had a physical location that you're going to be offering from just that not through the computer not being online so then you would look locally if you were doing a business online you would go online and check out other websites so that's the kind of information you want to start with okay okay so next up you would have what would be known as your company's description basically a description about the company itself all of the owners there their experience with this type of food business you want to have a address where is it that you're going to be setting up take a look at some of my notes here so you want to provide also the legal name so they go descriptions if you're if you're doing it doing a business as a certain legal name you want to make sure that's in there any information such as contact information if you've got other owners or people who are investors every person or everyone who is financially involved with it you also want to kind of bring up who they are what experience do they have a little bit of background of who it is so if you're going to sit in front of a of an investor they're going to know that the people who are running it maybe he's has twenty or thirty years in the restaurant business and now he wants to open his own maybe the half of the owners that have been in it are retired from the restaurant business but they want to just invest money in it but they're gonna be they're gonna be stakeholders you're gonna have a portion of a financial interest as well so the people that are involved with the company itself and some of the legalities some of the the legal information that needs to be on these applications need to be on the company description section so you want to make sure you have that in there as well so you might be thinking uh few know what Damon I'm just starting down I don't have that information well you do have some of it if you're not necessarily if again if you're working from home like I mentioned in the opening the information you'd put in here would be slightly different so you're not necessarily opening a restaurant per se that you has a physical location you're looking to start from home and you're going to start with just yourself that's perfectly fine then you need to put information about yourself how many years of experience you might have in the food business have you done this before are you a sole proprietorship do you have a husband or maybe your wife's involved maybe you're involved you know so you want to bring out all of that information and have it on there as well again you don't want to get too lengthy you're not writing a book or a thesis so you don't want to go too deep into it because the other thing is is that the more concise the information is and to the point the better off that the business plan will look as well as the more professional it would look now one thing as I mentioned in my video before the one I posted before this one was in regards to having someone write it for you so they're going to basically ask you all of this information but they're going to have the ability to write it in a way that's very fluid and it's very smooth and it consists of all of the necessary information that's needed in order for you to make a really good impression on that investor or the banker who's going to give you the loan ok so next up you've got the organization in management so what you want to include on this is going to be everyone who has any type of job or occupation within the restaurant anywhere from restaurant managers to the owners to the waiters to the cooks everyone that's going to be a part of it and what exactly is the responsibility what type of equipment are going to be needed for the organization or for the restaurant to operate properly everything from deep fryers to walk-in coolers if you've got freezers prep tables everything and everyone all the stuff and all the equipment that would make the restaurant work even as far as how many tables you're gonna have how many stools you need all of that stuff needs to be broken down so that information can be conveyed again to the person that you're presenting this to and even just for yourself so you understand if you've got a 2500 square-foot restaurant how many restaurant are how many tables you need how many waiters are you going to need how many cooks are you gonna have in there do you have any managers do you have explaining their job duties and responsibilities so this is the the biggest part the biggest chunk if you will of information that's gonna explain how the organization or how the restaurant as this example is how the restaurant is going to operate with those people and the types of equipment and the things that are going to be needed the tangible things that are going to be needed to get the restaurant up and running management again how many are you gonna have to have on shift what is their salaries what are you projecting to pay everybody how is your pay scale going to be set up all of that information to would be in line with the different types of job responsibilities and the different jobs that these people will have so again that's going to give you a better understanding of what you're going to need going forward and as well as what you're going to need to present to an investor or to a bank if they're looking to give you a hundred thousand or two thousand thousand dollar loan or more they're going to need to know every aspect before they say yes or no so not that again not that you want to keep this into something that's going to be four or five pages but this section is going to be a little bit more heavier as far as the amount of information that's going to be needed because they're going to need to understand every facet of the people and how much money am I going to be giving you four tables and spoons and napkins and shelves everything that we do need to get it up and running so you would need to have that type of understanding you kind of have an understanding of all of those things prior to creating this section because it's got quite a bit of information okay so the next up next section of your business plan sorry about that okay would need to be a market analysis now I touched a little bit on this in the beginning and the market analysis means that you need to know within your area within your neighborhood but in your city or county you need to do a little research and find out about the different types of restaurants as I mentioned before that may have similar types of foods what is exactly is your target market so who are going to be the customers that are going to coming in that you're looking for you can literally separate them by demographic you could do financial earnings if you're looking it maybe if you have a high-end restaurant and you're seeking to find high-end clientele if you're looking for something that's more of a fast-food you know family oriented you want to understand what it is you're actually getting yourself into with the type of food you're selling or preparing and who is gonna be the one to buy that okay because in a lot of cases if you're looking at really you know high-end five-star Michelin Award of restaurants those are really in high-class high economic areas where there's a high income as opposed to just a fast food and there's nothing saying that there's nothing wrong with fast food but understanding that the type of clientele that you have you don't want to kind of out price yourself in a situation where you're selling something that's very very expensive and the clientele is just not there okay other thing is that part of the market analysis is double checking to see how are you going to attract those customers when I say that is are you going to advertise in the newspapers are you going to do Facebook ads maybe in the community to attract people and get people who to notice you are you going to go to events locally to do charitable work and those types of things where you can get out in the community and make yourself visible so people know that you're there there's actually here let me think the name of there's a ice cream place here where I live that is in like every single community event I have my dad actually volunteers for a men's club locally here and they do a lot of charitable events this ice cream local ice cream family-run shop is there all the time and it's great because they give out tons of ice cream and they give out a lot of coupons and such which draws in the people so they do a lot of stuff locally Inc in the community and that really pays off because their ice cream shop is always slam busy but they reach out they let people know they're there people who may not realize that they're there and then give them an incentive to come back so something similar to what you're looking to do like if you're going to do a market analysis you want to make sure that you double check and see how it is that you're going to attract the local people figure that out what would work best is it going to be just a local ad in the newspaper that's given out every single day to the residents are you going to join up with some of the dissenters and let them people don't so that's something you need to put in to let people know how it is you're actually going to attract people you can't necessarily just open a business and then cross your fingers and hope people will walk by you've got to do something to get them to come in okay so next up you've got the this one's kind of a really cool and I like it a lot because it is a section that can allow you to kind of think outside the box when it comes to generating revenue it's gonna be your product lineup okay so the types of products that you're gonna have in your lineup so if you're having a restaurant what is your menu gonna be about how much is it what are the prices everything to the tee as far as you need to know what your costs are obviously in order for you to create a retail price so you need to have that written down a menu and a list of food items that you're gonna offer in your restaurant so what other types of items and why am i excited about this section well there's a lot of restaurants and this is something a lot of people don't think about but there's a lot of restaurants that capitalize on the idea of driving sales through other merchandise like t-shirts if you've got a barbecue I know here in the south we have a lot of barbecue restaurants but a lot of them actually sell hats t-shirts and you'd be surprised at how much on an annual basis how much revenue all of those extra streams of revenue products and things really generate when you're not just selling food but you're selling in the community people begin to wear your t-shirt they have your hat or they've got some stationery whatever it is they've got their local barbecue logo on all of the stuff so if you're a big fan of that barbecue place you drop 20 24 30 bucks on a t-shirt maybe 15 20 bucks on a hat and you sell a few thousand of those a year you can generate a lot of other revenue without having to rely solely upon the food that you're selling so if you open again this is all about a restaurant if you open a bakery maybe you have a cute little whimsical bakery t-shirt with a little character baking but those types of products - or something that can drive a lot of sales in don't have extra money and they're huge also is you can sell them because they're gonna make you a lot of money because you're not having to make something for that what I mean by that is that you can get a t-shirt company to produce the t-shirts and you're just selling them you're not making the t-shirts but if you're you're spending all day in the the kitchen you're baking up all these baked goods you spending a lot of time generating the money try to figure out other way to sell products right that you're not having to make to generate other forms of revenue okay so creating a product lineup in this scenario in a restaurant would be the menu and then of course the pricing is such think about the other additional ways that you can generate revenue not just through the sale of the food hey guys so this section is one of probably a lot of you may not enjoy having to do but it's definitely something that's super important and it would give you a good understanding a good foothold on where you want to be financially that's going to be the financial projections so this is something where you have to kind of be realistic in kind of visionary at the same time and I'll explain what I mean so what you want to do up front is you want to create financial statements that include personal financial information about the people who are going to be the owners okay if people are involved with this financially you want to kind of open up a little bit and let them know what kind of assets that you have what exactly is in your bank accounts how much are you putting forth in this endeavor are you going to max out your credit cards and that's everything which I highly would not recommend you do but if you've got financials that are available where you can use some funds of your own I would definitely highly recommend some of that prior to seeking financial assistance outside of like a loan and such reason being is that a lot of times one aspect of a banker and I sat in front of three different banks when I seek our loan when you sit in front of them and you tell them that you've taken a risk financially as well and it's paid off that is a big incentive and a big plus for anyone making a decision on getting a loan for a business no matter what it is it does have to be a food business any type of business where you put money up and you've taken that risk and you've kind of pushed through the storms and the challenges of starting a business and you've created a profit you have a profitable product people love that okay and that's that also shows financial responsibility that shows the ability for you to run a business period but when you're seeking a loan a banker is gonna be much more impressed with hey this guy put a hundred thousand up and turn it into half a million I'm more comfortable giving you money than opposed a guy that says well I put like two thousand dollars up and I'm make a hundred thousand in the hole doesn't sound like you're really understanding what you're doing so financial predictions are great and what I said earlier was that you need to be realistic and also have a little bit of a vision is that as you set the goals for your first year three years five seven years out be not necessarily conservative but understand what you're selling and what your margins are and how much you think you can sell so as you begin to create these financial projections you're not living on the moon you're not living in la-la land if you start a business and the first year you did a hundred thousand in the next year you think you're gonna do five million that's pretty unrealistic unless you've got a big pot of gold somewhere so if you did a hundred thousand and you said you know what I could probably about two hundred fifty maybe double that but the next year that seemed a little more realistic and plus this gives you a little bit of a vision so you're not living in la-la land thinking that you're gonna be doing you know a hundred or a thousand times what you did the first year lastly I want to talk about is the appendix it is the last section it is to follow in the business plan and what normally what is put in let me just move this out of the way what is normally put in the appendix is going to be information that recaps everything that you did and and what I mean by that is actually going to be a lot of times supporting documents maybe some graphs maybe some informations to print out some other hard copies of information that will support everything you just talked about okay what you want to do is you want to give that person again the prospective investor the opportunity for you to show what you have to prove what you've spoke of okay and that could be any two bit of information or graphs or anything that you think would give more validity to what you're trying to do and when you're seeking that funding or if you're doing it just for yourself it's gonna reinforce basically everything you spoke about in your business plan because you've got documentation and kind of back it up or just support what you're saying so in the appendix again don't don't make it too too long put a couple documents maybe a few documents in the back of it and that's going to be the final section of your business plan so keep in mind as business plans and your business your business evolves your business plan will change and if it stays to save for the first couple of years that's great if you're achieving those goals but everything evolves and grows and because something becomes something different than it was when it started I can attest to that with our business but we did behind us here is much bigger scale than when we first started out you know selling a few things locally it was a lot different so be aware that it's not in concrete's not in stone right a great business plan give that and allow that to be the momentum you need sorry about that to get your business up and running but keep in mind that it will change as time goes on so I hope that breaks down a little bit of information and I thank you guys for bringing this up to me in regards to this information I just put that video out there about business plan writing so once you understand this then you can kind of go back to another video and get somebody to assist you on fiber to incorporate all that information that we just spoke about so if this was helpful as always please do give me a thumbs up I appreciate you guys support if you have any questions about this as well please let me know down below and I will hop on that question as soon as I possibly can thanks guys