A Simple Guide Of How To 'wow' Your Bank With A Business Plan And Get The Most Out Of

[Italkcash News]

If you are interested to know how to write a business plan and what concepts to include, you can check that out on italkcash.com.

It is a tough task to sit down and write a business plan that is able to impress the government bodies or banks. Do you need a start up loan? Do you need a specific business account? The bank always asks you for a business plan. Or maybe you need to apply for government funding and agencies are asking you for thousands to do it ‘right’ for you? Learn for yourself with some very simple steps how to draft your own business plan, download templates and ‘WOW’ those officials without spending a dime on it.

First of all you need to have the right format for a business plan, however simple Microsoft Office Word templates are good enough. The idea is just to show that you have spent time and made an effort to create the business plan.

1. Table of Contents : always needed. In order to simplify its creation just use words’ templates for headings and titles, then the table of contents automatically inserts them in the beginning of the document. If you do not use this method you need to create it manually.
2. Executive summary: this section contains the main ideas of your business 9not longer than a page)
3. Business Objectives: this section must explain what do you aim to achieve through your business? Profit? Recognition? Environmental Sustainability? Market domination? Whatever your mission is here is the place to state it.
4. Legal Entity of the business: here you need to insert all of the company information (registration numbers, VAT, Address, websites, phone numbers, lawyers)
5. Core business activities: here you need to outline your core activities, what will the business be doing mainly? It is advisable to concentrate on one thing rather than diluting into too many things (as further down you will have a section of supporting business activities where you can insert all the rest). The more concise you are in this section the better. All good ideas are simple to explain, no need for 20 pages explanations of what the business does.
6. Unique selling points: in this section explain how your business stands out compared to competitors? You can do a competitors analysis (do your homework it shows effort to the banks).
7. Business development strategy: in this section you need to outline the future goals of your business. It will be good if you split this section into short vs. long term goals. Do not emphasize entirely on profit, banks want to see you are giving something back in the long turn, so just throw in some ideas about CSR, environment and some help for graduates (this concept is always a winner)
8. SWOT: Strengths, Weaknesses, Opportunities, Threats,,, do your analysis here. Show the bank that you know what you are talking about, show them that you are aware of the realistic situation of the market you are/will be competing in. Show them that you are aware that each coin has two sides and you are not flying in the clouds.
9. Market objectives/ Market analysis: these can be two separate or one section. Evaluate the market you are competing in, how are you going to get your desired market share? Analyze your competitors’ marketing strategies… are yours going to be the same or different?
10. Promotional activities: if it is a new business outline what is your long term marketing strategy, what channels are you going to use, how etc…
11. Directors and employees: include a brief outline of all the key persons involved in the decision making process within the company. It is good to know that the company is in stable hands and is ruled by people who know what they are doing.
12. Policies: include any policies such as gender equality, harassment policies, discrimination policies, environmental policies etc…
13. Financial section: in the financial section you need your balance sheet, and a cash budget. If you are applying for a loan you need to indicate for how much and why, is it a loan for operations or for investment? This section needs to be as detailed as possible.


A business plan can take between 30 – 150 pages depending on the size and scope of the company. If you are a start up business or a sole trader it is obvious that you do not need a 150 pages business plan to explain what do you want to do. However if you are a big corporation or an SME the length of the business plan drastically increases.

[Italkcash News]

This Business plan has been prepared by Ms. B. Shumarova as part of her BA Degree in Business Management in City University. Have a look at a good structure (The American way). You will see that there are a lot of similarities with the European standard in a matter of sections, however the style itself is much more casual. This sample Business Plan will be beneficial for students or for people who are absolute beginners in the business world and need clarification of what a business plan should look like. So enjoy

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Abstract
“NewBiz Co.” should open a theme restaurant in Sofia. As Sofia is the biggest city in Bulgaria there, is heated competition among restaurants, so “NewBiz Co.” should build an amusement restaurant with unique theme and decoration. The theme will be “stone age” and the decorations will be in keeping with that theme. The restaurant will have two objectives: to serve the best fast food in Sofia and to provide the most amusement for customers of all ages. Amusements should include bowling and a show every night. The food offered will be hamburgers, pizza and barbecue. Because this restaurant will be something new and unique for the region it will attract many customers. My research confirms that with $763,000 start-up capital we expect $286,400 in gross sales for the first year. Profit per year is expected to be $55 000 (except for the first year).
This means the restaurant will be able to return the investment in less than 9 years.
The restaurant should be located in Students’ town on Simeonovsko Boulevard, since there are many young people who live in that region. In contrast to the center of Sofia land there is relatively inexpensive (half the price in the center) and there we would have plenty of space for the building of both the restaurant and its parking. A restaurant that has its own parking is certainly an advantage in Sofia.
What is more there is little competition in the region. There is one competitor, “Mega Extreme Bowling,” with similar games and bowling of course but it offers a very limited menu and doesn’t offer a show at all. So “Dino restaurant” will still be unique.



iv

Introduction:

Scope:

In this report I present in details the restaurant description, how will it look and operate. I discus what inventory and staff will be needed. I will point the opportunities and rewards anticipated and I’ll briefly discus potential risks connected with competitors. I will present projected expenses and profit. The plan presents the needed start-up budget, which will be used for building and decoration of the restaurant, its marketing campaign, the purchasing of equipment as well as labor salaries and administrative costs for the first year. The plan includes calculations for sales needed for making profit and expected revenue in the first year.

Purpose:

The purpose of this report is to present the idea of building a theme restaurant and convince that this is the right kind of restaurant to be build.

Limitations:

The report doesn’t cover what firm is going to build the restaurant and doesn’t say the exact amount of money that the construction will cost, but only the approximate numbers.

Assumptions:

A big interest is expected from customers to the restaurant because such a place is unique in the region and there aren’t many other amusing places in the area.
The economy of Bulgaria is stable enough for developing such kind of business and will stay this way for the years to come. What is more it is expected living standards to rise. So this is the right time for such initiative.

Restaurant description:

Size and Place:
The restaurant will be of medium size – 120 seats and 1700 square meters. It will be open from noon until 1 o’clock at night. It should be located on Simeonovsko Boulevrd in Students’ town. This is a favorable place because there are many young people living in this region who are our target customers. Another advantage of this region is that there is plenty of land for building such a thing. There will be not only enough space to build the restaurant but there will be space for future enlargement of the restaurant and most importantly a big parking. A restaurant with parking are a great advantage in Sofia as in the center of the town even the biggest and the most expensive restaurants don’t have one. So parking space is precious to people living in Sofia and this will make our restaurant preferred in front of many others. Last but not least prices of land on Simeonovsko Boulevard are much cheaper in comparison with prices in the center. In the center the price for 1 square metter is $410 and 1 square metter in Students’ town is $180. What is more Simeonovsko Boulevard is not far from the center, only 10-15 min ride from the center.

Concept:

The name of the restaurant will be: “Dino Restaurant”. It will have unique decorating and unique show every night made by the staff and many different games to entertain the customers of the restaurant and we count on this uniqueness to place it before its competitors.

The restaurant will imitate the stone age. The whole building will have the shape of a giant stone, bowling ball. The interior inside will also be interesting. The tables and all the furniture will look like they are made of stone as well- with rough edges and so on, but of course they will be comfortable. Even the staff of the restaurant will be dressed in clothes imitating leather of lion and tiger. There will also be dinosaurs drawn on the walls.

Every part of the interior will be made to look as taken from the stone age, even machines like flippers and touch screens will have a stone look.
To attract customers and entertain them there will be 3 pinball and 2 arcade machines, 3 touch screens with different games, 5 electronic darts and a very rare game in Bulgaria-air hockey. The restaurant will also be equipped with 3 pool tables, 8 state of the art bowling tracks and it will create and sponsor its own bowling team. In the summer there will be also outdoor games in the free space in front of the restaurant. There will be human bowling. (See appendix to see what it is exactly)

However the biggest surprise in the restaurant will be the waitresses. They will not only serve but make a show. At some point in the evening they will start dancing. The other peak of the program will be the pillow fight. 2 volunteers of the customers will be blind folded and will sit on a bar and start hitting each other with huge pillows - the first to fall loses.
As for the cuisine there won’t be much expensive or extraordinary meals. There will be offered more fast food like pizza, sandwiches, barbeque. However the menu will be interestingly written. The meals will have fancy names like: “Dino burger”, “Tyrannosaur pizza” and “Brontosaur toast”. The prices will be just a bit higher as compared to ordinary restaurants but people will pay for the atmosphere not only for the food.

Costs:

It is true that creating such a restaurant requires a lot more money than an ordinary one. The most price consuming thing in the restaurant will be the bowling as we will need bowling lanes, bowling balls and shoes. However we can pay for the bawling equipment, (balls, shoes monitors for the scores and etc.), that will cost $45 000 on deferred payments and pay initially only for the construction of the lanes which is inevitable. What is more we are offered to take all other games on lease.
The firm that offered us to decorate the machines the way we want them and offered us to rent them and only pay for the decoration is “PL&Co.” - we feel that their products are the best quality on the market and they have competitive prices as well. The rent will be to give “PL&Co.” half of each machine’s revenue each month. So initially we will have to pay only for the decoration of the machines (100lv per piece). Although the machines without the decoration will be cheaper, I think machines with such looks are worth buying because they will supplement the atmosphere of the restaurant, everything will be one style and this will further interest the customers.
What is more a great advantage of renting the machines is that the firm offers free maintenance of their machines and will change the games and renew their software every two months, so that regular clients don’t get bored of the same games.
The only risk of renting the machines is that: We can rent the machines for as long as we like with the only condition that the revenue of each one doesn’t fall under 150lv a month for three consecutive months. If this happens “PL&Co.” can take their machines back. However I believe such an outcome is unlikely for a restaurant of this scale and we expect a revenue of at least 200lv.
The atmosphere and the games are the main things that we should count on to attract customers.
With $763,000 start-up capital and expenses for the first year of $192,750 we expect $286,400 in gross sales for the first year. It is expected that the invested money will be returned in less than 9 years, but our team suggests that 60% of the profit after the 9th year should be reinvested in the restaurant in order to improve it and make it even more profitable.

The profit for the first year will be only $10 000, because of the payments for bawling equipment but the following years should generate around $55 000.

Events net sales
Bowling $72,000
other games $10,400
Pool $2,400
Meals $201,600
Total net sales $286,400
Title: Net Sales a year
initial costs Estimated initial costs
cost of land $221,000
construction +building of 8 bawling lanes Around $500,000
furniture and decoration $30,000
kitchen equipement $10,000
decoration of games machines $1,100
administrative costs $550
restaurant Grand opening $500
Total start-up expenses $763,150
Operating costs Costs for the first year
Marketting campaign $2,000
bowling equipment $45,000
Depreciation of equipement $1,200
Employees salaries $4,400
Employee benefits $750
Insurance $1,000
Accounting and auditing $1,500
Maintenance and repairs $1,500
food supplies $134,400
Other $1,000
Total Expenses for the 1st year $192,750

To ensure further the profitability of the restaurant and make it famous and favorite place for most people we should use some marketing tricks.

Marketing:

To create awareness among the target group we should organize an interesting Grand Opening, because “hosting a restaurant grand opening is the best way to gain exposure within your community - when it's done right.” It should include a party with a famous DJ, who will play the best of rock music, free beer and 10 free games for everyone. A very crucial thing is to invite as many as possible representatives of the media, who will present the new restaurant to the public. Making an unique opening isn’t necessary to be very costly but it certainly brings more costs. However benefits should certainly exceed all costs.
The restaurant should create and sponsor its own bowling team. This will increase the general awareness of the restaurant. It will also attract more customers.

Risks:
Limited business information

The main risk comes from the first assumption that the uniqueness of the restaurant will provoke great interest in customers. The risk comes if this assumption proves wrong. The problem is that until now there hasn’t been such a place in the region thus we can’t make comparison and say for sure if people will like such a restaurant. However we feel that such an outcome is not likely to happen. There are many theme restaurant in many different countries and all are very popular and have many customers, so there is no reason for our restaurant to make an exception.

Competitors:

Another risk comes from the competitor in the region – “Mega Extreme Bowling”. This is the most famous place with the best equipment for bowling. There are also games like these that we want to include in “Dino Restaurant”. So this is a serious competitor, but “Dino restaurant” has its advantages. An advantage of “Dino Restaurant” will be the cuisine, it will offer better food and bigger choice of meals, while the menu of the competitor is very limited. Even bigger advantage will be- its show and unique atmosphere. We count on this uniqueness to make customers prefer it before ”Mega Extreme Bowling” and we hope to make some of the competitors’ customers switch loyalty and start visiting our restaurant.

Opportunities awaiting “NewBiz Co.”:
In spite these small risks there are good opportunities awaiting “NewBiz Co.” The economic situation in Bulgaria is likely to lead to a rise in demand for a place like “Dino Restaurant” and there aren’t many competitors in the region.

Uniqueness of the restaurant

This restaurant will be something unique for the region and this kind of amusement has its niche on the market. There are not many competitors and places for amusement in the region. A theme restaurant with various games for all ages will be something entirely new for the area and will certainly provoke interest in customers.

Eventual rise in demand

What is more the situation in Bulgaria is favorable for such undertaking as the economy is stable and living standards are rising. Thus a rising in demand for the amusements offered in the restaurant is very likely.

Conclusion

My research shows that opening such a restaurant will be worth and will be profitable enterprise.

The restaurant should have unique decorating and unique show every night made by the staff of the restaurant. Hopefully this uniqueness of the restaurant will place it before other competitors. : “NewBiz” should invest in making this restaurant, because it has a niche in the market and it will provoke customers interest, which guarantees to some extend its profitability.

What is more now is the time for such undertaking because the economic situation in Bulgaria is now stable and is believed to continue that way. What is more living standards are rising.

Recommendations:

“NewBiz Co.” should invest in opening a theme restaurant, hire dancers, who want to work as waiters/waitresses and make the show. Further research is needed on who is going to build the restaurant and for exactly how much money. A good marketing will assure the profitability of the restaurant and its success

Open a theme restaurant

I suggest “NewBiz Co.” to open a theme restaurant in Students’ town. The restaurant should have at least 120 seats and parking for 45 cars. The restaurant should offer a show every night with dancing waitresses and pillow fight. The restaurant should offer the various games (flippers, touch screens, darts, air hockey...) and state of the art bawling equipment. Such a restaurant is rare

Hire dancers

As the waitresses are supposed to carry out the show and dance they should be dancers. I recommend that we should find the waitresses from a dance group. This way they will know each other well, will be used to working together so there won’t be a need to build team spirit like if they are strangers. Of course as we will have to pay them bigger salaries as they are not only waitresses but they carry out most of the show so it is worth.
Sign a contract with “PL&Co.”

I strongly recommend that we sign the contract with “PL&Co.” for the games (5 electronic darts, 1 air hockey, 3 touch screens, 3 pinball and 2 arcade machines) as they are the strongest company on the market and the only one that can fulfill all of our needs.

Do further research for the building of the restaurant:

Further research is needed to find a firm that will build the restaurant and to negociate over the exact price of its building.

Do some marketing tricks

Organize a grand opening with representatives of the media and create and sponsor a bawling team. These two will make the restaurant more famous and will attract more customers.

[MalcomWagon]

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