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Financial Planning : Perhaps one of the most important parts of any business plan is the financial plan. You need to make some forecasts of revenue and expenditure over a period of several years. You can then estimate when you will reach a break even point and how much profit will be possible in the future. Set out anticipated monthly cash flows in a spreadsheet program on your computer. As businesses often don't grow as fast as their owners expect them to you should outline several scenarios. One scenario can show your expected outcome, one can show a more optimistic forecast and the third one can show a worst case scenario.
Market Analysis : Undertake some market research to get a better idea of the opportunities that currently exist in your market. Do a competitive analysis to get a better understanding of your competitors. Once you understand more about them, set out a plan for competing against them by offering something different in the way of menus and services.
Competitive Analysis : The competitive analysis is a great way to determine the strengths and weaknesses of the competitors in the same market. This will allow you to create strategies to give you an advantage. Any potential threats can be recorded which will help to create early strategies to prevent any weaknesses that can be exploited.
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