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Slideshare uses cookies to improve functionality and performance, and to provide you with relevant advertising. Startup restaurant business planThere are dozens of statistics from various sources about the failure rate of restaurants.The only thing they agree on is that the vast majority never survive.
Clipping is a handy way to collect and organize the most important slides from a presentation. Since 2000, startups founded by members of the millennial generation, adults ages 18 – 33, have introduced innovations that have made light years of advancements to our overall quality of life. This new methodology has replaced the traditional Business Plan startup methodology used by start-up founders of their parent’s Baby Boomer generation. In comparison, the core element of the Lean-StartUp Model is that it is based upon “live” testing of the founder’s idea or problem hypothesis with their targeted test customers.
It’s all about the upgrade–Lean-StartUp Model often starts with an idea to improve or disrupt an already successful, popular product or service by making it better for a specific “niche” market. Less paperwork—Lean-StartUp Model Canvas is a framework template containing 9 boxes laid out on a single page to allow the founder to evaluate and validate the business from an overall perspective to validate an idea using live interactions with target customers.
Builds with customer feedback integrated–Lean-StartUp Model core is the Canvas that supports using continuous feedback loop to validate their target customer’s views about the hypothesis. The timing is everything–Lean-StartUp Model Canvas expects that the entrepreneur will wait to build the full “production version of the product” until the target client is satisfied enough that they are willing to pre-pay or pre-register for the new product or service. Like the Millennials, the Lean-StartUp Model is a relatively young theory; however it has proven to be so successful that many in Silicon Valley consider it to be the “Magic Weapon” that has turned ideas into billion dollar businesses (see infographic).
Kim Folsom is an accomplished executive and entrepreneur with over 25 years of experience growing innovative technology companies. She is the co-founder and CEO of REELQualified, Inc. Folsom has served on the advisory boards for Consumer Electronics Association – Board of Industry Leaders, San Diego State University College of Business, Sheppard Ventures, Qualcomm Stadium and the San Diego Bowl Committee.
Folsom earned her MBA from the University of Pepperdine and a bachelor’s degree in Information Systems with minor coursework in Economics from San Diego State University.
News Corp is a network of leading companies in the worlds of diversified media, news, education, and information services. These life altering advancements include products like Search Engines (Google), GPS Mapping (GoogleMaps), Smartphones (iPhone), Social Media (Facebook) and Under Garments (Spanx).
While the Boomer generation and business plan approach led to the creation of some pretty incredible game-changing solutions such as Costco, PC’s and networked computers, desktop software, it did not provide the founders with a consistent framework for validating the positive customer adoption or revenue model validation, before raising significant amounts of investment capital, which is critical to the survival of any start-up. Static–The Business Plan is a static document that provides the founder with an opportunity to define their vision, product or service, and detail their biased assumptions about how their product will be adopted by reliance on secondary market research.

No way to measure ROI– -The Business Plan does not provide the startup businesses with a method to measure and validate their revenue model. Financial projections are strenuous–The Business Plan requires the founder to create a three to five year financial projection of how their business will launch and grow into a highly profitable business. The juice is rarely worth the squeeze–Once the Business Plan is complete and funding is secured, the business founder usually goes about investing in building their product based upon their internal assumptions which most often is rejected by the market.
Through the use of this new methodology the founders learn to master the practice of experimentation using an iterative process of gathering customer feedback instead of relying on personal intuition. Critical for this section to be effective, the entrepreneur, “must go outside the building”. Over the last five years the Lean-StartUp Model has been utilized at more than 1,000 start-up incubators and accelerators across the country. She serves as an adjunct professor of global business strategy, marketing strategy, entrepreneurship and finance at University of Redlands and University of Phoenix College of Business Administration programs. Either number isstaggering for the entrepreneur who is trying to get their dreams off the ground floor.There seems to be three key elements to increasing your chances of survival. There are also exceptions tothe loss ratio for Las Vegas visitors who, on average, lose 97% of the time!There are restaurants who stumble onto the scene and become successful without doingall of the steps above.
These innovations that in the seventies wowed viewers in the fictional sci-fi movies are now a reality, giving everyone super-power like abilities regardless of age, country, or social status. The business plan has nor been completed retired, but instead has found to be more appropriately helpful tool to established companies to plan for growing these existing, profitable enterprises.
This is the most critical area where start-ups fail because they never develop sufficient revenues to support their business operations. This is requiring the founder to predict what will happen in the future without any basis for testing the assumptions that their product will be accepted in to the marketplace. Then they spend a lot of time and money trying to find a problem that fits the product they developed in isolation. They learn to perfect iterative design of their proposed value proposition over traditional “big design up front” development that is part of the traditional business plan methodology.
They must execute a plan, which includes setting a budget to measure their costs for testing their hypothesis with a select group of their target customers. Additionally, it is now being taught in entrepreneur programs at over 25 of the top universities. Kim is a co-author of the book on Women Entrepreneurs called Million Dollar Conversations, published in May 2011 by Insight Publishing.

However, of the almost 25,000 restaurants that start in the next fiveyears, you could probably put all the exceptions into one small strip center.
These new powers include the ability to consume and distribute massive amounts of information all while reducing costs, time, and complexity. What’s worse, early stage investors take this information and come up with their own formulas to reduce risk of those projections then further speculate how much money they will spend before they change direction or shut down the business.
Many of today’s modern millionaires like Mark Zuckerberg (Facebook), Sara Blakely (Spanx), and Brian Chesky (AirBNB), built their empires utilizing a lean startup canvas compared to the traditional Business Plan. Key to these customer interviews is that the founders should speak 25% of the time and the prospective client should speak 75% of the time. Creating a marketing plan as part of your business plan that addresses more than just advertising.
Through this iterative process, the founders create a very low cost, “lite” prototype of a potential solution called a Minimum Value Product “MVP” to validate the target customer feedback about assumptions of value. Matching your location with food and demographic target.A study of failed restaurants will find that all closed because one of these steps wasntdone or even considered as part of the planning process.
The facts show very few restaurantfailures are due to bad food.Your business plan is where everything starts. This should be a working document thatchanges as your ideas, relevant facts and conditions change as you go along. If you knowsomeday you are going to take the plunge into the restaurant business, start your plannow. Get an accountant or do diligent research to learnhow to make projections of cash needs.As part of your business plan, a marketing plan should be included.
If you think you can compete in the restaurant business with a fewnewspaper ads, you will lose that battle to the chains who have vast regional advertisingbudgets that probably exceeds your entire start up costs.
Understanding the completedefinition of marketing is essential to making inroads into the consumers restaurantchoices.Your location is even more critical today than it was when the old trite phrase location,location, location was coined many years ago.
Gas prices and time is at the forefront ofthe consumers mind when making any choices for restaurants and many other services.You not only have to be convenient to your guests, but you have to match your foodconcept to the demographic. Putting a down home barbecue joint in a young trendy urbanlocation where the emphasis is on health foods and exercise is probably a kiss of death.Increase your odds and find a better location.

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