Do you want to open a salad bar as a franchise and have you already chosen your brand and done your market research? You now need to write a business plan to get financing for your business creation project. Here are the 5 steps to follow to write your franchised salad bar business plan.
Present the team and the genesis of the salad bar project
Bankers first follow and finance a project leader before financing a project† They must indeed verify what is denoted by “people/project adequacy”† This is why the first part of a salad bar franchise business plan, like any business plan, is always a presentation of the project and the teams behind it.
In the case of a salad bar, franchisors, for their part, often expect candidates to be sensitive to nutrition, health, wellness and the environment.† And rightly so, since salad bars are part of the healthy food market, these questions are at the heart of the project.
Whether on the franchisor’s side or the banker’s side, an attraction for environmentally responsible activities that contribute to well-being is not enough : You still need to have the necessary skills to manage a restaurant and its team.
That’s the reason it is always preferable to have experience as a manager and/or manager of a profit center†
Here’s what to include in this first part of your franchised salad bar business plan:
- Your professional background and experience, as well as your skills;
- The motivations that led you to open a salad bar.
This last part in particular allows you to initiate your market research.
Introduce local market research
The salad bar franchise you have chosen is required by law to provide you with a general state of the market before signing the contract† You can therefore use this general market situation to introduce this part of your salad bar business plan.
However, if you’ve followed the criteria of our “Choosing Your Salad Bar Franchise” article, you know that the study of the local market necessarily precedes brand choice: indeed it is necessary to choose the salad bar franchise most adapted to the catchment areato its socio-demographic characteristics and to the already existing competition.
So you must continue to show why you chose the brand you chose in your service area† And this, generalist, specialist, biological, conventional, classical or exotic.
The purpose of this part of your business plan is to demonstrate the relevance of setting up a new salad bar in the intended catchment area, knowing that salad bars cater to an urban, active, young clientele and dynamic, with a strong purchasing power of preference.
- Does the intended catchment area have enough managers?
- Is there a university campus in the intended catchment area?
- What is the average household income in the targeted catchment area?
- Who are the competitors (positioned in the healthy segment)?
- And so forth.
This first approach makes it possible to determine the turnover potential of the healthy restaurant† in a second time, it is also necessary to present the room or at least the intended settlement area if the room has not yet been chosen† And this to demonstrate the potential of this location in terms of traffic and socio-demographic characteristics of users.
Expose the commercial and communication strategy
In franchising, both the commercial strategy and the national communication strategy of the salad bar are determined by the chosen brand.† This part of your salad bar business plan is therefore a transcript of the franchise’s positioning and strategy.
However, you should also specify the local communication strategies that you want to implement, especially to ensure a good start of the activity.
- Event tastings (on the street, in companies or higher education institutions, etc.);
- Introductory Promotional Offer;
- communication on social networks;
- Sponsor system;
- Distribution of flyers;
- And so forth.
Local communication is indeed a privilege of the franchisee and not of the franchisoreven if the latter can help ensure the success of the members of its network.
Demonstrate the economic model and financial forecasts
Like the communication strategy and the commercial strategy, the economic model of a franchised salad bar is that of the brand. However, the reality will largely depend on the rates negotiated with local suppliers, the amount of investment made to furnish the restaurant building and the catchment area.
That’s why you should use the data from your local market research, your financing plan and your sales forecasts. to cross them with the franchisor’s data to develop, in consultation with the latter, realistic financial forecasts that will serve both to convince your banker and to guide you, a guiding tool to manage your bar to salads.
- to make investments;
- Financial plan;
- Cash flow plan for the first year;
- Forecast balance sheets and income statements for the first three years.
Here are the essential accounting documents to complete your franchised salad bar business plan.
In this part you have to show how to make money from your salad bar.
Write the summary
Finally, you should write an introductory summary of your franchised salad bar project: Here’s the summary† Clear, concise and complete, it summarizes in a few lines the main points of your business plan, of which it forms the introduction, to seduce the banker and encourage them to read more. In a way, it’s the pitch of your salad bar project.