The ultimate way to do a market research for a restaurant

market research for a restaurant - waiter taking order from table with two customers

You have an aptitude for making people feel welcome and, for you, eating with others is one of life’s greatest pleasures. 

You’re keen to provide a space for people within your community to experience new cuisine together - whether it be Asian-fusion or bistro-style French dishes. 

You are then, undoubtedly, ready to take up your place in the hospitality industry by opening your own restaurant.

In this guide, we will tell you everything you need to know about how to do market research for a restaurant. 

Conducting market research for a restaurant

The purpose of finding out how to do market research for a restaurant is that it allows you to assess whether there is sufficient demand within your chosen location to open up a new restaurant.

In carrying out this research, it’s important that you:

  • Make sure that the market is not already saturated. Is there a real lack of decent eateries in the city or area in which you want to set up your business? Is the local market big enough to support the arrival of a new restaurant? 
  • Identify the types of customers that aren’t yet adequately catered for, such as families or business clientele. This will allow you to come up with a menu and concept that suits the right demographic - paving the way for success. 
  • Gather all the information needed to help you evaluate the revenue potential of your business.

We'd invite you to do some research online, and even have a look at websites like Restaurant.org which estimates the US market to be around $899 billion in projected sales for 2020. Make sure you use reliable resources for your research and get your facts straight. 

Questions to ask yourself before conducting market research

It’s a harsh reality, but half of all businesses don’t make it past the five-year mark. 

That’s why doing a thorough job when carrying out market research is vital. You need to ask yourself the right questions before launching your business, to reduce any obvious risks that could lead to its demise.

First of all, you should pin down exactly what clientele your restaurant is targeting. If you’ve already made up your mind as to its concept and what location it will be in, make sure to check that they’re consistent with one another. Your chances of success will be slim if, for example, you launch a family restaurant in the financial district of a city. 

You’ll need to make a clear case to investors as to how your concept will have you taking market share from your competitors - so define what sets you apart from existing restaurants in the area.

Next up is the task of attracting and retaining customers. The research done on the previous two points will help you with this, but you’ll also need to look at the marketing strategies adopted by your direct and indirect competitors. We’ll come back to this shortly. 

Checking out the local market

The next crucial step in our guide on how to do market research for a restaurant is casting your eyes over the local market. Say, for the sake of this article, you’d like to set up your restaurant in France - you now have to familiarise yourself with the restaurant industry there. 

To do so, you’ll have to ask yourself:

  • How have restaurant sales evolved in recent years?
  • What types of cuisine (traditional, fast food, bistro, vegetarian, Japanese, etc.) are finding the most success and/or developing the fastest?
  • Has the restaurant business margin evolved favourably in recent years?
  • Has there been a higher figure of restaurant openings than closings in the last year?
  • Are restaurant managers facing any particular challenges right now (such as regulatory constraints or difficulties in recruiting skilled staff) - if so, what are they?
  • Are franchised restaurants more successful than independently owned eateries? 
  • What are the upcoming trends when it comes to consumer habits ? 
  • What is the average spend per sitting? Does it fluctuate depending on whether it’s lunch or dinner, or during the week and on weekends? 
  • What are the most popular marketing channels? Are there any innovative trends (including takeaway and online sales) that you could capitalise on?

These answers will, of course, vary depending on the location and concept of the restaurant.

On top of these integral questions about market trends, you’ll also need to seek out information about regulations - which are particularly restrictive in the restaurant business.

It will therefore be necessary to: 

  • educate yourself on the state of current regulations
  • find out if any new laws impacting business are set to be implemented, both at the local and national level
  • check whether a licence and/or training is required before opening a restaurant
  • identify potential risks for this profession, most notably in terms of professional liability and health regulations.

The best sources of information on the hospitality industry

You can rely on the following sources of information to help you conduct your market research on the restaurant industry within the UK and US:

  • Statistical institutes such as the Office for National Statistics (UK) , Eurostat (EU) or the Census Bureau (US)
  • Research institutes and specialized consulting firms
  • The economic and specialized press
  • The UK Health and Safety Executive and the FDA website's , in particular for all matters concerning health and safety regulations

You also can’t forget the main players in the restaurant game: the restaurant managers themselves. Take some time out to grab a coffee with a restaurant owner - as they could provide you with some valuable insider information about the sector.

Analysing the demand for restaurants in your area

Next up in our guide on how to do market research for a restaurant is understanding that reliable market research must be based on both macro and microdata. While macro data focuses on the bigger picture, such as, for example, the number of customers that bought grilled cheese sandwiches in one lunch sitting, microdata is person-specific. 

This means evaluating the size of the local market by assessing just how many people live in the area, what their profile is (e.g. age, occupation, gender, level of disposable income), and exactly how many of them fall within your target market. 

You will then focus on piquing consumer interest. What are the places that attract your potential customers and where would be an enticing location for your own business?

You should also anticipate the expectations of customers at the local level. What type of food service is lacking in the market today and what type of cuisine has the greatest potential? 

You should consider offering additional services, such as takeaway and delivery services. 

To find this information on the local market, you can check out the site of the city. You should also go the extra mile by directly asking your future customers what they look for in the area’s eateries. Take to the streets with a questionnaire that’ll allow you to assess your target market’s wants and needs.

Analysing your direct and indirect competitors

In this part of discovering how to do market research for a restaurant, you'll round up how many competitors are located near your business. You should look at their concept, the type of products and services they’re offering, as well as the prices charged, and their target clientele.

This information will help place you in the best position to stand out from what everyone else is offering, by serving up a different concept. 

While assessing existing restaurants, you’ll need to find out: 

  • their total revenue (if possible)
  • their total workforce
  • their capacity (number of place settings)

Analysing the reputation of your competition

Analysing the reputation of your competition will also prove very useful. Make sure you check:

  • Whether your competitors have a good reputation
  • The specific reasons for their success 
  • Or conversely, are they in trouble? If so, why? (For example, has their quality of service failed to meet customer expectations?)

Assessing the marketing strategy of competing restaurants

How are your competitors marketing to their clients? Answering this question will make it easier for you to define your own marketing strategy.

To do so, you’ll need to first assess how your rivals are getting their names out there - whether it be via Instagram, their own websites, or flyers on your local town hall. You can then look at the type of promotional offers your competitors have put in place. 

For your next step, assess the success of these marketing strategies and if you have the capacity to implement a more effective mode of attracting customers.

These successive steps will ultimately allow you to scope out the estimated budget needed to reel in and retain your customers.

Don't hesitate to study all the types of catering services you come across - no matter how different their concept is to yours. You can also check out online competitors, in particular, mobile apps and services such as Uber Eats and Deliveroo.

Sell your restaurant's concept in four slick points

By now, you should have enough information to assess whether your business is likely to be successful or not. If it’s the latter, is it possible to adapt your model and define a new, more effective commercial positioning? To do so, you’ll need the following elements:

  • a clearly identified target market
  • a product and service offering that is unique from the competition 
  • a marketing strategy that resonates with a strong customer need
  • an effective acquisition and retention strategy

Carrying out a quantitative study to assess your prices

Now it’s time to talk about money. Opening a restaurant is a big investment (in and around the £200,000 mark). So before splashing out on kitchen equipment, it's important to check that your concept and menu is one that will actually align with your customer's wants and needs.

At this stage, we strongly recommend that you carry out a quantitative study to double-check that your menu prices, as well as the overall vibe of your restaurant, complement the expectations of your customers.

You can carry out this test in many ways, such as renting out a stand at a market and offering revellers samples from your menu.

You could also take to the streets with a menu and ask members of the public what they think of it - whether they like the style of the menu or agree with the prices

Creating a business plan

Once your market research has been completed and your concept refined, you can move onto the next step: writing the business plan for your restaurant.

A business plan is a document that describes your business, and its strategic, commercial, and financial objectives for the first three years of operation. 

It helps you verify whether your restaurant has the potential to be profitable, at least on paper. As well as that, it will guide you through the very first steps of implementing your project, from covering what licenses you need to assessing start-up expenses. 

Your restaurant's business plan will also be a valuable tool for presenting your project to potential commercial and financial partners, such as investors and suppliers.

As you can imagine, creating a business plan for a restaurant is crucial. But it is also a technical and sometimes tedious job - especially if you aren’t a seasoned restaurateur. 

To make the process easier for you, especially if it’s your first business plan, you can use online business plan software . 

There are several advantages to using software to create a business plan for your restaurant:

  • It takes care of the calculations and creates the projected financial statements for you (income statement, balance sheet, cash flow statement, break-even calculation, etc.)
  • With business plan templates available and instructions for each section, you are guided through how to structure your plan
  • As an end result, you receive a professional document, formatted and ready to be sent to your bank or investors

If you are interested in this type of solution, you can try our software for free by registering here .

You can also have a look at our restaurant business plan template to get some inspiration! 

We hope that this article has helped you better understand how to do market research for a restaurant. 

If you’d like more advice on any of the points mentioned above or any other element related to the creation or takeover of a restaurant, please don’t hesitate to get in touch.

Also on The Business Plan Shop

  • How to create a financial forecast for a restaurant?
  • How to open a restaurant with no money?
  • How to open a restaurant?

Guillaume Le Brouster

Founder & CEO at The Business Plan Shop Ltd

Guillaume Le Brouster is a seasoned entrepreneur and financier.

Guillaume has been an entrepreneur for more than a decade and has first-hand experience of starting, running, and growing a successful business.

Prior to being a business owner, Guillaume worked in investment banking and private equity, where he spent most of his time creating complex financial forecasts, writing business plans, and analysing financial statements to make financing and investment decisions.

Guillaume holds a Master's Degree in Finance from ESCP Business School and a Bachelor of Science in Business & Management from Paris Dauphine University.

Create a convincing business plan

Assess the profitability of your business idea and create a persuasive business plan to pitch to investors

The Business Plan Shop | Business Plan Software

500,000+ entrepreneurs have already tried our solution - why not join them?

Not ready to try our on-line tool ? Learn more about our solution here

Need some inspiration for your business plan?

Subscribe to The Business Plan Shop and gain access to our business plan template library.

business plan template library

Need a professional business plan? Discover our solution

Write your business plan with ease!

Business Plan Software

It's easy to create a professional business plan with The Business Plan Shop

Want to find out more before you try? Learn more about our solution here

Market Research for Restaurants 101

By Tiffany Regaudie

illustration of magnifying glass looking at market research

Market research for your restaurant doesn’t end after your grand opening.

You should be conducting market research every year to make sure your restaurant is still giving your customers what they want.

Pollfish Resources

  • Pollfish School
  • Market Research
  • Survey Guides
  • Get started

How to Conduct Restaurant Market Research Like A Pro

market research for restaurant business plan

Restaurateurs, cafe owners, and eatery purveyors must conduct restaurant market research , as it is a highly competitive restaurant industry. Given that the industry is dominated by changing customer habits, businesses need to conduct thorough research to uncover potential opportunities.

As new restaurants open every day, the competition also increases. To stand out from this competition and ensure that prospective buyers know about their brand, restaurants must find strategies that enhance customer experience and content marketing strategy and advertising. 

That usually involves an in-depth analysis of their customer preferences and an understanding of their competitors, neither of which is possible without restaurant market research. This article explains how restaurant owners can research their target market to ensure continued success, along with what market research means for the restaurants and the benefits of adopting these strategies. 

The Growing Demand For Restaurants

Covid-19 had a devastating impact on the restaurant industry , as it hit the global hospitality businesses with brute force, compelling a complete ban on indoor dining leading to reduced sales.

But with lifted restrictions in the U.S., the restaurant industry is slowly getting on track . There’s an increase in demand for in-person dining, which means that the restaurant industry is on the road to recovery, making this the perfect time to open a restaurant. But before that, restaurant owners need to conduct in-depth market research.

Reasons To Conduct Restaurant Market Research 

Restaurant market research is essential for restaurant businesses and entrepreneurs to understand the latest market trends , identify consumer pain points and target exactly what the consumers are looking for. It is one of the simplest and most effective ways of maintaining a competitive edge. 

The following are some reasons why businesses need to conduct restaurant market research:

1. Identifying the Target Market

Conducting restaurant market research enables restaurants to determine the key demographics of their potential new customers. There are three different types of customers that most new businesses will encounter. Adequate market research will offer valuable insights into targeting each of these customers to adapt to their needs and turn them into loyal customers. 

The ‘Savvy’ Purchasers

These are customers that are most interested in an A-class customer experience. They do not necessarily care about the quality of the product but rather how the business treats its customers. Restaurants need to identify these customers through secondary market research and price their products competitively. 

The Industry Influencer

Industry influencers are primarily concerned with the quality of the product. They do not care whether the product is too expensive, as long as it provides valuable service and offers them satisfaction. Restaurant businesses need to know who the industry influencers are because they can bring in other prospective customers and inspire people to buy from their company. 

The End-User

End-user customers are those that will become the restaurant’s regular, loyal customers. It’s necessary to identify these customers as they can provide valuable information on the frustrations or limitations of the business. As such, end-users make ideal primary research candidates since they can help restaurant businesses gain a competitive edge. 

2. Analyzing the Effect Of Competition

Restaurant market research also helps restaurant owners to see how other restaurants in the area are operating to develop unique strategies to get an edge over them. The restaurant industry is competitive, so opening a new restaurant will only be successful if it has a unique approach that helps it stand out from the crowd. For example, restaurant owners need to research what restaurants serve food similar to them and what strategies they employ to attract their customers. 

Choosing an appropriate location for the restaurant is also essential. For example, if it’s a family dine-in restaurant, restaurant owners need to choose a residential complex with a higher percentage of families with children. They need to avoid opening the restaurant in a location where there is already an established restaurant chain. 

Market research will also help business owners identify and analyze the strengths and weaknesses of their competitors. They need to look for loopholes in their services and strive to avoid them in their restaurant. 

3. Uncovering Revenue Opportunities

A restaurant market analysis offers insights into untapped opportunities that businesses can leverage to maximize their revenue. A comprehensive market analysis can help them understand industry needs better and can narrow the kind of opportunities they are looking for. 

For example, it can help the restaurants understand how to grow their business during seasonal events like Easter or Christmas. Companies can maximize their reach during specific seasons by offering promotional offers and unique menu items popular among customers. 

4. Solving Business Challenges

One of the main problems affecting new restaurant owners is coming up with immediate solutions to problems. Many issues that arise require significant changes in restaurant strategies that can disrupt their operations. 

To ensure successful restaurant operations, they need to ask themselves what their restaurant is doing differently from its competitors. They need to analyze their competitor’s business loopholes to identify any potential problems they might face later in the business. 

Being aware of such issues and taking necessary precautions can help business owners devise the strategies required to overcome them.

5. Setting Targets For Their Restaurant Business

With actionable data and insights on their target customer base, restaurant businesses can set goals for the growth and improvement of their business. 

Whether they want to establish a particular niche for their restaurant or introduce a special menu, market data enables them to set achievable targets. 

How To Conduct Restaurant Market Research

The following are two popular methods of conducting this kind of research:

Using Primary Market Research Methods For Restaurants

market research for restaurant business plan

  • Competitive assessments enable restaurant businesses to see how their competitors perform and identify gaps that their restaurants can fill in the market.
  • Focus groups allow restaurant owners to connect with their target audience by inviting them to test menu items. They can also leverage industry influencers and food bloggers to get first-hand feedback.
  • Online Surveys to gain valuable feedback on the restaurant from the business’s target audience. Websites such as Google Surveys and Survey Monkey allow restaurant owners to do surveys for collecting consumers’ purchasing and dining practices. 

Using Secondary Resources for Restaurant Market Research

Secondary market research for the restaurant industry offers restaurant owners a complete overview of the market’s external environment. Not only this, it enables them to observe their position in the market and what their target customers are thinking about their restaurant business.

The following are some types of secondary restaurant market research resources restaurant businesses need to see.

  • Industry Reports: Culinary trends change seasonally as consumer habits change. So reading up on industry trends and reports like the National Restaurant Association can provide restaurant businesses with valuable insights about consumer preferences.
  • Case Studies: On a more formal level, case studies can provide businesses with in-depth knowledge about a specific restaurant niche, its key characteristics, and the implications of specific strategies on consumer behavior. It is perfect if the restaurants explore new marketing methods and want some real-life industry examples. 
  • Statistics Sites: These sites include vital information on the popularity of a product in a specific location, pricing levels, and the demand for a product. It offers statistical information on purchasing patterns and consumer preferences to help restaurant businesses conduct behavioral analysis regarding their restaurant.  
  • Research Papers: Research papers can help give insights into the effectiveness of different marketing strategies and offer insightful ways of maximizing revenue and customer satisfaction. Research papers are particular, and there is a research paper available on the internet for every topic. These papers can help businesses deepen their knowledge and understand it in a better way.   

Secondary Restaurant Market Resources

The following is the list of the best resources on all the important data and insights on the restaurant industry.

market research for restaurant business plan

  • Restaurant.org

The official website of the National Restaurant Association offers the latest industry trends, relevant statistics, and growth tactics. Existing and new restaurants can put this data to good use.

  • MarketResearch on Restaurant Market Research Reports and Industry Analysis

Explore industry reports and analyses on different subjects ranging from the growth in the food industry to the rising popularity of restaurant management software in the restaurant business.

  • Market research Reports on Dining

This website lets restaurant owners explore key findings in purchasing patterns, dining behaviors, and changing consumer food preferences. Given the impact of the pandemic on the restaurant industry in 2020, MarketResearch shows how the previous year impacted consumer patterns and how restaurants can adapt to changing patterns to maximize their revenue. 

  • Market Publishers: Restaurants Market Research Reports

This website has a culmination of useful reports of all kinds of food establishments, including hotels, cafes, small food stalls, etc. The best part about this website is that it provides information on service industries all over the globe. So regardless of the location, the restaurants are in, they can find a relevant industry report, press release, or publication. 

  • IBISWorld – Single Location Full Service Restaurants Industry

This is a massive database of full-service restaurants in the US, compiled and managed by IBISWorld, a trusted platform for industry research on multiple industries worldwide.  

Opening New Areas of Opportunities for Restaurants 

The restaurant industry mainly depends on guesswork and assumptions. But with in-depth market research, the restaurant businesses can open new areas of opportunity to get ahead of their competitors and attract more customers. But for that, they need high-quality data extracted from real consumers.

This is where Pollfish comes in. It is a market research platform that offers data directly from the business’s target audience through mobile-optimized surveys . This platform offers several different ways to tap into the restaurant’s target audience base and research according to their business requirements.

Do you want to distribute your survey? Pollfish offers you access to millions of targeted consumers to get survey responses from $0.95 per complete. Launch your survey today.

Privacy Preference Center

Privacy preferences.

Brizo FoodMetrics

  • Get Started
  • Français ( French )

Brizo FoodMetrics

Using Market Research to Create a Winning Restaurant Business Plan

brooke-lark-4J059aGa5s4-unsplash

Creating a successful restaurant business plan requires a thorough understanding of the target market and industry trends. Market research plays a crucial role in this process by providing valuable insights into consumer behavior, preferences, and purchasing habits. By gathering and analyzing data on your target customers, competitors, and market conditions, you can make informed decisions about menu offerings, pricing strategies, marketing tactics, and more. In this guide, we will explore the importance of market research in developing a winning restaurant business plan and provide tips for conducting effective market analysis .

Define your restaurant’s concept and target market

An effective restaurant requires careful planning and consideration in order to be successful. Defining the concept of your establishment and understanding who it appeals most to is a fundamental part of that process. Considering age, income level, and dining preferences – all key components for catering to specific taste buds – are essential elements when creating an appealing menu or finding creative ways to stand out from other establishments on the market today!

Research the competition in your area

Understanding the competition in your local market is essential for success. Through research, you can identify your main competitors and assess their strengths and weaknesses to help pinpoint potential opportunities within the marketplace. Visit competitor restaurants to understand what they offer customers in terms of food menu items, pricing structures, service levels, and overall dining experiences – then use this data to create unique offerings that will set yours apart from others!

By staying informed about competitive landscape initiatives; it gives you invaluable insight into how best to position yourself against those vying for customer dollars- allowing you make well-informed decisions when creating innovative marketing strategies & promotional campaigns that define a memorable restaurant experience.

Develop a menu that will appeal to your target market

Developing a menu that will be successful in your foodservice market begins with foodservice market research and foodservice data analytics. With the insights gathered from your foodservice market research, you can curate the perfect set of offerings for your target customers. There are several factors to consider such as demographics, food preferences, budgets, food trends and regional tastes. Make sure to adjust accordingly as food trends and regional tastes change over time. Working with an experienced food service consultant during the menu-building process can help you ensure that every item on your list is designed to maximize customer appeal while keeping your bottom line in check.

Create a marketing plan to attract customers to your restaurant

Searching for a new way to bring in customers to your restaurant? A foodservice market research and foodservice data analytics strategy will provide you with an abundance of helpful metrics. By carefully analyzing these statistics, you can gain insight into customer behavior, preferences, and more – which will help shape your plan to bring them in the door. Your restaurant’s marketing plan should be creative, organized, and tailored specifically to attract potential diners. Put foodservice marketing research and foodservice data analytics at the heart of your efforts so you can truly understand and engage with customers to establish a strong relationship that keeps them coming back time after time.

Write a detailed business plan for your restaurant

A detailed business plan for a restaurant should include:

  • An executive summary outlining key goals and objectives.
  • Market analysis identifying the target audience and competition.
  • Description of restaurant concept and menu offerings.
  • A detailed operational plan outlining day-to-day operations and staffing needs.
  • Financial plan with projections for start-up costs, revenue, and expenses.
  • Marketing and advertising plans to attract and retain customers.
  • Management and organizational structure with responsibilities of key team members.
  • Risk assessment and contingency plan to address challenges and opportunities.

A well-crafted business plan is a roadmap for success and is critical for securing investment and financing.

Creating a comprehensive business plan is essential for any restaurant owner looking to achieve success. It should include an executive summary, market analysis, concept and menu description, operational plans, financial projections, marketing strategies, management structure and risk assessment. With the right preparation in place you will have all the necessary resources to effectively launch your restaurant venture and ensure long-term sustainability. Investing time into crafting a well thought out business plan can make all the difference when it comes to achieving success in this highly competitive industry.

2327 Bd du Versant N, Suite 215.4 Quebec City , QC G1N 4C2

917-780-2609 [email protected]

Get the latest scoop!

Sign up for our newsletter for updates, news, and more.

Eat App Logo

Eat App for

How it works.

Request Demo

How to Write a Restaurant Business Plan in 2024 (Step by Step Guide with Templates)

bell

A comprehensive restaurant business plan is a framework that guides you to plan and forecast every element of restaurant management and operations.

This includes anything from your restaurant's menu design, location, financials, employee training, and a lot more.

Crafting a solid business plan is important, as it helps:

  • Transform your restaurant ideas into reality.
  • Boosts entrepreneurial success by 16% (Harvard Business Study) .
  • Equips you to navigate challenges before they arise.
  • Attracts potential investors.

“You have to show any potential investor that you have an actual plan, you know what you’re talking about, it looks professional, and you’re not just screwing around.” - Charles Bililies, owner of Souvla

Planning is key to restaurant success. Without a plan, you're more likely to join the 26% of restaurants that fail within a year.

Create a business plan to set yourself up for success.

Here's how to get started. 

market research for restaurant business plan

A step-by-step guide to writing a restaurant business plan

Embarking on a restaurant venture is an exciting prospect filled with endless possibilities.

However, the key to transforming your culinary dreams into reality lies in the foundation of a well-crafted restaurant business plan.

This guide will walk you through creating a winning restaurant business plan , from defining your niche to seeking expert advice.

So, are you ready to cook up some success?  Let's get started. 

Essential components of a restaurant business plan

A well-structured restaurant business plan typically consists of the following key components:

  • Executive Summary

Company Description

  • Market Analysis
  • Restaurant Design
  • Market Overview
  • External help
  • Financial Analysis

Delving into each section

Now, let's take a closer look at each section of your restaurant business plan and explore the key elements to consider:

1. Executive summary

A restaurant business plan should always begin with an executive summary. Why?

  • 80% of venture capitalists say they read the executive summary first.
  • 62% of investors say they would not continue reading a business plan if the executive summary did not capture their interest.
  • A strong executive summary can increase the likelihood of securing funding by up to 40%.

An executive summary not only acts as the introduction to your restaurant business plan samples but also as a summary of the entire idea.

The main aim of an executive summary is to draw the reader (oftentimes an investor) into the rest of your business plan.

The executive summary also helps you envision the identity of your restaurant which essentially shapes the customer experience and sets you apart from competitors.

To establish a distinct identity, you need to focus on c ommon elements of an executive summary, including:

  • A mission statement  
  • Proposed concept development
  • Cuisine selection
  • The overall execution
  • The potential costs
  • Expected return on investments (ROI)

Let's take a more in-depth look at the concept development, cuisine selection, and mission statement.

Further reading

  • How to write a restaurant executive summary

Concept Development

Selecting the type of restaurant, service style, and atmosphere is the first step towards creating a unique dining experience. Whether you envision a sample menu for a:

  • cozy, intimate bistro
  • bustling quick-service deli
  • fast-casual restaurant
  • fine dining establishment

Your concept should reflect your passion and expertise in the industry.

With a broad range of options, it’s critical to scrutinize your target market and pinpoint the most suitable choice considering their preferences and your capabilities.

When planning your restaurant design, keep in mind that it should effectively complement your chosen theme and cuisine.

Additionally, consider the potential for patio seating and the involvement of your management team in making these critical decisions.

A well-thought-out concept will not only set the stage for an unforgettable dining experience but also pique the interest of potential investors.

Cuisine Selection

The cuisine you select for your restaurant can significantly influence its success.

Choosing the appropriate cuisine is vital for distinguishing your establishment from competitors and attracting your target market.

To make an informed decision, consider factors such as:

  • Market demand
  • Expertise and passion
  • Ingredient availability
  • Competition
  • Profitability
  • Cultural fit
  • Seasonality

Dietary restrictions and trends

In the highly competitive restaurant industry, keeping track of current and emerging cuisine trends can be a significant advantage.

From regional delicacies to innovative fusion dishes, understanding what’s popular and in demand can help you tailor your offerings to the desires of your target audience.

By thoroughly analyzing the market and adapting to evolving tastes, your restaurant can remain relevant and successful in the long run.

Crafting a mission statement

A well-constructed mission statement communicates the purpose, values, and goals of your restaurant to potential investors and customers alike.

A mission statement serves as a guiding light for decision-makers and employees, fueling their efforts to achieve your restaurant’s objectives.

To create an impactful mission statement, consider the following steps:

  • Identify the purpose of the restaurant.
  • Contemplate the brand’s image.
  • Account for the target audience.
  • Incorporate company values.
  • Ensure brevity and comprehensiveness.

Related content:  How to Write a Restaurant Mission Statement  

Remember, your mission statement should not only differentiate your restaurant from competitors but also resonate with your target market.

By articulating your restaurant’s unique values and vision, you’ll create a strong foundation upon which to build a thriving and successful business.

2. Company description

This is the part of the restaurant business plan where you fully introduce the company.

Start this section with the name of the restaurant you are opening along with the location, contacts, and other relevant information. 

Also, include the owner’s details and a brief overview or description of their experience.

The second part of the company description should highlight the legal standing of the restaurant and outline the restaurant’s short and long-term goals.

Provide a brief market study showing that you understand the trends in the regional food industry and why the most independent restaurant investors will succeed in this market.

Here's an example of the page layout:  

Restaurant Name: [Restaurant Name]

Location: [Restaurant Address]

Contact: [Restaurant Phone Number] | [Restaurant Email Address]

Owner: [Owner Name]

Experience: [Owner Name] has over [Number] years of experience in the restaurant industry. They have worked in various roles, including [List of Roles]. They are passionate about food and creating a memorable dining experience for their guests.

Legal Standing: [Restaurant Name] is a [Type of Legal Entity] registered in [State/Province].

Short-term Goals:

  • Generate [Amount] in revenue within the first year of operation.
  • Achieve a [Percentage] customer satisfaction rating within the first six months of operation.

Long-term Goals:

  • Expand to a second location within five years.
  • Become a recognized leader in the regional food industry.

Market Study:

The regional food industry is experiencing a number of trends, including:

  • An increasing demand for fresh,  local ingredients.
  • A growing interest in ethnic cuisine.
  • A preference for casual dining experiences.

3. Market analysis

The market analysis portion of the restaurant business plan is typically divided into three parts.

3.1 Industry analysis

What is your target market? What demographics will your restaurant cater to?

This section aims to explain your target market to investors and why you believe guests will choose your restaurant over others.

Comprehending your target market is key to customizing your restaurant offerings to their preferences and needs.

By diving into demographics, preferences, dining habits, and trends, you can fine-tune your concept and marketing strategy to reach and appeal to your target audience effectively.

An example of analyzing your target market

  Comprehending your target market is key to customizing your restaurant offerings to their preferences and needs.

Demographics and preferences

Identifying your primary target market involves considering factors such as:

For example, a neighborhood with a high concentration of families might prefer a family-friendly restaurant with a diverse menu catering to various age groups and dietary preferences.

Conversely, a trendy urban area with a predominantly young and affluent population may gravitate towards upscale dining experiences and innovative cuisine.

Cultural and ethnic backgrounds also have a significant impact on restaurant preferences, with people from different backgrounds having distinctive tastes and customs that influence their dining choices.

By thoroughly understanding the demographics and preferences of your target market, you’ll be better equipped to create a restaurant concept that resonates with them and ultimately drives success.

Dining habits and trends

As the restaurant industry continues to evolve, staying informed about dining habits and trends is crucial for adapting your offerings and attracting customers.

For example, the rise of online ordering and delivery services has significantly influenced dining habits, with many consumers seeking the convenience of having their meals delivered to their doorstep.

Health trends have also had an impact on dining habits, with an increasing number of individuals seeking healthier options when dining out.

By staying abreast of current habits and trends, you can anticipate the needs and desires of your target market and tailor your restaurant’s offerings accordingly.

This forward-thinking approach will not only help you stay competitive but also foster long-term success in the ever-changing restaurant landscape.

  • How to find your restaurant's target market

3.2 Competition analysis

It's easy to assume that everyone will visit your new restaurant first, so it is important to research your competition to make this a reality.

What restaurants have already established a customer base in the area?

Take note of everything from their prices, hours, and service style to menu design to the restaurant interior.

Then explain to your investors how your restaurant will be different.

3.3 Marketing analysis

Your investors are going to want to know how you plan to market your restaurant. How will your marketing campaigns differ from what is already being done by others in the restaurant industry?

How do you plan on securing your target market? What kind of offers will you provide your guests? Make sure to list everything.

The most important element to launching a successful restaurant is the menu . Without it, your restaurant has nothing to serve.

At this point, you probably don’t have a final version, but for a restaurant business plan, you should at least try to have a mock-up.

Add your logo to the mock-up and choose a design that you can see yourself actually using. If you are having trouble coming up with a menu design or don’t want to pay a designer, there are plenty of resources online to help.

The key element of your sample menu though should be pricing. Your prices should reflect the cost analysis you’ve done for investors. This will give them a better understanding of your restaurant’s target price point. You'll quickly see how important menu engineering can be, even early on.

5. Employees

The company description section of the restaurant business plan briefly introduces the owners of the restaurant with some information about each. This section should fully flesh out the restaurant's business plan and management team.

The investors don’t expect you to have your entire team selected at this point, but you should at least have a couple of people on board. Use the talent you have chosen thus far to highlight the combined work experience everyone is bringing to the table.

Download our free restaurant business plan  It's the only one you'll ever need. Get template now

6. Restaurant design

The design portion of your restaurant business plan is where you can really show off your thoughts and ideas to the investors. If you don’t have professional mock-ups of your restaurant rendered, that’s fine.

Instead, put together a mood board to get your vision across. Find pictures of a similar aesthetic to what you are looking for in your restaurant.

The restaurant design extends beyond aesthetics alone and should include everything from restaurant software to kitchen equipment. 

7. Location

The location you settle on for your restaurant should be well aligned with your target market (making it easier to cater to your ideal customer) and with your business plans.

At this stage in the process, its not uncommon to not have a specific location in mind - but you should at the very least have a few options to narrow down.

Tip: When you approach your investors about potential locations, make sure to include as much information as possible about each venue and why it would be ideal for your brand. Go into as much detail as possible - including everything from square footage to the demographics of the area.

Example for choosing an ideal location

Choosing the ideal location for your restaurant is a pivotal decision that can greatly influence your success. 

To make the best choice, consider factors such as foot traffic, accessibility, and neighborhood demographics.

By carefully evaluating these factors, you’ll be better equipped to maximize visibility and attract your target market.

Foot traffic and accessibility

Foot traffic and accessibility are essential factors in selecting a location that will attract customers and ensure convenience.

A high-traffic area with ample parking and public transportation options can greatly increase the likelihood of drawing in potential customers.

Additionally, making your restaurant accessible to individuals with disabilities can further broaden your customer base and promote inclusivity.

It’s also important to consider the competition in the area and assess whether your restaurant can stand out among existing establishments.

By choosing a location with strong foot traffic and accessibility, you’ll be well on your way to creating a thriving restaurant that appeals to your target market.

Neighborhood demographics

Analyzing neighborhood demographics can help you determine if your restaurant’s concept and cuisine will appeal to the local population.

Factors such as income levels, family structures, and cultural diversity can all influence dining preferences and habits.

By understanding the unique characteristics of the neighborhood, you can tailor your offerings and marketing efforts to resonate with the local community.

Conducting a market analysis can be a valuable step in this process.

To gather demographic data for a particular neighborhood, you can utilize resources such as the U.S. Census Bureau’s American Community Survey and reference maps.

Armed with this information, you can make informed decisions about your restaurant’s concept, menu, and pricing, ensuring that your establishment is well-positioned for success within the community.

Conducting market research will further strengthen your understanding of the local demographic.

8. Market overview

The market overview section is heavily related to the market research and analysis portion of the restaurant business plan. In this section, go into detail about both the micro and macro conditions in the area you want to set up your restaurant.

Discuss the current economic conditions that could make opening a restaurant difficult, and how you aim to counteract that. Mention all the other restaurants that could prove to be competition and what your strategy is to set yourself apart.

9. Marketing

With restaurants opening left and ride nowadays, investors are going to want to know how you will get word of your restaurant to the world.

The next marketing strategy and publicity section should go into detail on how you plan to market your restaurant before and after opening. As well as any plans you may have to bring a PR company on board to help spread the word.

Read more: How to write a restaurant marketing plan from scratch

10. External help

To make your restaurant a reality, you are going to need a lot of help. List any external companies or software you plan on hiring to get your restaurant up and running.

This includes everything from accountants and designers to suppliers that help your restaurant perform better, like POS systems and restaurant reservation systems .

Explain to your other potential investors about the importance of each and what they will be doing for your restaurant.

11. Financial analysis

The most important part of your restaurant business plan is the financial section . We would recommend hiring professional help for this given its importance.

Hiring a trained accountant will not only help you get your own financial projections and estimates in order but also give you a realistic insight into owning a restaurant.

You should have some information prepared to make this step easier for the accountant.

He/she will want to know how many seats your restaurant has, what the check average per table will be, and how many guests you plan on seating per day.

In addition to this, doing rough food cost calculations for various menu items can help estimate your profit margin per dish. This can be achieved easily with a free food cost calculator. 

  • Important restaurant metrics to track

A well-crafted restaurant business plan serves as a roadmap to success, guiding every aspect of the venture from menu design to employee training.

By carefully considering each component of the plan, aspiring restaurateurs can increase their chances of securing funding, attracting customers, and achieving their long-term goals.

Remember, a restaurant business plan is not just a document to satisfy investors; it is a living tool that should be revisited and updated regularly as the business grows and evolves.

By staying committed to the plan and adapting it as needed, restaurateurs can ensure that their culinary dreams have a solid foundation for success.

Share this article!

Saif Alnasur

Saif Alnasur used to work in his family restaurant, but now he is a food influencer and writes about the restaurant industry for Eat App.

author-linkedIn

How to Calculate Food Cost in:...

Whether you're putting together a menu for your...

market research for restaurant business plan

The A to Z Guide to:...

86 that dish? Camper? Kill it? In the weeds?

market research for restaurant business plan

OpenTable vs. Resy::...

When it comes to choosing an online restaurant...

Join restaurants in 70+ countries using Eat App

Get Started

Empowering restaurants, one table at a time Discover seamless dining with Eat App

  • Reservation system
  • Table management
  • CRM and guest profiles
  • Reports & trends
  • Integrations
  • Privacy policy
  • Terms of service
  • The 16 Best Reservation Systems
  • Guide to Restaurant Marketing
  • Guide to Customer Service
  • Guide to Making a Restaurant Website
  • All articles

"> "> Compare us

  • Seven Rooms
  • Compare All

© Eat App. All rights reserved.

  • Customer stories How we help restaurants Blog Food for thought Customer support Answers from Zenchef Customer stories Text Calculator Estimate the impact of Zenchef
  • zenchef guides Opening a restaurant Manage a restaurant
  • Open a restaurant Taking over a restaurant Understanding VAT Administrative formalities Restaurant training Mandatory posting rules The license and permit to operate The Restaurant location Securing financing for your restaurant The business plan and financial forecast Everything you need to know about opening a restaurant manage a restaurant Gender Stereotypes study Advice on running your restaurant Restaurant hygiene regulations Managing your restaurant inventory Managing your customers Marketing your restaurant Managing your restaurant staff Streamlining your restaurant business Managing restaurant bookings Managing your staff rotas
  • Login Get started

market research for restaurant business plan

  • Credit cards
  • View all credit cards
  • Banking guide
  • Loans guide
  • Insurance guide
  • Personal finance
  • View all personal finance
  • Small business
  • View all small business
  • View all taxes

You’re our first priority. Every time.

We believe everyone should be able to make financial decisions with confidence. And while our site doesn’t feature every company or financial product available on the market, we’re proud that the guidance we offer, the information we provide and the tools we create are objective, independent, straightforward — and free.

So how do we make money? Our partners compensate us. This may influence which products we review and write about (and where those products appear on the site), but it in no way affects our recommendations or advice, which are grounded in thousands of hours of research. Our partners cannot pay us to guarantee favorable reviews of their products or services. Here is a list of our partners .

How to Write a Restaurant Business Plan

Sally Lauckner

Many or all of the products featured here are from our partners who compensate us. This influences which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own. Here is a list of our partners and here's how we make money .

When starting a business—no matter what type of business that may be—a business plan is essential to map out your intentions and direction. That’s the same for a restaurant business plan, which will help you figure out where you fit in the landscape, how you’re going to differ from other establishments around you, how you’ll market your business, and even what you’re going to serve. A business plan for your restaurant can also help you later if you choose to apply for a business loan .

While opening a restaurant isn’t as risky as you’ve likely heard, you still want to ensure that you’re putting thought and research into your business venture to set it up for success. And that’s where a restaurant business plan comes in.

We’ll go through how to create a business plan for a restaurant and a few reasons why it’s so important. After you review the categories and the restaurant business plan examples, you can use the categories to make a restaurant business plan template and start your journey.

market research for restaurant business plan

Why you shouldn’t skip a restaurant business plan

First-time restaurateurs and industry veterans alike all need to create a business plan when opening a new restaurant . That’s because, even if you deeply understand your business and its nuances (say, seasonal menu planning or how to order correct quantities), a restaurant is more than its operations. There’s marketing, financing, the competitive landscape, and more—and each of these things is unique to each door you open.

That’s why it’s so crucial to understand how to create a business plan for a restaurant. All of these things and more will be addressed in the document—which should run about 20 or 30 pages—so you’ll not only have a go-to-market strategy, but you’ll also likely figure out some things about your business that you haven’t even thought of yet.

Additionally, if you’re planning to apply for business funding down the line, some loans—including the highly desirable SBA loan —actually require you to submit your business plan to gain approval. In other words: Don’t skip this step!

How much do you need?

with Fundera by NerdWallet

We’ll start with a brief questionnaire to better understand the unique needs of your business.

Once we uncover your personalized matches, our team will consult you on the process moving forward.

How to write a restaurant business plan: Step by step

There’s no absolute format for a restaurant business plan that you can’t stray from—some of these sections might be more important than others, for example, or you might find that there’s a logical order that makes more sense than the one in the restaurant business plan example below. However, this business plan outline will serve as a good foundation, and you can use it as a restaurant business plan template for when you write your own.

Executive summary

Your executive summary is one to two pages that kick off your business plan and explain your vision. Even though this might seem like an introduction that no one will read, that isn’t the case. In fact, some investors only ask for the executive summary. So, you’ll want to spend a lot of time perfecting it.

Your restaurant business plan executive summary should include information on:

Mission statement: Your goals and objectives

General company information: Include your founding date, team roles (i.e. executive chef, sous chefs, sommeliers), and locations

Category and offerings: What category your restaurant fits into, what you’re planning to serve (i.e. farm-to-table or Korean), and why

Context for success: Any past success you’ve had, or any current financial data that’ll support that you are on the path to success

Financial requests: If you’re searching for investment or financing, include your plans and goals here and any financing you’ve raised or borrowed thus far

Future plans: Your vision for where you’re going in the next year, three years, and five years

When you’re done with your executive summary, you should feel like you’ve provided a bird’s eye view of your entire business plan. In fact, even though this section is first, you will likely write it last so you can take the highlights from each of the subsequent sections.

And once you’re done, read it on its own: Does it give a comprehensive, high-level overview of your restaurant, its current state, and your vision for the future? Remember, this may be the only part of your business plan potential investors or partners will read, so it should be able to stand on its own and be interesting enough to make them want to read the rest of your plan.

Company overview

This is where you’ll dive into the specifics of your company, detailing the kind of restaurant you’re looking to create, who’s helping you do it, and how you’re prepared to accomplish it.

Your restaurant business plan company overview should include:

Purpose: The type of restaurant you’re opening (fine dining, fast-casual, pop-up, etc.), type of food you’re serving, goals you have, and the niche you hope to fill in the market

Area: Information on the area in which you’re opening

Customers: Whom you’re hoping to target, their demographic information

Legal structure: Your business entity (i.e. LLC, LLP, etc.) and how many owners you have

Similar to your executive summary, you won’t be going into major detail here as the sections below will get into the nitty-gritty. You’ll want to look at this as an extended tear sheet that gives someone a good grip on your restaurant or concept, where it fits into the market, and why you’re starting it.

Team and management

Barely anything is as important for a restaurant as the team that runs it. You’ll want to create a section dedicated to the members of your staff—even the ones that aren’t yet hired. This will provide a sense of who is taking care of what, and how you need to structure and build out the team to get your restaurant operating at full steam.

Your restaurant business plan team and management section should have:

Management overview: Who is running the restaurant, what their experience and qualifications are, and what duties they’ll be responsible for

Staff: Other employees you’ve brought on and their bios, as well as other spots you anticipate needing to hire for

Ownership percentage: Which individuals own what percentage of the restaurant, or if you are an employee-owned establishment

Be sure to update this section with more information as your business changes and you continue to share this business plan—especially because who is on your team will change both your business and the way people look at it.

Sample menu

You’ll also want to include a sample menu in your restaurant business plan so readers have a sense of what they can expect from your operations, as well as what your diners can expect from you when they sit down. This will also force you to consider exactly what you want to serve your diners and how your menu will stand out from similar restaurants in the area. Although a sample menu is in some ways self-explanatory, consider the following:

Service : If your brunch is as important as your dinner, provide both menus; you also might want to consider including both a-la-carte and prix fixe menus if you plan to offer them.

Beverage/wine service: If you’ll have an emphasis on specialty beverages or wine, a separate drinks list could be important.

Seasonality: If you’re a highly seasonal restaurant, you might want to consider providing menus for multiple seasons to demonstrate how your dishes (and subsequent purchasing) will change.

Market analysis

This is where you’ll begin to dive deeper. Although you’ve likely mentioned your market and the whitespace you hope to address, the market analysis section will enable you to prove your hypotheses.

Your restaurant business plan market analysis should include:

Industry information: Include a description of the restaurant industry, its size, growth trends, and other trends regarding things such as tastes, trends, demographics, structures, etc.

Target market: Zoom in on the area and neighborhood in which you’re opening your restaurant as well as the type of cuisine you’re serving.

Target market characteristics: Describe your customers and their needs, how/if their needs are currently being served, other important pieces about your specific location and customers.

Target market size and growth: Include a data-driven section on the size of your market, trends in its growth, how your target market fits into the industry as a whole, projected growth of your market, etc.

Market share potential: Share how much potential there is in the market, how much your presence will change the market, and how much your specific restaurant or restaurant locations can own of the open market; also touch on any barriers to growth or entry you might see.

Market pricing: Explain how you’ll be pricing your menu and where you’ll fall relative to your competitors or other restaurants in the market.

Competitive research: Include research on your closest competitors, how they are both succeeding and failing, how customers view them, etc.

If this section seems like it might be long, it should—it’s going to outline one of the most important parts of your strategy, and should feel comprehensive. Lack of demand is the number one reason why new businesses fail, so the goal of this section should be to prove that there is demand for your restaurant and show how you’ll capitalize on it.

Additionally, if market research isn’t your forte, don’t be shy to reach out to market research experts to help you compile the data, or at least read deeply on how to conduct effective research.

Marketing and sales

Your marketing and sales section should feel like a logical extension of your market analysis section, since all of the decisions you’ll make in this section should follow the data of the prior section.

The marketing and sales sections of your restaurant business plan should include:

Positioning: How you’ll describe your restaurant to potential customers, the brand identity and visuals you’ll use to do it, and how you’ll stand out in the market based on the brand you’re building

Promotion: The tools, tactics, and platforms you’ll use to market your business

Sales: How you’ll convert on certain items, and who/how you will facilitate any additional revenue streams (i.e. catering)

It’s likely that you’ll only have concepts for some of these elements, especially if you’re not yet open. Still, get to paper all of the ideas you have, and you can (and should) always update them later as your restaurant business becomes more fully formed.

Business operations

The business operations section should get to the heart of how you plan to run your business. It will highlight both internal factors as well as external forces that will dictate how you run the ship.

The business operations section should include:

Management team: Your management structure and hierarchy, and who is responsible for what

Hours: Your hours and days of operation

Location: What’s special about your location that will get people through the door

Relationships: Any advantageous relationships you have with fellow restaurateurs, places for sourcing and buying, business organizations, or consultants on your team

Add here anything you think could be helpful for illustrating how you’re going to do business and what will affect it.

Here, you’ll detail the current state of your business finances and project where you hope to be in a year, three years, and five years. You’ll want to detail what you’ve spent, what you will spend, where you’ll get the money, costs you might incur, and returns you’ll hope to see—including when you can expect to break even and turn a profit.

Financial statements: If you’ve been in business for any amount of time, include existing financial statements (i.e. profit and loss, balance sheet, cash flow, etc.)

Budget: Your current budget or a general startup budget

Projections: Include revenue, cash flow, projected profit and loss, and other costs

Debt: Include liabilities if the business has any outstanding debt or loans

Funding request: If you’re requesting a loan or an investment, lay out how much capital you’re looking for, your company’s valuation (if applicable), and the purpose of the funding

Above all, as you’re putting your financials together, be realistic—even conservative. You want to give any potential investors a realistic picture of your business.

Feel like there are other important components but they don't quite fit in any of the other categories (or make them run too long)? That’s what the restaurant business plan appendix section is for. And although in, say, a book, an appendix can feel like an afterthought, don’t ignore it—this is another opportunity for you to include crucial information that can give anyone reading your plan some context. You may include additional data, graphs, marketing collateral (like logo mockups), and more.

ZenBusiness

Start Your Dream Business

The bottom line

Whether you’re writing a restaurant business plan for investors, lenders, or simply for yourself and your team, the most important thing to do is make sure your document is comprehensive. A good business plan for a restaurant will take time—and maybe a little sweat—to complete fully and correctly.

One other crucial thing to remember: a business plan is not a document set in stone. You should often look to it to make sure you’re keeping your vision and mission on track, but you should also feel prepared to update its components as you learn more about your business and individual restaurant.

This article originally appeared on JustBusiness, a subsidiary of NerdWallet.

On a similar note...

How to Write a Small Restaurant Business Plan + Free Sample Plan PDF

Group of seven individuals standing around inside of the entrance of a restaurant. Two are speaking with the owner, who just finished planning for his restaurant, preparing to order food.

Makenna Crocker

10 min. read

Updated February 7, 2024

Free Download:  Sample Restaurant Business Plan Template

From greasy spoon diners to Michelin Star restaurants, food service has captured the hearts and imaginations of countless culinary entrepreneurs.

In the United States, 90% of restaurant owners operate small restaurants with fewer than 50 employees . And 70% operate in just one location.

If you’re passionate about food and dream of opening a restaurant, you have plenty of company. But cooking skills alone won’t cut it. You need a plan.

In this article, we’ll walk you through writing a small restaurant business plan, from conducting market research to developing promotional strategies and creating a financial forecast. 

Need more guidance? Download our free small restaurant business plan template .

Why write a small restaurant business plan?

Starting a restaurant from scratch isn’t cheap.  Startup costs range from $175,000 to $750,000 and include hefty upfront expenses like:

  • Building lease
  • Kitchen equipment
  • Ingredient sourcing

The financials section of a business plan gives you space to compile these costs into an expense budget and compare them to your revenue projections . These will be invaluable in helping you determine if your restaurant concept is financially viable.

And if you need a bank loan or investor to help fund your restaurant , they’ll want to see a plan that includes financial projections (more on that later).

Brought to you by

LivePlan Logo

Create a professional business plan

Using ai and step-by-step instructions.

Secure funding

Validate ideas

Build a strategy

  • How to write a small restaurant business plan

The business plan is not only where you lay out your plan, vision, and goals for the restaurant – it pushes you to thoroughly research and understand your market , competitors , and customers to make informed decisions. It guides you through the intricacies of opening and running a small restaurant and helps you keep your finances in order.

Here are some tips for writing a small restaurant business plan that sets you up for success.

  • Start with a company overview

A good place to start is to think about the big picture. What do you want your restaurant to be? Are you envisioning upscale dining in a candlelit, intimate setting? Or maybe you’re going for comfort food in a family-friendly atmosphere?

Capture the essence of your restaurant with a brief, attention-grabbing overview. Think of the start of your overview section as an elevator pitch. You’re introducing your concept and vision to highlight what will make your business unique .

Just keep it succinct. 

You’ll need to include other important information about your business here, such as the legal structure of your business and the qualifications of you and your management team.

If you’re writing a business for an existing restaurant, you should also cover its history – when the restaurant was founded, who was involved, and milestones it has reached.

  • Understand your target market

Conducting a thorough market analysis is key to the success of your small restaurant. In an industry as competitive as the restaurant business, you’ll need to have your finger on the pulse of your dining market if you hope to create a unique offering.

Defining your target market is essential when starting your restaurant, helping answer questions like:

  • Is there demand in the local market for your food?
  • Who are your primary competitors? 
  • Is there building space for lease near where your target customers live or work?
  • What types of partnerships with food distributors (wholesalers, farmers, butchers, etc.) will be needed to ensure a steady flow of fresh ingredients?

The first step is to identify who your diners will be. 

It’s unrealistic to try to appeal to every single customer. So, ask yourself who you envision walking through your doors. Are they:

  • Adults aged 40 and over, with lots of disposable income and exotic culinary tastes.
  • Children, young adults, and families looking for quick, convenient food that doesn’t stretch their budgets.

Of course, these aren’t the only two customer demographics for a restaurant. But you should get the sense that these customer segments have very different preferences.

Read more: Target market example

Understanding your target market involves more than just demographics. Consider their:

  • Spending habits
  • Daily routines

If you plan to operate in a busy city center, your target market might include working professionals seeking quick lunch options or upscale dining options after work. But if you’re opening in a less visible area near residential neighborhoods, you may be more likely to target families.

  • Size up your competition

With a target customer in mind, you need to understand who you’ll be competing with for their dining budget.

Analyzing your competitors is about understanding their strengths, weaknesses, and strategies. 

Start by identifying direct competitors (other small restaurants) and indirect competitors (like fast-food chains or food trucks). Observe how they attract customers, the ambiance they create, and the variety and pricing of their menus.

Get a feel for their operational strategies:

  • How much staffing do they have?
  • How fast (or slow) is their service?
  • What kinds of supplier relationships do they seem to have?

And their marketing tactics :

  • How do they engage with customers?
  • What deals or promotions do they offer?
  • What kind of reviews are they getting online?

Finally, think about their long-term position: 

  • Have they expanded or downsized recently?
  • Have they changed their operating hours?
  • Have they changed their menu?

As you observe these competitors and their customers, ask yourself what they are doing right and where they are coming up short. 

This knowledge will help you identify gaps in the market and opportunities to offer a unique experience.

  • Create a detailed operations plan

With so many moving pieces to manage as a restaurant owner, writing an operations plan is just as important as creating a market analysis.

The operations section of your business plan details how your restaurant will function daily. 

It should briefly touch on every aspect of running the business–from staffing needs to how often you will need to buy new ingredients, kitchen equipment, or dining utensils.

Your operations plan will reflect the unique needs of your business, but a typical restaurant operations plan might include:

  • Staffing and training: Lay out a staffing plan, with the roles and responsibilities of each team member. Include strategies for hiring, training, and employee retention.
  • Equipment and technology: Outline your dining, kitchen, and technology needs, from tables and chairs to ovens and point-of-sale systems.
  • Supply chain management: Explain your ingredient sourcing and inventory management strategies and your plan to build relationships with suppliers.
  • Customer service policies: Describe how you manage customer service needs and feedback to ensure a positive dining experience.
  • Health and safety protocols: Detail procedures for maintaining kitchen hygiene practices and food handling standards to ensure food safety and compliance with health regulations.

Without an operations plan, you’ll lack a documented strategy for managing your kitchen workflow, maintaining customer satisfaction, or even basic tasks like inventory or staffing.

And if you’re writing a business plan to get a bank loan or investment , they’ll want to see that you have a plan for successfully managing the restaurant. 

  • Actively market your restaurant

Your small restaurant may serve the most mouthwatering dishes in town, but no one will discover it without effective promotional strategies. 

You need to develop a comprehensive marketing plan to showcase your culinary delights and entice customers through your doors.

Consider both traditional and digital marketing channels to reach your target audience. Traditional methods may include:

  • Hosting special events
  • Participating in local food festivals
  • Partnering with complementary businesses in your community

Digital strategies may include:

  • Creating an engaging website
  • Building a strong presence on social media platforms
  • Utilizing online review platforms to build credibility and foster positive word-of-mouth.

When developing your promotional strategies, consider the following tips:

Be smart about your online presence

Build a visually appealing and user-friendly website that showcases your restaurant’s ambiance, menu, and story. 

Leverage social media platforms to engage with your audience, share enticing food photos, and run targeted advertising campaigns.

Consider promotions

Encourage repeat business by implementing a loyalty program that rewards customers for their patronage. Offer incentives such as discounts to certain customer segments, like seniors, veterans, or students.

Engage with the local community

Participate in community events, sponsor local sports teams or charity initiatives, and establish partnerships with neighboring businesses. 

Becoming an active community member will build brand awareness and loyalty.

Don’t ignore your pricing and financial strategy

According to data from the National Restaurant Association , about 60% of restaurants fail in their first year, and 80% close within five years.

You need to understand your startup and ongoing operating expenses to run a successful small restaurant.

Start by estimating your startup costs , including:

  • Site acquisition (down payment if owning the space, initial payment if leasing)
  • Building improvements
  • Equipment purchases
  • Licenses and permits
  • Initial inventory
  • Menu creation

Then, account for ongoing operating expenses, such as:

  • Employee wages
  • Mortgage or rent payments
  • Ingredient costs

Pricing your menu items strategically is essential to ensuring profitability. Analyze ingredient costs, consider portion sizes, and compare prices in your local market to determine competitive yet profitable pricing.

Conduct a break-even analysis to determine the number of customers you need to serve to cover costs and start generating profits. Regularly review your financials and adjust your pricing as needed to maintain a healthy bottom line.

Consider these financial aspects when developing your small restaurant business plan:

Budget Allocation

Determine how you will allocate your budget across different areas of your restaurant, such as kitchen equipment, interior design, marketing, and staff training.

Prioritize investments that will have a direct impact on customer experience and operational efficiency.

Revenue Streams

Identify multiple revenue streams for your restaurant. This may include revenue from food sales, catering services, private events, or partnerships with local businesses.

Diversifying your revenue sources can help stabilize your cash flow.

Cost Control

Develop strategies to control costs without compromising quality. Efficient inventory management, negotiation with suppliers, and staff training on waste reduction can contribute to cost savings.

Sales Forecasting

Create a sales forecast based on your market research, pricing strategy, and seating capacity. Consider seasonal fluctuations and special events that may impact your restaurant’s performance.

Other information to include in your small restaurant business plan

As a restaurant owner, a few components of your business plan are unique to your industry. 

None of these fit neatly into any one section of a business plan. We suggest addressing them in additional sections or within the appendix .

Restaurant location and layout

Include information about your restaurant’s location . 

Some of this information will be included in your market analysis, but once you’ve secured a location, you should go deeper and analyze factors like:

  • Rent and utilities
  • Foot traffic
  • Parking availability
  • Nearby businesses

Explaining the layout of your restaurant – especially your kitchen – is also important. Consider adding photos or diagrams of each room to your plan. 

Diagrams can be especially helpful. You can add in-depth details for seating arrangements in the dining room or how staff should move efficiently throughout the kitchen.

What do many people do before deciding whether to eat at a restaurant? 

They look at the menu.

You can gain or lose customers on the strength of your menu. It affects numerous business areas, from marketing to pricing and operations.

For instance, if you’re running a family-friendly restaurant but your prices are too high, people will see that on your menu and may decide to eat somewhere cheaper. 

On the other hand, if you’re running a fine dining restaurant , but your menu fails to describe your dishes in an appealing way, diners may go somewhere they perceive as having higher quality meals.

That makes the business plan a great place to create menu concepts. 

You can experiment with different offerings, price points, and menu designs until you’re confident about sharing them with customers. 

And since business plans are continuously updated as your business changes—you can see how your menu has changed over time and what’s been most successful.

Download your free small restaurant business plan template

If you’re ready to start a restaurant, you can download our free small restaurant business plan template from our library of over 550 sample business plans . 

Get started today, and discover why businesses that plan grow 30% faster than those that don’t .

More restaurant business plan examples:

  • Food truck business plan
  • Coffee shop business plan
  • Bakery business plan
  • Brewery business plan

See why 1.2 million entrepreneurs have written their business plans with LivePlan

Content Author: Makenna Crocker

Makenna Crocker is the Social Brand Manager at Palo Alto Software. Her work focuses on market and social trends, educational content creation, and providing entrepreneurs with small business tips and tools. With a master’s degree in Advertising and Brand Responsibility from the University of Oregon, she specializes in generating a strong and responsible brand presence through social media and sharable content.

Check out LivePlan

Table of Contents

  • Why you need a plan
  • Don’t ignore your pricing and financial strategy
  • Additional info to include
  • Free business plan template

Related Articles

market research for restaurant business plan

8 Min. Read

Trucking business plan

market research for restaurant business plan

6 Min. Read

Hair and beauty salon business plan

market research for restaurant business plan

10 Min. Read

eCommerce business plan

market research for restaurant business plan

13 Min. Read

Online fitness business plan

The LivePlan Newsletter

Become a smarter, more strategic entrepreneur.

Your first monthly newsetter will be delivered soon..

Unsubscribe anytime. Privacy policy .

Garrett's Bike Shop

The quickest way to turn a business idea into a business plan

Fill-in-the-blanks and automatic financials make it easy.

No thanks, I prefer writing 40-page documents.

LivePlan pitch example

Discover the world’s #1 plan building software

market research for restaurant business plan

Growthink logo white

Restaurant Business Plan Template

Written by Dave Lavinsky

how-to-start-a-restaurant (1)

If you want to start a restaurant or expand your current one, you need a business plan.

Over the past 20+ years, we have helped over 5,000 entrepreneurs and business owners create business plans to start and grow their restaurants. On this page, we will first give you some background information with regards to the importance of business planning. We will then go through a restaurant business plan step-by-step so you can create your restaurant’s business plan today.

Download our Ultimate Restaurant Business Plan Template here >

What Is a Restaurant Business Plan?

A restaurant business plan provides a snapshot of your restaurant business as it stands today, and lays out your projected growth plan for the next five years. It explains your business goals and your strategy for reaching them. It also includes market research, information about your target market, and a sample menu to support your winning restaurant business plan.

Why You Need a Restaurant Business Plan

If you’re looking to start a restaurant or grow the existing restaurant you need a business plan. A restaurant business plan will help you secure funding, if needed, and plan out the growth of your restaurant in order to improve your chances of success. Your restaurant business plan is a living document that should be updated annually as your company grows and changes.

Sources of Funding for Restaurants

With regards to funding, the main sources of funding for a restaurant are bank loans and angel investors. With regards to bank loans, banks will want to review your restaurant business plan and gain confidence that you will be able to repay your loan and interest.

To acquire this confidence, the loan officer will not only want to confirm that your financials are reasonable. But they will want to see a professional restaurant business plan. Such a plan will give them the confidence that you can successfully and professionally operate a business.

The second most common form of funding for a restaurant is angel investors. Angel investors are wealthy individuals who will write you a check. They will either take equity in return for their funding or, like a bank, they will give you a loan. Private equity groups are also a good source of funding for restaurant chains looking to expand further.

Finish Your Business Plan Today!

How to write a restaurant business plan.

Use the following restaurant business plan template which includes the 10 key elements for how to write a restaurant business plan that will help you start, grow, and/or secure funding for your business.

Executive Summary

Your executive summary provides an introduction to your restaurant business plan, but it is normally the last section you write because it provides a summary of each key section of your business plan.

The goal of your Executive Summary is to quickly engage the reader. Explain to them the type of restaurant business you are operating and the status; for example, are you a startup, do you have a restaurant that you would like to grow, or are you operating a chain of restaurants?

Next, provide an overview of each of the subsequent sections of your business plan. For example, give a brief overview of the restaurant industry. Discuss the type of restaurant you are operating. Detail your direct competitors. Give an overview of your target customers. Provide a snapshot of your marketing plan. Identify the key members of your team. And offer a financial analysis of your business.

Company Overview

In your company analysis, you will provide a brief description of the type of restaurant you are operating.

For example, are you writing a small restaurant business plan or a business plan for a restaurant franchise. Further, you might operate one of the following types:

  • Fine Dining : characterized by the fancy decor, a dress code, and high prices
  • Casual Dining : offers waiter/waitress service in a nice (but not overly fancy) atmosphere with moderate prices
  • Fast Casual : characterized by quality food (close to the quality of casual dining) but no waiter/waitress service in an accessible atmosphere
  • Fast Food : quick service style provided at the counter or via a drive-through. Lowest quality food and lowest prices
  • Steak Restaurant : focuses on steak entrees and is usually a higher priced and fancier restaurant
  • Buffet Restaurant : may or may not offer waiter/waitress service. Patrons serve themselves from buffet food selection
  • Ethnic Restaurant : focuses on a specific ethnic cuisine such as Indian food, Mexican food, or Moroccan cuisine.

Within these types of restaurants, there are also ethnic food specialties such as American, Italian, Japanese, Chinese, Indian, etc.

In addition to explaining the type of restaurant you operate, the Company Analysis section of your restaurant business plan needs to provide background on the business.

Include answers to questions such as:

  • When and why did you start the business?
  • Your mission statement and how it connects to your restaurant’s brand.
  • What milestones have you achieved to date? Milestones could include sales goals you’ve reached, new restaurant openings, etc.
  • Your legal business structure. Are you incorporated as an S-Corp? An LLC? A sole proprietorship? Explain your legal structure here.

Industry Analysis

In your industry analysis, also called a Market Analysis, you need to provide a market overview and an overview of the industry.

While this may seem unnecessary, it serves multiple purposes.

First, researching the restaurant industry educates you. It helps you understand the target market in which you are operating.

Secondly, research can improve your strategy particularly if your research identifies market trends. For example, if there was a trend towards speedy restaurant services, it would be helpful to ensure your business plan calls for take-out or other quick-service options.

The third reason for market research is to prove to readers that you are an expert in your industry. By conducting the research and presenting it in your business plan, you achieve just that.

The following questions should be answered in the industry analysis section of your restaurant business plan:

  • How big is the restaurant business (in dollars)?
  • Is the market declining or increasing?
  • Who are the key competitors in the market?
  • Who are the key suppliers in the market?
  • What trends are affecting the industry?
  • What is the industry’s growth forecast over the next 5 – 10 years?
  • What is the relevant market size? That is, how big is the potential market for your restaurant? You can extrapolate such a figure by assessing the size of the market in the entire country and then applying that figure to your local population.

Customer Analysis

The customer analysis section of your restaurant business plan must detail the customer base or target market you serve and/or expect to serve.

The following are examples of customer segments: business executives, college students, sports enthusiasts, soccer moms, techies, teens, baby boomers, etc.

As you can imagine, the customer segment(s) you choose will have a great impact on the type of restaurant you operate. Clearly, baby boomers would want a different atmosphere, pricing and sample menu options, and would respond to different marketing promotions than teens.

Try to break out your customers in terms of their demographic and psychographic profiles. With regards to diner demographics, include a discussion of the ages, genders, locations, and average income levels of the new customers you seek to serve. Because most restaurants primarily serve customers living in the same city or town, such demographic information is easy to find on government websites.

Psychographic profiles explain the wants and needs of your target customers. This should also include how your customers choose where they should eat, their dining habits, and how much they are willing to spend on a meal.

The answers to the following questions should be included in your customer analysis:

  • Who is your target market?
  • What are their needs and wants?
  • How do they make dining decisions?
  • What motivates them to choose one restaurant over another?

The more you can understand and define these needs, the better you will do in attracting and building customer loyalty.

Finish Your Restaurant Business Plan in 1 Day!

Don’t you wish there was a faster, easier way to finish your business plan?

With Growthink’s Ultimate Restaurant Business Plan Template you can finish your plan in just 8 hours or less!

Competitive Analysis

This competitive research should help you identify the direct and indirect competitors that your business faces and then focus on the latter.

Direct competitors are other restaurants.

Indirect competitors are other options that customers have to purchase from you that aren’t directly competing. This includes restaurants, supermarkets, and customers preparing dishes for themselves at home. You need to mention such competition to show you understand that not everyone frequents a restaurant each day.

With regards to direct competition, you want to detail the other restaurants with which you compete. Your greatest competitors will be restaurants located very close to your specific location, who are of the same type (e.g., fine dining, casual dining, etc.) and who offer the same cuisine (Japanese, Italian, etc.).

For each such competitor, provide an overview of the other businesses and document their strengths and weaknesses. Unless you once worked at your competitors’ businesses, it will be impossible to know everything about them. But you should be able to find out key things about them such as:

  • What types of repeat customers do they serve?
  • What menu items do they offer?
  • What is their pricing (premium, low, etc.)?
  • What are they good at?
  • What are their weaknesses?

With regards to the last two questions, think about your answers from the existing customers’ perspective. And don’t hesitate to find out this information from customers by reviewing your competitors’ Yelp listings and other review pages.

The final part of this section is to document your areas of competitive advantage. For example:

  • Will you provide superior food items?
  • Will you provide menu items that your competitors don’t offer?
  • Will you make it easier or faster for customers to acquire your meals?
  • Will you provide better customer service?
  • Will you offer better pricing?

Think about your unique selling points that will help you outperform your competition and document them in this section of your business plan.

    Finish Your Business Plan Today!

Marketing plan.

Traditionally, a marketing plan includes the four P’s: Product, Price, Place, and Promotion. For a restaurant business plan, your marketing plan should include the following:

Product : in the product section you should reiterate the type of restaurant that you documented in your Company Analysis. Then, detail the specific menu items you offer/will offer.

Price : Document the prices. Essentially in the product and price sub-sections of your marketing plan, you are presenting the menu items you offer and their prices.

Place : Place refers to the location of your restaurant. Perform a location analysis and mention how the location will impact your success. For example, is your restaurant located next to a heavily populated office building, or gym? Discuss how your location might provide a steady stream of customers. Also, if you operate or plan to operate food trucks, detail the locations where the trucks will operate.

Promotions : the final part of your restaurant marketing plan is the promotions section. Here you will document how you will drive customers to your location(s). The following are some promotional methods you might consider:

  • Making your restaurant’s front store extra appealing to attract passing customers
  • Search engine marketing and optimization
  • Social media posting/advertising
  • Advertising in local papers and magazines
  • Reaching out to local bloggers and websites
  • Local radio advertising
  • Banner ads at local venues

Operations Plan

While the earlier sections of your restaurant business plan explained your goals, your operational plan describes how you will meet them.

This section of your restaurant business plan should have two key elements as follows:

  • Everyday short-term processes include all of the tasks involved in running your restaurant such as serving customers, procuring supplies, keeping the restaurant clean, etc.
  • Long-term goals are the milestones you hope to achieve. These could include the dates when you expect to serve your 1,000th customer, or when you hope to reach $X in sales. It could also be when you expect to hire your Xth employee or launch a new location.

Management Team

To demonstrate your restaurant’s ability to succeed as a business, a strong management team is essential. Highlight your key players’ backgrounds, emphasizing those skills and experiences that prove their ability to grow a company.

Ideally, you and/or your team members have direct experience in the restaurant business. If so, highlight this experience and expertise. But also highlight any experience that you think will help your business succeed.

If your team is lacking, consider assembling an advisory board. An advisory board would include 2 to 8 individuals who would act like mentors to your business. They would help answer questions and provide strategic guidance. If needed, look for advisory board members with experience operating restaurants and/or successfully running small businesses.

Financial Plan

Your financial plan should include your 5-year financial statement broken out both monthly or quarterly for the first year and then annually. Your financial statements include your income statement, balance sheet, and cash flow statements.

Pro-Forma Profit & Loss Statement / Income Statement

An income statement is more commonly called a Profit and Loss statement or P&L. It shows how much revenue you expect to earn or have earned, and then subtracts your costs to show your actual or projected profit.

In developing your income statement, you need to devise assumptions. For example, will you serve 100 customers per day or 200? And will sales grow by 2% or 10% per year? As you can imagine, your choice of assumptions will greatly impact the financial forecasts for your business. As much as possible, conduct research to try to root your assumptions in reality.

Pro-Forma Balance Sheets

While balance sheets include much information, to simplify them to the key items you need to know about, balance sheets show your assets and liabilities.

For instance, if you spend $250,000 on building out your restaurant, that will not give you immediate profits. Rather it is an asset that will hopefully help you generate profits for years to come. Likewise, if a bank writes you a check for $100.000, you don’t need to pay it back immediately. Rather, that is a liability you will pay back over time.

Pro-Forma Cash Flow Statement

Your cash flow statement will help determine how much money you need to start or grow your business and make sure you never run out of money. What most entrepreneurs and business owners don’t realize is that you can turn a profit but run out of money and go bankrupt.

For example, let’s say a company approached you with a massive $100,000 catering contract, that would cost you $50,000 to fulfill. Well, in most cases, you would have to pay that $50,000 now for ingredients, supplies, equipment rentals, employee salaries, etc. But let’s say the company didn’t pay you for 180 days. During that 180-day period, you could run out of money.

In developing your Income Statement and Balance Sheets be sure to include several of the key costs needed in starting or growing a restaurant:

  • Location build-out including design fees, construction, etc.
  • Cost of equipment like stoves, refrigerators, blenders
  • Cost of ingredients and maintaining an adequate amount of supplies
  • Payroll or salaries paid to staff
  • Business insurance
  • Taxes and permits
  • Legal expenses

Attach your full financial projections, detailed cost analysis and/or break-even analysis in the appendix of your business plan along with any supporting documents that make your plan more compelling. For example, you might include your store design blueprint, location lease, or initial menu design.

Taking the time to write your own restaurant business plan for your business is a worthwhile endeavor. It will help you communicate your ideas and provide potential investors with the information they need to make an informed decision about investing in your restaurant.

A well-crafted business plan will also give you a road map for growing your business and achieving your long-term goals. So, while it may take some time to put together, it will be well worth the effort in the end.

If you follow the restaurant business plan template above, by the time you are done, you will truly be an expert. You will really understand the restaurant business, your competition, and your existing customers. You will have developed a marketing plan and will really understand what it takes to launch and grow a successful restaurant concept.

Want more tips? Check out our related articles:

  • How to Start a Restaurant
  • Restaurant Startup Costs: How Much Does It Cost To Start a Restaurant?
  • How To Write a Restaurant Marketing Plan + Template & Examples
  • How To Get Funding To Start and/or Grow Your Restaurant

Restaurant Business Plan Template FAQs

What is the easiest way to complete my restaurant business plan.

Growthink’s Ultimate Restaurant Business Plan Template allows you to quickly and easily complete your restaurant business plan.

Where Can I Download a Free Restaurant Business Plan PDF?

You can download our restaurant business plan PDF template here . This is a restaurant business plan template you can use in PDF format.

Where Can I Find a Small Restaurant Business Plan PDF?

Our small restaurant business plan PDF is a free resource to to help you get started on your own small restaurant business plan.

Don’t you wish there was a faster, easier way to finish your Restaurant business plan?

OR, Let Us Develop Your Plan For You

Since 1999, Growthink has developed business plans for thousands of companies who have gone on to achieve tremendous success.   Click here to see how Growthink’s business plan professional services can help you create a winning business.

Other Helpful Business Plan Articles & Templates

Business Plan Template & Guide for Small Businesses

Research

Market Research for a Business Plan: How to Do It in a Day

Market Research for a Business Plan: How to Do It in a Day

Whether it’s your first time using market research for a business plan or this isn’t exactly your first rodeo: a quick refresh on the topic can do no harm.

If anything, it’s the smart route to take. Particularly when you consider modern-day market research data can be obtained quicker than ever – when the right tools are used.

Today, I’m going to explain exactly how to conduct market research for a business plan, and how to access that key data and juicy intel without hassle.

The importance of market research in business planning

They say knowledge is power, and where your rivals and your market are concerned, there’s nothing quite like it. By looking at things like consumer behavior, the competitive landscape , market size, and the digital strategies of others; companies at any stage in their lifecycle can stay relevant, maintain a competitive edge, set strategic direction, and experience growth. Doing periodic market research also helps businesses develop a deeper, more informed understanding of a market, its audience, and key players. If you’re seeking financial backing, doing market research is essential to show credibility and build confidence in your plans.

why market research for a business plan is important

How to conduct market research for a business plan

Good market research for a business plan should be contextualized with information about your company, its goals, products, pricing, and financials. Sounds like a lot of work, right? Read on to learn how to conduct all the market research for a business plan you’re going to need – quickly, using the most up-to-date data there is. I’ll show you how to:

  • Understand your audience
  • Identify target personas
  • Size your market 
  • Research the competition 
  • Discover your unique sales proposition
  • Define marketing priorities 

Before you start, make sure your business planning document includes the following 10 headings:

business planning market research areas of focus

This format is considered best practice, so I’ve indicated the specific sections that each element of your market research fits into.

Sound good? Then let’s get started.

1. Understand your audience

What it is – A target audience is a social segment of people who are likely to be interested in your products or services. It’s a snapshot of your target customer base, sorted by certain characteristics. It’s also known as audience demographics and can contain data like age, gender, location, values, attitudes, behaviors, and more.     

Where to use this market research in a business plan – Demographical data can help determine the size of your market, which slots into the executive summary, marketing plan, market sizing, and financial sections of the plan. What’s more, when you use it to identify groups of people to target, it can also be used in the products and services, competitive research tools , and SWOT analysis sections.

Bonus: Audience demographics can also help you develop stronger branding by choosing imagery that appeals most to your ideal customers.

How to do a quick audience analysis

Similarweb Digital Research Intelligence gives you the ability to view almost any industry in a few seconds; you can also create a custom industry based on specific players in your market.  Here’s how to see relevant audience demographics in a market. For this example, I chose the airline industry.

View typical audience relevant to your sector with gender and age distribution, along with geographical data . You can see which companies are experiencing growth and at what rate. Audience loyalty is also key to understanding how people behave, if they tend to shop around and what search terms they use to discover sites in any niche.

Read more: Learn more about how to do a demographic analysis of your market’s audience .

2. Identify target personas

What it is – An audience or target persona is a typical customer profile. It starts with audience demographics, and then zooms into a much deeper level. Most organizations develop multiple target personas, based on things like pain points, location, gender, background, occupation, influential factors, decision-making, likes, dislikes, goals, ideals, and more. 

target personas

Pro Tip: If you’re in B2B, your target personas are based on the people who make purchasing decisions, not the business itself.

Where to use this market research in a business plan – Creating target personas for your business shows you know whom you’re targeting, and how to market to them. This information will help you complete market sizing, product or service overview, marketing plan, and could fit into the competitive research section too.

How to create a buyer persona in five steps

Guesswork does not equal less work – there’s no place for shortcuts here. Your success depends on developing the most accurate representation of who your customers are, and what they care about. 

1. Research: If you’re already in business, use market research surveys as a tool to collect information about your customers. If you’re a startup or pre-startup, you can use a platform like Similarweb to establish a typical customer profile for your market. Don’t forget to use mobile app intelligence and website analytics in tandem to build a complete picture of your audience. 

Pro Tip: Secondary market research is another good source of intel for startups. You might be able to find published surveys that relate to your products or market to learn more.

2. Analysis: Here, you’re looking to answer key questions to fill in the blanks and build a complete picture of your ideal customer. Tools like Similarweb Digital Research Intelligence, Google Analytics, and competitors’ social media channels can help you find this out. Typical questions include:

  • Where is your audience coming from?
  • What channels do they use to find your site?
  • Do they favor access via mobile site, app, or desktop?
  • What are their demographics? Think age, job, salary, location, and gender.

3. Competitive market research: This shows you what marketing channels, referral partners, and keywords are sending traffic to businesses similar to yours When you combine this data with what you learned in sections 1 + 2, you are ready to build your personas.

4. Fill in a buyer persona template: We’ve done the hard work for you. Download a pre-made template below .

Further reading: The complete guide to creating buyer personas

3. Size your market

What it is – Market sizing is a way to determine the potential size of a target market using informed estimation. This is how you find out the potential revenue and market volume applicable to your business . There are three key metrics: total addressable market (TAM), service addressable market (SAM), and service obtainable market (SOM).

Tam, sam, and som definition

Where to use this market research in a business plan – Knowing how big the slice of the pie you’re going after is crucial. It can inform any goal setting and help with forecasting too. This data can be used in your executive summary, marketing plan, competitive research, SWOT analysis, market sizing, operations, and financial sections.

Further reading: How to do market sizing shows you how to calculate the TAM, SAM, and SOM for your business.

4. Research the competition

What it is – Competitive landscaping shows who you’re up against and how your offering stacks up vs others in your space. By evaluating rivals in-depth and looking at things like features, pricing, support, content, and additional products, you can form a detailed picture of the competition.

Where to use this market research in a business plan – The information you gain from performing a competitive analysis can transform what you offer and how you go to market. In business planning, this market research supports the executive summary, product or service overview, marketing plan, competitive research, SWOT analysis, and operation sections.  

How to do competitive landscaping

Using the industry overview section of Similarweb Digital Research Intelligence, competitor research is made quick and easy. Access key metrics on an industry or specific players, then download raw data in a workable excel file or get a PNG image of charts in an instant. Most data can be downloaded via excel or as an image and included in the resource section of your plan.

Here, you can see a summary of a market, yearly growth, and top sites. A quick click to industry leaders shows you market leaders and rising stars. Select any name for a complete picture of their digital presence – use this to spot potential opportunities to gain a competitive advantage.

Read more: See how to do a competitive analysis and get a free template to help you get started.

5. Discover your unique sales proposition

How to find your unique selling proposition

What it is – Not all businesses have them, and that’s OK. A unique selling proposition (USP) is something distinctive your business offers but your rivals don’t . It can be anything that’s unique to a product, service, pricing model, or other.  

Why it’s useful – Having a compelling USP helps your company stand out in a market. It can make your business more valuable to a customer vs the competition, and ultimately help you win and retain more customers.

Where to use this market research in a business plan – Your USP should be highlighted in the executive summary, the product and service overview, and the SWOT analysis.

How to find your USP

Unless you’ve developed a unique product or service, or you’re planning to sell to the market at a lower-than-average price point, you’re going to have to look for some kind of service differentiator that’ll help you stand out. In my experience, the quickest way to discover this is through competitive benchmarking. Here, I’m talking about evaluating your closest rivals to uncover things they’re not doing, or looking for gaps that your business can capitalize on. 

A competitive review of their site should look at things like:

  • Customer support: do they have live chat, email support, telephone support, etc.?
  • Content: do they produce additional content that offers value, free resources, etc.?
  • Offers: what promotions or offers do they run?
  • Loyalty or referral programs: do they reward loyalty or referrals?
  • Service level agreements: what commitments do they make to their customers?
  • Operations: consider delivery methods, lead times, returns policy etc.
  • Price promises: what satisfaction or price promises do they offer, if at all?

Go easy on yourself and create a basic template that details each point. Once complete, look for opportunities to provide something unique that nobody else currently offers.

6. Define marketing priorities

What it is – A detailed plan showing how you position and market your products or service. It should define realistic, clear, and measurable goals that articulate tactics, customer profiles, and the position of your products in the market.

Where to use this market research in a business plan – Relevant intel you uncover should inform the marketing plan first and foremost. However, it can also be used in the SWOT analysis, operation, and financial sections.

How to do it – with a market research example

Using the marketing channels within Similarweb Digital Research Intelligence, you can short-cut the lengthy (and often costly) process of trial and error when trying to decide which channels and activities work best.

Let me show you how.

Using Similarweb Digital Research Intelligence, I can hone in on any site I like, and look at key marketing intel to uncover the strategies they’re using, along with insights into what’s driving traffic, and traffic opportunities.

In less than 60 seconds, I can see easyJet’s complete online presence; its marketing and social channels, and a snapshot of every metric that matters, like referrals, organic and paid ads, keywords, and more. Expand any section to get granular data, and view insights that show exactly where key losses, gains, and opportunities exist.

You can take this a step further and add other sites into the mix. Compare sites side-by-side to see who is winning, and how they’re doing it. While this snapshot shows a comparison of a single competitor, you can compare five at any one time. What’s more, I can see industry leaders, rising players, and any relevant mobile app intelligence stats, should a company or its rivals have an app as part of their offering.

Best practice for market research data in business plans

When doing any type of market research , it’s important to use the most up-to-date data you can get your hands on. There are two key factors for data are timeliness and trustworthiness.

For any market, look for data that applies to any period over the last 12 months. With how fast markets evolve and how quickly consumer behaviors change, being able to view dynamic data is key. What’s more, the source of any data matters just as much as its age.

To emphasize the importance of using the right type of data in a business plan, here’s some timely advice from SBA commercial lending expert and VP of Commerce National Bank and Trust, Steve Fulmer. As someone who, in the past 15 years, has approved approximately $150 million in loans to SMBs; his advice is worth paying attention to.

“ For anybody doing market research for a business plan, they must cite sources. Most new or small businesses lack historical performance data, which removes substantial confidence in their plans. As a lender, we cannot support assumptions in their business plan or their projections if their data hasn’t come from a trustworthy source.”

Steve Fulmer (Vice president SBA & commercial lending, Commerce Bank & Trust)

Wrapping up…

Now you know the six ways to do market research for a business plan, it’s time to knuckle down and get started. With Similarweb, you’ve got access to all the market intel you’re going to need to conduct timely, accurate, and reliable market research. What’s more, you can return to the platform anytime to benchmark your performance , get fresh insights, and adapt your strategies to focus on growth – helping you build a sustainable business that can withstand the test of time.

How do I do market research for a business plan?

By using Digital Research Intelligence tools like Similarweb, you can quickly conduct audience research, company research, market analysis, and benchmarking from a single place. Another method is secondary market research, but this takes more time and data isn’t always up to date. 

Why does a business plan need market research?

Doing market research for a business plan is the quickest and easiest way to validate a business idea and establish a clear view of the market and competitive landscape. When done right, it can show you opportunities for growth, strategies to avoid, and effective ways to market your business. 

What is market research in a business plan?

Market research in business planning is one of the most powerful tools you can use to flesh out and validate your company or its products. It can tell you whether there’s a market for your product, and how big that market is – it also helps you discover industry trends, and examine the strategies of the rising stars and industry leaders in detail. 

Related Posts

Industry Research: The Data-Backed Approach

Industry Research: The Data-Backed Approach

How to Do a Competitive Analysis: A Complete Guide

How to Do a Competitive Analysis: A Complete Guide

How to Check Website Traffic: Analyzing the Digital Data

How to Check Website Traffic: Analyzing the Digital Data

Wondering what similarweb can do for you.

Here are two ways you can get started with Similarweb today!

market research for restaurant business plan

  • en - english
  • es - español
  • > Entrepeneurship
  • > Article

Restaurant business plan: A short guide on how to start

Restaurant business plan: A short guide on how to start

What is a business plan for a restaurant?

What goes into a restaurant business plan.

  • The type of restaurant you will run
  • Who your competition is
  • What is your mission statement
  • Who your target audience is
  • How do you plan to stand out from your competition
  • Your finances
  • Your funding needs

Why do you need a restaurant business plan?

  • Finding Your Market:  A business plan will help you identify your target audience to cater to your customers' needs in the area and their specific likes.
  • Goals:  Your business plan will help you establish future milestones. For example, maybe you'd like to start a food truck in the future to compliment your restaurant, or perhaps you would like to open a second location. Your business plan would help you outline this goal.
  • Financing:  Lenders will often need your business plan before approving your application. A solid business plan will help you get the funding you need to grow your restaurant.
  • Competition:  Your business plan will help you make a plan to stand out against your largest competitors.

Infographic about main benefits of a restaurant business plan

Do you have a food truck? Then check out how to write a food truck business plan .

How to write a restaurant business plan?

Restaurant executive summary.

  • What is your business?
  • What type of restaurant do you plan to be (i.e., casual, fine dining, ethnic, etc.).
  • What kind of food do you serve?
  • What services do you offer?
  • Where you operate your restaurant

Restaurant description

Market research for restaurant business plan.

  • Who your audience is (a description of your typical customers)
  • How you can satisfy your customers' needs
  • Who your competition is (similar restaurants in the area)
  • Where your ideal location would be
  • Your restaurant's growth potential

Marketing plan for your restaurant

  • Social media marketing strategies
  • Restaurant promotions
  • Your website
  • Your restaurant's design
  • Your menu design
  • Other marketing materials

Business operations plan

  • Staff rotation
  • Scheduled breaks
  • Restaurant tasks
  • Business equipment
  • Restaurant supplies
  • Restaurant cleaning
  • Business maintenance

Happy man in the kitchen of his restaurant

Restaurant management plan

  • Who is at the head of the company
  • Who the executive chef is
  • The management team hierarchy
  • Who reports to who
  • Why each person is important

F inancial planning for restaurant business

  • Employee wages
  • Other expenses
  • Projected revenue and profit
  • Expansion costs
  • Expected sales
  • How much money do you need now
  • How much money you may need in the future
  • What do you need funding for
  • How funding will contribute to restaurant growth
  • How do you plan to repay your lenders
Learn here  how to get a business loan for your restaurant .
  • A sample menu
  • Branding ideas
  • Expansion floor plans
  • Pictures of your restaurant
  • Other information

Group of people celebrating the opening of their new restaurant

Consider a Camino Financial to grow your restaurant

Related articles.

Women In Small Business: Everything You Need To Know

Women In Small Business: Everything You Need To Know

Women in small businesses still face unique challenges, from gender biases to difficulty accessing commercial funding. Statistics from the... Read More

Best Business Ideas for Women In 2023

Best Business Ideas for Women In 2023

There are many business ideas for women you can consider if you dream of becoming an entrepreneur. The potential... Read More

Sole Proprietorship: Advantages And Disadvantages

Sole Proprietorship: Advantages And Disadvantages

Many business owners choose sole proprietorship advantages over those of other legal structures. It is the simplest and most... Read More

Financial Forecasting For Small Business: A Complete Guide

Financial Forecasting For Small Business: A Complete Guide

Financial forecasting is one of the most important things you need to plan and manage a small business. This... Read More

The Most Profitable Recession-Proof Businesses to Start

The Most Profitable Recession-Proof Businesses to Start

Having recession-proof businesses is essential when starting your venture in these times. Did you know that only about a... Read More

The 20 Best Money Management Tips: Personal And Business Strategies

The 20 Best Money Management Tips: Personal And Business Strategies

By using the money management tips provided in this post, you’ll learn to handle money better. After all, having... Read More

Prequalify in 5 minutes

Select your desired loan type.

  • Business Credit
  • Business Finance
  • Entrepeneurship
  • Business Managment

Latest Articles

Compound Interest: A Guide to Long-Term Financial Growth

Compound Interest: A Guide to Long-Term Financial Growth

Did you know that compound interest can greatly affect a person’s long-term financial health for the better? This article... Read More

Everything you need to know about DSCR: the debt service coverage ratio

Everything you need to know about DSCR: the debt service coverage ratio

The Debt-Service Coverage Ratio (DSCR) is a crucial indicator of financial health and stability. Understanding it can illuminate the... Read More

How Many Loans Can You Have?

How Many Loans Can You Have?

When it comes to borrowing, knowing how many loans you can have and how much debt is too much... Read More

Payroll Loan Essentials: A Comprehensive Guide for Businesses

Payroll Loan Essentials: A Comprehensive Guide for Businesses

A payroll loan can serve as an essential lifeline when cash reserves are low, ensuring prompt payment to employees... Read More

Unveiling the Basics of Purchase Order Financing

Unveiling the Basics of Purchase Order Financing

Purchase order financing offers a funding solution for businesses to cover the costs of materials or products required to... Read More

Everything You Need To Know About Mezzanine Financing

Everything You Need To Know About Mezzanine Financing

Mezzanine financing is a key option for companies ready to grow but stuck between debt and equity. It blends... Read More

How to Create a Market Research Plan

Table of contents.

market research for restaurant business plan

While having a great idea is an important part of establishing a business, you’ll only get so far without laying the proper groundwork. To help your business take off, not only do you need to size up the competition, but you also need to identify who will buy your product, how much it will cost, the best approach to selling it and how many people will demand it.

To get answers to these questions, you’ll need a market research plan, which you can create yourself or pay a specialist to create for you. Market research plans define an existing problem and/or outline an opportunity. From there, the marketing strategy is broken down task by task. Your plan should include objectives and the methods that you’ll use to achieve those objectives, along with a time frame for completing the work.

What should a market research plan include?

A market research plan should provide a thorough examination of how your product or service will fare in a defined area. It should include:

  • An examination of the current marketplace and an analysis of the need for your product or service: To know where you fit in the market, it’s important to have a broad understanding of your industry — covering everything from its annual revenue to the industry standards to the total number of businesses operating within it. Start by gathering statistical data from sources like the U.S. Bureau of Labor Statistics and BMI Research and consider the industry’s market size, potential customer base and how external factors such as laws, technology, world events and socioeconomic changes impact it.
  • An assessment of the competition: By analyzing your competitors, you can discover strategies to fill market gaps. This involves identifying well-known competitors and noting trends they employ successfully, scrutinizing customer feedback about businesses in your sector, such as through online reviews, and understanding competitors’ product or service offerings. This knowledge can then guide the refinement of your own products or services to differentiate them from others in the market.
  • Data about customers: Identify which segment of potential customers in your industry you can effectively target, considering their demographics — such as age, ethnicity, income and location and psychographics, including beliefs, values and lifestyle. Learn about the challenges your customers face in their daily lives and determine how the features and benefits of your offerings address their needs.
  • The direction for your marketing in the upcoming year: Your plan should provide a clear roadmap for your marketing strategies for the next year, focusing on approaches to distinguish your brand from competitors. Develop marketing messages that resonate with and display empathy toward your target market and find ways to address customers’ needs and demonstrate value.
  • Goals to be met: Outline goals your business would like to achieve and make these goals clear to all employees on your team. Create goals that are realistic and attainable while also making a meaningful impact on the business’s growth. Consider factors including your target number of products or services, the expected number of units to sell based on market size, target market behavior, pricing for each item and the cost of production and advertising.

How to create your market research plan

Doing business without having a marketing plan is like driving without directions. You may eventually reach your destination, but there will be many costly and time-consuming mistakes made along the way.

Many entrepreneurs mistakenly believe there is a big demand for their service or product but, in reality, there may not be, your prices may be too high or too low or you may be going into a business with so many restrictions that it’s almost impossible to be successful. A market research plan will help you uncover significant issues or roadblocks.

Step 1. Conduct a comprehensive situation analysis.

One of the first steps in constructing your marketing plan is to create a strengths, weaknesses, opportunities and threats (SWOT) analysis , which is used to identify your competition, to know how they operate and then to understand their strengths and weaknesses.

When developing a market research plan, it is essential that you do your homework to determine your possible customer base, to gain knowledge about the competition and to have a solid foundation for your marketing strategy.

Step 2: Develop clear marketing objectives.

In this section, describe the desired outcome for your marketing plan with realistic and attainable objectives, the targets and a clear and concise time frame. The most common way to approach this is with marketing objectives, which may include the total number of customers and the retention rate, the average volume of purchases, total market share and the proportion of your potential market that makes purchases.

Step 3: Make a financial plan.

A financial plan is essentia l for creating a solid marketing plan. The financial plan answers a range of questions that are critical components of your business, such as how much you intend to sell, what will you charge, how much will it cost to deliver your services or produce your products, how much will it cost for your basic operating expenses and how much financing will you need to operate your business.

In your business plan, be sure to describe who you are, what your business will be about, your business goals and what your inspiration was to buy, begin or grow your business.

Step 4: Determine your target audience.

Once you know what makes you stand out from your competitors and how you’ll market yourself, you should decide who to target with all this information. That’s why your market research plan should delineate your target audience. What are their demographics and how will these qualities affect your plan? How do your company’s current products and services affect which consumers you can realistically make customers? Will that change in the future? All of these questions should be answered in your plan.

Step 5: List your research methods.

Rarely does one research avenue make for a comprehensive market research plan. Instead, your plan should indicate several methods that will be used to determine the market share you can realistically obtain. This way, you get as much information as possible from as many sources as possible. The result is a more robust path toward establishing the exact footprint you desire for your company.

A good market research plan involves using more than one type of research to obtain the information you need.

Step 6: Establish a timeline.

With your plan in place, you’ll need to figure out how long your market research process will take. Project management charts are often helpful in this regard as they divide tasks and personnel over a timeframe that you have set. No matter which type of project management chart you use, try to build some flexibility into your timeframe. A two-week buffer toward the home stretch comes in handy when a process scheduled for one week takes two — that buffer will keep you on deadline.

Step 7: Acknowledge ethical concerns.

Market research always presents opportunities for ethical missteps. After all, you’ll need to obtain competitor information and sensitive financial data that may not always be readily available. Your market research plan should thus encourage your team to not take any dicey steps to obtain this information. It may be better to state, “we could not obtain this competitor information,” than to spy on the competitor or pressure their current employees for knowledge. Plus, there’s nothing wrong with simply feeling better about the final state of your plan and how you got it there.

Using a market research firm

If the thought of trying to create your own market research plan seems daunting or too time-consuming, there are plenty of other people willing to do the work for you.

You don’t need to pay thousands of dollars for assistance crafting a market research plan. University business schools often provide free resources that can assist you.

Pros of using a market research firm

As an objective third party, businesses can benefit from a market research firm’s impartial perspective and guidance, helping to shape impactful brand strategies and marketing campaigns. These firms, which can help businesses with everything from their marketing campaigns to brand launches, deliver precise results, drawing on their expertise and experience to provide in-depth insights and solutions tailored specifically to your company’s needs. 

Even more, working with a market research firm can elevate a brand above the competition, as they provide credible and unique research that is highly valued by the media, enhancing brand credibility and potentially increasing website traffic, social media shares and online visibility.

Cons of using a market research firm

Although hiring a firm can provide businesses with tremendous results, certain downsides can lead a business toward the do-it-yourself route. Most notably, market research firms can be a costly expense that some businesses can’t afford. However, businesses that can allocate the funds will likely see a positive return on investment, as they are paying for the expertise and proficiency of seasoned professionals in the field.

Additionally, finding the right market research firm for your business’s needs can take some time — and even longer, ranging from weeks to months, for a market research firm to complete a plan. This lack of immediate results can be detrimental for businesses that don’t have the time to wait. 

Market research firms can charge into the thousands of dollars for a market research plan, but there are ways to get help more affordably, including:

  • Outline your plans carefully and spell out objectives.
  • Examine as many sources as possible.
  • Before paying for any information, check with librarians, small business development centers or market research professors to see if they can help you access market research data for free.
  • You may think you’ll need to spend a hefty sum to create a market research plan, but there are plenty of free and low-cost sources available, especially through university business schools that will guide you through the process.

Miranda Fraraccio contributed to this article. 

thumbnail

Get Weekly 5-Minute Business Advice

B. newsletter is your digest of bite-sized news, thought & brand leadership, and entertainment. All in one email.

Our mission is to help you take your team, your business and your career to the next level. Whether you're here for product recommendations, research or career advice, we're happy you're here!

market research for restaurant business plan

Stay Smart, Keep Current

  • [ ] How Innovative Tech Tools Can Help Restaurants Overcome Pressing Challenges Viewpoints
  • [ ] How Three Independent Restaurants are Using Robotics to Improve Operations and the Guest Dining Experience Restaurant Technology News
  • [ ] Owner.com Raises $33 Million to Boost Its Digital Tools for Independent Restaurants Solution Provider News
  • [ ] Panda Express Enhances Restaurant Sustainability with GridPoint Partnership Across All U.S. Locations Success Story
  • [ ] GoTab’s Phone-Only POS Helps Restaurants Improve Business Operations and the Guest Experience Partner Content

Market Research: 41% of Restaurants Plan to Invest in AI Sales Forecasting and Scheduling in 2024

market research for restaurant business plan

A new survey conducted by restaurant management software Restaurant365 gathers insights from restaurant operators across nearly 5,500 locations in the United States, spanning quick-service restaurants (QSR), fast-casual, casual dining, and fine dining establishments. The survey focused on the challenges and opportunities for the years 2023 and 2024, as well as investment plans in artificial intelligence (AI), marketing and sales, and workforce tools, programs, and benefits.

According to the survey, food and labor costs continued to rise in 2023, albeit at a slower pace than in previous years. Over 80% of respondents reported an increase in food costs, with more than half indicating a rise in the 1% to 5% range. This is a decrease from the previous year, where food costs were reported to have risen by about 10%. Similarly, labor costs also increased, with over 89% of respondents reporting a rise, and over half indicating an increase in the 1% to 5% range.

Despite these challenges, restaurant operators have shown resilience and creativity, focusing on enhancing the guest experience and improving overall business operations. Many have expanded their use of integrated technology to drive efficiency, cost savings, and growth.

Interestingly, the survey revealed a potential slowdown in menu price inflation. While 82% of respondents planned to increase prices in 2023, only 61% plan to do so in 2024.

Looking ahead to 2024, restaurant leaders are planning to invest across various aspects of their businesses to navigate the increasingly expensive operating landscape. The survey revealed that the most pressing challenge anticipated for 2024 is employee experience and retention, with over 38% of respondents ranking it first among six potential challenges. This was followed by sales volume (24%) and labor costs (18%).

To address these challenges, operators plan to invest in marketing technology, promotions, and loyalty programs. They also plan to enhance back-of-house efficiency and invest in salary increases and recruitment.

In terms of technology investment, nearly half of the respondents indicated that their priorities for 2024 include business intelligence and analytics. Other areas of investment include employee lifecycle software (36%), integrated accounting and reporting (34%), and various AI tools.

The survey also revealed that 41% of respondents plan to invest in AI sales forecasting and scheduling, 33% plan to implement AI-driven guest marketing, and 31% plan to use AI for inventory and purchasing.

In terms of physical expansion, the survey indicated a steady growth trajectory for 2024. While 60% of respondents planned to grow in the previous year’s survey, 57% indicated plans to grow in the coming year. Of these, 25% plan to open one location, 28% plan to open two to five locations, and 4% plan to open six or more locations.

Restaurant365’s annual State of the Industry Customer Survey makes clear: Despite the ongoing challenges of rising costs, the industry continues to show resilience and innovation, with a focus on enhancing the guest experience, improving operational efficiency, and investing in technology and workforce development.

market research for restaurant business plan

Copyright © 2023 Starfleet Media. All Rights Reserved.

Sales channel built for e-commerce businesses

Create your e-commerce presence yourself from scratch

  • Business Reports
  • Location reports
  • All Rentechdigital Products

List of Restaurants in Moscow Oblast

Number of restaurants in moscow oblast with email address, phone number, geocoded address, and other key details for download., number of restaurants, smartscrapers has the most up to date and comprehensive restaurants list in moscow oblast. our lists are constantly being verified and our database is constantly being updated..

Trusted by 100k+ Businesses

Download list of Restaurants in Moscow Oblast

Find new clients and close more deals with the world’s best business leads provider. You can download Restaurants email and phone number lists for your sales teams. Here is a random sample of 30 records for you to look at the fields and the data that we provide.

bestinsight quality

How Smartscrapers Data Services Helps Businesses

Explore the strategic advantages our web scraping solutions bring to your business.

lead-img-3

Email Campaigns

Transform your email campaigns with accurate and up-to-date contact information. Our web scraping services empower you to build targeted email lists, enhance personalization, and boost deliverability, ensuring your messages reach the right audience.

Cold Calling

Revolutionize your cold-calling strategies with our web scraping solutions. Access updated contact information, tailor pitches based on audience insights, and increase conversion rates, turning leads into valuable customers through effective communication.

Mail Campaigns

Enhance your direct mail campaigns with our targeted data solutions. Craft tailored content based on precise insights, increase response rates by delivering resonant content and optimize your budget by targeting the most relevant recipients.

Number of Restaurants locations by each city/area

How many restaurants are there in moscow oblast .

There are a total of 2349 Restaurants in Moscow Oblast as of January 09, 2024 .

Download the list of 2349 Restaurants in Moscow Oblast as of January 09, 2024 based on phone number, email, and both.

Number of Restaurants in Moscow Oblast with Phone Number

Number of Restaurants in Moscow Oblast with Email

Number of Restaurants in Moscow Oblast with Phone Number and Email

Download sales qualified leads of Restaurants in the Moscow Oblast

Download this data in CSV, Esri Shapefile, Excel, GeoJSON, or KML (Google Earth) file formats.

Related Restaurants Leads By Location

  • Restaurants Leads in Afghanistan
  • Restaurants Leads in Albania
  • Restaurants Leads in Algeria
  • Restaurants Leads in Angola
  • Restaurants Leads in Argentina
  • Restaurants Leads in Armenia
  • Restaurants Leads in Australia
  • Restaurants Leads in Austria
  • Restaurants Leads in Azerbaijan
  • Restaurants Leads in The Bahamas
  • Restaurants Leads in Southern Nations, Nationalities, and Peoples' Region
  • Restaurants Leads in Somali Region
  • Restaurants Leads in Amhara Region
  • Restaurants Leads in Tigray Region
  • Restaurants Leads in Oromia Region
  • Restaurants Leads in Harari Region
  • Restaurants Leads in Dire Dawa
  • Restaurants Leads in Addis Ababa
  • Restaurants Leads in Podgorica Municipality
  • Restaurants Leads in Khomas Region
  • Restaurants Leads in Ajman City
  • Restaurants Leads in Al Ain City
  • Restaurants Leads in Al Shamkhah City
  • Restaurants Leads in Dubai
  • Restaurants Leads in Ras Al Khaimah City
  • Restaurants Leads in Sharjah
  • Restaurants Leads in Kabul
  • Restaurants Leads in Mazār-e Sharīf
  • Restaurants Leads in Akhuryan

Data of Restaurants in Moscow Oblast with/without Website

Download the list of Restaurants in Moscow Oblast as of January 09, 2024 with and without website information.

Number of Restaurants in Moscow Oblast with website

Number of Restaurants in Moscow Oblast without website

List of Restaurants in Moscow Oblast By Ratings

Download the data of the number of star-rated Restaurants in Moscow Oblast as of January 09, 2024 .

Number of 1 star-rated Restaurants in Moscow Oblast

Number of 2 star-rated Restaurants in Moscow Oblast

Number of 3 star-rated Restaurants in Moscow Oblast

Number of 4 star-rated Restaurants in Moscow Oblast

Number of 5 star-rated Restaurants in Moscow Oblast

Newly Opened Business

lead-img-1

Recently Closed Business

Monthly Insights for Market Analysis and Growth

Receive monthly updates on business openings and closings across diverse industries.

  • Essential data for sales, marketing professionals, investors, and analysts.
  • Strategically compiled to inform and guide your marketing and sales tactics.
  • Leverage monthly data to refine your sales leads and marketing strategies.
  • Stay ahead of market trends with timely, comprehensive business insights.

Special Features

Monthly dispatch of business dynamics in over 5000 categories.

Data sets tailored for impactful sales and marketing applications.

Efficient access to a wide array of business information.

Not Just Leads!

Unlock the complete potential of your marketing, sales, analytics, and other business operations with quality leads found nowhere else on the Internet. Decrease your time spent on finding leads and shift your focus to more productive tasks. 

Close Faster

lead-img-1

Gain Insights

lead-img-2

Attract Customers

lead-img-3

What is the total number of Restaurants in Moscow Oblast?

Where can i get the restaurants in moscow oblast leads database, how to download sales qualified leads database of restaurants in moscow oblast, can i download a sample dataset of restaurants leads in moscow oblast, in what formats can i download restaurants in moscow oblast leads, how much does the restaurants in moscow oblast dataset cost, how many restaurants in moscow oblast have phone numbers, how many restaurants in moscow oblast have email lists, how many restaurants in moscow oblast have phone number lists and emails, what is the total count of restaurants in moscow oblast with a website, what is the total count of restaurants in moscow oblast without a website, how many 5-star rated restaurants are there in moscow oblast, what is the total count of 4-star rated restaurants in moscow oblast, how many 3-star rated restaurants are there in moscow oblast, what is the total count of 2-star rated restaurants in moscow oblast, how many 1-star rated restaurants are there in moscow oblast, how to target restaurants through facebook ad campaigns, how to target restaurants through google ad campaigns, how do email addresses of restaurants assist in online marketing, how do phone numbers of restaurants help businesses, how does the mailing address data of restaurants support marketing strategies.

  • Vacation Rentals
  • Restaurants
  • Things to do
  • Moscow Tourism
  • Moscow Hotels
  • Moscow Bed and Breakfast
  • Moscow Vacation Rentals
  • Flights to Moscow
  • Moscow Restaurants
  • Things to Do in Moscow
  • Moscow Travel Forum
  • Moscow Photos
  • All Moscow Hotels
  • Moscow Hotel Deals
  • Moscow Motels
  • Moscow Campgrounds
  • Moscow Hostels
  • Moscow Business Hotels
  • Moscow Spa Resorts
  • Moscow Family Hotels
  • Moscow Luxury Hotels
  • Romantic Hotels in Moscow
  • Moscow Green Hotels
  • Moscow Ski-In / Ski-Out Hotels
  • Moscow Resorts
  • 5-stars Hotels in Moscow
  • 4-stars Hotels in Moscow
  • 3-stars Hotels in Moscow
  • Hampton by Hilton Hotels in Moscow
  • AZIMUT Hotels in Moscow
  • Marriott Hotels in Moscow
  • Novotel Hotels in Moscow
  • Holiday Inns in Moscow
  • ibis Hotels in Moscow
  • Crowne Plaza Hotels in Moscow
  • Rotana Hotels in Moscow
  • Accor Hotels in Moscow
  • InterContinental (IHG) Hotels in Moscow
  • Radisson Hotels in Moscow
  • Hilton Hotels in Moscow
  • Moscow Hotels with Pools
  • Pet Friendly Hotels in Moscow
  • Moscow Hotels with Free Parking
  • 3rd Transport Ring (TTK) Hotels
  • District Central (TsAO) Hotels
  • Garden Ring Hotels
  • Boulevard Ring Hotels
  • Tverskoy Hotels
  • Red Square & Kitay-gorod Hotels
  • Zamoskvorechye Hotels
  • Meshchanskiy Hotels
  • Presnensky Hotels
  • District Eastern (VAO) Hotels
  • Moscow Affordable Hotels
  • Boutique Hotels in Moscow
  • Moscow Heritage Hotels
  • Hotels with Nightclubs in Moscow
  • Moscow City Center Hotels
  • Moscow Hotels with Soundproof rooms
  • Moscow Hotels with Saltwater Pool
  • Moscow Horseback Riding Hotels
  • Moscow Hiking Hotels
  • Moscow Hotels with Game room
  • Hotels near Red Square
  • Hotels near Moscow Metro
  • Hotels near Saint Basil's Cathedral
  • Hotels near Moscow Kremlin
  • Hotels near High-Speed Train Sapsan
  • Hotels near GUM
  • Hotels near State Tretyakov Gallery
  • Hotels near Tsaritsyno Museum-Reserve
  • Hotels near Armoury Chamber
  • Hotels near Bolshoi Theatre
  • Hotels near Kremlin Walls and Towers
  • Hotels near Gorky Central Park of Culture and Leisure
  • Hotels near Kolomenskoye Historical and Architectural Museum and Reserve
  • Hotels near PANORAMA360
  • Hotels near (ZIA) Zhukovsky International Airport
  • Hotels near (VKO) Vnukovo Airport
  • Hotels near (DME) Domodedovo Airport
  • Hotel Chester
  • Finest Punta Cana By The Excellence Collection All Inclusive
  • Wyndham Alltra Cancun
  • Hotel Riu Republica
  • Park MGM Las Vegas
  • Mohonk Mountain House
  • Rio Hotel & Casino
  • Barcelo Aruba
  • Secrets Royal Beach Punta Cana
  • Hotel Riu Palace Cabo San Lucas
  • Dreams Flora Resort & Spa
  • Secrets Moxche Playa del Carmen
  • Temptation Cancun Resort
  • Majestic Elegance Costa Mujeres
  • Popular All-Inclusive Resorts
  • Popular Beach Resorts
  • Popular Family Resorts
  • Popular All-Inclusive Hotels
  • Popular Hotels With Waterparks
  • Popular Honeymoon Resorts
  • Popular Luxury Resorts
  • Popular All-Inclusive Family Resorts
  • Popular Golf Resorts
  • Popular Spa Resorts
  • Popular Cheap Resorts
  • All Moscow Restaurants
  • Cafés in Moscow
  • Fast Food Restaurants in Moscow
  • Indian Restaurants with Private Dining in Moscow
  • Italian Restaurants in Moscow
  • Japanese Restaurants in Moscow
  • Mediterranean Restaurants in Moscow
  • Middle Eastern Restaurants for Lunch in Moscow
  • Pizza in Moscow
  • Russian Restaurants in Moscow
  • Seafood Restaurants in Moscow
  • Vegan Restaurants in Moscow
  • Vegetarian Restaurants in Moscow
  • Vietnamese Restaurants with Private Dining in Moscow
  • Best Noodle in Moscow
  • Best Burritos in Moscow
  • Best Salmon in Moscow
  • Best Tortellini in Moscow
  • Best Focaccia in Moscow
  • Best Juice & Smoothies in Moscow
  • Best Lobster in Moscow
  • Best Tempura in Moscow
  • Best Cod in Moscow
  • Best Paella in Moscow
  • Best Donuts in Moscow
  • Best Gelato in Moscow
  • Best Risotto in Moscow
  • Best Catfish in Moscow
  • Best Bibimbap in Moscow
  • Breakfast Restaurants in Moscow
  • Lunch Restaurants in Moscow
  • Dinner Restaurants in Moscow
  • Bakeries in Moscow
  • Buffet Restaurants in Moscow
  • Coffee & Tea in Moscow
  • Desserts in Moscow
  • Food Delivery Restaurants in Moscow
  • Kid Friendly Restaurants in Moscow
  • Late Night Restaurants in Moscow
  • Restaurants for Special Occasions in Moscow
  • Restaurants with Outdoor Seating in Moscow
  • Romantic Restaurants in Moscow
  • Arbat Restaurants
  • Bars & Pubs in Red Square & Kitay-gorod
  • Basmanny Restaurants
  • Dinner Restaurants in Maryina Roshcha (Jewish Quarter)
  • Fast Food Restaurants in Red Square & Kitay-gorod
  • Fusion Restaurants for Families in Tverskaya
  • Hamburgers in Zamoskvorechye
  • Khamovniki Restaurants
  • Maryina Roshcha (Jewish Quarter) Restaurants
  • Patriarch Ponds Restaurants
  • Presnensky Restaurants
  • Red Square & Kitay-gorod Restaurants
  • Tverskaya Restaurants
  • Yakimanka Restaurants
  • Zamoskvorechye Restaurants
  • GreenLeaders
  • Things to Do
  • Travel Stories
  • Rental Cars
  • Add a Place
  • Travel Forum
  • Travelers' Choice
  • Help Center
  • Europe    
  • Russia    
  • Central Russia    
  • Moscow    
  • Moscow Restaurants    

Ratings and reviews

Location and contact.

market research for restaurant business plan

BAR 1980, Moscow - Butovo South - Menu, Prices & Restaurant Reviews - Tripadvisor

IMAGES

  1. Restaurant Sales Plan

    market research for restaurant business plan

  2. FREE Restaurant Marketing Plan Template

    market research for restaurant business plan

  3. 😂 How to analyze a business plan. How to do market analysis for

    market research for restaurant business plan

  4. Market Research

    market research for restaurant business plan

  5. Restaurant Market Research Survey Template

    market research for restaurant business plan

  6. FREE Restaurant Business Plan Template

    market research for restaurant business plan

VIDEO

  1. Restaurant business Model #youtubeshorts #vairalvideo #new

  2. 4 Stages Of Business And Pursuing A Market

  3. How To Scale A Restaurant Business

  4. How to Write Restaurant Business Plan in Hindi

  5. how to start a profitable restaurant business

  6. How the Restaurant Business Works???

COMMENTS

  1. The ultimate way to do a market research for a restaurant

    Creating a business plan. Once your market research has been completed and your concept refined, you can move onto the next step: writing the business plan for your restaurant. A business plan is a document that describes your business, and its strategic, commercial, and financial objectives for the first three years of operation.

  2. Restaurant Market Research: How to Get Started

    How to gather information: Send a survey to your customers. Include comment cards on tables. Ask for feedback after their meal. Read reviews on review sites. 2. Remain on Trend. As a business owner, you need a complete understanding of how consumer preferences are changing.

  3. Conducting Successful Restaurant Industry and Market Analysis

    When writing your restaurant's business plan, it's good to research the industry trends in your area. Talk to members of your state's chapter of the National Restaurant Association. Or, find local small business owners to ask about the positive trends (and challenges) that your restaurant might encounter.

  4. How to Conduct Restaurant Market Research Like A Pro

    The following are some reasons why businesses need to conduct restaurant market research: 1. Identifying the Target Market. Conducting restaurant market research enables restaurants to determine the key demographics of their potential new customers. There are three different types of customers that most new businesses will encounter.

  5. 5 Restaurant Market Research Tactics that Will Save You Thousands

    The restaurant industry is extremely competitive and is highly influenced by constantly changing consumer preferences and habits. One of the building blocks you must put in place before opening a new restaurant is market research. Just like a well-crafted mission statement will help guide your business decisions, identifying and understanding your target customers and competitors through ...

  6. Using Market Research to Create a Winning Restaurant Business Plan

    By gathering and analyzing data on your target customers, competitors, and market conditions, you can make informed decisions about menu offerings, pricing strategies, marketing tactics, and more. In this guide, we will explore the importance of market research in developing a winning restaurant business plan and provide tips for conducting ...

  7. How to Write a Restaurant Business Plan in 2024 (Step by Step Guide

    Make sure to list everything. 4. Menu. The most important element to launching a successful restaurant is the menu. Without it, your restaurant has nothing to serve. At this point, you probably don't have a final version, but for a restaurant business plan, you should at least try to have a mock-up.

  8. The Ultimate Restaurant Marketing Plan (Free Template)

    In fact, a marketing plan is not set in stone. It can be reviewed and edited anytime you gather new information, your market change or your business goals evolve. A restaurant marketing plan follows 5 steps: Setting your goals. Identify your ideal clients. Research your competition. Business identity and SWOT analysis.

  9. Doing a good market study for a restaurant

    The market study is also the bedrock of your business plan, helping you convince investors and potential partners of the viability of your restaurant business. Carrying out a detailed market study for your restaurant. The four main steps in a restaurant market study are: Market analysis; Demand analysis; Supply analysis; Research on regulations ...

  10. How to Write a Restaurant Business Plan

    Your restaurant business plan company overview should include: Purpose: The type of restaurant you're opening (fine dining, fast-casual, pop-up, etc.), type of food you're serving, goals you ...

  11. How to Write a Small Restaurant Business Plan

    The business plan is not only where you lay out your plan, vision, and goals for the restaurant - it pushes you to thoroughly research and understand your market, competitors, and customers to make informed decisions. It guides you through the intricacies of opening and running a small restaurant and helps you keep your finances in order.

  12. How To Do the Industry Analysis for Your Restaurant Business Plan In 2023

    Decide Your Industry Subpart. 3. Analyze Your Target Audience. 4. Analyze Your Location. 5. Analyzing Competition. Industry analysis in the simplest of terms is analyzing and understanding various features of the industry you are planning to enter. It focuses on researching your market, competition and other industry trends to make a sound ...

  13. Restaurant Market Research

    Restaurant Market Research. Growthink's market research offers an extensive look at the restaurant industry on the international, national, and local levels. Our research capabilities span several segments of the industry including: Our restaurant market research will provide you with detailed information, including: What category niches or ...

  14. How Important Is Market Research Prior To Opening A Restaurant In The USA

    It can also help you create provisions to weather any catastrophic events based on past experiences. Given that a business plan is a priority, market research is also a must for budding restaurateurs. 7. Lowering Risks. Lastly, market research will help you identify the risks associated with the implementation of various decision-based actions.

  15. Restaurant Business Plan Template [Updated 2024]

    It also includes market research, information about your target market, and a sample menu to support your winning restaurant business plan. ... For a restaurant business plan, your marketing plan should include the following: Product: in the product section you should reiterate the type of restaurant that you documented in your Company Analysis ...

  16. Market Research for a Business Plan: How to Do It in a Day

    Think age, job, salary, location, and gender. 3. Competitive market research: This shows you what marketing channels, referral partners, and keywords are sending traffic to businesses similar to yours When you combine this data with what you learned in sections 1 + 2, you are ready to build your personas. 4.

  17. Restaurant Business Plan

    Market research for restaurant business plan Every successful business needs to perform thorough market research, and restaurants are no exception. Research is a form of market analysis that requires you to collect data from individuals at the target location(s) or their online equivalents.

  18. Creating a Successful Market Research Plan

    A market research plan will help you uncover significant issues or roadblocks. Step 1. Conduct a comprehensive situation analysis. One of the first steps in constructing your marketing plan is to create a strengths, weaknesses, opportunities and threats (SWOT) analysis, which is used to identify your competition, to know how they operate and ...

  19. Restaurant Business Plan PDF Example

    February 21, 2024. Business Plan. Creating a comprehensive business plan is crucial for launching and running a successful restaurant. This plan serves as your roadmap, detailing your vision, operational strategies, and financial plan. It helps establish your restaurant's identity, navigate the competitive market, and secure funding for growth.

  20. Hotel Restaurant Business Plan PDF Example

    Our Hotel Restaurant Business Plan is designed to cover all critical aspects for a comprehensive strategy. It outlines the hotel's unique offerings, market position, competitive edge, management expertise, and financial goals. Offers an overview of the hotel restaurant's business concept, market analysis, management, and financial strategy.

  21. Market Research: 41% of Restaurants Plan to Invest in AI Sales

    The survey also revealed that 41% of respondents plan to invest in AI sales forecasting and scheduling, 33% plan to implement AI-driven guest marketing, and 31% plan to use AI for inventory and purchasing. In terms of physical expansion, the survey indicated a steady growth trajectory for 2024. While 60% of respondents planned to grow in the ...

  22. KULTURA, OOO Company Profile

    Find company research, competitor information, contact details & financial data for KULTURA, OOO of Elektrostal, Moscow region. Get the latest business insights from Dun & Bradstreet.

  23. 30 Emerging Technologies That Will Guide Your Business Decisions

    3 things to tell your peers. 1. The trends and technologies featured in the Gartner Emerging Tech Impact Radar fall into four key themes and help product leaders gain a competitive edge. 2. Use the impact radar to guide your investment and strategic planning around disruptive technologies. 3.

  24. Pickleball complex with restaurant planned for Cornelius

    Pickleball operator enters local market with aim of 20 facilities Inside family's plan to open first brewery in downtown Cornelius RENDERINGS: Brewery owner reveals more on Lake Norman expansion plans

  25. Dubai Real Estate Predictions 2024

    Dubai market overview. Deloitte's 10th annual Real Estate Predictions report focuses on the performance of Dubai's real estate market in 2023, forecasting the changes in the hospitality, residential, office, retail, industrial and logistics sectors in 2024. The Dubai real estate market performance has been robust across all sectors fueled ...

  26. Number Of Restaurants in Moscow Oblast

    Number of Restaurants in Moscow Oblast List of Restaurants in Moscow Oblast with email address, phone number, geocoded address, and other key details for download. Data updated on December 5, 2023

  27. SOYUZ, TOO

    Find company research, competitor information, contact details & financial data for SOYUZ, TOO of Elektrostal, Moscow region. Get the latest business insights from Dun & Bradstreet.

  28. BAR 1980, Moscow

    5 reviews #3,610 of 11,086 Restaurants in Moscow $ European Russian. Yuzhnobutovskaya St., 117, Moscow 117042 Russia +7 499 110-19-80 Website Menu. Open now : 5:00 PM - 05:00 AM. Improve this listing. See all (71) There aren't enough food, service, value or atmosphere ratings for Bar 1980, Russia yet. Be one of the first to write a review!

  29. PNC will add 16 new bank branches in Colorado as part of a $1B

    In 2023, PNC's market share in the Denver metropolitan statistical area was 1.18% with $1.3 billion in deposits, placing it at No. 14 in the area, according to data provided by the Federal Deposit ...