I have spoken in some of my other posts about my idea of starting a healthy fast food restaurant. Upon learning more about the business of starting a business, I have found along the way that there are a few key components in order to turn an idea into a tangible product. Among these, there are two that are equally as important, and that is the business plan and capital. In order to get the capital to start a business you need to have a solid business plan to present to investors. Investors can be a relative, a bank, or an angel investor. Chipotle’s founder Steve Ells started with an $85,000 loan from his father, while others like Donald Trump and Oprah Winfrey built their empires from the ground up with a unique and clear business plan in mind. (Daszkowski, 2010) Nevertheless, no matter how you get there, somewhere along the way you have to have a plan.
Since I am looking to start a restaurant, I focused mainly on the advice provided by NBC’s America’s Next Great Restaurant investors Bobby Flay and Steve Ells. On of the main points they made was that the name, logo, and slogan must reflect the concept behind the restaurant. All three of these components must be unique, catchy, concise, and they all need to tie together to create one cohesive image. For example, the name of my restaurant includes the word fresh because I want it to reflect how fresh the food will be that we serve. In addition, I have a logo and slogan that tie together the healthiness and sense of community I would like my restaurant to have.
Steve and Bobby are seasoned veterans in the restaurant industry; therefore, they have a lot to teach anyone who is trying to break into this 60% failure rate industry. (Miller, 2007) With that said, it is important when pitching an idea to investors to listen and accept criticism. In the end, their advice could save you thousands of dollars or even your restaurant.
Donald Trump, Oprah Winfrey, Bobby Flay, and Steve Ells (not to name drop or anything) all agree that when it is all said and done, a business idea needs to be focused and easily conveyed to investors. Nic Brisbourne, partner of DFJ Esprit, points out the importance of this when he said, “If you really don’t know what your plans are, you cannot effectively convey them to potential partners and investors.” So when creating a business plan make sure you have fully developed your idea, and that you have presented it in a way that investors are able to understand.
I have said it once, and I will say it again, learn from other's mistakes. The people I have mentioned above, and the advice they have given, will help you create a business plan that is enticing to investors. So, get that grand opening sign printed because you are on your way to opening up America's next great restaurant.
Sources:
No comments:
Post a Comment