Opening a Restaurant or Other Food Business Starter Kit: How to Prepare a Restaurant Business Plan & Feasibility Study by Sharon Fullen

Author:Sharon Fullen
Language: eng
Format: epub
Tags: restaurant, business plan, strategy, small business, goals
Publisher: Atlantic Publishing
Published: 2013-10-15T00:00:00+00:00

Chapter 8: Financial Data

It is possible to be a successful restaurateur without being an accounting wizard. The key is to hire a good bookkeeper for daily tasks and an accountant for monthly, quarterly and annual financial reports and tax obligations. You can pay people to do the number crunching but you must know how to read and use the information in these reports. Your restaurant’s accounting is not just something you do to please the IRS; it is your guide to your profitability.

In the financial section, you will be transforming your wish lists, budgets and assumptions into financial reports. A significant portion of your first projects will be conjecture based upon what you know at that time. The goal is to analyze and determine at what levels you will begin to become profitable, whether you have sufficient starting and working capital and whether your profit potential is worth your time and money investment.

During this process, you’ll calculate how much money you need in addition to your personal investment. In order to qualify for a loan or investment, you must also be able to prove your ability to repay the loan or give an investor an appropriate return.

Hiring an accountant with food service operations experience can be a wise move. He or she will understand your business cycle, tax laws that apply to food service establishments, and be able to help you determine ways to improve your financial outlook.

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