Would you like to embark on the great adventure of food courts? Excellent idea! But before you do, there's a big step to take: drawing up your business plan, a very important document also known as a business plan. Follow our expert advice to draw up an effective business plan and ensure the success of your food court!
Understanding the importance of a business plan to launch a food court
First of all, what is a business plan? A business plan is the file that describes your entire food court project. Put simply, it's a file in which you explain how your food court is going to make the money it needs to grow. It's a very important step in launching a business, with one ultimate goal: to convince bankers, future partners or investors that your food court project is viable and profitable.
As I said earlier, a business plan is a document... that shouldn't be written just any old way! A good business plan should be written on a computer, in a clear, structured and detailed manner. Don't hesitate to use an Excel spreadsheet for the sections containing figures.
Your file should be structured as follows:
- Your project
- Your market analysis
- Your products and services
- Your marketing strategy
- Your financial data
We'll look at all this in detail in the rest of the article 👇
5 key elements of a successful food court business plan
Here are the 5 key elements of a business plan for a food court:
1. Describe your food court project
The first step is to explain your food court project. Be as clear as possible, and include all the important details to make your project easier to understand: where are you going to set up your food court? Who will be your customers? What will be the different food stands? Who will be your suppliers? Describe the founders of the project, their professional backgrounds and how they came up with the idea of a food court.
Here, you need to show your ambition, your passion for the world of food and your entrepreneurial determination! Throughout, your future backers need to understand that they can trust you to make a success of your project.
2. Market analysis
This second part, and by no means the least important, consists of carrying out a market analysis. In other words, it's the environmental analysis of your food court project. You need to provide information on the sector, customers, competitors and the scope of a market. Market analysis involves gathering data, figures and facts to support your food court project. On the basis of all this data, you can make forecasts about market trends and deduce the market's attractiveness.
On the one hand, you need to introduce your future clientele: who are they (age, gender, social category), what are their food preferences? How much time do they have for lunch? How much are they willing to pay for a meal? Etc. Give as much information as possible to show that you know your target clientele well.
Secondly, you need to analyze the competition: how does your offer stand out from what already exists?
Market analysis is an excellent performance indicator: it enables you toidentify marketchallenges and opportunities, as well as the risks involved in your project.
👉 Going further: how to position yourself in the short food market?
3. Explain your products and services
In this third section, you describe the core of your project: the products and services you provide. What is the concept of your food court? What will be the different food stands? How will they appeal to your future customers? What will the customer journey look like? Will you set up an entertainment program (karaoke, DJ evenings, exhibitions, etc.)?
You can also describe how you will integrate technology into your food court. Like Marmites, equip your food court with an ecosystem of digital solutions: cash registers, ordering kiosks, online ordering and production screens.
👉 Find out more about Marmites' easy-to-manage food court.
4. Describe your marketing strategy
Your marketing strategy, or sales strategy, must answer the long-awaited question: how are you going to finance your food court project? In other words, what sales strategies will you implement to generate maximum sales?
Here you mention :
- Different sales channels: On-site via QR code? Home delivery?
- Advertising: in food magazines, on social networks, etc.
- Your brand identity: logo, concept, name for your food court, creation of a website to your image, a mobile app to increase your visibility, etc.
This is also where you talk about your suppliers, operational management, the technologies and innovations that will be present in your space, and customer loyalty techniques.
In short, it's the detailed plan for achieving your sales and growth objectives, including marketing, operational and customer relations tactics.
5. Measure your financial data
In this final section, we'll talk about your accounting and financial plan. What is your initial investment? What are your revenue and expenditure forecasts? Will the restaurateurs on site pay you rent or a percentage of their takings? And above all, what are your credit and capital requirements? We advise you to set out your projected figures for the first 3 to 5 years of your food court's life.
Here, you measure financial indicators such as projected sales, margin, net profit, cash flow, break-even point, etc., to prove the financial health of your food court.
👉 To find out more: Deciphering the costs of a food court: a complete guide for restaurateurs
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You want to open a food court and are looking for a partner to help you digitalize your establishment? Innovorder is the only player in France to offer a complete ecosystem designed specifically for food courts: order taking, collection, preparation, delivery and management!
👉 Discover our solution for food courts: Innovorder Foodcourt
