Buffalo Wings Restaurant Business Plan, Marketing Plan, How To Guide, and Funding Directory
The Buffalo Wings Restaurant Business Plan and Business Development toolkit features 18 different documents that you can use for capital raising or general business planning purposes. Our product line also features comprehensive information regarding to how to start a Buffalo Wings Restaurant business. All business planning packages come with easy-to-use instructions so that you can reduce the time needed to create a professional business plan and presentation.
Your Business Planning Package will be immediately emailed to you after you make your purchase.
Product Specifications (please see images below):
- Bank/Investor Ready
- Complete Industry Research for the Industry
- 3 Year Excel Financial Model
- Business Plan (26 to 30 pages)
- Marketing Plan (24 to 28 pages)
- 425+ Page Funding Directory
- PowerPoint Presentation
- Loan Amortization and ROI Tools
- Three SWOT Analysis Templates
- How to Start a Business Guide
- Easy to Use Instructions
- All Documents Delivered in Word, Excel, and PowerPoint Format
- Meets SBA Requirements
Buffalo wings restaurants are popular businesses in any major metropolitan market or small town given the fact that this is a low-cost cuisine that is popular among pretty much every single American. These businesses frequently operate in a sports bar like capacity by offering a wide selection of buffalo wings, general American cuisine, and provide an atmosphere that usually features large-screen TVs and other forms of entertainment. The startup costs associated with this type of business is considered to be moderately low and generally the amount of capital needed ranges anywhere from $75,000 to $200,000 depending on the specific market. The gross margins are associated with the sale of buffalo wings cuisine is usually very high. Typically, these businesses are able to generate gross margins of 75% to 85% of on each dollar of revenue generated. Most importantly, it is imperative that a buffalo wings restaurant has a liquor license so that beer, wine, and spirits can be sold on site. In some cases, the largest expense to starting a buffalo wings restaurant centers around the acquisition of a liquor license. In some states the cost of a liquor license is extremely high while in other states it is merely a formality in terms of the overall costs.
Given that these businesses are economically stable as far as restaurants go – most lenders and financial institutions are willing to provide an owner with a loan equal to about 80% of the startup costs. The owner of a buffalo wings restaurant is going to need to make a 20% equity injection towards the startup costs which is usually used for working capital, marketing expenses, and inventory purchases. One of the nice things is a race of this business is that inventory spoilage is usually kept to a minimum given that buffalo wings typically are sold on a daily basis and do not need to be stored for a substantial period of time. Of course, within the business plan there should be a full discussion regarding safe food handling procedures and protocols. Most financial institutions and private investors want to see that the owner has a complete understanding of how these businesses operate. As such, a small section of the business plan can be dedicated for this purpose. Beyond information regarding the restaurant in general a three-year profit and loss statement, cash flow analysis, balance sheet, breakeven analysis, and business ratios page should be developed as well. This financial model should feature industry-standard statistics that are on par with that of a sports bar or similar eatery. Beyond the financial model a full demographic analysis needs to be provided as well with a focus on competition which includes discussing any type of sports bar that also operates within the target market. This demographic analysis should also provide information regarding median household income, median family income, population size, population density, and the percentage of people that are under the age of 50. Most owner operators of buffalo wings restaurants find that their target market usually ranges from people aged 21 to 50 years old and the audience is predominantly male.
Of utmost importance to the overall business planning process is the development of a marketing plan for a buffalo wings restaurant. This marketing plan should include information regarding how print advertisements will be used and distributed throughout the target market radius, which is usually about 10 miles for a buffalo wings restaurant. Many owners of these restaurants will provide either free or heavily discounted food and drinks during the first 2 to 3 months of operation in order to familiarize people with the location. Beyond a print advertising campaign, it is imperative that the buffalo wings restaurant also maintain social media profiles on popular platforms such as FaceBook, Twitter, Instagram, Google+, as well as third-party websites such as Yelp.com and Tripadvisor.com. Of special importance to social media marketing is FaceBook and Twitter given that specialized deals and discounts can be distributed to a large followers very quickly. In fact, many local and regional restaurant owners have taken to using social media in order to boost brand-name visibility. Also, recommendations for eateries are now commonplace on websites such as FaceBook – and as such, this can be a tremendous way to boost the following of the business over the first three years of operation. If an operator of the restaurant is unfamiliar with how to properly market their products on a social media platform that may be in their best interest to hire a social media consultant that can put together and manage all pages on these platforms. While this may be a significant upfront expense, the return on investment can be substantially high provided this social media consultant is able to generate a large following.
A buffalo wings restaurant SWOT analysis should be produced as well. This analysis focuses on the strengths, weaknesses, opportunities, and threats that are normally associated with this type of eatery. As it relates to strengths, these businesses are able to almost always remain profitable and cash flow positive in any economic climate. This is due to the fact that they have low operating costs and the demand for buffalo wings does not tend to wane during times of economic recession. For weaknesses, given the low start up costs in moderately low barriers to entry – a competitor can easily establish a similar buffalo wings restaurant or sports bar location within any given target market. However, there is really nothing that can be done to mitigate this threat. For opportunities, many restaurants will take to either developing a food truck that can go around and sell buffalo wings to the general public on the street or that it can be used in the course of catering. For large corporate gatherings and sports based parties, many buffalo wings restaurants will provide a substantial amount of catering. As such, this can be one of the ways that a buffalo wings restaurant aggressively expand his operation over a three-year to five-year. Specific to threats, there’s really nothing that is going to impact the way that these businesses conduct operations moving forward. While there are always risks of automation and a decline in the economy – the wings restaurants have remained popular in the most any economic climate and within all markets.
As such, a buffalo wings restaurant can be a strong small business investment as it relates to owning and operating a restaurant. It is important that the owner understand all matters pertaining to seafood handling, marketing, capital raising, business planning, and all other related facets of operation.