Korean BBQ Restaurant Business Plan, Marketing Plan, How To Guide, and Funding Directory
The Korean BBQ 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 Korean BBQ 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
- 3 Year Excel Financial Model
- Business Plan (26 to 30 pages)
- Loan Amortization and ROI Tools
- Three SWOT Analysis Templates
- Easy to Use Instructions
- All Documents Delivered in Word, Excel, and PDF Format
- Meets SBA Requirements
Korean BBQ restaurants have become very popular over the past 20 years. The arrangement of the table where meat and other food items are served on an in-table cooking skillet has become a very popular cuisine. These businesses can be very commonly found in major metropolitan areas as well as most suburban markets. The uniqueness of this cuisine allows these businesses to remain competitive in smaller markets given that there are only usually a handful of Korean BBQ restaurants in any given local market. The startup costs associated with this type of business typically runs anywhere from $100,000 to $200,000 depending on the location, whether a liquor license is going to be acquired, and the underlying rental expense of the property. These businesses typically enjoy high gross margins with most food sales producing 75% contribution margins. Sales of alcohol and beverages also produce very high gross margins for the business. In fact, many restaurants primarily have their alcohol sales as one of their major drivers of profit.
Given that this is a restaurant business, almost all financial institutions are willing to provide a business loan or line of credit secured against the tangible furniture, fixtures, and equipment that is used in conjunction with this business. Of course, a Korean BBQ restaurant business plan is going to be required. This business plan should feature a three-year profit and loss statement, cash analysis, balance sheet, breakeven analysis, and business ratios page. For the industry research portion of the business plan, there are more than 750,000 different eateries within the United States and each year these businesses generate in excess of $715 billion revenue. The industry employs 14 million people.
The business plan should also feature a full-scale demographic analysis that outlines the target market including statistics that discuss median household income, median family income, percentage of people at eat out at least once a week, and the distance that people are going to travel to come to the Korean BBQ restaurant. A full-scale competitive analysis should be included as well in order to ensure that the business is not opening in a market where there are a number of other similarly style eateries. This competitive analysis should discuss not only similar businesses, but all restaurants within the area. As it relates to the financing section of the business plan, an expansive list showcasing all the equipment and inventories that will be acquired with borrowed funds – or from this from an investor – should be included within the business plan as well.
A Korean BBQ restaurant SWOT analysis should be produced as well. As it relates to strengths, these businesses typically enjoy very little competition within their markets while having very high gross margins. These businesses typically are able to have a very high inventory turnover as it relates to their food products.
For weaknesses, as with any type of restaurant business there is typically very high operating costs. Additionally, seafood handling procedures need to be implemented in each aspect of the company’s operations.
For opportunities, these businesses can readily expand by simply establishing additional Korean BBQ restaurant locations outside of the initial target market. Additionally, some of these businesses actually engage in a moderate level of catering as it relates to specialty Korean food.
For threats, the biggest threat faced by these businesses is the ongoing risk of an economic recession which would impact the customer’s ability to afford eating out at a restaurant.
A Korean BBQ restaurant marketing plan should also be developed in order to ensure that the business can be very quickly be found at the onset of operations. Foremost, prior to the launch of operations many restaurant owners will seek to develop ongoing relationships with area food critics and food journals that these businesses will come to the location and try to cuisine. A strong review and a food journal can be an invaluable source of business especially for new restaurant. Many restaurants also maintain pages unpopular platforms like Yelp and TripAdvisor in order to ensure that people can read reviews from prior customers experiences. By maintaining strong reviews on these websites, many people feel more comfortable coming to location to try the Korean BBQ cuisine.
A standalone website is also very important given the fact that people are going to want to be able to very quickly find the business on the Internet. This website should be mobile friendly and listed among all major search engines. In addition to the company standalone website, and expansive presence on social media is absolutely necessary for any new restaurant. This is especially true among users of FaceBook given that these users can leave positive reviews when they have experienced the restaurants cuisine.
Korean BBQ cuisine is continuing to grow in popularity within the United States. As more and more people from Korea have immigrated to the United States, the number of locations has increased substantially in people are far more familiar with this cuisine than they were 20 or 30 years ago. These businesses can be highly lucrative for a restaurant owner to understand how to properly manage all the underlying inventory costs.