Business Plan?

ExperiencedRookie · Posted: Sep 27 2013 Post subject: Business Plan?

I am looking for any advice on a formal business plan for a BBQ restaurant. I am looking to start out of a trailer and I already have an offset stick burner that meets the HD requirements (it just needs to be covered/fenced).

I have a good friend in commercial real estate who is encouraging me to take the next step in opening a trailer and I am meeting with him and some of his colleagues Tuesday to discuss start up costs/expectations because they have a group of investors who have opened a ton of food trucks, trailers, restaurants, etc.

Are their any things I MUST include in a business plan?

How thorough should my plan be? (This meeting is just so we can talk and see if they agree the trailer idea would be successful so it is mostly informal. But...I don't want them to take my idea and go do it themselves...)

Should I have a non-disclosure/don't tell anyone about this agreement signed before discussing my plan?

I guess is there anything that you business owners didn't put in a plan that you wished you had? or something that would've made your starting out go a little smoother?

I have read Barry Sorkin from Smoque's "manifesto" and have spoken with a ton of business owners to get feedback but I figured this was as good a place as any to see what y'alls opinions are on the matter.

Thanks for reading.

-Travis

SoEzzy · Posted: Sep 27 2013 Post subject:

A nondisclosure agreement is only as good as the folks that are signing it and the depths of your pocket to go after them legally if they default.

A business plan should be as accurate and complete as possible, IMO, if you got them on board not having disclosed something and then you spring something extra on them you might create a future problem.

Take the time to research business plans, here's a place I found with a simple Goggle search http://www.bplans.com/sample_business_plans.php#.UkWOooZwpMY

Lots of business plans there.

See disclaimer below!
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ExperiencedRookie · Posted: Sep 27 2013 Post subject:

Thanks SoEzzy!

I have seen that site and a few of their plans were very helpful.

I agree with you about having a very in depth business plan.

I guess I am unsure on what to disclose to people since I am relatively new to the business side of all of this.

I have many friends who are able to give advice, which is great, but I struggle with how much should I disclose to business folks that I have just met because of the fear of taking my idea/plan and doing their own thing.

Thanks for your input!

Texman · Posted: Sep 28 2013 Post subject:

qfanatic01 · Posted: Sep 28 2013 Post subject:

You said the investors have already worked with a bunch of other people, so ask the investors for references and then pick the reference's brains for what they needed for start up with these investors. Would they do it again, with this group or for that matter at all? Cool that they are interested, but if you do all the work and they make all the money what's the point. They may have a no compete clause and you may want out down the road so you can do this or something similar on your own and you wouldn't be able to in your area. There are pros and cons to all relationships. You need to get a good picture of what you are in for before you make a commitment you can't get out of.
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ExperiencedRookie · Posted: Oct 01 2013 Post subject:

Thanks guys! Very good and thorough responses that I greatly appreciate. My meeting is today so I will try and post about how it went. Thanks for the advice and support. I have learned a lot browsing in the commercial section and listening to guys like y'all.

Texman · Posted: Oct 03 2013 Post subject:

ExperiencedRookie · Posted: Oct 04 2013 Post subject:

Haha. Sorry brother, forgot to post back.

The meeting went really well.

My wife and I have been hosting backyard barbecues for friends/family and others for the past few months. We call it "MEATclub" and those events have built a really overwhelming amount of people that have been interested in our BBQ.

I have for some time now wanted to start a BBQ food trailer, because surprisingly there are none in Fort Worth/Dallas, or if there are I am not familiar with them. That plan was always kind of a few years away (I'm only 24, wife's almost 26) because we wanted to plan and save money for it, on top of all the stuff like a house, car, family bs that we need to save for.

Because of these "MEATclub's" I've had a bunch of different folks approach me about starting a trailer or restaurant which was flattering but I wasn't too excited about it.

Lately a good friend of mine who is a VP with a commercial real estate firm has really been helpful in introducing me to some solid investors who have major experience in opening food trucks, trailers, food truck parks, restaurants and more.

This meeting was about discussing what exactly I would need for the business, where/what type of location/truck/trailer we would be looking for, and all the other stuff that goes a long with a business plan, but a more informal meeting.

I was really encouraged by the guys that want to help and so now the difficulty is having wisdom in who to trust for capital, how much should we spend on start up costs, does our goal stay true with our beliefs of what we want the place to be (traditional TX BBQ), and when to try and put the pedal to the metal.

A very challenging but encouraging problem to have. We're still far off from making it happen but I am glad to see that my dream may in fact come true soon.

Thanks for all your advice and support.

I can make a different post about meatclub if anyones interested...

Its mostly just a way we can practice making great BBQ while also hosting great parties with live music, cold beer, etc.

Thanks again.

Texman · Posted: Oct 04 2013 Post subject:

ExperiencedRookie · Posted: Oct 04 2013 Post subject:

Thanks!

I am very familiar with Aaron and his delicious BBQ.

In fact, he is one of the main reasons I started doing these backyard barbecues. I was lucky to meet him and talk about BBQ and how he got started and he was a great encouragement to me. That's a long story though...

I guess I may post more about the meatclub stuff we're doing.

I love all the post guys have made about starting their own restaurants and seeing how they have developed and changed over time. Very inspiring. Maybe I will have a 30+ page post about my 'raunt one day too!

Thanks again