How to Write a Tapas Lounge Business Plan or Template
An interesting phenomenon in the bar and lounge industry is that competitors are continuously attempting to differentiate their products and services to increase their market share in the area.
Over the last several years, our business plan writer has found that tapas lounges are growing in popularity due to their small food offerings complementing their full liquor bars. Also, wine bars have become more aligned with tapas lounges than traditional wine bars due to their innovative small meals and wide selection of wines. Regardless of how your tapas lounge will compete in the marketplace, having a well-written tapas lounge business plan or tapas large business plan template is an excellent starting point for your strategic planning. From this, our business plan writer has developed some tips and tricks for creating your own tapas lounge business plans.
Executive Summary for a Tapas Lounge Business Plan or Template.
The executive summary section for the tapas lounge business plan and business plan template should start with introducing the legal structure of the organization, whether it be a corporation, limited liability corporation, or even sole proprietor. Next, make sure to describe how your tapas lounge will differ from other tapas lounges as well as lounges in general. Some organizations may focus on providing tapas from specific regions such as Mexico, the Middle East, or Asia. Other organizations will provide tapas based on the community. A final segment that should be touched upon in the executive summary section of this type of business plan would be the target market for the tapas lounge. The target market may include local residents, or if in the downtown area, it could be workers or even tourists. On a final note, keep in mind, that when writing your executive summary section, make sure this is the last section covered. This way, you are able to summarize your business plan succinctly in the tapas executive summary.
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The company information section of the tapas business plan or a tapas business plan template should again introduce the legal structure of the business, whether it be a corporation, sole proprietor, or limited liability partnership. Next, make sure to summarize the types of tapas that you’re allowed to be offering. Further, in the product description section of the company information section, make sure to describe the alcoholic beverages that will be provided. Some tapas lounges may provide craft cocktails that align with her tapas. Other tapas lounges may choose to embrace beer and wine. Regardless of beverage selection, make sure to describe it and explain why the selection was made.
Service Description and Competitive Advantages
The competitive advantages section of this type of business plan should be relatively short as compared to other sections within the company description portion of a business plan. This is because a tapas lounge's competitive advantage segment should only touch on two or three different advantages. By listing too many advantages, a tapas lounge business owner may tend to differentiate too much from a tapas lounge and start to take on characteristics of other types of lounges or, even worse, a traditional lounge. From this, common competitive advantages for tapas lounge would be craft brews complementing the tapas or the facilities to the core adding to the ambiance of the tapas lounge experience.
The target market for tapas lounge is often focused on younger female clientele ranging from 28 to 48. This demographic tends to socialize more and have a sophisticated palate. However, other demographics may be selected based on the final location of your tapas lounge. For example, if your tapas lounge will be next to or near an office park, then young executives or business owners maybe your target market. Regardless of your target market selection, make sure to utilize the identification of your target market when choosing décor, lounge layout, and color schemes throughout your facility. These decisions should always be made with your target market audience in mind.
Industry research for a Tapas Lounge Business Plan
Industry research for a tapas lounge should start at the national level. For example, IBIS World has found that the barn nightclub industry in the US generated approximately $22 billion in revenues for the last year. Further, the revenue growth for this industry was approximate -20%. The decline in revenues was mainly due to CoVID-19 issues. However, industry experts anticipate substantial revenue growth, specifically, 6% annually for the foreseeable future. Once this information is notated, then explore sub-industry specifics and statistics related to tapas lounges like traditional restaurants are embracing a tapas strategy by offering smaller portions after a specific time like 9 PM. These types of industries specific statistics show that not only does a business owner have a firm understanding of the lounge industry as a whole, but they also comprehend the nuances of the tapas sub-industry as well.
The owner and management section for a tapas lounge should start by introducing the business owner. Next, the segment should provide a short bio about the owner. In the owner bio, make sure to touch upon the driving reasons for starting the tapas lounge, experience with running or managing a tapas lounge, and even exploring the business owner's thoughts and ideas as to why this subcategory was selected based on personal experiences. Next, once a driving reason for starting the tapas lounge is constructed, the segment should be followed up with a job responsibility description. The job responsibility description should highlight the different job positions that will be needed within the company and provide brief descriptions of the job responsibilities. By following the structure, business owners are able to show a driving passion for a tapas lounge and then again expand upon their knowledge of this type of business organizational structure.
Funding Request for a Tapas Lounge Business Plan
The funding request section for a tapas lounge and tapas lounge business plan template should start with identifying exactly how much money is needed to start a tapas lounge. In some cases, a tapas lounge may be started with as little as $50-$60,000. In other situations, funding of $300-$500,000 is not uncalled for. Once the specific dollar amount is settled upon for the lounge, the next step would be to create categories to allocate the funds. Popular tapas lounge categories may include equipment, menu design, hiring and training, working capital, and advertising. Once the categories are identified, the next step is to allocate funds to each one of the categories. Finally, the last step is to total up all the categories into a grand total section. This grand total number should be identical to the funding request number stated at the top of the document.
The pro forma financial projection section for a tapas lounge business plan or business plan template should start with identifying the number of patrons, on average, that will visit the tapas lounge. Next, the average ticket price, which may include two appetizers, two drinks, etc., should be used for a sales price. With this done, the next step is to multiply the average customer ticket by the number of expected customers per day. This will give the business owner an idea of what the gross revenues for the organization will be. With this complete, then deduct the variable cost, which is the price the owner paid for the appetizers and beverages, from the expected daily revenues. This number is called the gross profits. Once complete, multiply this number by the number of days the business will be in operation, typically 30 for a tapas lounge. Finally, deduct your fixed costs like labor, rent, utilities, and other fixed costs from the gross revenues. This will provide you with an estimated net profit for a typical month. The final step to complete your pro forma financial projections would be to utilize growth rates and expand the strategy to cover one year and then five years.
Hopefully, these insightful tips and tricks for writing a business plan were helpful. As always, if you need help with a business plan or financial projections, just send us an email or give us a call.
Author: Paul Borosky, Doctoral Candidate, MBA., Author