This beach bar business plan guide comes in handy. It will help guide you through the process of writing your plan.
Tons of beach business ideas exist and can only be brought to life by drafting a plan of action. Such deliberate measures are strategically set forth and systematically implemented. This is what a business plan helps you achieve.
Here, we’ll be talking about one of such ideas; a beach bar business.
BEACH BAR BUSINESS PLAN GUIDE
For this business idea to see the light of day, you’ll need all the help you can get in bringing it to life. Your business plan will serve as your guide. Creating one isn’t easy and requires as much dedication on your part.
We understand that not everyone knows how to proceed with one.
Here, we’ll be looking at the various components of the plan as well as what to include where.
i. Executive Summary
Consider your executive summary as an introduction to your business plan.
As the name implies, it has to be brief (at most 4 to 5 pages) and should hold your reader’s attention. The executive summary section seeks to unveil your beach bar business idea by providing the most basic information to readers.
From your executive summary, readers or investors can determine if your beach bar business idea is worth investing in or not. In other words, the viability of your business idea is seen in how well the executive summary is drafted.
There are important sections that must be covered when it comes to writing an executive summary.
These include business name and location, products and services offered, mission and vision statements, as well as the specific purpose of your plan.
Business Name and Location
Before you ever proceed to write your beach bar business plan, you should have first gotten a good name for it. Not every name would do as certain names are known to have the desired impact on clients.
As part of introducing your business to your audience, you’ll need to provide the name as well as where you intend to operate.
The name itself reveals the likely location of the bar. However, coastal cities have lots of beaches.
As such, you’ll need to clearly state the location or beach you intend to establish your operations from.
Products and Services Offered
Beach bars offer a variety of products and services.
These may range from ice-cold beer, luxurious cocktails, and a whole lot of others. These need to be clearly stated to inform the reader. Why are such services needed?
There should be a focus on the benefits to customers.
Under this section of your beach bar executive summary, you want to describe your vision.
Here, the direction is given to your planning efforts. This statement should start with a market-defining story, define what your beach bar business does for customers, and also define what it does for employees.
You also need to add what such a business does for its owner(s) and lastly, these shouldn’t be too bulky. In other words, you’ll need to cut down on the wordings to fit the purpose of your executive summary.
Specific Purpose of your Plan
Every plan has a purpose and so should yours. You’ll need to highlight what you seek to achieve with your beach bar business. Are you seeking to secure investors or are you interested in setting up an operational strategy?
Whatever your purposes are, they should be clearly stated here.
ii. Company Description
The company or business description is a vital part of your beach bar business plan.
This section should include basic information such as your preferred legal structure, and a brief history of what your business is about and how you intend to meet the needs and demands of the market.
Further breakdown of your products and services, as well as your customer demographics and suppliers, must be included. This makes your plan much more concise and easier to comprehend and implement.
iii. Products and Services
A beach bar business should offer a variety of services and products. You’ll need to clearly state these and dwell on their benefits to customers. What are the market roles of your products as well as their advantages?
These should be discussed as well.
Are there any patented trade secrets you wish to include? Also, add details about research and development activities.
To have a real shot at growth, you’ll need to constantly improve on your product offerings. This may lead to new products emerging.
iv. Market Analysis
One of the ways to be competitive as a business is to understand your market.
Here, you’ll need to include information on your targeted customer segments. This includes demographics and size. An evaluation of competitors as well as industry outlook is necessary.
v. Strategy and Implementation
Your sales and marketing strategy are key. Here, you want to advertise or sell your beach bar business to your target market. As such, this section should include information on how you intend to promote your business operations.
Also consider including details on pricing, cost, distribution, and promotions. Some information on labor sources as well as the number of employees is necessary.
vi. Organization and Management Team
Without an organization and management team, your beach bar business idea won’t see the light of day. Therefore, this section of your plan should include details about your organizational structure.
Here, you need to provide a descriptive chart where the organizational structure is clearly shown. Such information should include key employees and the roles played. Information on the owner(s) of the beach bar business must be provided.
Such information will include their names, percentage ownership, as well as a biography of skills and background should be included. Your management team plays an important role in your success.
As such, their names, positions, responsibilities, and experience should be included.
vii. Financial Plan and Projections
This is the section where you need the help of a professional accountant to develop.
The reasons are obvious; it requires a lot of financial analysis. Here, historical financial data, as well as realistic prospective financial information, should be included.
Financial statements must include ratio and trend analysis that provides information on your financing data.
With all of these points, you should be able to put together an excellent beach bar business plan. With detailed planning and proper implementation, your beach bar business should have a higher chance of success.