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**Essential Steps for Aspiring Restaurateurs: 9 Preparations Before Approaching Investors**

Starting a restaurant is tough, with up to 60% failing within the first year. That doesn’t mean you can’t succeed, but it does mean you need to plan very carefully, especially before you approach potential investors who might be wary. Here are some key steps to follow before you pitch for funding.

First, make sure you have the necessary skills. This might involve taking culinary classes at a local college, or business courses so you understand how to run the financial side of things. Working in a restaurant similar to the one you want to open can also be very helpful, giving you experience in both the kitchen and the front of the house.

Different restaurant styles cater to different crowds. A family-friendly spot will attract a different group than a fancy steakhouse. Think about what type of food you enjoy and the atmosphere you want to create. This will help you figure out how much space you’ll need and what kind of furniture to buy, which will be important when you make your business plan.

Where your restaurant is located is crucial to its success. While it’s challenging to secure a location without funding, have one or two potential spots in mind before talking to investors. Consider if there are enough people nearby to keep your restaurant busy and if the area has good foot traffic, like a shopping district or a busy street. Parking is another important factor; if you don’t have a lot, make sure there’s convenient parking nearby.

Know exactly how much money you’ll need. Include one-time costs like kitchen equipment and ongoing expenses like food, wages, rent, and utilities. Also, budget for your personal expenses for at least six months, and consider setting aside more if you plan to repay investors quickly.

Test your restaurant concept and menu with a wide range of people, including some outside your target demographic. Collect feedback to ensure your concept and food will appeal to customers. If you receive negative feedback, adjust your plans and test again. This process can be time-consuming but will provide confidence and useful data for your investors.

A strong business plan is essential. Start with an executive summary that provides a brief overview of your restaurant and why you’re the right person to open it. Include information about your education, experience, and any relevant skills.

The company description should offer a high-level overview, including the legal name of your restaurant, a description of your target market, and your local competition. Highlight what sets you apart from the competition.

Your marketing strategy should explain how you plan to attract customers and generate buzz about your restaurant. This could involve traditional and digital advertising, participating in local events, offering promotions, or providing free delivery.

Detail your business operations, including your vendors, staffing plans, and business hours. Lastly, turn to your professional network for potential investors rather than leaning on friends and family, as mixing personal and financial relationships can be tricky. Talk to former employers, colleagues, or people in fields like finance or real estate where investing is common.

Prepare an “elevator pitch” for spontaneous opportunities to talk to potential investors, and practice more formal presentations. Use sample menus and show your passion for your restaurant concept. Your enthusiasm and confidence can incentivize investors to trust you with their money.