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Foodservice Concept Development

Phase One: Competitive Analysis

  • Identify direct and indirect competitors to visit

  • Analyze competitors' menus to determine what items match your concept

  • Perform competitive analysis on the strengths and weaknesses of nearby competitors

Deliverables

  • Spreadsheet list of direct and indirect competitors with checklist

  •  On-site visits to local restaurants of direct and indirect competitors

  •  List of competitors' menu items that match your concept

  • "Strength and weaknesses" document on each competitor

Phase Two: Defining Concepts

  • Identify types of operational concepts (i.e. breakfast restaurant, café market, upscale casual, steak house)

  • Develop a “vision strategy” for the concepts to include a narrative description of the concept

  • Develop concepts' “value proposition”

  • Develop “differentiation strategy”

Deliverables

  • “Narrative description” document for each concept

  • "Value proposition” document for each concept

  • “Differentiation strategy” document

Phase Three: New Menu Development

  • Identify and define menu items

  • Refine competitors' menu items to exceed what they offer

  • Identify pricing range (lowest to highest)

  • Create “signature” branded menu items

  • Write descriptions for each menu item

  • Ideal food cost percentage analysis on each menu item
     

Deliverables

  • List of proposed menu items for each category

  • List of price range within different categories

  • List of proposed signature items for each category

  • List of written descriptions on each menu item

  • List of menu items ideal for cost percentage

Phase Four: Foodservice Financial Projections

  • Create three to five-year performa for each concept (up to four concepts)

  • Establish cost of goods percentages for food and bar

  • Establish labor costs for each concept

  • Establish target prime costs for each concept

  • Determine seating capacity for each concept. Including Bars.

  • Determine hours and days of operation for each concept

  • Determine percentage of capacity for each concept based on seating count
     

Deliverables​​

  • Spreadsheet with performance data for each concept

  • Spreadsheet on “food cost” percentage data for each menu item by category

  • "Labor cost” percentage via mock labor schedule for each concept by day and week

  • "Prime cost” data in dollars and percentages with the sum of all foodservice categories

  • Seating capacity for each concept (to include turns)

  • Total sales for each concept based on the number of seats

  • Report on projected revenue generated per customer and the average cost per ticket to serve that customer

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