Advice on creating a revenue projection model for new restaurant
A couple of buddies and I started an arcade in a brewery in 2019 and have since built a solid community of supporters through tournaments and events we host regularly. Unfortunately the brewery we called home recently outsourced their beer brewing and closed their taproom. We are toying with the idea of getting our own location, a liquor license, and serving smash-burgers out of a food trailer we can setup in front of the building we are looking at.
What is the best way to create a revenue projection model for a new bar/restaurant like this?
Based on my experience running an arcade in a restaurant, I can estimate for every person I get to walk through the door I get $25 in revenue which gives me $20 in profit based on my cost of goods sold. Can I use this same approach for estimating F&B sales? If so, what are realistic margin #s I should use?
A couple of buddies and I started an arcade in a brewery in 2019 and have since built a solid community of supporters through tournaments and events we host regularly. Unfortunately the brewery we called home recently outsourced their beer brewing and closed their taproom. We are toying with the idea of getting our own location, a liquor license, and serving smash-burgers out of a food trailer we can setup in front of the building we are looking at.
What is the best way to create a revenue projection model for a new bar/restaurant like this?
Based on my experience running an arcade in a restaurant, I can estimate for every person I get to walk through the door I get $25 in revenue which gives me $20 in profit based on my cost of goods sold. Can I use this same approach for estimating F&B sales? If so, what are realistic margin #s I should use?