Launching a business has become easier than ever. There are no two ways about that. The internet has made sure that you can start a business from your own website, hire virtual help and keep costs to a bare minimum, while the rise is technology has made sure every aspect of business life has become easier. But while there are fundamentals you need for business success, these don’t apply to the restaurant game.
The usual generics of launching a business don’t crossover so smoothly into the restaurant business. But if you are hoping to follow the trend and open your own gorgeous independent restaurant, don’t despair just yet, because we have come up with a list of ingredients that will make your business successful and profitable.
Having an idea is a great starting point, but choosing what type of restaurant you are going to open also requires understanding your target audience, the demand and what unique selling points you will offer. Essentially, you need to decide on the voice your restaurant will speak and shout with; a voice that will be present in your aims, values, dishes, staff, menu, and marketing.
We touched on it above, this idea of knowing what your target audience wants, but your research needs to go well beyond that. If there is no market interest then there is no restaurant to be had. So really focus on your research and look at what your competitors are doing, what funding options are available, what trends in dining there are, and how much people are spending in your desired area.
This is one of the most important parts of owning a restaurant. Location, location, location. But choosing a location it isn’t just which street you are on. It is which city too. Yes, a big city may have a wider audience, but the cost of your rent is higher, while the cost of living for your staff will be higher too, so they may want higher salaries as a result. So maybe a smaller city is a better place to start. You also need to consider what type of building you want to be in as this will add to your brand. Knowing what you are going to offer will be a big determining factor.
Not enough restaurateurs place enough emphasis on this area. They think an amazing launch will carry them through. But when it comes to beating your competition to the punch, you need a plan that will help you stand out from the crowd. You need to have your web design done by a company that knows the restaurant game; one that knows the importance of mimicking your voice and grabbing the audience’s attention and encouraging them to book a table. You need to build a loyal customer base, offer discounts and promotions and hold monthly Facebook competitions. You need to build a reputation both in your restaurant and online. Promotion is not a one off thing because there will always be a newer, fresher place, so stay on top of this.
The restaurant business is a fast paced and high demand industry, so having the equipment to allow for this is going to be so important. As such, we recommend you invest in high-quality equipment. It is going to be used and used furiously, so it’ll be more beneficial in the long-run. We’re talking about kitchen equipment, your point of sale systems, booking systems, bar equipment, entertainment and nifty gadgets. If it adds to your efficiency, allure or aims then it should be bought.