The dream of many people is to own their restaurant. You are certainly not going to dream of a failed restaurant. What are the core specifics of starting a successful restaurant? There are three vital ingredients; a great concept, great chef and great location. These three must mesh and work together. Your concept and location should go hand in hand. Your best talent is your chef and this must mesh with your concept. Minimize what restaurants are most famous for – drama.
Do not ever think location doesn’t matter. People who think it doesn’t matter do not have a great location. Your location is the destination. And your restaurant cannot become a great destination if it doesn’t start with being a great location.
You must make your restaurant accessible. The restaurant must be accessible as a location and further accessible in terms of price and brand. The more accessible it is, the more likely it will succeed in the future.
When starting your own company, overestimate the capital needs. Plan for six to nine months and put a working capital in place. You will soon realize how much it costs as expenditures add up to gain a loyal base of customers. Capital is critical after the initial excitement has died down in any restaurant. The honeymoon phase will not last forever. Do not blow the cash in reserve. This is why many restaurants cannot last longer than the first year. The initial success must be dealt with in a logical manner, not with a swollen head.
Spend money to make good money. Do not be cheap where customers are concerned. Many people make mistakes by being cheap early on and compromising on the quality of service. This is a short sighted approach because to a guest, even the smallest details are important and will stand out. Put a percentage of profits towards improvements and continue to enhance customer experience. Give away gift vouchers and send your guests complimentary dishes. It is the customer experience that matters and money should be spent on it to make bring in more revenue and profits.
Make certain you have put proper systems in place. Failing to organize and put in systems can be a massive mistake if you are an independent restaurateur. Chain restaurants thrive on properly functioning systems. Every chain restaurant started its journey as a single restaurant. The flow of creativity thrives if organization and systems are in place for thoughts and ideas to flow freely.
Be ready to evolve at any time. It is an idea that becomes a business. And if you collaborate on this idea your success will be great. Learn to teach, delegate and look to take smart people. Just because you are at the top it doesn’t mean you can’t teach or delegate. It doesn’t mean you can’t leave the kitchen for a bit each day. As an entrepreneur or business owner, the smartest thing you can do is to collaborate and partner with folks who are just as smart as you!