There seems to be a bright future for the food-service industry. With changing lifestyles and shifting demographics consumers are not inclined to cook nowadays. They want fresh bread minus the hassle of baking. They want nutritious meals but not to do the washing afterwards. But, this does not guarantee a successful restaurant business. This is not a get rich quick fix. It is more about living the industry and hard work. Restaurants are known to fail in the first year of operation. You can have better chance at success if you streamline your operation instead of making it complex. It is a satisfying business, but one that is difficult to see through. If you dream of opening your own restaurant, we are here to help get you started on the right foot.
What is your target market? New entrepreneurs attempt to have a universal appeal. But the hard truth is you will never capture a 100% demographic. You cannot please everyone. So focus on your 10% and strategize how to get them to your restaurant. What type of people do you want eating at your restaurant? Do you want seniors, empty nesters, generation x or generation y?
What is your restaurant style? Is it upscale, mid-scale or quick service? Fast food restaurants fall under quick service restaurants. Customers are offered limited menus and food is sold at relatively low prices. Mid-scale restaurants occupy middle ground. Full meals are offered but customers get their money’s worth. Customers receive their orders at the table. Upscale restaurants provide full table service. The focus is on the quality of the cuisine. It is fine dining at its best and prices are high.
In order to ensure a memorable dining experience, how do you select your food concept? What type of food do you plan to serve? Is it gourmet menu, family style steakhouse, seafood, casual dining, ethnic restaurant, pizzeria, sandwich shop or bakery?
The role of an elegant host is just one part of running a successful restaurant. You must deal graciously with your patrons. As much as time is spent developing menus, time must be spent Strategizing your customer service requirements. Your support team should be top notch and offer outstanding services.
Funding your business is a significant step that needs to be taken before any business plans are put together. You must overestimate your capital to operate in the long run even if you accumulate losses in the first two years. Profits will come, but they will come slowly. Once the initial excitement has died down, any restaurant will see a decline in business. This is the time you should have money in hand to continue operating as usual.
How do you choose a location to start your dream restaurant? You should know location plays a pivotal role in getting a loyal patronage. You do not have to choose a retail location. However, you cannot open a shack on the outskirts of town. It has to be visible to passersby, whether on foot or in their vehicles. Your location should have accessibility to potential customers. There should be parking facilities available. And close proximity to other businesses will also play to your advantage.