Restaurants are among the most challenging businesses to maintain, especially if you have no previous experience. It comes with its share of responsibilities that always keep you on your toes. So, if you aspire to open a restaurant, you better know the four stages of starting your new restaurant.
Opening a restaurant is a dream for many because serving food and making people happy is fulfilling. You won’t succeed without nerves of steel and careful planning.
You will need to manage your startup capital to open and then there is running your restaurant. You will also need to manage the money for leasing or purchasing your building, hiring new staff, stocking your ingredients, buying furniture and decorating the place. Also just so you know, new restaurants usually don’t turn a profit for months, so have a backup source of income.
Try to start with an accessible location with an attractive theme or style. Pair it with a solid menu to stand out from others. Don’t just offer what everyone else is offering. Be sure and have a unique vibe and selling proposition.
2. Setting Up
Nurture healthy relationships with a good supplier. Invest time to evaluate their flexibility, reliability, and costs. Connect with different suppliers to see which one suits you best. It is important you find a trustworthy supplier for your day to day requirements.
Hiring the right workforce is imperative in the hospitality industry. Train staff to multitask and save money on your workforce. Start with top sourcing candidates with a proper HR campaign. Once you hire the right people, keep the turnover to a minimum.
Once you get the team and supplier, it’s time you pay attention to the aesthetics, seating options, and overall design make or break restaurants. Use your space efficiently and add a personalized touch to every aspect of your decoration. Find a popular theme that will attract locals, makes them stay and come back. Create an environment geared towards having a great experience. Pair this with good food, and you are all set.
Millennials (If that is your target market) have high standards, especially for quick service restaurant. They care about diet, nutrition allergies and ingredients. They also like ondemand service from their mobile. But this doesn’t have to be your target market.
Do your research to offer a better service then other restaurants and if you can’t beat them at every point be sure and read more about creating that unique selling proposition. Gather intel and profile through several sources. Interact with guests on and off your property. Create a vibe of customer intimacy and always give reasons for people to return whether it be for live music or some other event.
Finding the right marketing approach is challenging, especially if you have no previous experience. Try to define a brand message, increase awareness and create loyalty.
Always look into population studies on your area to see what your main customer will look like. Another tip is to empower your employees with continuous training programs this can help communicate your brand message even more and increase repeat visitors if done right.
Restaurant inventory management helps to control your costs, the unforeseen expenses including supply overage and shortage through peak business can break you. Fine tune the ordering process to restrict waste and oversee fluctuating costs as it impacts gross profit.
Note your accounting and financial information, label gift certificates as liabilities until you redeem them. Profitable restaurants have tight inventories, so keep a daily inventory record to control food loss and costs in proportion to your sale and revenue.
Sustainability means progressing towards your goals and harnessing your competitiveness. It helps to identify barriers and improve your practices. Energy consumption, waste production, water use, and food are the main indicators of sustainability. You need to learn about their collective impact and educate your workforce and consumer accordingly.
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