There are many restaurants today. If you are the average American who has never owned a restaurant before, then it can be quite daunting to know where to begin. So we decided to do all the research and compile it into one easy-to-read article. Let’s begin!
Here are the things you need to know! What is the statistics? According to a recent study done by Alleywatch.com results show that 60% of businesses fail in their first year. Of course, none of us want to be part of that statistic. We do not want to discourage you from opening up that dream restaurant; however, this is to serve as an eye-opener to see the practicality of the advice we are giving you. The biggest thing that contributes to failure is lack of planning. In other words, when you lack solid planning you can plan to fail solidly. As you will see in this article, planning is the most important part, even before worrying about the money. Planning involves preparing for possible roadblocks, minute details and preparing yourself to take responsibility.
Have the right motives. Now we all like money. Money is both a necessity and a luxury. In addition, we as humans love time. Do you often hear yourself saying “I wish I had more time?” We know we do! Some may reason that opening up their own business will offer them more money and time. Is this true? The answer, not necessarily! The truth is money and time doesn’t come automatically. In fact, owning your own restaurant would require even more work. So if money, time, or some other force is motivating you to start a restaurant maybe you should reconsider. Ask yourself, will I love what I will be doing? Am I willing to put forth the necessary effort and time to see my restaurant succeed? Will I be motivated to wake up in the morning and put in a hard day of work? If the answer to any of these is no then you should reconsider.
Your target market. Who are you looking to appeal to? There are different generations, different preferences and different views. Remember in the restaurant business one size does not fit all. You have to choose your target market before you even think about your restaurant name much less your restaurant itself. Is it a family style or is it more for adults, children, or teens? You may think about what a teenager would like, and how it is different from a child, or how a child would differ from an adult. Things you can consider is who would you see being at your restaurant? Who would they recommend to come?
Begin your business plan. This is where the brainstorming begins. This is where all your ideas can come together in an array of excellence. What are somethings you should think about? What is the atmosphere you are planning to create? What is the theme? What are the hook’s that drive customers in? How does your restaurant differ from other similar restaurants? Why will customers like my restaurant? Where is the restaurant’s location, and how will that adds to the experience of the restaurant? Here are some of the fundamental parts of a business plan you’ll need to think about. These are followed by:
• Executive Summary
• Company Description
• Products and Services
• Market analysis
• Strategy and Implementation
• Organization and Management Team
• Financial plan and projections
You are well on your way to starting your new restaurant business and restaurant supply is here to help! We have the right supplies for anyone even you! Let us know what you need!