With an annual turnover of $537 billion, the restaurant business is one of the most profitable businesses in the world. So if you’re looking to start your own personal venture, opening a restaurant is probably one of the most profitable ideas. Here are few things to look into before starting your very own restaurant-
Concept-First of all you have to think of a concept for your restaurant, the basic look, feel and theme of the place keeping a target audience in mind.
Name– After deciding the theme of your place, you have to give it a name, complimenting the theme but also catchy enough to draw people to your restaurant.
Location– Next choose a nice location with a good number of the population being in your target audience. The number of competitors should also be as low as possible in the area.
Design and Layout– Once you’ve found a suitable place, start to think about the interior layout of the place. The design and position of the tables, salad bar, and cash counter etc. A good design layout with theme based wallpapers and colour coding in the restaurant should also be decided.
Employees– Now that the place is designed and ready, it is a must to hire a good staff if the restaurant is to be a success. Chart out the number of workers required and accordingly hire a good chef/ chefs (if required), waiters, auxiliary staff and a manager to run the entire the place.
Menu and Pricing– The next step is to decide the items on the menu and their prices. This should be in sync with the theme of the restaurant.
Licence and Permits– Unless you want to fall into legal troubles it is vital to obtain the proper licences and food permits etc. from the Local Government.
How to Start a Restaurant
Owning A restaurant is one of the most exciting ventures in today’s date. With the number of consumers increasing exponentially every year, it is also one of the most profitable. So if you’re thinking about starting your own restaurant venture, here are a few things that you will have to keep in mind-
Target Market– The most important thing that you will have to consider will be your target market. Since no restaurant has a universal appeal, you have to choose your target audience carefully.
Food Concept– As all customers want to be delighted with their experience, it is highly important that that the restaurateur lets customers know in advance what to expect, this can only be done through a flawless food concept.
Working– Apart from dealing with customers, the restaurateur must also develop the menus, order supplies, create and implement marketing campaigns and fulfil many other tasks. So the best way to learn to manage all this is definitely to work in another restaurant before starting your own venture.
Funding– Create an estimate of how much you require to set up the restaurant. After pooling your own resources, ask friends and family if they are willing to contribute. Furthermore, create an attractive business plan to attract investors to fund your operation.
Choosing a Location- the most important aspect to running a successful restaurant is having a pristine location. It should be one within your budget; moreover it should have high density of food traffic. Being in close proximity to other businesses is also desirable.
Follow these steps correctly and you will definitely be running a successful restaurant in the near future.
The Restaurant Business Plan
A business plan is crucial for most new businesses seeking any kind of financing. It is absolutely imperative for a prospective restaurateur. Hence, starting with the business plan of our own restaurant, our first responsibility is to the financial well-being of the restaurant. A suitable site for the first restaurant was found last month and lease negotiations are convenient. The location of the restaurant will be close to a dense population of the target market. If the business is meeting its projections by month nine, we will start scouting for a second location and develop plans for the next unit. The menu will be moderate sized, and moderate-low priced offering a collection of ethnic and items which are healthy, flavorful, and familiar. Our goal is to create the image of light satisfying and still nutritious food. Most food will be prepared on the premises.
The kitchen will be designed for high standards of sanitary efficiency and cleaned daily. The restaurant will be open for lunch and dinner 7 days a week. Focusing on the unique aspect of the product theme, a mix of marketing vehicles will be created to convey our presence, our image, and our message. Employees will be trained not only in their specific operational duties but in the philosophy and applications of our concept. Our marketing efforts will be concentrated on take-out and delivery, the areas of most promising growth. As the market changes, new products may be added to maintain sales. Ideally, the restaurant will expand to various units in the next 8 years. At that time, we will entertain the possibility of a buy-out by a larger restaurant concerned.