You might think that opening a restaurant is the easiest way to make a quick buck! However, you need to think twice. Irrespective of how glamorous it appears to be, an entrepreneur invests heaps and heaps of hard work into the business. Patience and reverence is the key to opening a successful restaurant. Yes, it is indeed a lucrative business, but you can end up being disillusioned if you expect instant dividends. Nevertheless, if you have extreme faith in your concept and foresee great profits, you should probably get started. More and more consumers today fancy dinners outside, while some resort to home deliveries. Whatever the choice is, it is apparent that food service operations have shot through the roof and growing bigger day in and day out. So, if you are willing to put your heart and soul in the business, rest assured that you are building a castle of lifelong fortune. Nonetheless, keep in mind that there are numerous factors that go into conceptualization. Browse this article to know how to open a restaurant. These tips would surely help you get started.
Starting A Restaurant
Choose A Good Location
Most of the times, location is all that matters. It offers convenience to consumers, as they do not have to go out of their way to drop in for a bite. Always do a demographic study of the potential area. The factors that must go into consideration while selecting the perfect restaurant location are population base, rental charges, proximity to the working class and accessibility. Go to where the people are and don’t expect them to come to you! Negotiate a lease till you feel satisfied with the price.
Write A Business Plan
You have to appeal to the bank and outline the reasons why your business venture promises to be a profitable one. Carry all the necessary paperwork which include the personal income statements, tax returns and any other licenses that the loan officer might have mentioned.
Pick A Catchy Restaurant Name
The restaurant name attempts to summarize the overall experience provided by the restaurant to its customers in just one word! It could reflect the theme of the restaurant, whether it is Mexican or Indian or seafood! Be creative and arrive at a trendy name that is bound to grab the immediate attention of frequent passer-bys. However, remember, it should be easy to remember and definitely not difficult to spell!
Sketch The Menu
Menu is the first thing that your customers will ask for. Moreover, they often judge the quality of the restaurant based on the menu. The layout, listings, design and brief descriptions on the menu must all be carefully outlined. In order to increase your profit margins, price each dish appropriately. Don’t overprice for fear of losing many customers and obviously, do not price too low as that would only impede the line of profits. Proofread the menu before sending it to the printer.
Equip & Staff Your Restaurant
Design each corner of your restaurant as you stick to the established theme. Shop around for good furniture and lighting equipment deals. You could purchase second hand furniture or lease new ones. Hire the right staff for your new restaurant. Bad service often ruins the entire dining experience, irrespective of how mouth-watering the dish is! Look for experienced cooks, managers and so on. Train your staff in such a way that they would be able to answer every query of the guest and not get baffled by the questions put up.
Plan the layout that best suits the innovative theme. Decide upon whether or not you wish to serve alcohol in your restaurant. Accordingly you could design the mini-bar and create different sections for drinkers and non-drinkers or smokers and non-smokers. Ensure that the safety regulations in the kitchen have been met with. Never neglect the graphics of the décor as well as the menu card. Pay special attention to the lighting of the dinner tables with the intent of brightening up the atmosphere.
Investigate Insurance Needs
Insurance is crucial in every business venture or anything prone to failure. Not that you should be pessimistic, but always be precautious in your endeavors. Potential accidents may range from floods to food poisoning and unexpected fire breakouts! Hence, always insure your company against such calamities. Get a safety food specialist to conduct food inspections to assure that everything is safe! Also, set up bookkeeping and accounting department to prevent mishaps with payments.