5 Things to Consider Before Opening a Restaurant
Food business is good business. The restaurant industry is massive with a handsome profit, enough to go around. Many people harbor dreams of opening a restaurant someday. Almost every chef, food lover, or food pundit has a restaurant idea. The culture it’ll reflect, the food it’ll serve, the service it will render, and the success it will achieve are all some of the great ideas in the mind of a potential restaurant owner.
Regardless of this fact, you need good knowledge of the location, menu, opening hours, and more to succeed in this business. Like every business, you also need a good business plan that details your success plan and contains a great deal of research and a proper understanding of potential competitors. While these are valid dreams, passion and dreams don’t discard the hassle of opening a restaurant.
Like every new business venture, this one also requires attention, hard work, dedication, and lots more. You invest more hours into launching your restaurant business, and you need to think of every possibility. The passion required for this venture goes beyond just wanting to own a restaurant. You must be passionate about serving the best food, and you’ll do all of these while looking out for what’s best for the business.
If you wish to set the right foot forward to make your restaurant dream a reality, here are five things you should know to stay at the top of your game:
- Restaurant name: remember when your friend mentioned a place they visited with a lovely name that piqued your interest? You immediately asked, “what/where’s that.” That’s the power of choosing a unique, memorable name for your restaurant. You should coin two to three words that encompass your restaurant’s concept and stick to memory. The name shouldn’t be good for only conversations but on listing websites as well. People get attracted to the most interesting names on Google Maps before all else.
- Location: Your restaurant’s location can either make or break it. Typically, location is one of the most critical factors that determine where potential customers make reservations. A restaurant sells not only food but experience as well. High-frequency locations, however, attract more customers. Restaurants located in construction areas or areas that are difficult to locate will attract low patronage. Be sure of what you are offering your customers before opening a restaurant, and your targets should also be able to locate your business without stress.
- Funding: To have a fully operational restaurant, you need location, enthusiastic staff, several kitchen equipment, and many other resources. You are not likely to get any of these for free. They are all quite pricey. Understandably, you may not always have money lying around for these expenses. This is why you need to consider funding for all your expenses before you open a restaurant.
- Restaurant concept/unique selling proposition: a clear restaurant concept is an important aspect of a successful food business. Remember that the experience, feeling, and aesthetics are part of the attractions of your restaurant. Your unique selling proposition might be how you serve your food, interior design, intrinsic business values, etc. Choosing the right concept can be very dicey. You cannot merely decide on concepts based on your likes because they might not be the popular choice. You cannot also settle for the popular choice in the same light because they may not resonate with your brand. The best thing to do is find a balance between a concept that’s original to you yet resonates with your target.
A perfect and attractive menu: Of course, an excellent in-house chef is important, but it is not the only thing that sells your business. Your menu should be designed to suit the taste without focusing solely on making a profit. Take your time to figure out what your competition’s menu is like. If, for example, you want to sell burgers, think of ways to make yours stand out from the rest. Your menu should have a unique twist to familiar dishes.