Starting a restaurant can be an intensely rewarding thing, especially for those of us with a passion for great food, and a desire to share it. With that said, this is a trade that’s not without its risks, especially as we head into what might be a severe economic downturn. When customers reign in their luxury spending, it’s often restaurants and bars that suffer first.
Come up with a unique idea
You’ll want to be able to set yourself apart from the competition in the town, city, or village you’re setting up in. If you have a specific theme, feel or vibe, then you can build your menu accordingly. On the other hand, you might have a specific menu to which everything else should be subservient.
Getting the theme right from the outset will allow you to cement the identity of your brand. This is what will serve you in the long-term. Research your market, and find out whether there’s a demand for the kind of business you’ll be setting up. Research your competitors, too; that way, you can avoid entering into a saturated market, and ensure that you’re offering something just a little bit different.
Create a Business Plan
Your first step on the way to creating an effective business is to craft a great business plan. This is the document that you’ll present to potential investors and lenders. It should be a semi-formal document, and one that can be regularly appended as your plans change according to the business environment.
Hire the Best Employees
If you have a process in place to get the best staff on board, and to keep them there, then you’ll put yourself at an advantage. Devise an effective hiring and onboarding procedure, and be receptive to feedback from your existing staff.
Use the Best Equipment
The investment in quality equipment will tend to pay for itself in the long-term. In the context of a restaurant, this equipment is usually to be found in the kitchen. You won’t get far, for example, without a durable set of quality saucepans.
Establish a Good Location
If your business is established in a place that’s difficult or awkward to reach, then you’ll have difficulty filling it. Ideally, you’ll want somewhere that’s fairly central and accessible – but be aware that these locations tend to command higher rents. Don’t settle for the first location you