| Gaining Start-Up Success With A Killer Restaurant

Posted in Start-up Ventures at 9:00 AM by Loftis Consulting

Did you know that almost half of all adults have worked in the restaurant industry in some way? From waiting tables to running a kitchen as a head chef, many people enter into the hospitality industry with one dream in mind: to own their own restaurant. You could manage a restaurant and get pretty close to your dream, but managing and owning are two very different things!

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No one dreams of owning a failed restaurant and in a period of three years, 59% of new restaurants will fail and shut down. It’s a very fast industry to be involved in and you have to be very aware of your surroundings and how quickly things can change in the restaurant industry. Preparing your business plan to include contingencies when disasters happen in the building, as well as having a solid food waste management plan is important for your success. Asking yourself what else makes a successful restaurant is the next step, and you need to do enough research – both industry and market research – to back up your plan to open your own killer restaurant that will be a booming success.

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The Big Three. A restaurant needs three fantastic elements: a top chef who knows exactly how to cook and present food, a location that is going to mean being close to people who want to eat what you market, and a fantastic concept. Putting a high-end sushi joint in an area of a city that is less affluent will likely not have a good impact on the environment, so you really have to know your market. Choosing your location should come first, then comes research of the local community to see what food and style they would like to see. Once you have those things, you can start interviewing fantastic chefs. Accessibility to your premises is important, so when you start scouting for locations make sure that you choose one people can get to by road, public transport and by foot!

Mindful Money. Being cheap about the products you buy may make your bank account look good, but it’s not going to keep your customers coming back. You need to spend out where guests are concerned. The money you spend that will be the most important is that which adds value to the guests who come over your threshold. Eating out is a luxury for most people, so allocating some of your budget to the guest experience will make a big difference.

Ready For Change. As a business owner, you need to have staff on board that are ready for change. People have changing tastes both in food and in decor. Keeping a regular line of communication open with guests will help you to learn what is missing from your restaurant.

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Owning a business is tough, and owning a restaurant can be tougher. You need to be thick-skinned and ready for battle when it comes to opening an eatery. May the odds be ever in your favor!

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