You must be both brave and determined to open a new restaurant. Hospitality is one of the most demanding industries you could enter, so you must be 100% confident before launching a new restaurant.
If you believe you have what it takes to launch a new restaurant, we are offering an informative guide to help you get started.
Choose the Right Restaurant Concept
A restaurant concept is about more than creating a fad that attracts customers into the doors, such as giant burgers. You should create a concept that works in harmony with a unified menu. For example, you could create a French-inspired menu with an interior that complements the refinery of classic French cuisine.
Research the Competition
It is important to identify your competition when running a restaurant. You must learn more about your direct and indirect rivals, so you can learn where they are performing well while identifying a gap in the market you can fill.
Pick the Perfect Location
You cannot possibly research the competition until you have found the perfect location for your restaurant. Therefore, launch a restaurant in an area that offers visibility and encourages footfall by foot and car.
Showcase a Concept Through a Business Plan
The business plan provides your opportunity to showcase your concept, passion and professionalism. Not only does it provide a space to list your company objectives, but it will also prove to an investor that you have the business acumen to make a restaurant a roaring success.
Every business plan offers three main parts: the executive summary, company description and market analysis. You must also detail how much money you expect to make each year and a realistic projection of the amount you will need to develop the restaurant.
Pitch the Concept to Investors
The next thing to do is put your plan into action – which means meeting with potential investors to pitch your restaurant concept and seek their financial investment. There are various investors, such as a bank, small business or a private investor – and they will be happy to invest in your idea if they believe you have the commitment and professionalism to grow the business. Ensure you turn up to the meeting with organized paperwork and portfolios.
Hire the Right Restaurant Employees
It is essential you hire employees who are just as passionate as you, if not more. There is more to employees than their talent and experience when it comes to hospitality. They must have a good personality and work well with the team. They must also have a professional, helpful and friendly demeanour that counteracts the demands of a busy restaurant.
Order the Best Kitchen Equipment
If you want to create delicious dishes time and time again, it is vital to buy the best kitchen equipment for the restaurant’s needs. This means purchasing products that make use of a large or small kitchen space while providing enough room for chefs to move about when prepping and cooking dishes. What’s more, you must also consider kitchen equipment for the on-site bar, such as commercial ice makers and glassware.
Once you have done all this, it’s time to work with the chef to create delicious dishes. Then you will be ready to open your doors to the public.