If you’re interested in starting your own restaurant, you’re not alone. Many people dream of opening their own restaurant, but for you, that dream could become a reality. While opening a restaurant is a risky business venture (roughly 59% of restaurants fail within the first three years) if you open your restaurant with a solid plan, you’ll have a much better chance of success. Since more and more millenials choose to support independent stores, and restaurants are easier to find and share online, you have an even better chance of surviving than you might have 50 years ago. To form a fail-proof plan, consider some of these tips.
Work In a Restaurant First
It always helps, when starting out on a new venture, to have some experience. You probably wouldn’t try to farm if you’d never farmed before. In the same way, you probably shouldn’t start a restaurant unless you’ve worked in one before. Working in a restaurant will give you a better sense of what it takes to run one, how things really work in the kitchen, and what some of the day-to-day operations look like. With that restaurant-related experience under your belt, you’ll have a better perspective for your own game plan.
Create a Culture
We don’t mean germ culture. That would be weird, and you’re supposed to be keeping bacteria out of your kitchen. We mean create a vibe, an experience. Develop a theme for your restaurant. It doesn’t have to be something crazy like “Jurassic Fork,” but your service, menu, and decor should all feel like they go together. Create your menu. Consider your target market. You’re probably not going to serve fast food lobster, and you’re probably not going to put white linen napkins and gyros together. Once you know what kind of food you want to offer, start styling your service and decor around that.
Count Your Pennies
Before you open, be sure you know exactly what your restaurant will cost, and what your game plan is. Running out of funds is what usually hits new restaurants and causes them to go under. Having a detailed, practical plan will help you avoid that. By diversifying your revenue stream and doing some research, you’ll be able to find valuable ways to supplement your savings. Research a comprehensive trading strategy, and you’ll be all the better for it. Know what you can invest, and stay well under your budget.
Pick (and Fill) a Location
Your location will help determine your target market, so try to find a place that works for you. You already figured out your target market, so try to find a location that’s close to them. Once you’ve done that, start filling your location with necessary equipment and decor. For instance, you’ll need a walk-in cooler or freezer, which you can find from suppliers like this consider American Cooler Technologies, in Lawrence, Michigan for your walk-in cooler or freezer. Once your restaurant is filled with appliances, decorated, and staffed, then you’re ready to go.
Starting your own restaurant won’t be easy. It won’t be a stress-free, short-hours lifestyle. It can, however, really pay off in the long run. If nothing else, you’ll likely feel a deep sense of pride every time you see your restaurant–especially if you stay open for years to come.
