The restaurant industry is one of the toughest to break into. Almost 60% of restaurants fail within the first five years of their launch – that speaks volumes about cut-throat competition in the food industry. This article will go over some steps to help you start a successful restaurant business.
Step 1: Put Together a Solid Business Plan
First things come first; you need to articulate a detailed business plan that would determine your framework to gain success. Keep it simple and realistic and include every single detail of business requirement – no matter how trivial they may appear.
It should include insights into the market, your competitors, the cost of doing business, your targeted audience, a well-thought-out restaurant marketing strategy, a solid financial plan, and a comprehensive look into your menu. It should be flexible enough to adapt to the changing marketing trends.
Step 2: Get Required Permits and Licenses
Depending on your location (city and country), you’ll need to get several local and federal permits and licenses. Have legal counseling beforehand to avoid getting trapped into legal complications down the road.
Step 3: Create Your Food Menu
Doing comprehensive research of the local market and preferences of the targeted audience will help you finalize a food menu that actually attracts people Make sure you offer various local dishes as well as some unique ones that distinguish you from other restaurants.
Step 4: Establish What Equipment You’ll Need
Regardless of the restaurant type, you’re going to need equipment ranging from simple serving and cooking equipment to production equipment. It may vary from restaurant to restaurant, depending on size and the menu you’re offering, but basic equipment more or less remains the same.
If you’re leasing an already kitchen facility, it may have some of the equipment you need. You can always modify, add, or upgrade some equipment, to meet your needs.
Before buying kitchen equipment, research the market and look for energy-saving, versatile, and cost-effective equipment that would save you thousands of dollars every year.
Once, you have determined what equipment you need and how much it may cost you, search the market for wholesale suppliers, and contact them. You will have to update and replace the broken pieces of equipment regularly, so having a reliable supplier who could provide you all the necessary items at reasonable prices is a must.
Step 5: Marketing
Marketing is essential for the success of any business. Most people start their restaurant research on the internet, so make sure that you have a strong online presence. You should be active on social media, have a website (and app, if possible), have directory listings, etc. You can hire a PR team to help generate some hype.
Although building such a dominant online presence can be quite expensive – especially if you decide to run a paid ads campaign, there are several ways you can get all your essential digital tools for free. For example, you can use platforms like FreeWebDesign to get a free website and domain name.