How to start a restaurant
Open a restaurant and succeed in the food industry. Hint: It takes more than just luck...
How to start a restaurant
The restaurant business is a thriving market to be in, particularly for those who want to open a restaurant themselves.
If you have ever wanted to start a business, then a restaurant may be just the ticket you need. Read on to find out how to start a restaurant business of your very own.
When food and cooking are your passions, then a small business in the food industry seems like the logical choice. According to the National Restaurant Association, there are more than 935,000 food service outlets in the United States, employing nearly 13 million people. The restaurant business is worth an estimated $500 Billion nationwide, making it a very lucrative prospect for anyone who wants to know how to start a restaurant.
I say a lucrative prospect, but it is certainly not an easy one... With such high profit margins, a lot of successful new restaurant start ups emerge every year, but you'll also see a lot of new restaurants fail within the first year.
In order to prevent that and be successful in the restaurant business you have got to get it right just from the start. Have a look at my 5 step plan for success:
- Brainstorm your options and think about what kind of business is right for you. Perhaps a full-service restaurant is your thing or maybe you are thinking about a fast food franchise? Perhaps a small deli or café would better suit you, or even a coffee shop. Think about the options and decide what restaurant business is a good match for you.
Read more at the bottom of this page on How to Start a Restaurant Business, Catering Business, Cake decorations or a Coffee shop.
- Every small business needs a plan, so it is time to come up with a detailed plan for your biz. If you have chosen a food industrybusiness, then the next step is to write down a plan to cover every aspect of your business. Try to be as thorough as you can. Think ofrent, furnishing, staff, ads, ingredients, tax, etc. Really anything you think is (slightly) related to your start up should have a place in your business plan. For a fool proof method on how to start a restaurant click here
- Lets talk funding now. It takes money to start a restaurant business. There is rent to be paid, salaries to pay, supplies to purchase, and unexpected expenses that will continue to cost money. The business plan that you wrote in Step 2 should identify how much money you need to start the business and keep it running for the first 6-12 months.
You will need to have a way of raising these funds. Many new restaurateurs borrow money from friends or family. A smaller number are able to secure a loan from their bank. Others take the time to find a private investor. Regardless of which method you choose, you will need to have proper funding for your business if you want to take it from a plan to being a reality.
- Great, we are making progress now! It is time to think of a legal entity now. Inform with your local chamber of commerce about all the options.Now, think of a location for your business. A location near shopping, theaters or other venues that attract consumers are always a good idea.
Don't rush this big decision and scout several options before making the final choice.Think about decorating your place, lighting and ofcourse a menu. It goes without saying that the menu is a key ingredient of a successful restaurant. You may end up modifying your selections several times before you have the ideal menu.
- Now it is time to hire your staff. The trickiest part of hiring staff for a new restaurant is the timing. You want to begin your interviews far enough in advance that you have time to check references and weigh your options, but not so far in advance that people accept other jobs before you are open for business.
- Advertise your grand opening. Many people who start a restaurant make the mistake of thinking that all they have to do is open the business and people will come.
This is simply not the case. You should do newspaper advertisements, hand outs, radio commercials, and whatever other advertising methods fit your budget, to get the word out about your restaurant’s grand opening.
How to Start a Restaurant Business Following a Profitable System by Ray Freeman is the most complete guide for new entrants to the industry that I came across. It also offers tips and systems that even experienced operators can benefit from.
This guide offers beginners a chance to quickly learn how to open a restaurant and run it successfully. It also points out how to avoid some of the common mistakes that new players often make.
Freeman very thoroughly covers all aspects of starting up- and managing a restaurant using systems that have proven to be profitable. Readers learn about restaurant concepts, market analysis, location, leases, business plans, finance, starting on a budget and marketing among numerous other topics.
Click here to read all about Freeman's valuable information.
Do you feel more comfortable with starting something on a smaller scale? Starting a Catering business can be just the right fit for you.
The Starting a Catering Business Start-Up Guide Kit™ is a step-by-step guide which provides a collection of valuable sound advice and practical guidance for starting your own successful catering business.
Click here to find out everything you need to know about starting a catering business.
Opening a Coffee Shop
Ever thought of opening your very own coffee shop? These guys show exactly what to do, and more importantly.... what to avoid! If you are serious about starting a coffee shop then take a look here and read about "49 Mistakes We Made In The Espresso Coffee Shop Cafe Business Plus 29 Recipes"
Click here to learn secrets of running a profitable coffee shop...
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