Daily Archive: August 12, 2016

Opening Your First Restaurant

The entrepreneurial spirit is alive and well. People are starting their own businesses every day. However, taking that first step can often be a daunting one. There are so many things to consider:

  • Cost of space
  • Cost of equipment
  • How to pay employees
  • How to pay your personal bills
  • and the list goes on…

Fear is the hindrance to so many great ideas and innovative designs. Opening your first restaurant will definitely take a lot of work but it is possible. You can do it. Here’s how…

Opening Your First Restaurant

Steps to Success

You don’t just want to open a restaurant, you want to run a successful one. You want people talking about your ambiance and your food. Getting that creative momentum flowing is essential to your future. These steps should help along the way:

  1. Get a phenomenal chef- You can’t put out noteworthy food without an amazing chef in the kitchen. Martin Chitwood, a legal entrepreneur and author, advises, “As an entrepreneur, I believe it is necessary to constantly monitor and ensure the commitment of your employees to the success of your business.” Believe it or not, your employees can make or break your restaurant. That’s why shows like Mystery Diners are so valuable.
  2. Find the right location- Just like any other business venture, location is everything.
  3. Save up the capital- Go the extra mile to ensure that you have nearly a year’s worth of working capital at your fingertips. You never know what could happen and preparation can save you a lot of additional trouble.
  4. Teach- It may not be your forte but if you want your chef and employees to represent your concept and brand, you’ve got to teach them how to do that for you.
  5. Don’t be cheap- Your customers are your biggest asset (so long as your food’s great). Don’t get the cheapest accoutrements.
  6. Be organized but ready to evolve- Flexibility is a major key to entrepreneurial success.
  7. Test your menu- Maple bacon breakfast pastries might sound good to you but not everyone is going to be on that same page. Taste tests your menu with people who aren’t just your friends. You need honest evaluators to be successful.
  8. Market- No business can reach the upper echelon of entrepreneurial satisfaction if people don’t know it exists. Word of mouth is great but most businesses need a little help in the beginning. Utilize your social media options, pass out business cards, and get your employees to do the same.

You can do it

Yes, there are some scary things to consider (learn more about them here), when opening your first restaurant, but you can realize your dreams if you think them all through and plan accordingly. Don’t just dream about it anymore, do it!

Something to consider before getting yourself in too deep though, is the fact that your specialty food is only about 20% of the whole concept. Learning how to run the business is far more important (but incredible food is definitely a necessity).

If you need help with business plan designs, and how to better market your new and upcoming restaurant, you can always read about it here. Whatever the design, whatever the taste focus, opening your first restaurant can happen for you if you’re willing to work at it.