If you are business savvy and have a strong passion for providing service to customers in the food service industry, you can prepare to set up your own restaurant business. It is quite surprising to note that almost 60% of the newly set up restaurants shut down within three years. Though new restaurant success rate is not quite promising, you can prepare yourself well for the practical realities of restaurant business to achieve success.
Given below are 5 important steps or tips that you follow to increase your chances of establishing a successful restaurant business.
Management Concept
1. Defining the Business Concept
First of all, you need to come up with a strong business concept and a unique theme. To become successful in your business, you must have a clear vision about your goals. Consider the restaurant locations and the requirement of local patrons while brainstorming to come up with a unique business theme. A catchy name for your restaurants is also an important part of entire process. So, try to come up with a name which is short, appealing and easy to remember.
2. Deciding the Budget
The next important step is to develop a budget for your business. Once you have decided the budget you need to stick to it. Do not underestimate the start-up cost, as it can have a negative effect on your restaurant business. You can also use resources for the first round of financing for your business. There are many investors who would like to finance your business. However, for that, you need to work out an effective business plan illustrating your business concept, risk management strategies and planning for return on investment (ROI).
3. Designing the Restaurant Space
The design of your restaurant space should be completely in tune with your business goals. Right from lighting to bathroom fixtures, you need to take into consideration all the fine details. The restaurant design should be done in a way that it reflects your business vision. Relaxing ambiance and functionality are the two most important components of the restaurant design. Pay attention to kitchen space, storage area and sitting room for customers.
4. Recruiting New Employees and Retaining Experienced Ones
While in the restaurant management business, you need to handle the human resource task as well. To achieve success, you should be ready to prepare for hiring a great staff. The success of a restaurant has a direct connection with whether your employees are happy. You can put up a 'Now Hiring' sign during the construction of restaurant and place advertisements in print media and online. The interviewing process and training of employees should begin at least six months in advance before the business actually starts operating. Maintaining a positive work environment and addressing to employee issues are essential to establish a successful business.
5. Publicizing Your Restaurant Business
Start publicizing your business as soon as the construction work begins. Hang banners around revealing the name of your new business and the tentative time of opening. It is a great idea to throw a free food samples party to create a buzz. Issue press releases to gain more coverage. After your business starts to operate, you can use the online media for advertising. Hosting local food events without spending too much on it is also an excellent tip to promote your restaurant business. Find other methods of low-cost business advertising as well.
Do you want to Become a Restaurant Manager? To ensure this is the right career decision, Take a Free Career Test now. And remember, you need to have a strong passion for serving customers in the food service industry to make the most of your career.
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