With the modern consumer’s increasing need for convenience, it isn’t a wonder that the foodservice industry is booming – in fact, projected sales of the restaurant industry are expected to reach $863 billion by the end of 2019.
Many of us love to dine outside; paired with the need to save time and the hassle associated with cooking at home, dining out is a natural choice. Viral posts and trends have become a common phenomenon in recent years. This includes viral food trends like the black ice-cream and unicorn desserts flooding the social media sites you frequent. Looking at these stories and trends gives hope to aspiring entrepreneurs and chefs. So, if you enjoy cooking/baking and want to start your business, you have a chance to hit it big – especially if you have a unique, signature dish that has the potential to go viral.
But you’re afraid— starting your own business requires a leap of faith, and considerable capital that you might not have. To counter this, it’s best to calculate the cost of your restaurant and start saving now.
Here are the top 5 steps that need to be taken to start your own restaurant.
The first step to starting your own restaurant is to conceptualise the brand. This includes the kind of food you plan to serve, the ambience, and the service style of your restaurant.
For example, your restaurant can be mid-scale with Indian cuisine, and have South culture specific ornaments for ambience.
Your business plan is key to keeping you on track, since it contains the budget and all the operational aspects of your business. If you expect to get an investment or a loan for your dream restaurant, then you need to first have a detailed business plan.
Some important topics that need to be discussed in your business plan include:
- The overview of the restaurant and its concept
- The market analysis, including details of your target consumers
- The marketing strategy
- The budgeting and financing required
You can’t go shopping everyday for ingredients when you’re running a restaurant. Someone needs to supply you with the resources that you need to make your food – that too, at a reasonable cost.
In a restaurant, ingredients are generally bought in bulk. Depending on the kind of food you’d like to prepare in your restaurant, the amount of deliveries in a month will vary.
The number of people your restaurant can accommodate also determines the quantity of your ingredients. For instance, if you plan to open a seafood restaurant, then you’ll need to get daily deliveries of certain seafood that perish quickly, or are best eaten fresh. A good relationship with your suppliers is key to ensuring that your inventory is full, and you have access to fresh ingredients every day.
Hire A Trustworthy Staff
Hiring employees for your business is easy, but getting the right people on board to be a part of your restaurant experience is a difficult task. A great way to filter out unqualified applicants is to provide detailed job descriptions. There’s no need to rush and hire your staff quickly, take your time to consider viable candidates, and then make your decision.
Advertise Your Restaurant
The final step before opening your restaurant is to get people to start talking about it. It’s simple; if people don’t hear about your restaurant, they won’t come your opening. Some simple and affordable ways to market your restaurant and engage your audience is through social media platforms like Facebook, Twitter and Instagram.
Registering your account on Yelp is another great way to get the word out – also, customers who have enjoyed your food can rate and recommend it to others on Yelp reviews. Starting a new restaurant can feel like an extremely difficult task – however, the foodservice industry is growing at a rapid pace with new restaurants and trends popping up all the time. With a bit of planning and hard work, you can ensure that your restaurant is a success.