Starting your restaurant is indeed an overwhelming experience. You are constantly pondering over whether your venture will be a success or a failure. Your concerns are completely justified, considering it has been your lifelong dream! However, worry not as we are here to make your journey a lot easier. You and your business partners are probably engaged in an extensive coordination and planning process. Before you transform your vision into reality, let’s first go over the checklist that you must include in your strategy when planning your restaurant business:
1. Work Out a Sound Concept
Every new business begins with conceptualization. Having a solid concept will form the foundation of your restaurant. The restaurant business is quite lucrative but highly competitive at the same time. Hence, you must brainstorm the ideas which will make your restaurant stand out amongst a sea of competitors. An innovative concept is vital for opening a new restaurant. On the other hand, it is equally important to arrive at a final concept you want to go ahead with, especially if you are working with a team. Therefore, the first step of opening a restaurant checklist is finalizing a solid idea.
2. Examine Your Local Competition
Now that you have a strong idea of what your restaurant is going to be about, it’s time to do comprehensive market research. An essential part of that component is analyzing your rivals. When we say rivals, we don’t mean just restaurants, but specific restaurants that are similar to yours in terms of the target audience, locality, services, cuisines, etc. Hence, you must have a relevant strategy in place even before going forward with the idea. Investigate the pricing strategy, target customers, popular dishes of your rival restaurants and see how you can do better. So, don’t forget to include your competitors while compiling the opening of a restaurant checklist.
3. Determine Your Capital Requirements
Let’s get real. Even with a powerful idea and in-depth market research, you cannot actually implement the idea without the necessary capital. Whether you are starting solo, partnering or franchising, starting a new restaurant necessitates a massive amount of capital. One of the most ideal ways of acquiring enough capital is to initiate a loan request. Your finances should be able to cover the costs of restaurant technology, kitchen equipment, and staff salary. These three components account for a large chunk of expenses of any restaurant.
4. Create a Marketing Plan
A stellar business plan requires an even better marketing plan for opening a new restaurant. You have your vision, capital, equipment, and even a great staff. However, customers will only arrive through proper marketing strategies. Both offline and online marketing plans are an essential part of this checklist. Create a website and social media pages on Instagram, Facebook, Twitter and other relevant platforms. Run newspaper advertisements and organize events to draw local customers. Distribute free samples to passersby to give them a taste of delicacies your restaurant will be known for. You can team up with a local influencer as well.
And at last, keep chasing your dreams with a wild streak and a set plan!