Start a Killer Restaurant: 6 Tips
Nearly half of all adults
have worked in the restaurant industry at some point,
and 46 percent of restaurant employees say they would like to own a restaurant
someday. Clearly many people dream of owning a
restaurant. No one dreams of owning a failed
restaurant, though.
1. Never start
without the big three. No restaurant succeeds without
a great chef, a great location, and a great concept. They all work together.
Your location should fit your concept. Your chef, or “talent,” must fit your
concept; otherwise you’ll constantly deal with the most common word in the restaurant
business: Drama.
Accessibility is everything. The more
accessible you can make your restaurant, both in terms of location and in a
broader sense, the greater your chances of success. Look at the most successful
restaurants: They’re the most accessible in terms of location, brand, and price
point. Fast casual restaurants are booming because they’re incredibly
accessible on all levels.
2. Always
overestimate your capital needs. Plan on having
six to nine months of working capital from the start. You’ll be surprised by
how quickly the expenditures add up and how much time it takes for a new place
to grab hold and get legs/regular customers.
Many new restaurants see a major
downswing in business after the opening’s initial excitement. That’s when
capital is critical.
A lot of restaurant owners start out
with cash in reserve and start blowing it because they think the honeymoon
phase will last forever. That’s why most restaurants go out of business. Never
let initial success go to your head. Success is only determined years later.
3. Learn to love
teaching. Often bring in people from different
places, including interns from culinary schools.
Doing something new is inspiring.
Helping to shape the menu is inspiring. Everyone loves new dishes–the front of
the house, the wait staff… once people love to come to work, you’re money.
4. Never be cheap
where guests are concerned. The most important money you will
spend is money that adds value to the guest.
Determine a percentage of your revenue
to put into improvements that affect the guest and constantly enhance their
experience. Give away gift cards and send a lot of complimentary dishes to
tables.
Guests love when a dish comes out and
the server says, “The chef wanted you to try this,” because that creates a real
connection and makes the experience personal.
Make sure you spend as much money as
possible on the guest experience. Spend money on the people already in your
restaurant, because that’s the best way to generate genuinely positive word of
mouth.
5. Focus on organization
and systems of operation. Failing to put systems in place is
one of the biggest mistakes an independent restaurant owner makes.
There’s a reason chain restaurants
thrive: Every one of them started as an individual restaurant. Each had a great
chef, a great concept, and a great location, and they developed systems that
enabled them to build guest demand, hold on to key people, and make money.
Otherwise it would have been impossible to open two locations, much less 200.
Organization doesn’t kill the flow of
creativity. Putting outstanding systems in place gives you the freedom to be
creative.
6. Be ready to
evolve, especially if you’re a chef. Many businesses
are started by a crafts person with an idea for a product. Rarely does that idea
become anything unless that person partners with someone with a complementary
ability, like, “You carve wooden bananas and I can sell them for you.” That’s
when an idea becomes a business.
Always look for people who are smarter
than you. As a business owner the smartest thing you can do is partner with
people who know things you don’t—and then give them a reason to care.
Article by: Maria
Working happily with National Merchant
Services
Happy Processing!!!
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