Business 101: How to Effectively Open a New Restaurant
Read time: 4 minutes
By: ServingIntel
Opening a new restaurant is easy, right? Not so much...
There are several factors you need to think of prior to opening your restaurant. This includes coming up with a menu plan, hiring the ideal staff, and purchasing materials needed.
But don’t let this ruin your excitement. It’s a momentous event — your goal and dream coming true. To help you with the process, here are some guidelines you may follow in starting your new restaurant.
Select an Appropriate Theme.
Choosing a solid concept is one of the most critical aspects of getting your restaurant ready. Many times, ideas are based on current trends, especially in food. Create a menu that is diverse and offers a wide variety of both standard and new dishes. Once you’ve decided a concept, start coming up with a restaurant name.
You might want to ask help from potential customers or close friends in choosing a catchy-yet-professional-sounding name. Make sure it is relevant to your entire restaurant concept. A well-thought name is critical to success.
Create a Compelling Business Plan.
Now that you have a concept, next is to create a stellar business plan. An ideal plan should be clear and straightforward in terms of launching your new restaurant. This is crucial as you will share it with your potential investors. Make sure to include an executive summary, company summary, market analysis, strategy implementation, financial plan, and appendix.
Get to Know Your Investors.
Your business plan is ready; now is the perfect time to impress your investors. Make sure you have all the necessary documents available and organized. Arranged them in portfolios and/or folders so it’ll be easier for investors to look through them. Investors are an essential part for your business to move forward, so do your best to wow them. Show them that your goal of opening a restaurant is worthy of their support.
Incorporate Technology.
Considering how advanced the world is now, almost every aspect of daily activities rely on technology’s assistance. The same in the world of business, especially in foodservice. Consider these questions when investing in the right technology for your new restaurant.
In what way are you going to recruit staff? How will you handle their pay and working hours?
Do you want to launch a website along with your new business? Or only market through social media platforms?
A POS (point-of-sale) system is an integral part when opening a business, what type of POS will you use? Do you prefer an advanced cash register and computer system?
Are you interested in using online ordering/reservations?
Will you incorporate social media in spreading business recognition?
Do you consider developing an app?
Know Your Competitors.
Understanding your competitors will give a broader perspective on what and where to improve. Why has your competitor has been around for ages, and what could their secret be? Perhaps they are doing some effective process that you could also follow.
Hire Competitive Staff.
Search for people with great talent and skills, who will be a great asset to your business. Determine the number of people you will need and their specific roles for a smoother business process. Make sure to hire trustworthy and dedicated individuals and create a great team. Do you need to outsource professionals to train your staff? Remember that your staff serves as the link between your business and your customers. They should be the best they can be.
Prepare for an Opening.
You’re almost there! Typically, most newly opened restaurants start with a soft opening, and then later a grand opening. Consider what entertainment and freebies your potential customers would want to receive then they give you a try. Promote your restaurant opening to any platform you think might attract customers. Make a catchy phrase for your headline. This isn’t just purely an opening, rather an opening and promotion at the same time. A perfect way to market your business to the world.
Takeaway
Being able to successfully open a new restaurant is a great achievement. All the hard work has finally paid off. Make sure you are well-prepared prior to this big event. Best of luck!
About ServingIntel
ServingIntel is an international hospitality technology company that creates cloud-based enterprise and point-of-sale solutions serving a variety of hospitality industries, including restaurants, country clubs, hospitals, and senior living communities. Providing complete software, mobile hardware, and business intelligence software through its ServingIntel.com platform, ServingIntel increases revenue and profit in foodservice operations, while enhancing service and quality levels for the guests.
References:
https://www.fundera.com/blog/starting-a-restaurant
