Running a restaurant is a dream for many Americans. If executed properly, it can be a very successful dream. Unfortunately, not every dream manifests itself properly. In fact, about 26% of new restaurants fail in the first year. If you want to start a restaurant but don’t know where to start, here are some tips to get you on the right foot.
1. Create a concept
You need to have a vivid idea for your restaurant. Is it casual dining or something more upscale? What food will you serve? What will the customer experience be like? Having a well thought out concept will help you when nit comes to decorating and creating menus. While ambiance is important, remember that the main focus should be on the food.
2. Get funding
The most important thing that you will need is funding to support your restaurant. You can go to a bank or a private investor, but you will need to acquire a loan (unless you have the money saved up yourself). To best get the loan, write out a detailed summary of where the money will go. Remember to account for unexpected expenses and give yourself a little bit of wiggle room in each category so that you don’t run into any surprises.
3. Utilize a POS system
A reliable POS system is essential to keeping your restaurant running smoothly. It allows orders and payments to be tracked properly. It also allows servers to connect to the kitchen in an organized way. For busy restaurants, you should have multiple POS systems set up so that people don’t have to wait.
4. Hire the right people
You will need good help to start a new restaurant. The most important of all would be the head chef. If you or your family aren’t going to be cooking, you need to hire someone with extensive training in the type of food that you want to serve. You’ll also need courteous servers. Finally, you should hire a manager for the times when you aren’t there. You must be able to trust this person to run things as you would in your absence.
5. Advertise
Now that you’ve opened your restaurant, you need to get people to eat there! One of the best ways to do this is with signs and banners announcing a grand opening. You should also utilize social media. Social media is a free way to advertise, and it reaches a very large amount of people. Finally, consider purchasing a billboard or local television ad to really reach a large audience. Be sure to use ads that entertain and tell people exactly what you serve and where you are located.
6. Be involved
Too often, restaurant owners buy the restaurant and leave it for someone else to run. Take responsibility for your business and be present as much as possible. Employee and customers alike enjoy seeing the involvement of the owner.
Running a new restaurant can be difficult, but you can do it if you set yourself up from success from the beginning. Utilize these tools to help grow into a restaurant mogul.
About Jammie Morey
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