How to start a successful restaurant
Maybe you’ve wanted to start a restaurant for years, and now’s the time to sit down and create your long awaited business plan to open up. To help you succeed, we’ve put together a guide to make sure you’ve got everything in place to open up with confidence!
Tips for starting a successful restaurant
1. Understand what you’re delving into
You’ve got to love what you’re doing as a restaurant owner; this is a must. Customers and the public will be able to see your passion, this may mean you’ve got to invest a lot of time and money – sometimes this can feel never ending, but the end goal should always be clear.
2. Your solid business plan
Business plans that work well aren’t usually just drawn up in a matter of hours. You need a solid business plan which plans your success. Your plan should include market research, a detailed look at all your competitors, information on your target audience, your marketing plan and let’s not forget a solid financial and budget projection. To get you started, give us an email with your ideas and we can set up a meeting to walk you through this process!
Pay attention to your marketing plan
Here’s a few ideas which help market your business:
- Participating in community events
- Free food samples
- Offering discounts to new customers
3. Location
A restaurant, as opposed to a takeaway or any other form of food joint, location is everything. You need a spot which is in an accessible area with the potential for future growth; and of course, it needs to suit your budget.
Take the time to choose your location, as this isn’t something which can just be changed easily. Make sure you’ve got the right seating capacity and a kitchen to accommodate your guests.
4. Test your menu
Your menu is the thing customers will come time and time again for. A great menu is always an experiment, you can consider having a few dinner parties or cater for a few events where you can get some real feedback. You may love the taste of your dish, but if customers do not want to pay for it or aren’t keen with the taste, you won’t get paid.
5. Hire essential help
Now, you can’t run your business without staff!
Staff are the face of the business, so it’s essential you can filter through and select the right people who will not only serve your customers, but help boost your business with synergy.
There are great recruitment agencies out there, but they can be expensive. It’s always great to post your own ad, analyse the response and take it from there. Sometimes paying an experienced person slightly more can mean less time taken during training.
6. Know your finances
It’s all great running your business, being mega busy and having great reviews. The real crunch is down to how much money the business makes you. Knowing your finances is key, it means you can budget for expenses like wages, taxes, VAT – all of which comes with running a successful restaurant.
A great accountant will not only help you understand your finances, but will promote your business success by giving you strategies to succeed. Make sure you work with an accountant who knows your field! – We at MSF strive upon constant development in this area, so rest assured we’ll give you the best of advice.
