Are you thinking of starting and opening a restaurant? Then there are certain things that you’ll have to get in place before you put up that ‘open’ sign. A big endeavour to take on, you need all of the essentials – from experienced staff to stylish pub furniture (that’s ideal not only for bars but also restaurants).
Along with the must-have items, there are several considerations that you should keep in mind throughout the startup process. To help guide you, here are 5 of them:
1. The Location
Where are you going to set-up your restaurant? This is a very important factor and something that you should think about early on. You want to discover a location that will draw in the customers, whilst not being too expensive to rent each month.
You’ll also want to consider the extent of work that you want to carry out. Do you want a building that you can completely renovate? Then maybe you’ll want to find a blank canvas or an older building. If you want to move into a space that requires little TLC, however, maybe look for spaces that have been previously used as a restaurant or bar.
2. How Much You Will Price Your Food and Drink
This is another key consideration that you must keep in mind. Once you’ve decided on the type of restaurant that you want to open (i.e. upscale dining or casual food), you can start to create a menu pricing strategy.
When doing this, you’ll have to look into the various factors which will impact the pricing, including overhead costs, preparation costs and direct costs. You’ll also want to look at what other similar/nearby restaurants charge, as you don’t want to be the most expensive in the area – this could turn people off.
No matter what type of restaurant you open, you’ll need to remember that the price of food will fluctuate over time – meaning that you might have to adjust your prices to maintain profitability.
3. Target Market
Who is your ideal customer? You’ll want to get the clearest possible picture of what your target market is before opening your restaurant. Consider their age, their lifestyle and their income level – this will help to shape the type of restaurant you create.
4. How You’ll Stand Out
What makes your restaurant different from others in the local area? You want your customers to opt for your restaurant over others, so you’ll want to do what you can to differentiate yourself. This can be through the design of the interior, an inclusive menu, deals (such as cocktail hour), live entertainment, etc. You want your customers to have a positive, lasting impression when they leave and for them to always come back.
5. What You’ll Put On Your Menu
And finally, what will you put on your menu? You want a menu that’s tempting and that has an option for all tastes. Therefore, it’s worth offering meat, vegetarian, vegan and gluten-free options so that you can appeal to everyone.
However, it’s important not to make this too long, as that might cause issues down the line. So keep it minimal, but cover a large spectrum, this will make it easier for the kitchen and more profitable.