You are thinking about going into business for yourself and opening up a new restaurant. No surprise there as nearly half of Americans have worked in the industry at one time or another and 45 percent of restaurant employees state they would be interested in owning a restaurant someday. But before you run off and order your commercial exhaust hoods, read these tips on how to start a killer restaurant.
No restaurant will achieve success without these big three key elements; a great concept, a great location and a great chef. These elements also need to fit together like a puzzle. That is, your chef must fit your concept or you will soon be dealing with what every owner hates, drama in the kitchen. And if we had a nickel for every entrepreneur that stated location doesn’t matter because they are building a destination restaurant, we would have a lot of nickels. This statement simply means they plan on opening their restaurant at a bad location. Accessibility is key and will give you a greater chance to succeed.
Always overestimate your capital needs. You will be surprised by how fast you will burn through money in the first several months of operation. After the initial opening, many restaurants see a major fall in business. Until you are established, you will need capital to back you up.
The best investment you can make with your money is on the guests. Don’t be shortsighted by trying to save a buck or two on certain things that are directly associated with your guests. Everything that the guest touches is of paramount importance. If your guests have an extraordinary experience, they will be back for more. And not only that, they will certainly tell their friends about the great place they dined at Saturday night.