The restaurant industry is one of the most lucrative areas of commerce in the United States, but it’s also one of the most difficult in which to achieve success. Indeed, the vast majority of eateries fail within their first five years, and about half of them have to pack up and shut down within a year.
Even though the restaurant business is tasking, you shouldn’t let that hinder your dream of becoming a restaurateur. With a good plan and the right tools, you can build a thriving eatery. Continue reading to get some tips to help you flourish as a restaurateur.
Create a plan for your business.
You may be a culinary magician, but being a wizard in the kitchen and being great at business are different things. No matter how many years of experience you have in the kitchen, you won’t be ready to open your own eatery until you’ve devised a plan for your operation.
Your plan should detail things such as how much capital you need to launch your restaurant, including investment and savings goals. You also need to come up with the first steps for opening your establishment as well as a plan and timetable for becoming profitable.
Around half of all new businesses close within the first five years, and that number jumps to 80% when you narrow those businesses down to restaurants. The biggest mistake that most new restaurateurs make is not writing a business plan to direct their efforts and guide their operations.
You must put time and effort into market research to get insights into the market before investing your capital. This is also where you forecast how much it will cost to launch your business and how long it will take to make your business profitable.
Outfit your restaurant with the best and most reliable restaurant equipment.
Any business can only be as effective as the equipment it uses, and that’s why it’s of the utmost importance that you invest in the best restaurant equipment you can afford. Restaurant equipment is far from cheap, but you need high-quality restaurant supplies to make sure your company can operate at its highest potential.
The Restaurant Warehouse has one of the largest selections of enterprise-level stoves, ovens, microwaves, refrigerators, dishwashers, and more. They even have washers and dryers or your uniforms! Furthermore, they have some of the biggest names in appliances like Bosch, Whirlpool, and more. With the widest selection of premium restaurant equipment Seattle has to offer and prices for any budget, it’s no wonder that they’re one of the top restaurant suppliers in the nation.
One of the harsh realities of running your own business is that your equipment will eventually break down no matter its level of quality. That’s why you need to establish a relationship with a reliable appliance repair business.
Whether you’re looking for appliance repair in Honolulu or New York City, the key is to do your research. Find out what appliance repair services your competitors use and also be sure to check online customer reviews to ensure you get the best appliance repair company for your needs and budget.
Prioritize employee happiness.
One undeniable fact is that the workforce has undergone seismic changes in the last few decades. Now that millennials make up the bulk of the workforce, they expect much more in terms of company culture than their predecessors.
It makes perfect sense that happy employees perform their duties better than disgruntled, unhappy employees. The bottom line is that if you want to create the kind of atmosphere in your eatery that patrons want to be part of, it starts with making employee happiness a top priority.
It’s up to you as the business owner to find ways to encourage employee engagement and keep morale high. Employee satisfaction is so important that Ambassify’s employee engagement management platform actually keeps track of your company’s employee happiness score.
Set clear financial goals.
Wouldn’t be nice if all it took for you to run a restaurant was culinary skills and your own kitchen? Unfortunately, as the old saying goes, it takes money to make money. It’s important that you set well-defined financial goals for your business that will guide everything from your menu selection and item prices to how much money you put into savings, how much you pay yourself, and more.
Choosing the right financial institution to help you achieve your financial goals is one of the most important decisions you’ll make as a business owner. The best institution is the one that gives you the most features and control over your money. For instance, some financial institutions offer tax advice and a savings goal calculator tool to help you get the most of your checking or savings account.
Maximize digital marketing.
To have a successful business, you have to invest time and capital into a robust marketing strategy. Traditional marketing methods work excellently for major brands, but for small businesses, digital marketing is the best way to grow and connect with their target audience.
The key to digital marketing is to employ different methods such as social media marketing, content marketing, and affiliate marketing. It takes time and patience to learn digital marketing best practices, but it’s effective and affordable for all budgets.
Offer live entertainment.
If you really want to drive customers to your establishment, one great way to do that is by offering live entertainment. The truth is that nearly everyone has the ability to cook their own meals whether or not they’re a short-order cook or classically trained chef. That means that people dine out for more than food, which means the customer experience is the most important factor in attracting patrons.
One of the best things about providing live entertainment is that you also give the talent in your local area a chance to shine. There are plenty of bars, clubs, and eateries across the U.S. that built their reputation by launching local artists into stardom, which bodes well for your business, the local community, and is also exciting to job seekers.
Building a successful restaurant is a full-time job that doesn’t end when you lock the doors of your business each night. Owning a restaurant is more than an opportunity to achieve your financial goals in an industry you love. It’s a chance to build a legacy, contribute to your community, and create enjoyable employment for others. Running your own restaurant will be one of the biggest challenges you ever faced, but the keys to success are in planning and execution.