So you want to start a restaurant? How prepared are you? Did you know that there are several aspects of opening a restaurant that need consideration for success? Location, competition, management and staff, and market statistics are just a few of the areas that can make or break a new restaurant.
Location, location, location! One of the most important aspects of any successful restaurant is location. While it is important that location of the restaurant be in a busy traffic area, it is just as important that the restaurant have ample parking for customers. A busy traffic area does not always guarantee success. It is also important to look at the style of restaurant you want to open and compare it with other restaurants in the area, and how the location will affect your customer flow.
What is going to set your restaurant apart from the competition? If you are offering a similar cuisine, as other restaurants in the area, why would patrons choose your restaurant over the others? Points to consider are the number of established restaurants in the area, price points of other the restaurants, and who is the target market.
Management and Staff
A good restaurant is only as good as the staff. What is your game plan on hiring the best staff to accommodate your customers? A successful management staff works well under pressure, is able to make split-second decisions, and have the overall success of the restaurant in mind.
You have the perfect location, you have reviewed the competition, you have the perfect staff in mind, now you must look at the market statistics. Why have other restaurants succeeded or failed? It is imperative that you know the demographics in the area. If you plan on opening a restaurant that mainly focuses on family style dining, then you want to look at how many families live in the area; a community of young singles would likely not support your endeavor.