Is there a wrong way to open a restaurant? Indeed there is, as indicated by the high failure rate of new restaurants.
A popular belief is that 90% of restaurants fail within the first year. Whether this is true or not, no one knows. However, a study by Ohio State University indicated that 60% of new restaurants crumble after the first year, while 80% do not make it past five years.
Such dire statistics beg the question, “What should you do differently?” “How do you start a restaurant and ensure it succeeds?”
First Create a Business Plan and Do an Adequate Feasibility Study
The agreed-upon starting point of all the great businesses is to have a well drawn out business plan followed up by a study to determine if the plan is practical.
Next, Find The Right Partner to Guide You Through Concept Development
“A goal without a plan is just a wish,” said a wise man. Concept development ensures that your restaurant does not stay as merely a wish. It moves you forward by helping you come up with a long-term plan of action that perfectly aligns with your goals.
Essentially, the partner you hire will help you conceptualize your set business goals, trim the unnecessary, and strictly focus on what will guarantee success.
Select The Right Site
The benefits of starting right are well-known. With a new restaurant, picking the ideal location is the starting point that helps ensure you do not become a failure statistic.
You must analyze the demographic data of a location, examine tax data audits from nearby competitors to spot trends and consider security issues. Simply stated, research once, and then do it again and again.
With that done, and convinced you have the perfect location, it is time to consider the next step.
Develop A Restaurant Design That Works
Arguably, this the most exciting step. Beware though, because this is a step that trips many. While you might have an interesting and elaborate design in your mind, it might not necessarily be what’s best for your restaurant.
The best thing is to get an experienced consultant who will help you marry your designs with what the industry demands, and to see what has worked for other successful restaurants.
Create an Attractive Menu
If you’re starting a restaurant, you more likely have a great passion for food. Bring that passion when developing your menu, but also be very deliberate. Be sure you are offering unique menu options that your competitors do not provide.
Opening A New Restaurant The Right Way-TRG Restaurant Consultants Design Development Startup
Contact TRG Restaurant Consultants for assistance with your restaurant startup.