A New Restaurant Concept Development Can Transform Your Restaurant Vision Into a Successful Reality
Many aspiring restauranteurs might have heard the horrifying statistic that 90% of all new restaurants fail in their first year. That’s a gruesome figure that can put you off the idea of operating a restaurant entirely. But that horror story is just that, a story. In reality, the percentage of restaurants failing during their first year is much lower. The US Bureau of Labor Statistics (BLS) reported that only 17% were unsuccessful a year after launch.
We’re here to set the record straight. Owning and operating a successful restaurant for the long term is not as difficult as you might think. It starts with new restaurant concept development, a service provided by TRG Restaurant Consulting. Concept development is the vital foundation of a popular and long-running restaurant business.
Why Every New Restaurant Needs Concept Development
Before the COVID-19 pandemic in 2020, there were over a million restaurants in the US. That number has fallen slightly in the following years to 750,000 dining establishments. That’s a lot of competition for any new restaurant owner to overcome.
New restaurant concept development helps you start your food service and hospitality business on the right note. It allows you to identify your competitive advantage, establish your unique selling proposition (USP), and create a plan for long-term success.
TRG helps new restaurant owners turn their ideas into full-fledged concepts. This is an invaluable service for anyone launching a business in the industry as it gives them a fair estimate of how viable their ideas are.
How TRG Enhances New Restaurant Concept Development
TRG has over a decade of experience in the food and hospitality industry. We use our expertise to help new restaurant businesses break into the scene and establish their niche. Our approach to new restaurant concept development is a five-step process. Here’s how we do it:
1. Alignment
The first stage involves the owner and consultant coming together to discuss their shared mission, vision, and values. Particulars like budget, location, menu design, service format, and timeline are shaped during this stage.
2. Research
Stage two involves scanning the market for competitors. Identifying similar restaurants and studying their strategies helps determine restaurant concepts that have a high chance of becoming successful.
3. Analysis
After building a list of competitors, consultants will conduct site visits to competing restaurants. Observing how they operate allows us to predict what kind of challenges and opportunities your restaurant will face after it opens.
4. Plan of Action
With market research and competitive analysis complete, the fourth stage sees the client and consultant engage in an action-oriented brainstorming session. Elements like menu design, restaurant decor, ideal location, branding, and marketing are chosen to help your business conquer its targeted niche.
5. Reporting
As you move toward launch and live service, consultants will continue to observe and report on the concept development and its progress. This dedicated data reporting keeps you on track with your restaurant’s mission and vision.
What Restaurant Owners Can Expect From TRG
During the new restaurant concept development process with TRG, clients receive several deliverables that empower them to run a thriving food and hospitality business. Here’s what you can expect when you work with TRG:
- Restaurant Concept Guide: Flesh out your restaurant idea by establishing your niche, overall direction, service style, food and beverage tactics, and business goals, among other aspects.
- Financial Feasibility Study: Get a five-year breakdown of what your restaurant’s finances will look like. This includes a break-even analysis and estimated check averages along with expenses associated with food, beverage, and labor.
- Business Plan: A business plan allows you to study the existing market conditions and emerging trends. It also recommends a long-term growth plan for your dining venue.
- Restaurant Layout: Restaurant design is a specialized form of interior design, and TRG’s expertise in this area will yield a workable prototype of your ideal restaurant layout.
- Investor Pitch Deck: Entrepreneurs can use the materials generated from TRG’s new restaurant concept development to create a pitch deck that will attract potential business investors.
Enjoying years of success in the restaurant industry is possible as long as you have a good start. Expert consultancy services like TRG often mean the difference between a restaurant that becomes a popular food destination or just another flash in the pan.
