Restaurant management is not for the faint-hearted. It requires a delicate balance of creativity, business savvy, customer service skills and the ability to entertain. As an aspiring restaurant owner, chances are you've heard some less than promising statistics about new restaurant success rates. It's true that an estimated 60 percent of new restaurants close within three years, but the good news is you can anticipate challenges and plan ahead.
When it comes to achieving your dream of opening a successful restaurant, a good first step is to prepare for the practical realities of restaurant management. Here are five important things to think about as you set out to reach your goal:
1. Define the Concept of Your Restaurant Business
The first step to developing a strong concept is to research what works for your restaurant's location. Choose a theme that will be familiar enough for local patrons but distinguishable from other restaurant businesses in the area. Once you have decided the overall vision of your restaurant business, don't underestimate the power of a catchy name. Take time to choose an appropriate name that is unique but easy to pronounce.
2. Develop a Budget
Possibly the most important phase of restaurant management is developing a budget and sticking to it. Many experienced restaurateurs say that underestimating start-up costs is one of the most common mistakes of new restaurant business owners. To protect yourself from unexpected financial strain, save more than what you plan on spending. If you are interested in working with investors, you'll need to design a business plan that illustrates your restaurant concept and includes risk assessment and plans for return on investments.
3. Design an Appropriate Restaurant Space
Everything from the lighting to the bathroom fixtures should be consistent with the general vision of your restaurant business. An effective restaurant design has two main elements: a relaxing ambiance and functionality. A restaurant should feel warm and inviting to customers while being easy to clean and maintain. Design yours to include ample storage and kitchen space along with enough room for customers to sit while waiting for a table.
4. Hire and Retain Quality Employees
The success of a restaurant business can often be measured by the happiness of its employees. Give yourself plenty of time to find a great staff. During construction, post a "Now Hiring" sign in the front window and place ads in the newspaper or online. As early as six weeks before opening, start interviewing and developing training schedules for kitchen and wait staff. Once your restaurant business is open, maintain a positive work environment by immediately addressing any issues among employees and establishing incentive programs that encourage teamwork and creativity.
5. Publicize Your Restaurant Business
While your restaurant business is still in the construction phase, generate buzz by hanging a banner that reveals the name and the expected timeframe for opening. Entice potential customers by sending press releases to local media groups and throwing an opening night party with free samples of the food. Once it's open, continue to promote your restaurant business by hosting local food events and investigating ways to advertise without spending a lot of money. For example, obtaining customers' e-mail addresses and sending announcements about your restaurant's latest promotions is an excellent low-cost method of marketing.
Food for Thought
Owning a restaurant business demands hard work, sleepless nights and a great deal of care and patience. Before you start, make sure you've taken the time to develop your restaurant management skills through training courses or work experience. Consult with accomplished restaurant owners for advice on how to overcome challenges you may encounter along the way. The time you spend planning even the smallest details is well worth the investment when you open your restaurant's doors for the first time knowing you are prepared for success.
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