Opening a restaurant isn’t always as easy as it might look on television or in films. Statistics show that half of all new businesses fail within the first year and that the likelihood of a restaurant succeeding is even lower. Don’t let that stop you from opening a brand new restaurant of your own though. The more you prepare yourself for life as a restaurant owner, the more you can prepare for the future and the more you’ll know about what’s to come. Make sure you also know four key things before opening a restaurant.
Advertising is Key
Far too many people open a restaurant and assume that word of mouth will make their restaurants successful. You cannot hope to succeed without relying on some form of advertising. This might include paying for radio ads and television commercials, buying billboards and bus signs around town or advertising in the local paper. Many restaurants find success after turning to the Internet for help as well. Make sure that you advertise and create a page with Google + and that you use social networking, including Twitter and Facebook.
Leasing is Sometimes Best
The less money you spend on your restaurant, the more chance there is that you might make a profit during your first few months and years. While you can cut back in different areas, you should never cut back when it comes to your equipment. Depending on the food you serve, you will likely need commercial stoves, ovens, deep fryers and refrigerators. Before you hand over most of your cash to an appliance supply store, consider leasing some of that equipment. Many companies will even let you trade in your leased equipment for better and more expensive supplies later.
Find the Right Chef
You might hear stories about home chefs who found fame and fortune after opening their own restaurants, but most professional chefs have some type of professional experience and a degree or certificate in the culinary arts. Unless you have some type of cooking experience and can easily make dozens of dishes at the same time, you’re better off finding a chef. The right chef should have several years of experience or more and have experience cooking the type of food you want to create. The right chef can even help you create the concept for your restaurant.
Do Your Research
Always take the time to do your research, especially when it comes to concept and location. The best location is usually one without a lot of competition in the surrounding area and one in a convenient location. Diners won’t often seek out restaurants on the outskirts of town or those in the middle of nowhere. Research in to your concept is equally important. If there are multiple restaurants serving the same cuisine, you’ll likely have a hard time making your restaurant stand out. Look for what your location lacks in terms of cuisine when deciding on your concept. Read a few articles about Louis Ceruzzi, a famous restaurant investor/owner, to get more advice on choosing a location and concept. Even if you lack experience managing, owning or running a restaurant in the past, you can still learn from those who came before you on how to make your restaurant a success.
I know it’s probably not THE most important for the restaurant owner, but as a consumer, I think hiring the right chef is KEY!
these sound like excellent suggestions, I know someone who decided on a spur of the moment to open a restaurant, luckily, they found out there was way more to it than making a dinner at home only bigger!!!