Opening a New Restaurant
1. Concept
Think over on the kind of restaurant that you want, whether for casual or fine dining. Finalise the cuisine; French, Indian, Mexican, Italian, or maybe a restaurant that offers a speciality. This first step is critical, since all your planning will depend on your concept!
2. Location
A vital aspect that most entrepreneurs forget to incorporate early on their planning is the location. Do some research to find out the kind of traffic conditions in your area of choice, parking convenience, whether it is in a prime spot or obscured from view. Factor in the competition as well, and see if there are other restaurants nearby serving up through a similar concept. The whole idea should be to attract maximum crowd to your restaurant.
3. Choose a Name
A delightful and attractive name, which coincides with your ambition and your personality, is a good idea; restaurants with a personal touch to the name always attract more crowds. Or you could also do some brainstorming based on the concept! This is usually the most enjoyable step, where your restaurant actually begins to take shape!
4. The Business Plan
A robust business plan helps you work out the intricate details and takes you through any loopholes in the plan. Factor in everything you will need, including the amount of investment, size of the restaurant, location, return on investment etc. This plan must be worked upon with care, because your financing institution will take this into account!
5. Financing
This is the hard part, but it is not entirely impossible to get financing. Banks and private investors can be approached, but your confidence in your business plan is what will actually help them see a return on their investment. Your professionalism is what will make you successful in this step.
6. Application for Permits and Licenses
Be thoroughly informed of all the permits and licenses that you would require to run your restaurant, such as sign permits, liquor licenses etc. Apply for the same as soon as your financing is on track, since permits may even take months to get approved!
7. Design
Make sure you design with a practical approach. Your restaurant needs to have a good seating capacity, should be tastefully decorated, and also requires space to have a commercial kitchen with all the required equipment such as walk-in refrigerators etc. Do not forget to cover rest rooms and a waiting area!
8. Write the Menu
Make sure your menu is easy to read and has an appealing and uncluttered layout. Keep your cuisine in mind and avoid items that are likely to be ‘out of stock’.
9. Stock Up
You can now initiate purchase of furniture and vital commercial kitchen equipment. You may even start with used equipment to save some money.
10. Hire Staff
Finding the right people for your restaurant can be time consuming. You will require staff for the kitchen, waiters, bartenders and cleaners. So start on this as early as possible with regard to your opening day.
11. Advertise
Investing time and resources in advertising is always a good idea. Use social media platforms, newspapers and radio ads to help spread the word about your brand new restaurant. Have some catchy punch lines to deliver to make your restaurant look the next best place to head to!
