With 54 percent of Canadians eating at restaurants once a week or more, the restaurant industry continues to flourish. Opening your own restaurant involves overcoming various obstacles, but with the right planning, you’ll be able to open your own successful business.
Start planning
If you’re currently working a standard 9-5 job, there’s still plenty of time to start planning for your new business. Just bring your laptop to a coffee shop after work and start planning out the concept of your restaurant while bringing in paychecks from your current job.
It’s crucial to have a clear, unique brand, which includes the service style, the kind of food you plan to serve, and the general environment you want to provide. For inspiration on the kind of ambiance you want to offer in your restaurant, check out offerings from a local restaurant supply store.
Build a brand
There are nearly four billion active social media users who, on average, have five social media accounts. Although the average person devotes a lot of their time toward social media, the majority of people don’t have a website that provides contact information.
Starting a professional website and social media channels for your new restaurant will help you form a brand. Make sure to share content between your websites and social media accounts to further build awareness and fuel the interest of potential customers.
Make the menu
Before investing in your restaurant, start building your menu. You should determine what will be on your menu and the type of customers you plan to draw in. Adding a few basic yet one-of-a-kind choices to your menu will make you stand out among competitors.
While planning your menu, keep in mind that you don’t need to completely finish designing all the food. You can worry about exact recipes later. After opening your business, you’ll learn how to use engineering to create a more profitable menu. Plus, you’ll be able to update your menu as often as you want based on what sells and what doesn’t.
Form the business plan
The most important component of opening a new business is a well-researched business plan. You’ll likely be reaching out to investors and applying for loans to fund your business, so having all the information you need at hand is necessary.
Your business plan should start out with an executive summary, which consists of a short and concise summary of your overall plan, including what you plan to do with your business. Next, be prepared to inform investors of your company’s overview. The overview should go into detail of your niche, business concept, and target demographic.
Follow the overview with research, including market analytics, a planned management and operations structure, and marketing strategies. Finally, finish your business plan with a financial projection.
Choose a location
After pitching your business plan to investors, you’ll obtain enough funding to choose a start-up location and lease a commercial space. There are multiple important factors to take into consideration when choosing a location for your business.
First, look for spots with high foot traffic that are both visible and accessible to those passing by. Next, choose an area that will allow you to drive in your target market. You should also keep competition in mind – choose a spot with enough distance from competitors that will allow you to expand your customer base without risking them being drawn to another restaurant.
Although opening your own restaurant isn’t an easy task, it comes with a significant payoff. Starting your own business allows you to turn your passion of food into profit, enjoy a newfound sense of freedom, and create a community hub to socialize.
