4 Secrets for Survival With a New Restaurant

by on April 24, 2015 | posted in Small Busines

 

The myth that it’s nearly impossible for a restaurant to succeed started with a TV ad about 10 years ago, says Greg McNally.

McNally is a former restaurateur who runs Restaurant Profit Technologies, a consulting business in Los Angeles. The infamous ad he remembers had a celebrity chef claiming that 90% of restaurants fail within their first year. And even though no facts backed it up, the statistic stuck.

The restaurant industry has a reputation for frequent failure, but McNally says every industry has a substantial failure rate, and some (like the furniture industry) see businesses fail more often. McNally concedes that many restaurants do shut down in the first year, but the failure rate decreases the longer a restaurant is open. Well-capitalized restaurants typically have a high success rate, he says, since the root cause of most failures is business problems rather than food or service issues.

Christin Fernandez of the National Restaurant Association says that every year, around 60,000 restaurants open and about 50,000 close. While that illustrates churn in the industry, she says, not all of those closures are failures. Sometimes the owner is ready to move on or wants to change locations.

 


 

 

Despite overblown failure rates, the truth is there are common mistakes that contribute to many restaurants shuttering each year. Here are four ways to overcome the most common mistakes McNally sees, with advice from successful restaurateurs who have been there.

Read full article here 4 Secrets for Survival With a New Restaurant

 

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The Basics of Owning a Restaurant: 6 Tips to Help You

You’ll be surprised at how many people dream of owning a restaurant! While not all of them will be able to see their dreams turn into reality, you should also know that not many people who own a restaurant are able to run it successfully.
This needn’t scare you from following your dreams; you only need to ensure that you’re doing the right things from the beginning. And if you have no idea how to begin, you’ve come to the right place!

 

Here are some tips that will help you realize your dream.

 

Overestimate Capital Needs

Whether you intend to open an upscale restaurant or a quaint café, always be sure to overestimate the amount of capital you’ll need to get the place up and running. That’s not all; you’ll need to have a lump of cash that will provide for all restaurant-related expenditures for at least six months.
Remember, you might taste success in the initial months, but once the honeymoon phase is over, things can get tough. So save the cash for when you’ll need it the most.

 

Choose a Location

The location of your restaurant is as important as your head chef! Choosing a good location can do wonders for your restaurant, provided the food, hygiene, and service are great.

Note that you can’t just choose any location for your dream restaurant; you need to think before deciding. While having a restaurant in a retail location can bring in the customers, you don’t always have to rely on retail traffic to attract customers.

Just remember to pick an area that has enough people to support your business. These people may be residents living around or near the potential location, or people who regularly pass by the area. Your restaurant also needs to be in a location that is easily accessible and visible to potential customers. If your customers have to fight through heavy traffic to get to your restaurant or have to go around in circles trying to figure out where you’re located, you could lose them. Note that having ample parking space can also draw in the crowds!



 

Decide on a Concept

You need to be clear about what you’re trying to sell. Do you envision running a casual pizzeria or a formal dining restaurant? You have a range of other options to choose from too- seafood restaurants, steakhouses, ethnic restaurants or family-style ones and more!
Being clear about the concept of your restaurant will help you decide on a lot of other things- like location and your target customers. But if you aren’t clear about it, you can also take your location and the demographics into consideration before deciding on your concept.

Once you’re clear about the concept, you can think about planning the available space, and buying furniture, linens, glassware, cutlery, coolers, freezers, etc.

 

Define Your Target Customers

Realize that you will never be able to capture 100% of the market as no food or service operation has universal appeal. There will be people who would prefer pizzas over fine dining any day, and there will be people who would rather be served than go to a self-service joint. Instead of trying to please everyone and having a hard time, choose any one thing.

One way to define your target customers is to choose your location first and then see what the general populace is like. If you’re opening a restaurant that serves something you’re good at making or have adequate knowledge about, or if you’ve decided on a concept already, you won’t have to think about defining your target customers.

Deciding on a concept and defining target customers will help you move ahead with advertizing and promoting your restaurant.

 

Consult the Best

Before you jump into the restaurant industry, be sure to ask the experts what owning a restaurant entails. Don’t assume that you know everything or that you’ll figure out things by yourself. Get in touch with someone who has owned a respectable restaurant for quite a few years and learn how they’ve managed to do it all.

You can also get in touch with a restaurant consulting firm and take their advice on all matters related to starting and operating a restaurant successfully.

 

Don’t Scrimp on Everything

You may not have all the money in the world, but cutting costs everywhere won’t be the right thing to do. Remember to always go for the best when buying equipment; you don’t want to buy something cheap and then have to spend money on getting it repaired or replaced within a short time.

And when it comes to the furniture and tableware, buying cheap could mean not giving the best to your customers. It is important to enhance the experience of your customers in whatever way you can and you certainly can’t do that by holding back your money.

Giving gift cards and offering complimentary dishes to those already present in your restaurant will do more for your business than the thousands spent on advertizing your restaurant on a billboard!

 

Conclusion

The restaurant industry is booming and you’ve probably seen several eateries spring up around you. Don’t let the competition get to your head; just do what’s right and you’re sure to succeed.

With the tips given here, you know what needs to be done to get your restaurant business up and running. So go ahead and give this your best shot!

Article Source :-  The Basics of Owning a Restaurant: 6 Tips to Help You

 

 

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Having your own restaurant is one of the most fulfilling and enjoyable business ventures. Food is a renewable commodity. This means that people won’t stop looking for different sources of food because dining out is entertaining as well as functional.

 

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