Starting your own restaurant is like climbing a mountain. You may not always succeed, but the reward is in the challenge of it.
If you’re good at the restaurant game, it’s an absolute thrill to see your own place thrive and see people flock to eat your food. Which is why we want to share the best tricks to starting a full-fledged successful restaurant.
1. Become A Teacher
Of course, you don’t have to go back to school and get a teaching degree. But not everybody knows how to run a restaurant as well as you do. Which means you’re going to have to teach people how to run your restaurant.
One of the first things you need to learn as a restaurant owner is how to give constructive criticism. Criticism that doesn’t make people feel cornered or threatened and at the same time gives solid instruction on how to change their ways.
2. Have Enough Capital For Six Months Of Expenses
You need to treat your restaurant’s finances better than your own. Most people only have a month to three months worth of capital saved up in case of emergencies.
You may not make money right away. And, if you had to buy an already existing business, you’re going to be in the negative.
If you get a loan, get one large enough to cover six months of expenses. And you need to over estimate. There will be things you forgot to budget for. Even the best accountants miss things they needed to budget for. And they’re the best at counting coppers.
3. Treat Guests Like Kings And You Will Profit
You will spend money on the back end of your business. Things like rent, utilities, menu costing software, wait staff, cooks, etc will always add some value to your business.
But the money you spend on your customers is going to be what grows your restaurant.
Do not go cheap on anything the customers will see or experience.
Put together amazing giveaways. Things like bread as you sit down to your meal.
Randomly given away gift cards.
Free “chef’s specialty” (never advertised, by the way. You’re doing this to make the guest feel as if they’ve gotten something special).
4. Get These Three Things Down Before You Start
Location, Chef, Concept. 60% of restaurants fail because they don’t get these three things right.
If you can get a great chef, you’re going to have amazing food.
If you can get a great location, you’re going to have customers just drop in because it looks great.
If you have an amazing concept, people are going to be utterly impressed when they walk in the door.
5. Be Flexible
Lastly, stagnation is another reason any business fails. Don’t approach it like that old time religion. That may never change, but you always have to be on your toes when it comes to the food business.
To stay afloat and stay competitive, you have to keep up with current food trends. Don’t want vegetarian dishes in your restaurant? Tough, vegetarianism is becoming popular and you’ll have to cater.
As long as you can be flexible, be a teacher, and have a great chef, location, and concept, you’ll be able to build a restaurant.
Do you have experience in the restaurant business? Let us know in the comments below.