Food is such a passion for most people that they end up wanting a career that is invested in all things delicious! There is an increasing number of people out there who prefer to eat out over staying indoors and so the restaurant industry is often a booming one. There may be a lot of restaurants and eateries out there but it doesn’t mean there isn’t room for your own restaurant business.
As with any industry, there are no guarantees of the success of your business. Many restaurants fail within their first year and while that’s a reality, it’s not one that many people wish to face. There are a lot of things that you need to think about to create your business and get it off the ground, but more than anything you need passion to launch your business and ride the storms it will face. To be able to be a success, you need to be able to know everything from who to target to the commercial hood repair needed for a kitchen that is in need of an upgrade. So, we’ve put together a little guide to getting your own food business off the ground and into the streets.
- Target Market. Before you go throwing open premises doors, you need to know who your target market is. There’s no use in opening a Chinese restaurant on the same road as two others, and no single restaurant appeals to all. So, choose your market wisely and run with your own idea. Focus on a small percentage and do your market research. The other thing you need to do? LISTEN to what your research tells you. There is no point in conducting research if you won’t be following it.
- Concept. Once you’ve decided on your target market, choose a food concept. You need to decide whether you are going to be great at one particular cuisine or you’re going to be average at several types. Carving out your niche is what will help you stand out in the market you are in. For the most part, your personality will dictate the concept. Bakers who love to decorate their own cakes won’t be running a foreign food restaurant, for example.
- Funding. Once you have your business plan written, you need to consider the funding available for you. The amount you need will greatly depend on the type of business you are opening: coffee carts are going to cost far less than a full café, for example. Sit down with the bank and speak to their advisors about how you can get funding and how you can spend it. Consider premises costs, salaries of staff, equipment, licenses and marketing costs in your budget and you can get what you need.
One of the biggest considerations for your restaurant business is going to be safety certifications. It certainly isn’t a case of just opening the doors and offering good food, so do your research and you can make your eatery shine!