1. You Will Need a Business Plan
To gain any type of financing, whether through a bank, a small business association, or private investors, you will need a well written business plan. It is especially helpful in the food/restaurant industry. As you research information for your restaurant business plan, you may encounter problems you hadn’t considered previously, such as licensing, health codes and tax laws. One of the most important things in your business plan, is a list of the cooking and refrigeration equipment you'll need based on your menu. Here is where we can help.
2. Choose a Clear Restaurant Concept
A restaurant concept is essential because it will define from the menu, to the décor, to the name you choose. You also want people to know what to expect when they come to visit you. When deciding to open a new restaurant, how do you pick the right concept? Too many times people pick a restaurant concept before finding out if it is the right fit for their location.
3. Restaurant Location, Location, Location
When looking at opening a new restaurant, the restaurant's location is as crucial to its success as great food and service. If you already have a certain restaurant location in mind, don’t get too attached until you know if it has all the right requirements for a successful restaurant.
4. New Restaurants Aren’t Cheap
Often the size, location and theme of your restaurant, will tell you how much you'll have to invest. Even a small, hole-in-the-wall restaurant can set you back $50,000 or more. If you are looking for a way to get into the restaurant business, without spending a small fortune, consider catering, a food truck business, or even a pop-up restaurant. Each of these restaurant concepts is significantly cheaper than a traditional brick and mortar restaurant. If you have a unique concept, this last options would help you test your idea before committing to a bigger investment.
5. Are You Cut Out to be a Restaurant Owner
You love to cook? Great. You love to eat? Wonderful. You love to entertain? Awesome. But also, keep this in mind. Do you like working long hours? Occasionally going without a paycheck? Buying your own health insurance? Cause these are all things to consider when thinking of starting your own business (not just starting a restaurant). Now, don’t get me wrong. Being your own boss definitely has its advantages but it also comes with a heaping load of responsibility.
Good luck! Hope that this five suggestions will help you in some way. Let us know if we can help!!
MZD Restaurant Equipment