Becoming an independent restauranteur is the goal of every chef and professional in the restaurant industry. It’s a much more challenging task than it looks on paper and is a very physically demanding job. It is not only about creating exquisite cuisines or fancy drinks. There are a lot of factors that you must know before opening a restaurant. It’s a long-term investment, and it takes years to break even, let alone make a profit. Below we list some operational considerations you should remember in your career as a restauranteur.
Research and Determine Your Cuisine
Make sure you research all the factors affecting your business’s revenue and costs in advance. That includes the neighborhood you’d be planning to move in, the local demographic, the marketing strategy, and the promotions you’d introduce on opening day. Think carefully about the menu you would like to present and how you’re taking on it would separate it from everyone else. Keep your target audience in mind when making this decision. If you plan to create a more authentic ethnic cuisine, try to ensure you have a market demand. But if you’re planning on making it a little bit more mainstream for the everyday person to enjoy, keep that as part of your banner so that you can be part of the type of food industry.
It will help if you know whether you want to open a coffee shop, a restaurant, or a cafe for a casual dining experience. Work your plans around that, and ensure you have the capital and resources to support your decision. Try to find suitable timings that you think will be suitable for investing your time in your restaurant and attracting peak customer traffic.
It has become much more critical in the last few years, as the pandemic has forced states to enforce laws that have seen the closure of indoor dining. Most states have only allowed takeaway and delivery options, and you should develop a system that ensures you can keep up with the volume of orders that pass. Consider partnering with a third-party delivery company, like UberEATS or Postmates. If you feel you have the resources, try hiring a dedicated staff to handle deliveries promptly. The game’s name is to deliver food while it’s still fresh, so be extra careful to ensure that everything leaves adequately packed and ready to eat as soon as it reaches its destination.
Financing is a big problem for restauranters, as they usually lack the sort of funding that a prominent investment firm could generally track. People are typically hesitant to invest in restaurants because it can take years before it turns a profit, let alone break even. All the expenses will have to be done daily, weekly, and even monthly. Try to locate suppliers and secure deals to have a steady stream of supplies coming into your restaurant that won’t put too much of a financial burden on you and ensure that the quality is on par with industry standards.
Licenses and Permits
Every state has different laws concerning regulations and permits. Be sure to obtain your license and keep your restaurant clean and tidy. We recommend hiring a professional with legal experts who could help navigate you by getting your license and ensuring that you adhere to all the health and safety codes. Licenses can take months to be processed, and we recommend that this be the first step you take before you move on to anything else.
Make Your Opening Day a Big Deal
You know what they say about first impressions. Ensure that it’s a memorable one and that you have an opening day that can attract customers and get some buzz from the community. Place your ads on the Internet and social media; you can even go old school by printing out flyers and leaving them around neighborhoods. Offer promotions that reward customers for coming in the first few days. Ensure your restaurant’s layout is visually appealing and creates the right environment for customers to feel welcome.About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.