Are you thinking of starting your own restaurant? Do you need help thinking about what to consider? Read on for tips on what to think about when starting up your own restaurant business.
Key things to consider
One of the first things to consider when setting up a restaurant is your budget. What available money to you have for this venture? If you don’t have the cash, have you looked into possible loans or business start-up funds? You will need to come up with a projected budget. This will form part of any loan application or funding you apply for. Think about income and expenditure. Consider what your initial outlay will be on start-up. You will need to have a premise and cost will be a factor. Are you going to buy a ready-made restaurant or build up a new building? Is there a place which you can rent and which already has the basic equipments you need to save cost? Location is paramount when opening a restaurant. Is it a place where people often pass by or is it tucked out of the way? The closer your restaurant is to the High-Street, the more visible your restaurant will be. You will have think about how to promote your restaurant. You might want to run advertisements in the local newspapers or make up flyers and leaflets and distribute in various locations. Before making your leaflet, you will need to decide on your menu or at least the basic dishes that you will offer and the price range they come in. If you are offering specials or a discount night, you may want to promote these separately.
Your menu is going to be important. What are you offering that no-one else is? In business terms, this is referred to as the unique selling point. What makes your restaurant different from the five others up the road? You can consider whether you are going to offer a specific type of food like Thai, Chinese or Indian but also think about people with special dietary needs. Could you accommodate vegetarians or people with gluten-free diets? Putting all this together in a business plan will help you to think clearly about becoming a restaurant owner. Funders may also be interested to see it. Start by stating the aim of your project, your qualifications and why you are the best person to do this. Detail your location, work out a sample menu and make up an income and expenditure sheet for the first year of trading. Think about your competitors and all your important USP and you will be more confident about your restaurant idea.