Without a doubt the restaurant industry is one of the hardest industries to work in. Owning a restaurant calls for a lot of time and dedication. It is not easy to be a successful restaurant owner, but it can be done. Here is a set of questions to ask yourself, that will prepare you for being a restaurant owner.
- 1.Do I enjoy managing people?
- 2.Am I prepared to work long hours and over 40 hours a week?
- 3.Can I go without paying myself for months if need be?
- 4.How long do I want to run this business?
- 5.Who will take over the business once I no longer want to run it?
Addressing these questions with honesty is vital to running a successful, planned out restaurant. The next section are different categories and questions that apply to these categories. This will help you to stay organized and have more of a thought-out business plan.
It does not matter if you want to open a large or small restaurant these categories and questions will help your business succeed.
Financials
- Learn what financial performance to expect.
- What is your plan to reach your sales projections?
- How much money do you need to start the restaurant? How do you know?
- How much money do you need to make to be profitable? How do you know?
- Benchmarks (what to expect from your financials).
Location
- Scout the right location, including who your neighbors are and will be.
- Research what was in your location before you and why they are no longer there.
- What restaurants in your area are successful and which are failures? Make sure you know and understand why.
- Consult with the owners of the real estate in the same area you are opening your restaurant. What did you learn?
- What kind of permits do you need?
Technology
- What ordering system will you use?
- How will you track inventory?
- What accounting and payroll system will you use?
- What business planning and financial management system will you use?
Competition
- Research your competition fiercely. What did you learn?
- How will you be better?
- What will your menu look like? Will it remain the same or change?
Your team
- What team do you need to run the restaurant? Kitchen manager, cooks/chefs, floor manager, trainers, hosts, waiters, bartenders, sales/marketing, and so on.
- How many people do you initially need to open your restaurant? How will you train them?
- What customer service culture will you create and how will you handle customer complaints?
Equipment and supplies
- What kind of ovens and refrigeration will you need?
- Where will you source your food?
- What will be your source for equipment?
- How will you store it to keep it fresh?
- How much shrink is normal for your restaurant type?
Think carefully about each area before you get going. Above all, make sure to talk to people in the industry.
