Did you know that around 60% of restaurants don’t survive after the first year of opening in the United States?
Many people go into the industry with a wonderful plan, however, they didn’t think about all of the details.
If you want your restaurant to succeed, there are a few things that you’ll need to take care of.
Keep reading if you want to learn about the most essential things needed when opening a restaurant!
1. Unique Plan
One of the most important aspects of opening a restaurant is coming up with a plan.
Although you don’t need to have all the details figured out yet, you should start thinking about the atmosphere and food you want to provide. The theme of the restaurant will help determine your clientele and menu, so don’t make this decision without thought.
Many people get inspired and this is the start of their plans. When you get ideas for your restaurant, whether it’s a recipe or decoration, write them down. After getting your ideas on paper, it will be easier to see a common theme.
2. Financial Support
The next step to opening a restaurant often discourages many people from trying to live out their dream.
Depending on your finances, you might have some savings to invest in your restaurant. If you don’t have the extra income, you should consider applying for a small business loan. Talking to a financial advisor at your bank can help you determine how much you’ll get approved for.
Other options for getting financial support include finding an investor or working with a partner. During this phase, you’ll need to consider how many staff members you’ll need, building leases, and payroll.
3. Intriguing Menu
Before you open a new restaurant, you should have a menu that you are confident in.
You’ll need to pick your specialty and include a variety of items that fall into that category. Don’t be afraid to put special twists on your recipes to give a one-of-a-kind experience to consumers. If you are more of a visionary and not planning to cook, you’ll want to work with your chef.
It’s best to have an average or smaller-sized menu with limited ingredients. When you have a menu with several pages and endless ingredients, you can lose money on food costs in the long run.
This is one of the most exciting parts of opening a restaurant since it involves trial and error. You can work with the kitchen and taste-test dishes until they are ready to get served.
4. Equipment & Furniture
Starting a restaurant without all the necessary equipment can shut your doors the day they open.
If your kitchen doesn’t have all the cooking tools and utensils before opening, you’ll be setting everyone up for failure. Aside from kitchen equipment, you’ll need to fill the building with tables and plenty of seating.
Ordering commercial kitchen equipment online can save you money and help you find everything you need. Make sure that you order all of the kitchen basics along with any special utilities necessary for your menu.
5. Market Your Business
Restaurants are like any other business and you’ll need to market them to notify the public.
Print marketing can help in local ads and newspapers, however, you shouldn’t rely solely on this method. Online marketing through social media and ads can help you connect with a larger audience. Most people use their phones and devices to search for restaurants, so you’ll have better luck targeting these areas.
Restaurant marketing should include pictures and descriptions of the food you plan to serve.
6. Inventory
As you finalize your menu, you can write down all of the ingredients you will need for the kitchen.
Dry storage has a longer shelf life, so you can order it in bulk and not have to worry about it going bad before you can cook with it. When you are dealing with meat and produce, you’ll need to find local food vendors. You should compare prices at each vendor so that you get the best quality and cost.
Keep in mind that food costs are frequently changing and may rise during certain periods of the year. It will be tempting to go with the cheapest costs for ingredients, however, this could influence the quality of your food.
7. Licensing & Documentation
Food handling licenses, liquor licenses, and building permits can be stressful parts of the process.
Each state has a license application that you will need to submit. You can look up your state and local requirements, which also might involve going to the city courthouse. Obtaining a liquor license can be a lengthy process, so you should begin this step once you register your business with the IRS.
As you start hiring staff, you’ll also be responsible for getting them to fill out tax documents. The info they provide on these documents and their application will help you file business taxes and manage the company.
It’s important to keep a record of all of these documents for at least 7 years. This will help if you get audited or need to compare information from the past.
Are You Opening a Restaurant Soon?
Most people are scared of opening a restaurant because they don’t want to fail.
If you are focused on your vision and prepare, you can take care of everything you need to open the doors and light the burners. Building a strong plan and setting a budget will help set you on the right path so that you aren’t blindsided by payroll and equipment expenses.
Don’t be afraid to think outside of the box when developing your menu and theme to create an unforgettable experience.
Make sure you read our site for more information about starting a business and sharing your passions with the world!
