For a complete rundown on what it takes and the order to do things, check out our opening a restaurant checklist which will give you the nitty gritty details you will need to cover to open.
Here is a basic breakdown of the steps to open a restaurant you will need to cover:
- identify a market to target
- research market
- create a concept to address the market that is unique and appealing
- plan your menu
- write your business plan
- create your financial projections
- recruit experienced restaurant advisers
- raise the capital (money) required to open
- secure a location
- convert the location to your concept
- install sign
- install necessary equipment
- get required permits
- sign up with vendors
- get your restaurant website
- begin pre-opening marketing
- get business insurance
- set up business bank account
- set up credit card account
- install point of sale equipment
- hire and begin training restaurant staff
- buy initial inventory
- have a soft opening
- have grand opening
- become the next restaurant success story!
You are keen on opening your restaurant but you are not sure if you should. The very fact that most people today are willing to experiment and try food outside their homes is reason enough for you to venture into the restaurant business. Here are some useful steps to open a restaurant.
The first and most important thing you need to do before you even think about investing money in a restaurant, is to research in-depth about the type of restaurant and food that you are interested in serving in your restaurant. Apart from researching for your own restaurant, you need to research about the other restaurants in your area too. This will give you a good idea about the kind of competition you are likely to face in the future.
From being a menu planner to an efficient accountant, a responsible manager to a culinary expert, you need to play myriad roles. There is a lot of hard work and dedicated efforts that you need to put in before you see your restaurant set up and earning enough to sustain and then making profits over a long time to come.
You must look at the following steps to open a restaurant if you are aiming to turn your restaurant into a profit making enterprise within a few years of being set up.
A good business plan is a must to start a business. This plan must include everything from use of funds, estimates of expenditure, the restaurant’s unique selling points, and the profits that you expect to make out of the restaurant business and why you think this business plan reiterates the fact that you are a good businessman.
The next thing to do is to find the right location for your restaurant. Everything about the location must be right to get your restaurant going. The wrong location or irregularities in the legal documents of the restaurant could lead to problems that will keep you busy for years to come. On the other hand, a good location can ensure a steady flow of customers and a good reputation as well.
You must also plan the concept and layout of the restaurant after you identify the target market. A great deal of thinking is necessary in planning the menu and type of cuisine for your customers. All the efforts that you put into your restaurant will go a long way in bringing customers to your restaurant for a long time to come.
The next important thing in the steps to open a restaurant is to maintain perfect accounts. Maintaining accurate bookkeeping will help you understand how much you are spending and how much you need to monitor your funds. A good accounting system with the use of computers and professional accountants will ensure you are always in control of your finances and know exactly your financial position at any point of time.