If you’re considering opening a restaurant with your partner, you need to know what it takes to run and launch a restaurant. From planning your business to finding the right location and choosing an affordable POS system, there’s a lot of work involved. To have a successful business, there are some things you should seriously consider. If you’re still interested in opening a business, here are five things you should know.
1 – Research Your Target Market
How can you run a successful restaurant if you don’t know who you’re targeting? Get a clear picture of your target market. How old are they? What’s their income level? What kind of lifestyle do they live?
Where do they hang out the most? What do they like to do? Knowing the answers to these questions can help you determine the type of people you want to serve. Then you can create a plan for the type of person you are targeting. This will help attract them to your restaurant.
2 – Determine Your Location
Location is important for any business. The reason why 60% of restaurants fail is that they didn’t choose the right location. This is a crucial factor when it comes to offering a casual or quick service option for your customers. The right location can make or break the impending success of your restaurant.
If you’re on the hunt for a location, notice the foot traffic in that area. Maybe you can sit in that area for a few hours and observe the traffic throughout the day. You’ll also want to be aware of the zoning laws for the building in that area. You should also determine if the location is appropriate for your target audience.
3 – Write a Business Plan
Before you choose a location and building, you need to come up with a business plan. It should include the competition, your finances, your desired location, and an operations plan that also addresses your anticipated cash flow and marketing plans. This plan will become the blueprint for your business. It’ll also help you stay focus and on top of your goals. You’ll need a copy of your business plan to give to potential investors.
4 – Invest in a POS System
One of the most important components of a successful restaurant is the POS system. In today’s world, an affordable POS system is as important as a reliable chef. You should choose a POS system that reduces control costs, errors, and theft. It can also maintain your bookkeeping records, manage inventory, and track popular items. You’ll rely on your POS system more than you think, so choose wisely.
5 – Follow Your Competition
You should also keep your competition in mind when opening a restaurant. Visit each of your competitor’s establishments and take lengthy notes about every aspect of their restaurant. What are they good at? How could they improve?
Upon leaving their establishment, check out their website. Take note of their menu options. Notice if they use coupons, online ordering, and other reservation options. Check out their social media pages and notice if they’re active and engaging on there.
Opt-in to their email list. This gives you a glimpse into their business. Take note of their messages. What do you notice about them? With all of this in mind, determine if you can stand out among them.