Some people dream of traveling the world, some people dream of having a family, some people dream of becoming teachers, or doctors, and some people dream of opening their own restaurant – and many people do.
However, successfully opening your own restaurant does not mean the restaurant itself will be successful. In fact, according to Forbes, up to 17% of restaurants fail in their first year of business alone.
Opening a restaurant takes an immense amount of time, effort, business sense, and money, not to mention a passion for food and cooking. If you’ve asked yourself all the necessary questions, and are ready to proceed and take the next step in achieving this goal, take a look at these 5 things to do before opening a restaurant.
Purchase Restaurant Insurance
Your business is a massive investment that you have made, and without the proper insurance, you are taking an unnecessary risk with that investment.
Restaurant insurance will protect you against a variety of situations, including fires, food poisoning of customers, slips and falls, food spoilage, and theft/burglary, just to name a few scenarios.
This coverage can be tailored and customized to fit your business, in particular, ensuring that no potential troubles go without protection.
Ensure You Have The Proper Licenses
Opening a restaurant without having the proper licenses and permits is a huge risk and a useless one. Facing legal troubles will cost you a lot more in the long run than attaining your permits will.
To determine what permits and licenses your restaurant will need here in Canada, check out the Canada Business Network’s permits page.
Advertise, Advertise, Advertise!
How will your business succeed if nobody knows about it?
Network with other business owners, be present in your community and don’t be afraid to spend money on billboard/television/or radio advertisements. Yes, it can be expensive, but it is a critical step in creating awareness and drawing a crowd.
The restaurant business is one of the most competitive and saturated industries out there. In order for your business to attract customers and keep them coming back, you need to differentiate yourself from all of the other restaurants in your area.
Offering your customers something unique will create return customers and will give your business an attractive edge over the competition.
This differentiation could come in the form of your food, cooking style, service, etc. Get creative, but ensure you are filling a niche that has potential and needs to be filled.
Finalize Your Menu
Creating a menu that is ready for a grand opening is no easy feat. Not only does the food need to be quality and creative, your menu needs to be small enough for the kitchen to handle efficiently, yet big enough to provide good variety, and the items need to be priced in a way that they are earning you a profit while still seen as reasonable by your potential customers.
Don’t try to overdo your menu at the beginning – too large of a menu is a recipe for chaos. You can always add more variety as business begins to pick up.
Think You’re Ready?
As you can see, there are a lot of details to fine tune before your restaurant is ready to open for business. Each of these 5 details is essential to the success and safety of your restaurant, both as a business and as an investment.
Photo by Michael Browning on Unsplash