So you’re considering opening your own restaurant. Congratulations! This is an exciting time but it can also be overwhelming. After working with new restaurant owners for many years, HoodMart has amassed some advice that we think works well for everyone considering this industry. Here you go!
1. Make sure you have the three most important things
Before you open a restaurant you should have a fantastic chef, a great concept, and the right location. All three of these factors work together and no restaurant is going to be successful without them. Likewise, they need to all fit together – your concept won’t be successful if your chef isn’t on board or if it’s located in a neighborhood that’s already chock full of the type of cuisine you plan to offer.
2. Overestimate the cost of opening your restaurant
You should start out with enough money to cover capital expenses for six to nine months. Most restaurant owners are surprised by just how much it costs to get all the right equipment. While HoodMart can get you great prices on your exhaust fans, fire suppression systems, and more, you’ll have plenty of other costs that are going to add up quickly.
3. Be ready to do a lot of teaching
You’re going to have an entire crew who’s brand new to your restaurant and they’re going to need a lot of direction. Doing something new should be inspiring and you should be a good enough leader and teacher to get your team inspired on a daily basis.
4. Don’t be cheap when it comes to your guests
The best way to spend your money is by adding value that your guests will see. For example, don’t go cheap on desserts, valets, etc. This is a short-sighted move that guests will notice. A portion of your revenue should be put into improvements that will constantly improve the guest experience. In many cases, sending out comp dishes to diners can be more effective than advertising.
5. Organizing is important
You’re going to need to have systems in place. Even if you’re the type of owner who likes to take things as they come, you need to be organized and the relevant staff needs to understand your systems of operation. You may not want to come off as a corporate spot, but without the right organizational structure in place, your employees won’t know where to take issues within the restaurant and things will get over looked.