6 Helpful Tips for Future Restaurant Owners | Fora Financial Blog
6 Helpful Tips for Future Restaurant Owners
July 09, 2018

6 Helpful Tips for Future Restaurant Owners

There are numerous factors to consider before opening a restaurant. It can be a challenging process that takes a lot of preparation and hard work, but it can also be extremely rewarding. If you have plans to open a restaurant in the future, here are some important things you’ll need to know before opening your doors to customers.

1. Determine How You’ll Secure Funding

Usually, the most daunting part about opening a new restaurant is determining how much money you’ll need and how you can secure the necessary funds. There are a few potential financing options; you can apply for a startup loan, look for investors, borrow money from family or friends, or wait and apply for a restaurant loan once your business is up-and-running. Every business is different, and you’ll need to figure out how much money you already have saved, in addition to the costs that you’ll need to pay for prior to opening.

Regardless of the type of funding that you pursue, you should create a detailed business plan to outline your startup costs, projected sales, restaurant theme and concept, and your target audience. This information will be useful to an investor or lender, and will enable you to receive financing that will fit your needs.

2. Evaluate Your Competition

When opening a new restaurant, or any type of business for that matter, it’s essential to do competitive research. This will help you find creative ways to differentiate your restaurant from other establishments, and determine how many competitors are in your geographic location. Get out there and see what your competitors are doing by eating at their restaurants. Take notes on what they’re doing right or wrong, and use these insights to make improvements to your new restaurant.

3. Find the Right Location

Visibility is a key factor to consider when choosing a restaurant location. If your restaurant isn’t highly visible to the public, you’ll have trouble attracting patrons. Examine foot and car traffic patterns to determine how many people pass by your desired location every day, and see whether they fit into your target demographic.

In addition, it’s important to consider how accessible your restaurant location is. If your restaurant is difficult to reach or has limited parking space, you’ll lose a lot of potential customers. By selecting an accessible location, you can build a strong customer base when you open your establishment, which is crucial.

 4. Establish an Online Presence

Every restaurant needs a strong online presence to succeed. Before opening your restaurant to the public, you’ll need to create a responsive, mobile-friendly website detailing everything customers should know about your restaurant. To generate interest in your restaurant, take advantage of social media platforms like Facebook, Twitter, Instagram and Pinterest as much as you can. Use these platforms to communicate and engage with potential customers, and discover what people are saying about your restaurant. Always listen to the feedback from your customers and use this to improve over time.

5. Offer Catering Services

 Catering is a big market for a lot of restaurant owners. In addition to your restaurant, you can make extra sales by catering events like birthday or anniversary parties, holiday gatherings, and corporate events. Plus, offering catering services can be a great way to build brand awareness and attract new customers that you otherwise wouldn’t reach.

6. Create a Memorable Dining Experience

Creating an enjoyable dining experience for your customers is just as important as providing a delicious menu. Apart from the food, this is what will keep customers coming back again and again.

The customer service, ambience and comfort of your restaurant all contribute to the dining experience, so you’ll need to put a lot of thought into every detail. This includes everything from the colors and lighting of your restaurant, to the type of furniture you use. For example, you can cater to the needs of a diverse customer base by creating different furniture zones around your venue. When creating furniture zones, consider the user’s needs: How long will they spend in the restaurant? Is any of the furniture is exposed to the sun, and will the colors fade? Does the furniture match the rest of the restaurant’s decor? By answering these questions, you can ensure that your new restaurant is a comfortable place to be!

In conclusion, as a future restaurant owner, you should focus equally on managing finances and developing the individuality of your restaurant. Keeping track of competitor trends, staying active on social media, and being open to new opportunities for growth are all essential traits of a successful start-up restaurant owner. We hope that after reading this post, you’re excited about the future of your new establishment!

Fora Financial

Editorial Note: Any opinions, analyses, reviews or recommendations expressed in this article are those of the author's alone, and have not been reviewed, approved, or otherwise endorsed by any of these entities.

Post by:
Cloe Matheson is a New Zealand-based freelance writer who is passionate about writing articles about business, career and personal growth. Check out more of her articles on Tumblr.