How to become a restaurant owner is a question many ask. Opening and running a restaurant is challenging and rewarding but does require organization, funds and multitasking skills. Even then, it is a career path that is not for the fainthearted.
One of the first things that need to be done is to decide on the type of establishment you wish to open. Choose the type and ethnicity of foods you wish to serve. All your planning, from equipment to marketing to staffing, will revolve around these decisions.
The location of your new establishment is vital. Research the demographics of the area including traffic patterns, other similar businesses, the needs of the population and parking. You will need a location that is highly visible and easy to access.
Lay out a detailed business plan in writing. Include details such as cost, financing, concept, venue necessities and a in-depth study of the business and people within a specific number of miles depending on the city and its population. List what you would like to achieve in one year, five years and ten years.
Write out a detailed budget, borrow money if necessary, open a separate account for business purposes only. Meet with a banker or loan officer to research whether additional funds will be available if necessary. Be sure to include all expenses such as labor, equipment, repairs and maintenance and food costs.
You can rent or buy the building you will be setting up your business in. To be an owner, you do not need to actually own the physical building – it is the concept, inventory and physical equipment that make up the business. Purchase equipment, food and beverage items, paper and housekeeping supplies, furniture and licensing. Office equipment such as desks, computers, safes and time clocks will also need to be purchased.
Hire professional staff for your new outlet. Train them on all aspects of service and make it clear what is expected of them. Finish menus, purchase product and have food samplings so all staff are familiar with your menu items. Begin to advertise your upcoming opening over the radio, on television and online. Send email blasts to friends and relatives who will be happy to support you.
How to become a restaurant owner without these steps? You can’t. There are a lot of moving parts and skills needed to be a successful restaurateur. The rewards are fulfilling and can be financially lucrative if you are willing to put in the time, effort and money.
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