Starting your own restaurant can be a daunting task. There are what feels like a million and one tasks to get done before your doors even open, a majority of which will happen behind the scenes. If you’re looking to open a startup this year, there are a few things you need to nail down before you get your business off the ground.
Your first step toward opening your restaurant startup is to secure your funding. It’s no surprise that starting a small business is expensive. You’re responsible for all the costs, from property taxes to menu printing. If you don’t know where your money is coming from before you launch your restaurant, you likely won’t last very long once you open your doors.
One way to get funding is through a restaurant or small business loan. These loans are designed for business owners like you. They usually have delayed payoffs with relatively high principals, allowing you to have a generous pool of funds to pull from as you get your business running. Once you’re off the ground, you can begin to pay the loan back, building your credit as you do.
Another way is by finding investors. Don’t be afraid to pitch your restaurant idea to investors, including family and friends. Even people who can only contribute a couple hundred dollars are still helping you achieve your dreams. However you choose to do it, your first step to launching your restaurant is to secure funding.
Your next step is to find vendors for your startup. Running a restaurant requires a lot of product, from paper goods to vegetables. Each of these supplies will need its own vendor and delivery system to get from the seller to your door. If you don’t have a plan for where your products are coming from before you open, you’ll end up far more stressed than you need to be when you finally cut the ribbon.
When you’re looking for vendors, one of the most important factors to consider is purchasing costs. As a small business, you don’t have unlimited resources to work with. If you aren’t conscious of your spending, you’ll be on a fast track to failure before you ever really get started. Rather than putting yourself in a tight spot, check the costs of the services you’re signing up for before confirming. Don’t be afraid to look at your vendors’ competitors as well to check prices to ensure you’re getting the best deal possible.
The final step toward opening your restaurant startup is to begin marketing. With any small business, advertising properly is absolutely crucial. If you don’t get your name out, your potential clients won’t know your business exists, and you’ll lose out on profit. Rather than skipping out on money you could be making for your new restaurant, make sure you do a sufficient amount of marketing before you ever open your business doors for the first time. Run ad campaigns, do community outreach, and get active on social media.
Another crucial part of marketing is creating an online presence. Before you launch your restaurant, you should have a website set up for your clients to refer to. This site doesn’t have to be elaborate, but potential customers should be able to search your business name and find a brief summary of who you are, where you are or will be located, and what’s on your menu. These summaries will help draw people in to your physical location.
Similarly, you need a quality logo and printed menu for when customers arrive. Your physical information will help build attachments between clients and your business, allowing them to solidify their mental connection between the food and your restaurant. The association between the logo and your restaurant is vital, so make sure it’s eye-catching and memorable.
Overall, getting your restaurant off the ground is a challenging task, but it doesn’t have to be an impossible one. With these tips, you can make your first months a roaring success.