Food spans all nations, cultures, and species because it is a universal source of comfort and joy. Many people dream of owning restaurants regardless of whether they have worked in a restaurant before or not. However, no one wants to own or operate a failed restaurant. Unfortunately, studies reveal that most restaurants fail within the first year due to lack of planning and failing in tracking inventory. You need to spend time figuring out several things before you even think of making dinner for your first client. From staff selections, kitchen appliances to floor plans, the planning stage can break or make your restaurant.
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Invest in a POS system
You cannot, in this technological era, use a cash register instead of a POS system. The system does more than tracking sales; it helps to take reservations, act as a time clock for staff members, and tracking inventory. You might have to spend more money on a POS system as compared to the conventional cash register, but it is worth the investment if you make good use of it.
Employ excellent staff
The employees you hire to make up your team at the restaurant have the same impact on the success of the business as the meals you prepare. You can be sure of the experience of guests going from excellent to poor if they are served by forgetful hosts, absent chefs or waiters, poorly trained chefs, or absent-minded servers. You need to invest in outstanding staff members who are polite and friendly to your guests if you want to operate a successful restaurant. Also, ensure that you do not overlook the interview process and the importance of regular staff training.
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Never start without the big three
You can bet that no restaurant succeeds without a great concept, excellent location, and a great chef. The three factors work together. Make sure that the location you choose to put up the restaurant matches or fits your concept, and that the chef you hire fits your concept. Besides, your restaurant cannot become a destination if it lacks an excellent or strategic location. Accessibility is crucial because you increase your chances of success when you locate your restaurant in an easily accessible area and incorporate accessible price points.
Select appealing decorations and comfortable furniture
It is a loss for restaurants that prepare delicious and amazing meals but have unpleasant sitting spaces. You need to make your restaurant a warm and appealing place for people to enjoy their meals or even hold parties there, entertain romantic interests, or bring their business partners to close business deals there. You need to invest in comfortable and high-quality furniture and ensure that the choices complement with the style, lighting, color, wall decorations in the room. Additionally, make your restaurant picture-worthy by incorporating decorated fireplaces, such that your customers do the marketing on your behalf when they take photos and share with their friends on social media.
Overestimate your capital needs
Entrepreneurs should have working capital that can take them for six to nine months from the time they open your restaurant. A new restaurant takes time to attract and retain regular customers, and the expenditures escalate at a high rate. Unfortunately, most restaurants are forced to downsize a few months after opening because they run out of capital. Therefore, never allow the initial success to get into your head; you can only determine success years later after opening the restaurant.