6 Things to Consider When Opening a Restaurant

Written by  on 25 March 2016

If you are planning on opening a restaurant, you probably have a long list of decisions that have to be made and tasks you need to complete — even before the final decision to move forward with the project. On your lengthy to-do list, however, there are six things that you can’t bypass to ensure you get off to a good start and give you the best chance of creating a sustainable business. 

1. Market Research. You need to thoroughly understand who your target market is before you can plan how best to serve them. A valuable exercise is to create a profile of your ideal customer. Include descriptors such as how old he or she is, how much money they make in a year, personality traits, their likes and dislikes, their hobbies, and their values. When you think about your restaurant, its atmosphere, and how to market it, do it with this persona in mind.

You should also investigate your competition and what they offer. Opening a restaurant similar to an established one might make it hard for your business to grow.   One of the best ways to conduct market research is to get feedback on your ideas: compile a packet of information on your proposed restaurant that includes the menu, prices, location, and a description of your concept. Give it to 100 people, with at least 15 of them from outside your target demographic. This gives you the chance to get unbiased opinions — and not rely only on opinions from supportive family and friends.

2. Differentiators. Your restaurant should stand out from your competition in ways that your customers perceive as valuable. Think about your target market and the customer profile you developed. What do they value? Will your restaurant address this with quiet, intimate seating for couples, games and activities for families, or a sports theme with large television screens? Make your customers the focus of your concept and create an experience they will value and enjoy.

It’s worth noting that a change in concept can be costly. It’s better to get this right when opening a restaurant rather than reinventing this later.

Interested in learning more? Download our FREE e-book: 6 Things to Consider When Opening a Restaurant

Opening a Restaurant E-book

Read 981 times Last modified on Friday, 25 March 2016 11:01

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