If opening a restaurant is a dream of yours, then you know that keeping a restaurant thriving isn’t easy. 60% of new restaurants close or change ownership in their first year. Unless your goal is to sell, then neither of those options sounds good to you. If you want to keep your restaurant open and thriving, there are a few tips you should follow on your journey towards success.
Choose the Right Location
The location of your restaurant will have a major impact on your success. Something cheap and open late will do well by a college campus, whereas something upscale and expensive will probably fail in the same location. Your rent will help you stay afloat, and your demographic will help you grow. Try to find a location that’s the best possible mix of the two.
Choose the Right Layout
The inside of your restaurant may be predetermined by the last business who occupied the space. Don’t let the layout box you in, though. If you need more seating space, find ways to transform your location to include more tables. If you need more space in the kitchen, find a way to expand your back space. If you need more freezer than your current location provides, work with American Cooler Technologies to make sure you have all the fridge or freezer space you need.
Go for the Right Atmosphere
The decor, music, and furniture of your new restaurant should help customers know, right away, what to expect. Don’t skimp on this aspect of your business, since for many patrons, atmosphere really counts. If you serve a certain style of food, like Greek or Indian cuisine, you can model your decor after the country you’re saluting. A fun, child-friendly restaurant should reflect that in the decor, and a romantic, adults-only restaurant should have its own feel. If your layout is comfortable and works well, your guests will enjoy their experience far more than in a dark, cold restaurant with tight seating.
Make Sure You Have the Funds
The biggest reason new restaurants fail? Hands down, it’s the funds. If you start your business venture on loans alone, you’re going to be in tough shape. You should have at least 5 figures of your own money ready to spend on your restaurant opening. That way, even if you lose money in the first year or two, you’ll have fewer loans (and less interest) to pay off. You can start saving now, and you should even consider opening a stock market account for your business. You can check up regularly on bitcoin stock price and keep your fund account in good shape. Don’t start unless you’re financially prepared.
Your restaurant venture doesn’t have to end like the other 60%. You can see your dream totally realized. Your biggest goal should be to plan effectively. If you make the right choices in regard to your restaurant’s layout, atmosphere, location, and funds, you’ll be well on your way to restaurant success.