Yes, the place is important when opening a restaurant, but the place by itself won’t make or break you.
What will? Not knowing these key pieces of information.
Starting a business is a dream for many Russians, and opening a restaurant is high on the list of choices.
It can also be a great entrepreneurial chance because Russians and ex-pats like to eat out a lot. According to Statista, an average household in Russia spent $1.723 in 2021 eating out, which is up 44% from 2010.
The key to successfully starting a restaurant business comes down to how you close your startup process. Take these steps and your restaurant will have a greater chance of success.
Do Your Market Research
Comprehending the demographics of the area where you intend to operate is essential.
The demographics of the area should select your menu choices and restaurant concept.
For example, launching a sandwich shop or vegan eatery in a college town could become a hot spot if you can keep prices affordable for students.
In addition to studying your local customer base, take a close look at the restaurants in the area.
- Which ones are thriving?
- Which ones are struggling?
- Can you tell me why?
For example, is the food poorly prepared, or is their takeout ordering system problematic?
Studying what they’re doing right, what they’re doing wrong, and what customer response is can tell you a lot about what you might expect from your restaurant.
Look at More Than Location
Yes, “location, location, location” is important, which is why market research is the first step in opening a restaurant, but the location isn’t all you should check out.
Investigate your landlord to be sure you’ve got a good one.
A good landlord builds an ecosystem of businesses that feed each other’s foot traffic. They upkeep the area around the premises. A good landlord knows how to bring business to his property in the retail and entertainment industry.
Understand Your Finances
One of the most critical steps is understanding expenses.
These include everything “from permits, construction costs, technology, potentially paying recruiters to help hire staff, new equipment, products for menu testing and mock services before opening, uniforms, printed materials, takeout containers, and so much more.
Identifying all of your payments helps prevent unexpected costs from cropping up and enables a more accurate calculation of your breakeven point, which is another essential figure you’ll want to be acquainted with.
Know the Rules and Regulations
Emphasizes the importance of having “the proper licenses and permits.”
Skip this step and your opening will be delayed, or you could get shut down later.
Know the local codes and make sure you comply.
Build an Online Presence
Social media platforms like Facebook and Instagram to develop buzz about your restaurant.
Asking questions regarding dishes they’re looking forward to or want to see, and what kind of interiors and ambiance they prefer.
The answer to these questions can help you build a restaurant that resonates with the needs of the customers.
Combining a great location, a concept that locals are excited about, and marketing to distribute the word about your tasty food is among the most important actions in opening a restaurant.