Amara – Imagine starting your own restaurant
It all sprouts from an idea. If you’re passionate about food and/or business, you may decide that now is the time to take the leap into the restaurant business. After hearing that nearly one in four restaurants fail in their first year of business, however, you may decide to wade cautiously into that pool instead of jumping in head first.
Imagining up your own restaurant is hard work, and this is before you even sign the paperwork. There are menus to be created, a comprehensive business proposal to be written, and many other financial and legal obligations to take care of. But if you think you have what it takes to get started, here’s how you can proceed.
The first thing you’ll need is a concept, which is a combination of the type of service you want to have, the kind of ambiance you wish to set, and — most importantly — the genre of cuisine you want to serve. It is important to remember that when it comes to making menu decisions for your new restaurant, less is more. Your potential customers will be far more impressed with your chef and culinary team mastering one type of food — and doing it well — than you deciding to offer a little of everything and doing a sub-par job of it.
Next, you’ll need to scout out a location. Good restaurateurs know that a large part of their success is in the strategic placement of their business. Where you decide to open your restaurant will be your first attempt at marketing, so make sure that you consider the surrounding area just as much as you plan for how much square footage you’ll need. Also keep in mind how much each area will cost to rent or purchase. Doing some research on location financing will be a great asset to you in your search, and you can find information on CanadianmortgagerateswithRatesupermarket.ca.
Once you have the basis for your restaurant and an idea for a location, you can combine your vision with solid statistics on your target market to create a business plan. This will function as a “road map” to help you along the way by requiring you to answer some fundamental questions such as how much money you will need to open and how long it will take for your restaurant to become profitable.
Your business plan is also a tool that will help you figure out how to finance your restaurant, which will be one of your top priorities. You could opt to be your primary investor, using creditcards and your savings to help start your business, but even for entrepreneurs with quite a bit of money saved; this is probably not going to be enough. This is where your business plan becomes essential because it can persuade investors with experience in the food service industry to take a chance on your new venture by providing you with the capital to get it started.
Along the way, you will also need to obtain various licensing and permissions from your provincial government. You’ll need a food licence and an additional license if you plan to serve alcoholic drinks. You should also check with your municipal government to see which registrations you will need for zoning purposes.
It can take a lot of planning and hard work to turn your restaurant from imagination to reality, but with these basic tips, you can have a head start on the competition.