If there’s one business sector that will always remain popular, it’s the food sector. In fact, there are no less than 15 million eateries in the entire world, meaning that if you’re peckish, you’re sorted!
This also means that people who choose to enter this business have a lot of custom, but also a lot of competition. This in mind, if you’re considering entering the industry, it’s vital you get things right.
So, to help you out, here are the four big steps that all aspiring restaurant entrepreneurs must take!
Step 1: Choose a target market
Food doesn’t have universal appeal, and some types of meal are more commonly associated with certain ages. Younger ages will gravitate more toward fast-food and quick service. Older generations, who grew up around the family table, may prefer a quieter sit-down meal. And then there’re the more wealthy areas of the population, who can afford to eat at high-end restaurants.
It’s up to you to choose a focus. If the area you;re opening in isn’t particularly affluent, then a high-end joint wouldn’t suffice. If your area is home to a lot of youngsters, then perhaps a Gen-Y focused space would be suitable. Focusing on Gen-Y also makes it easier to target them on social media.
Step 2: Design your space
It’s important to get this right first time, for several reasons. Any mistakes now can delay your opening date, cost you more money, and lose you customers due to said delay. Your restaurant fitouts will be the very foundation of the look and feel of your space, so they’re important to get right.
It starts with step number one, and your target market. Who’s your audience? This will dictate your atmosphere. A more expensive, relaxed atmosphere could use soft lighting, candles and orchestral music. An establishment aimed at families could use pop songs, colorful lights and funky, modern decor. It’s up to you to choose which direction to take.
Step 3: Choose a service style
Will you opt for a self-service buffet? Will you go all-you-can-eat? Will you bring the food to the customers’ table? How much table service will you offer? You have a number of different service styles to choose from and they will all play a big part in your pricing.
If you want to go the cheap, value for money route, then an all you can eat buffet would be best. This food isn’t of the highest quality, but it tastes just fine and is good value for money. You’ll attract youngsters and families this way, big weekend spenders who will keep coming back.
Alternatively, you could focus on the quality of the food over the quantity, charging a higher price for great cuisine and table service. Of course, this all depends on your chosen audience, too, so choose carefully!
Step 4: Choose a food type
Whether it’s seafood, steak, Indian or Italian, make sure you decide on one particular area. This will allow you to specialize in one thing, instead of being mediocre at multiple things. Again, this will be dictated by your audience and service type, but you should also choose something you’re passionate about.
The very best businesses are ran by people who care about their trade. So if you love seafood, go for seafood! You’ll understand what the consumer wants, and will have a better idea of what does and doesn’t taste good. You’ll also reduce the number of complaints, as you’ll be too pro to cause any.
Are there any tips we missed? Sound off in the comments below!
Featured photo credit: Pixabay