If you’ve always dreamed of opening a restaurant or café, the idea likely excites you and makes you a little anxious.
Launching any successful business requires you to overcome numerous challenges. However, few things in life are more rewarding than building your own company from the ground up. And besides, now may be the right time to open your own eatery.
Historically, restaurants have a failure rate of about 30%. But these rates have been steadily declining in recent years, now sitting at about half the average for other industries.
There are currently more than 660,000 restaurants in operation. A staggering 90% of these are small entities with 50 employees or fewer.
Such statistics suggest that the restaurant industry is the perfect field for aspiring entrepreneurs. If you want to capitalize on these conditions and live your dream, here are four crucial steps.
Tip #1 – Determine Your Target Audience
Knowing your audience is critical to the success of your eatery.
You must identify which audience segments you want to target. For example, do you want to open a casual sports bar that draws big crowds during playoff runs and fight nights? Or would you prefer to offer a more sophisticated fine-dining experience?
After you know who your target audience is, you can begin building your menu, planning your layout, and making other important decisions.
Tip #2 – Invest in the Right Tech
A well-trained staff and a great menu will certainly put your new eatery in a position to succeed in the ultra-competitive restaurant industry. But first, you must equip your team with the right business technology solutions to provide your patrons with a truly exceptional dining experience.
When searching for a solution, ensure it includes all the features patrons want, such as frictionless payment options, gift card programs, and simple online delivery and ordering capabilities. According to a recent survey, 64% of patrons want restaurants to offer gift card programs, and 56% want to be able to order online.
If you’re seeking a platform that does all this and more, look no further than Simpay Eats. This easy-to-use solution has everything you need to facilitate online ordering and deliveries, accept frictionless payments, and manage business analytics tasks.
Tip #3 – Connect with Reliable Vendors
Once you’ve identified your audience and sorted out your technological needs, your next step will be to connect with reliable vendors to source your supplies.
When searching for vendors, strive to balance affordability and reliability. The cheapest option isn’t always the best, as product quality or reliability may be suboptimal.
Tip #4 – Hire and Train Your Dream Team
Although technology has become an integral part of the modern restaurant environment, it will always be a customer-oriented industry. As such, it’s critical that you staff your new business with talented, hard-working individuals that will give your customers a memorable dining experience.
When onboarding new team members, focus on providing solid training. Doing so will pay dividends later, especially during busy shifts. Investing in your staff’s success will also keep morale high and help you retain valued employees.
Following these simple guidelines can set the stage for a successful grand opening and make your entrepreneurial dreams come true. By also using the most advanced technology, you can have more confidence with your plan in place and feel qualified to manage the establishment.
