Good planning is the key to successful restaurant ownership.
Starting a career in owning a restaurant is exciting, but it is also very risky. According to "Entrepreneur Magazine," most restaurants will fail in their first year of business. However, many of the mistakes that lead to closure can be avoided --- with correct planning and proper forethought, you can start your own successful restaurant business. As more Americans work longer hours, the demand for restaurants is up; with the right planning, you can create a successful restaurant.
Instructions
1. Decide what type of food you want to serve and who is in your target market. Younger people prefer cheaper food that comes from a sustainable source, whereas the Baby Boomer market prefer family friendly places or more upscale restaurants.
2. Select a concept for your restaurant. Options range from fast food to fine dining. Decide on a menu and the best way to serve your target market. Decide if you will have a wait staff or counter service. Plan out how your restaurant will operate before going further.
3. Get funding for your business. This can be totally self-financed or you can look for business partners to go into the restaurant with you. Ask family or friends to contribute to your start-up or look for government grants that help new business owners.
4. Look for a building to open your restaurant. Consider the location of the building, proximity to similar restaurants, the price of the rental, any local ordinances, history of the area and how easy it is for potential customers to find the restaurant. Work with a real estate agent for extra assistance.
5. Design the restaurant's layout once you select the building. Plan the dining area and the kitchen. Work with an architect to help you with the design.
6. Talk to the local department of health about what requirements you must satisfy to open a restaurant. Get a business license from your state.
7. Hire a contractor to remodel the restaurant to your design. Create a menu and hire a chef and wait staff. Begin advertising your restaurant and open when you everything is in place.
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