Booming in the restaurant industry has always been a challenging task. All you need to do is to Google ‘failed restaurateurs’ and you’ll get to know that meeting basic requirements are not enough to become a success story.
From Kashmir to Kanyakumari and from Punjab to West Bengal, Indians have different habits of eating. But they do have one thing in common i.e. they always tuck in good food and even latest numbers show that now the Indian Millennials which constitute of 65% of the India’s population are into experimenting with different and exotic cuisines. Indians are finicky and fastidious in how they like their dish to taste and also they are open to try different cuisines as well at the same this time; this presents a big challenge for the restaurants.
According to a survey by Franchise India, 34% of the people eat out two to three times a week, while 27% eat once a week, about 11% eat three or more times a week, 12% eat once a month, 3% eat on special occasions, while 12% love to eat daily at a restaurant. This is a huge number which makes owning a restaurant a good business opportunity for aspiring food-service entrepreneurs. Thus, it is very exciting and a politically correct time to enter in the food industry.
As in any competitive business, restaurateurs will need to make sure that they don’t get lost in the fray.
There are no definitive steps to success. However we have scooped some key ingredients involved in the making of a good restaurant.
There’s a lot than talking to the clients and trying new recipes while running the restaurant successfully. One should have in depth research while they enter into the restaurant industry. This recipe for success should outline the knowledge gained from the rhythm of business of the food service environment and from its experiences of the inner workings. Any restaurant experience is valuable if one spends his time learning the ropes.
"I started in the restaurant industry at 15 as a dishwasher and learned by working fine dining, restaurant/bars and pizza places. You can't quantify the amount of overall experience you need to succeed, but it's hard to understand all the facets of the business unless you've worked them," says Pete Hanning, 37, vice president and co-owner of The Red Door in Seattle, which had 2006 sales of just under $3 million.
Keep exploring the requirements needed while establishing the restaurant and never stop exploring even when the restaurant has been established. There’s always a room for new things.
GET TO KNOW YOUR TARGET AUDIENCE
Before designing the menu, you need to know who your target audience is and should make a vital business plan accordingly. This recipe for success should outline the plans, strategies and goals in detail. It should include the detailed information about the concept i.e. Indian, Continental, etc. Once you know your target audience you’ll get to know if the proposed menu and pricing is apt or not.
"It's way more romantic to think you can open a restaurant by the seat of your pants, but in reality, planning goes a long way," says Michael Curcio, 29, owner of Pyrogrill in Jupiter, Florida, with projected 2007 sales of $2.2 million.
Keep learning the skills related to the restaurant which includes the cooking to the décor of the place.
The location plays a major role while in the success of a restaurant. This is one of the major ingredients in the recipe of a successful restaurant. One should always choose the location which is easy and safe to reach. The building should always be on a well-travelled street where it is easy to install highly visible signage. One should be aware of the historic districts where there are restrictions on the building exterior, thus this should be avoided. The building should have well-lit parking closest to the building possible. You can always look up for restaurant auctions; they’re cheap and affordable for the start provided one should research properly about the location where it is established.
Hanning says, "Restaurant auctions often have good deals."
Marketing plays a major role in the publicity of the restaurant. When the people will not know about the place they’ll not be able to know about the food either. Thus marketing plays a major role. One should not relay on the word of mouth and should take serious measures for marketing of the restaurant. You need to have a marketing strategy to let people know you’re there.
Brandon O’Dell, an independent food consultant, believes providing good food and service is only a 1/3 of the battle for restaurant owners – the other 2/3 is effectively marketing and managing your restaurant.
Investing in a restaurant is a big decision. Planning should be a main priority and so you should thoroughly research what’s involved in running one.
If you want a thrilling and fast-paced worked life which you’re unlikely to get bored of then restaurant is your thing.
At Estandardz, while designing and conceptualization of the restaurant, we keep the above ingredient in mind, to slice off a tasty piece of the restaurant profit pie. It is to the utmost priority of our experts. You can contact us on www.estandardz.com.