4 Steps To Turn Your Restaurant Plan Into A Reality
Whether you have grand plans to bring the street food of Patagonia to Princes Risborough or have simply created the best Vegan sandwich the world has yet to see, taking your food concept from a brilliant idea to a concrete reality can be a daunting prospect. You’re likely to be wondering “Are food and beverage (F&B) businesses really that profitable?” and keen to understand and realise your vision in a way that will be a success.
Here are four steps, as outlined by The Engine Room, expert restaurant opening consultants, ideal for Start-Ups that want to pop.
1. Plan, Plan, Plan
When it comes to working out if your F&B concept is profitable, the first stage is to draw up a proper business plan. You’ll need to think about what makes your restaurant, kiosk or e-commerce, unique by establishing your Unique Selling Point (USP), and what your goals could be for the key stages of your business growth. You’ll consider the range of dishes you’ll offer, as well as how you see your restaurant changing and adapting over the coming years.
2. Get To Grips With The Market
Once you have your plan mapped out, it’s time to understand how your restaurant will fit into the market. You’ll need to understand the breadth of interest in your innovative Patagonian street food, or your style of Vegan sandwich, which makes you stand out from the rest. To establish if your ideas for restaurants are profitable you need to consider the following:
- What market range are you planning to create your dishes for?
- What type of food does well in that market range? Is there a strong appetite for unusual cuisine? Or is your chosen market more conservative?
- What is the average per cover? Does your market have the profits to afford high-end cuisine, or do they prefer strictly affordable and cheerful meals?
Being realistic about your market is essential, and when thinking about opening a profitable restaurant this is one of the areas where a restaurant opening consultant could be invaluable.
3. Check Out The Competition
Do not assume anything. Do a bit of on-the-ground research to understand your competition. Learn about their pricing, understand the types of services they offer, and get a deep understanding of what their customers experience during their time at the restaurant. You can build on this knowledge to create your own unique customer experience that will complement the competition and help create a thriving local food scene unique to you, which will help bring in and keep customers.
4. Make Sure You’re On The Money
As well as understanding things like the cost of each portion, you will need a clear picture of the finances, such as the staffing costs, energy costs, rates, and rental of your chosen restaurant space, as well as keeping up to date with your certifications and inspections.
Once you have a clear idea of the actual cost of running your new venture, you can draw up a plan of how many covers you need to serve each week in order to make a profit. This will allow you to plan for natural market fluctuations, like the Christmas influx and then fall, and implement promotions and special events to attract as many customers as possible to keep them coming back.
The Engine Room offers restaurant consultancy services to help you plan the financial success of your restaurant or F&B concept. In this current climate, this is the edge you need in a crowded and challenging market to make sure your vision breaks through and achieves expectations. Check out our website and get in touch now to find out how we can help you reach your business goals.
Image Source: Pexels
