Setting up a restaurant is definitely an alternative business venture.
However, the market for small scale online retailers focusing on consumer goods is becoming increasingly saturated, so setting up an independent restaurant is definitely an interesting and potentially profitable venture that you might want to take into consideration if you want an easier time standing out from the crowd.
Recent studies have also found that consumers are veering away from buying things and are leaning towards spending their money on experiences, where they can spend time and bond with loved ones.
A restaurant can easily cater to these preferences, providing customers with a breakfast, lunch, or evening meal outside of the house.
Here are a few steps that you should follow if you do decide to pursue this business venture!
Settling on a Concept
First things first, you need to come up with a concept for your restaurant. You need to cater to a particular audience in order to get customers through your doors.
Focus on a particular type of cuisine, and create an enjoyable atmosphere for it to be consumed in.
Choose between family dining, romantic dining, and casual dining. Decide whether you want to specialise in Italian, Japanese, American, or Mexican cuisine.
Of course, these are just a few different options, but they should get the ball rolling.
Choosing a Premises
Once you have a concept, you can start seeking out a premises. The location of your restaurant can have a huge determining factor on your profits.
After all, the majority of people are unlikely to travel far or out of the way in order to have some food. You can’t rely on a few loyal customers – you need to get new people through the doors too if you want to make significant profits.
So, focus on high footfall locations. This increases your chances of people popping in and dining with you.
Running a restaurant can be a relatively risky business, even if you do absolutely everything right.
There are plenty of individuals out there with unfair or immoral intentions, who are embracing compensation culture to make claims regardless of whether you and your restaurant were genuinely at fault in a situation or not. Restaurant Insurance will protect you and your business from legal cases.
Certain policies also have the benefit of protecting your business as a whole from physical harm or damage too!
You will need certain licences if your independent restaurant is going to engage in particular activities or behaviour.
If you intend to sell alcohol on your premises, you will need to apply for a specialist license.
If you intend to play background music, you will have to fork out for a music licence.
These are just a couple of examples, but it’s a good idea to ensure you have all of the necessary licenses in place to comply with the law.
Following these steps should get you off to a good start when it comes to setting up and running your own independent restaurant!