10 Things to Know Before Buying a Restaurant Business
You love food. You love people. You love bringing the two together.
Buying a restaurant is the perfect marriage of these two things, and seems like the natural choice for you.
While you may do very well as a restaurant owner, before you decide to jump into this business, there are some things that you really need to be aware of so that you know whether or not being a restaurateur is the right career choice for you.
Here’s a look at 10 things that you need to be aware of before taking the big plunge: (tweet this)
1.Restaurants are a Dime a Dozen
Before you decide to buy a restaurant, you need to know that you are going to be up against some pretty stiff competition. Just take a look around your local area. How many restaurants are there? Now, how many of them are doing really well? Take a look at those that are doing well. Chances are that they have something awesome to offer their customers. Sure, their food may be great, but it takes a lot more than cooking great food to be a success in this industry. Is it their atmosphere? Their brand? Their entertainment? What keeps people coming back?
2.What’s Your Selling Point?
In order to be a success in the restaurant industry, you have to have a great selling point. Are you going to offer a totally unique experience? Is your menu going to offer something completely different? What is your selling point? What is going to make you stand ahead of the competition? (tweet this)
3.Know Your Market
In order to be a success, you have to appeal to the right audience. If you are in an area that is dominated by young professionals, you are going to want to appeal to this clientele. On the other hand, if you are in an area that is close to neighborhoods that are filled with young families, you are going to want to create an atmosphere that kids would like and parents would feel comfortable taking their kids to.
4.Advertising is Key
In order to draw in the crowds and let people know that your establishment exists, you are going to need to advertise. How are you going to advertise? You can’t just rely on one method; you need to make use of a variety of marketing tactics. Figure out what type of marketing would work best for your targeted demographic and use it. A website and social media marketing is a must with most audiences; however, if you are trying to attract the attention of an older crowd, you may want to try print advertising, too.
5.You Need Equipment
In order to run a restaurant, you need to have equipment; a lot of equipment. Commercial equipment, including a large range, industrial microwaves, walk-ins and the like are all a necessity in this industry. However, you may not need every type of equipment. Determine what you need, and keep in mind that buying these items used can save you a lot of money.
6.Are you Serving Liquor?
If you plan on serving liquor, wine or beer, you are going to need to apply for a liquor license. Most states only allow a set number of licenses, which means you may not be able to get one. And, if you can get one, it is going to come at a cost. One more thing to consider: You are going to want to apply for your liquor license as soon as you can. It can take a while to get one.
7.You Need a Great Staff
You are going to be there, but you can’t run your restaurant yourself; you need help, and you need help that you can rely on. You are going to want to hire staff that you can trust, and that you can count on. Another thing to consider is that you need to determine what type of staff you need. A kitchen manager? Line cooks? A floor manager? Bartenders? A wait staff? Busers? Determine who you are going to need and get your aces in place.
8.You Have to Keep it Fresh
People’s interests are constantly changing. In order to keep people interested and coming back, you are going to want to keep your restaurant fresh and exciting. Change up the menu by offering new items and specials. Have a drink special. Offer special theme nights (pasta night, prime rib night, etc). Changing things up will keep your restaurant from becoming bland and blending in with the woodwork.
9. It’s Hard Work
Owning a restaurant is very hard work. This isn’t your typical 9 to 5 work day and 40 hour work week. You will work mornings, afternoons, nights, weekends and even some holidays. The job is physically, as well as mentally demanding.
10. You Stand to Have a Lot of Fun
Owning a restaurant can be a lot of fun. If you’re a people person, you like to mix and mingle and you enjoy providing people with opportunities to have a good time, then this could be a very rewarding and fun opportunity for you.
Owning a restaurant can be a very worthwhile opportunity; just make sure you know what it entails before you decide to make such a big investment.
Do you need help deciding whether or not owning a restaurant is the right option for you? Contact us today and we will be more than happy to discuss your options.