Before starting your restaurant, you must have a sound plan in place. As a result, you can lower your chance of failure, collect a few well-deserved profits, and distinguish yourself from your rivals.
Dreaming is great, but always have a strategy in place. Create a strong foundation for your company that explains everything about it, as this may attract investors.
Therefore, if you’re planning to dive into the industry, let’s read the things you need to consider in your business plan.
The concept of your restaurant is important. Therefore, ask yourself: what food will this restaurant serve? What is the style? What is the service type? Will it be modern, or traditional?
Target what kind of customers would you like to attract. Which age group would you like to serve? What kind of cuisine would they like? Finally, where does your target market live? List these questions down and try to answer them – you’ll have your intended market in no time.
When you have solidified the two steps above, then it’s time for the next step and that is to decide your service type. Will it be casual, fine dining, quick service, or self-service? If it is self-service then it is best to have the proper equipment for the customers. Such as a self ordering kiosk for restaurants Malaysia.
Decide where the location of your restaurant should ideally be. This can be easily decided when you have realized your target market. If you’re focusing on people who are working, it’s best to be in an area with a lot of offices. However, if you’re focusing on serving the elderly, then a calm area would do the trick.
The interior design is an important aspect to consider in attracting customers. Use a mood board and decide the decorations that you need. For example, the type of plants, the style of the restaurant’s walls, gold accents, and many more.
Write down the restaurant’s branding – what would it look like on social media? Note down your tagline, messages, and logo if you can visualize it.
The menu is extremely important, each item should be cost based on a detailed cost analysis. Furthermore, the items should fit the theme of your restaurant as well. Hence, when you have estimated the cost and the price of each item then you can create a projection of the finances.
If the restaurant isn’t doing very successful, then it’s time to evaluate your obstacles and overcome them. Assess your competitors as well – are they targeting the same customers as you? If so, what can you do to stand out?
Create a marketing plan because opening a restaurant is a risk. Proof to your investors that you have a strategy that could be successful for your establishment and gather a lot of customers. Include marketing on social media, a website, and advertisements as well.
Show your potential investors who your team is along with your business partners. Define who your team is along with past experiences and your goal.