Opening a restaurant, just like any other business venture, requires a lot of thought, preparation, and effort. Here’s a checklist of some of the necessary steps that you need to take before setting up your restaurant.
Define the core restaurant idea
The idea of your restaurant should reflect in all areas of your business, be it food, customer service, or the interior design.
Make a Business Plan
A business plan typically lays down the foundation of your restaurant’s operations. Its components will include the company details, executive summary, location and industry analysis, marketing strategy, food safety plan, and financial strategy. Adding an exit plan to your general business plan is also a good idea.
Financing Your Business
The amount of money required to set up your restaurant will depend on the type of food or experience you provide. It will also include the location, the equipment needed, and the necessary working capital for every working day. Despite your budget, you will definitely need liquid cash to start your food service.
There are plenty of ways to finance your restaurant, these include:
· Own savings or assets – Thoroughly analyze your assets, such as savings account, real estate equity, vehicles, retirement fund and other investments. You can either sell them in exchange for cash or use them as security money.
· Friends & Family – Though this might seem like a relatively easier and more straightforward approach, you still have to be very cautious. You would still need to present yourself and the business plan in the most professional manner. You should also make sure that the person is actually capable of taking the risk of investing in your business.
· Government Programs – Different local, state, and federal governments offer programs to support small businesses. Start your research on the internet and visit your local library for further details.
Acquire a License and Register Your Business
Besides the regular license you will need to operate your business, there might be others you need as well. These include a liquor license and permits from your state’s food handler. Next, you will need to register your business with the IRS so you can file your taxes.
Buy the Appropriate Restaurant Equipment
Before you can open the doors to your restaurant, you need to have your kitchen equipment in order. A kitchen is undoubtedly the lifeline of any restaurant so having the right cooking and refrigeration tools is integral. Depending on the menu of your restaurant, you will also need specialized equipment. The specialized equipment can include pizza ovens, pasta cookers, or coffee machines. You can either buy the equipment or lease it, but be sure to do it well ahead of time.
Get the Right Restaurant Seating
Another important element of any restaurant is its seating. No meal is good enough if the surroundings are not optimal. The right high-quality restaurant chairs will not only set the scene for your guests, but also offers comfort while dining.
Ordering the right chairs that align with your restaurant’s theme before your setting up your business is very important. These can include bar stools, faux wood bar stools and other types of commercial restaurant chairs. It might seem like something that can be done at the eleventh hour. However, the ongoing pandemic has slowed down a lot of business activity.