How to become a Restauranteur
Are you considering opening a restaurant? With Australia considered one of the leading culinary countries in the world, it’s certainly an exciting endeavor to pursue. With food quality and safety being a key consideration, there are numerous factors to consider before you can open your doors. This blog will provide an overview of the process so that you have a better understanding of what is involved and how to make it happen.
Step 1: Do your market research
Before you can even think about what’s going to be on your menu, you need to think about what type of restaurant you want to launch and who your target customers are. Do some research into the local market and consider if there are any types of cuisine that are popular in the area, or if there are gaps in the market. Once you have nailed down what type of restaurant you want to open, make sure to create a concept that is unique and appealing enough to attract customers. Make sure to also research any potential competitors so that your restaurant stands out from the crowd.
Step 2: Create a business plan
Once you have your concept confirmed, it’s time to develop a business plan. This should include everything from establishment costs, such as rent for the building or space, kitchen equipment costs, staffing costs and even marketing plans for promoting your restaurant once it opens. Having a solid business plan is essential for securing a loan from banks or investors. A business plan will also help to ensure that all aspects of launching your restaurant are accounted for in advance.
Step 3: Find a location
Now it's time to find a suitable location for your new restaurant. The location should be in a busy area with high foot traffic. Additionally, the location should have enough space to accommodate your desired dining area, kitchen, and storage space. Look online, or walk along popular streets, to see if any suitable properties have come up for lease. Make sure the property fits your requirements and can hold a suitable number of patrons to cover your projected budget.
Step 4: Secure financing
Once you’ve settled on a location, it’s time to secure financing from a bank, family and friends or investors. Getting capital can take some time depending on how much money you are seeking and other factors like credit history. Having a strong business plan is essential, as no matter how good your idea is, without detailed plans, most investors won’t feel comfortable.
Step 5: Obtain the necessary permits and licenses
Before you can begin the fit out of your restaurant, you will need to obtain the necessary permits and licenses from the local council. Depending on your location, you may need to obtain a food licence, building permit, and liquor licence.
Step 6: Hire a qualified chef and train your staff
One of the most important aspects of opening a successful restaurant is hiring a qualified chef. The chef will be responsible for creating the menu and preparing the food. It is important to hire a chef who is a great cook. It may sound obvious but without good food, no matter how good your location is, the business will struggle. Once you have hired a chef and other staff members, it is important to provide them with adequate training. Your staff should be trained in food safety, customer service, and your restaurant's policies and procedures.
Step 7: Purchase supplies and equipment
Another important step in opening a restaurant is purchasing all the necessary supplies and equipment you need. This includes items such as tables, chairs, dishes, silverware, cooking utensils, and food supplies. Additionally, you will need to purchase food storage containers, commercial kitchen appliances, refrigerators and point-of-sale systems. Don't forget to get business insurance to cover all these expensive items. For any purchases you make, you should keep your receipts for tax time.
Step 8: Market your business
Once you have designed your dining area and created your menu, it is time to start marketing your restaurant. There are many ways to market a restaurant, including online advertising, print advertising, direct mail campaigns, and word-of-mouth marketing. It is important to choose a marketing strategy that best suits your budget and target audience. If you need assistance identifying your target market, you can take this quick customer quiz. At the grand opening, you should offer special promotions or discounts to encourage people to come try out your new restaurant.
Step 9: Manage your finances
After you have completed all the steps above, you are ready to open your doors to the public. At this point, you’ll start earning money, so it’s best to set up a separate business bank account* with Thriday. Remember, if you earn over $75,000 a year, you’ll need to register for GST as well.
Opening a new restaurant requires careful planning but can be immensely satisfying when it all comes together. Running a popular restaurant makes you a key part of the local community and families will look forward to dining with you. At the start it's important you do proper market research to avoid bumping into unnecessary competition with existing establishments nearby. Additionally, understanding local licensing requirements is essential for ensuring compliance with applicable laws as well as avoiding costly fines down the line. If you follow this step-by-step guide, you’ll give yourself the best chance of running a successful business.